Common use of Allocation of Charges and Expenses Clause in Contracts

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · expenses of organizing and maintaining the Fund and continuing its existence; · commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · auditing, accounting and legal expenses; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · any direct charges to shareholders approved by the Trustees of the Trust; · compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it It is understood that the Fund will pay all its expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Administrator hereunder, which expenses payable by the Fund shall include, without implied limitation: · * expenses of organizing and maintaining the Fund and continuing its existence; · * commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · * auditing, accounting and legal expenses; · * taxes and interest; · * governmental fees; · * expenses of issue, sale repurchase and redemption (if any) of shares, including all expenses incurred in conducting repurchase and tender offers for the purpose of repurchasing Fund shares; · * expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda and amendments for such purposes and for distributing the same to shareholders and investorspurposes, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · * registration of the Trust Fund under the Investment Company Act of 1940; · * expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · * expenses of reports to regulatory bodies; · * insurance expenses; · * association membership dues; · * fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, accounts and determination of net asset values); · * fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · * expenses of listing shares with a stock exchange; * any direct charges to shareholders approved by the Trustees of the TrustFund; · * compensation and expenses of Trustees of the Trust Fund who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Administrator's organization; · * all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; * any pricing or and valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · * any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · * all expenses incurred in connection with the Fund’s 's use of a line of credit, or issuing and maintaining preferred shares; and · * such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust Fund to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it It is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · limitation (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · auditing, accounting and legal expenses; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · (ii) registration of the Trust under the Investment Company Act of 1940; · (iii) commissions, spreads, fees and other expenses connected with the acquisition, holding and disposition of securities and other investments; (iv) auditing, accounting and legal expenses; (v) taxes and interest; (vi) governmental fees; (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale, repurchase and redemption (if any) of interests in the Trust, including expenses of conducting tender offers for the purpose of repurchasing Trust interests; (viii) expenses of registering and qualifying the Trust and its shares under federal and state securities laws and of preparing and filing registration statements and amendments for such purposes; (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefortherefore; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including including, without limitation limitation, safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser's organization; · any (xviii) pricing or and valuation services employed by the Fund to value its investments including primary and comparative valuation servicesTrust; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · (xix) all expenses incurred in connection with the Fund’s use leveraging of Trust's assets through a line of credit, or issuing and maintaining preferred shares; and · (xx) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · expenses of organizing and maintaining the Fund and continuing its existence; · commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · auditing, accounting and legal expenses; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · expenses for servicing shareholder accounts; · any direct charges to shareholders approved by the Trustees of the Trust; · compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · (i) expenses of organizing and maintaining the Fund and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · (vii) expenses of issue, sale sale, and redemption of shares; · (viii) fees and expenses of registering registering, qualifying, and qualifying maintaining the Trust, the Fund Fund, and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the SEC or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the Investment Company Act of 1940, (iii) commissions, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale and redemption of shares; · , (viii) expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund and of the Fund’s principal underwriter, if any, as broker-dealer or agent under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · , (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · , (x) expenses of reports to regulatory bodies; · governmental officers and commissions, (xi) insurance expenses; · , (xii) association membership dues; · , (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · , (xv) expenses for servicing shareholder accounts, (xvi) any direct charges to shareholders approved by the Trustees of the Trust; · , (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · any pricing or valuation services employed , (xviii) all payments to be made and expenses to be assumed by the Fund pursuant to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with distribution plans adopted by the Fund’s use Trust on behalf of a line the Fund pursuant to Rule 12b-1 under the Investment Company Act of credit; 1940, and · (xix) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · limitation (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · , (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses shares of registering and qualifying the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares; (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (the “SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3Section. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all its expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses of registering and qualifying shares in the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares; (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the SEC and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-investment advisory or similar management fee payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ Domini shall pay the entire salaries and fees wages of all of the Trust’s Trustees Trustees, officers and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and agents who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇Domini or its affiliates, and the wages and salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 32. Except as provided The Trust shall pay from the assets of each Fund all of its own expenses allocable to that Fund, including, but not limited to, fees due the Manager under this Agreement; compensation of Trustees who are not “interested persons” of the Trust; organizational costs of the Fund; governmental fees; interest charges; loan commitment fees, taxes and related charges; brokerage fees and commissions; membership dues in industry and professional associations allocable to the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · Trust; fees and expenses of organizing independent auditors and maintaining accountants, legal counsel and any transfer agent, distributor, shareholder servicing agent, service agent, recordkeeper, registrar or dividend disbursing agent of the Fund Trust or the Fund; expenses of distributing, issuing and continuing its existenceredeeming shares of beneficial interest and servicing shareholder accounts; · commissionsexpenses of preparing, fees typesetting, printing and other mailing prospectuses, statements of additional information, shareholder reports, notices, proxy statements and reports to governmental officers and commissions and to existing shareholders of the Fund; expenses connected with the acquisition execution, recording and disposition settlement of securities and other investmentsportfolio security transactions; · auditing, accounting and legal expensesinsurance premiums; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars custodian for all services to the Fund, including safekeeping of funds and securities and maintaining required books and accounts; · any direct charges expenses of calculating the net asset value of the Fund (including but not limited to shareholders approved by the Trustees fees of independent pricing services); expenses of meetings of the Trust’s Trustees and the Fund’s shareholders; · compensation expenses relating to the issuance, registration and expenses qualification of Trustees shares of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items or extraordinary expenses as may arise, including expenses incurred in connection with litigationthose relating to actions, suits or proceedings and claims to which the Trust on behalf of the Fund may be a party and the legal obligation of which the Trust may have to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it It is understood that the Fund will pay all its expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Administrator hereunder, which expenses payable by the Fund shall include, without implied limitation: · expenses of organizing and maintaining the Fund and continuing its existence; · commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · auditing, accounting and legal expenses; · taxes and interest; · governmental fees; · expenses of issue, sale repurchase and redemption (if any) of shares, including all expenses incurred in conducting repurchase and tender offers for the purpose of repurchasing Fund shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda and amendments for such purposes and for distributing the same to shareholders and investorspurposes, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust Fund under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, accounts and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · expenses of listing shares with a stock exchange; any direct charges to shareholders approved by the Trustees of the TrustFund; · compensation and expenses of Trustees of the Trust Fund who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Administrator’s organization; · all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; any pricing or and valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit, or issuing and maintaining preferred shares; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust Fund to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ Citi Management shall pay the entire salaries furnish at its own expense all necessary services, facilities and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this personnel in connection with its responsibilities under Section 31 above. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay from the assets of each Fund all of its own expenses other than those expressly stated allocable to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the that Fund shall includeincluding, without implied limitation: · , organization costs of the Fund; compensation of Trustees who are not "affiliated persons" of Citi Management; governmental fees; interest charges; brokerage fees and commissions; loan commitment fees; taxes; membership dues in industry associations allocable to the Trust; fees and expenses of organizing independent auditors, legal counsel and maintaining any transfer agent, distributor, shareholder servicing agent, service agent, registrar or dividend disbursing agent of the Fund Trust; expenses of issuing and continuing its existenceredeeming shares of beneficial interest and servicing shareholder accounts; · commissionsexpenses of preparing, fees typesetting, printing and other mailing prospectuses, statements of additional information, shareholder reports, notices, proxy statements and reports to governmental officers and commissions and to existing shareholders of the Fund; expenses connected with the acquisition execution, recording and disposition settlement of securities and other investmentssecurity transactions; · auditing, accounting and legal expensesinsurance premiums; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars custodian for all services to the Fund, including safekeeping of funds and securities and maintaining required books and accounts; · any direct charges to shareholders approved by expenses of calculating the Trustees net asset value of the TrustFund (including but not limited to the fees of independent pricing services); · compensation and expenses of Trustees meetings of the Trust who are not members Fund's shareholders; expenses relating to the registration and qualification of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by shares of the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items or extraordinary expenses as may arise, including expenses incurred in connection with litigationthose relating to actions, suits or proceedings and claims to which the Trust on behalf of the Fund may be a party and the legal obligation of which the Trust may have to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Administrator shall pay the entire salaries and fees of all of the Trust’s 's Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Administrator, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 32. Except as provided in the foregoing sentence, it is understood that the Administrator shall not pay any expenses relating to the Trust or the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall includeincluding, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the Investment Company Act of 1940, (iii) commissions, fees and other expenses connected with the acquisition acquisition, disposition and disposition valuation of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, repurchase and redemption of shares; · , (viii) expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda prospectuses for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund and of the Fund's principal underwriter, if any, as broker-dealer or agent under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · , (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · , (x) expenses of reports to regulatory bodies; · governmental officers and commissions, (xi) insurance expenses; · , (xii) association membership dues; · dues (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, accounts and determination of net asset values); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · , (xv) expenses for servicing shareholder accounts, (xvi) any direct charges to shareholders approved by the Trustees of the Trust; · , (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser's organization; · any pricing or valuation services employed by the Fund to value its investments including primary , and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · (xviii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all its expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · (i) expenses of organizing and maintaining the Fund and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · (vii) expenses of issue, sale sale, and redemption of shares; · (viii) fees and expenses of registering registering, qualifying, and qualifying maintaining the Trust, the Fund Fund, and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the SEC and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-investment advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · , (ii) registration of the Trust under the Investment Company Act of 1940, (iii) commissions, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares in the Trust, including expenses of conducting tender offers for the purpose of repurchasing Trust shares; · , (viii) expenses of registering and qualifying the Trust, the Fund Trust and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes purposes, including amendments, and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund Trust and of the Trust’s principal underwriter, if any, as broker-dealer or agent under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · , (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · , (x) expenses of reports to regulatory bodies; · , (xi) insurance expenses; · , (xii) association membership dues; · , (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · Trust, (xv) expenses for servicing shareholder accounts, (xvi) any direct charges to shareholders approved by the Trustees of the Trust; · , (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization, (xviii) all payments to be made and expenses to be assumed by the Trust in connection with the distribution of Trust shares; · (xix) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · , (xx) any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · Trust, (xxi) all expenses incurred in connection with the FundTrust’s use of a line of credit; , or issuing or maintaining preferred shares, and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the TrustCompany’s Trustees Directors and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and the Adviser or its affiliates who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser or its affiliates, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust Company for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Company will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the each Fund shall include, without implied limitation: · expenses of organizing and maintaining the Fund and continuing its existence; · registration of the Company under the Investment Company Act of 1940; · commissions, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · auditing, accounting and legal expenses; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the TrustCompany, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and books, accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · expenses for servicing shareholder accounts; · any direct charges to shareholders approved by the Trustees Directors of the TrustCompany; · compensation and expenses of Trustees Directors of the Trust Company who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · compensation of the Company’s Administrator; · all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust Company to indemnify its Trustees Directors and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the TrustCompany’s Trustees Directors and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and the Adviser or its affiliates who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser or its affiliates, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust Company for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Company will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the each Fund shall include, without implied limitation: · ·expenses of organizing and maintaining the Fund and continuing its existence; · ·registration of the Company under the Investment Company Act of 1940; ·commissions, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · ·auditing, accounting and legal expenses; · ·taxes and interest; · ·governmental fees; · ·expenses of issue, sale and redemption of shares; · ·expenses of registering and qualifying the TrustCompany, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · ·expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · ·expenses of reports to regulatory bodies; · ·insurance expenses; · ·association membership dues; · ·fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and books, accounts, and determination of net asset values); · ·fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · ·expenses for servicing shareholder accounts; ·any direct charges to shareholders approved by the Trustees Directors of the TrustCompany; · ·compensation and expenses of Trustees Directors of the Trust Company who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · ·compensation of the Company’s Administrator; ·all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; ·any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · ·any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · ·all expenses incurred in connection with the Fund’s use of a line of credit; and · ·such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust Company to indemnify its Trustees Directors and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Administrator shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Administrator, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 32. Except as provided in the foregoing sentence, it is understood that the Administrator shall not pay any expenses relating to the Trust or the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall includeincluding, without implied limitation: · expenses of organizing and maintaining the Fund and continuing its existence; · commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · auditing, accounting and legal expenses; · taxes and interest; · governmental fees; · expenses of issue, sale sale, repurchase and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda prospectuses for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, accounts and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · expenses for servicing shareholder accounts; · any direct charges to shareholders approved by the Trustees of the Trust; · compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Administrator’s organization; · all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Administrator shall pay the entire salaries and fees of all of the Trust’s 's Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Administrator, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 32. Except as provided in the foregoing sentence, it is understood that the Administrator shall not pay any expenses relating to the Trust or the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall includeincluding, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the Investment Company Act of 1940, (iii) commissions, fees and other expenses connected with the acquisition acquisition, disposition and disposition valuation of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, repurchase and redemption of shares; · , (viii) expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda prospectuses for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund and of the Fund's principal underwriter, if any, as broker-dealer or agent under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · , (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · , (x) expenses of reports to regulatory bodies; · governmental officers and commissions, (xi) insurance expenses; · , (xii) association membership dues; · dues (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, accounts and determination of net asset values); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · , (xv) expenses for servicing shareholder accounts, (xvi) any direct charges to shareholders approved by the Trustees of the Trust; · , (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Administrator's organization; · any pricing or valuation services employed by the Fund to value its investments including primary , and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · (xviii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇Ea▇▇▇ ▇▇▇▇▇ shall ▇hall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇Ea▇▇▇ ▇▇▇▇▇ and ▇nd who devote part or all of their time to the affairs of ▇▇Ea▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇Ea▇▇▇ ▇▇▇▇▇ hereunder▇ereunder, which expenses payable by the Fund shall include, without implied limitation: · expenses of organizing and maintaining the Fund and continuing its existence; · commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · auditing, accounting and legal expenses; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · any direct charges to shareholders approved by the Trustees of the Trust; · compensation and expenses of Trustees of the Trust who are not members of ▇▇Ea▇▇▇ ▇▇a▇▇▇’▇ organization▇rganization; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Administrator shall pay the entire salaries and fees of all of the Trust’s Trustees Fund's Directors and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Administrator, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust Fund for purposes of this Section 32. Except as provided in the foregoing sentence, it is understood that the Administrator shall not pay any expenses relating to the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall includeincluding, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Fund under the Investment Company Act of 1940, (iii) commissions, fees and other expenses connected with the acquisition acquisition, disposition and disposition valuation of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, repurchase and redemption of shares; · , (viii) expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda prospectuses for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · , (x) expenses of reports to regulatory bodies; · governmental officers and commissions, (xi) insurance expenses; · , (xii) association membership dues; · dues (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, accounts and determination of net asset values); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · , (xv) expenses for servicing shareholder accounts, (xvi) any direct charges to shareholders approved by the Trustees Directors of the Trust; · Fund, (xvii) compensation and expenses of Trustees Directors of the Trust Fund who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser's organization; · any pricing or valuation services employed by the Fund to value its investments including primary , and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · (xviii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust Fund to indemnify its Trustees Directors and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ DSI shall pay the entire salaries and fees wages of all of the Trust’s Trustees 's Trustees, officers and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and agents who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇DSI or its affiliates, and the wages and salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 32. Except as provided The Trust shall pay from the assets of each Fund all of its own expenses allocable to that Fund, including, but not limited to, fees due the Manager under this Agreement; compensation of Trustees who are not "interested persons" of the Trust; organizational costs of the Fund; governmental fees; interest charges; loan commitment fees, taxes and related charges; brokerage fees and commissions; membership dues in industry and professional associations allocable to the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · Trust; fees and expenses of organizing independent auditors and maintaining accountants, legal counsel and any transfer agent, distributor, shareholder servicing agent, service agent, recordkeeper, registrar or dividend disbursing agent of the Fund Trust or the Fund; expenses of distributing, issuing and continuing its existenceredeeming shares of beneficial interest and servicing shareholder accounts; · commissionsexpenses of preparing, fees typesetting, printing and other mailing prospectuses, statements of additional information, shareholder reports, notices, proxy statements and reports to governmental officers and commissions and to existing shareholders of the Fund; expenses connected with the acquisition execution, recording and disposition settlement of securities and other investmentsportfolio security transactions; · auditing, accounting and legal expensesinsurance premiums; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars custodian for all services to the Fund, including safekeeping of funds and securities and maintaining required books and accounts; · any direct charges expenses of calculating the net asset value of the Fund (including but not limited to shareholders approved by the Trustees fees of independent pricing services); expenses of meetings of the Trust's Trustees and the Fund's shareholders; · compensation expenses relating to the issuance, registration and expenses qualification of Trustees shares of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items or extraordinary expenses as may arise, including expenses incurred in connection with litigationthose relating to actions, suits or proceedings and claims to which the Trust on behalf of the Fund may be a party and the legal obligation of which the Trust may have to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · (vii) expenses of issue, sale sale, and redemption of sharesinterests; · (viii) fees and expenses of registering registering, qualifying, and qualifying maintaining the Trust, the Fund Trust and its shares interests under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (“SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses holders of registering and maintaining registrations of the Fund under state securities laws; · registration of interests in the Trust under the Investment Company Act of 1940(“Holders”); · (ix) expenses of reports and notices to shareholders Holders and of meetings of shareholders Holders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses expenses, and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts, and accountsrecords, and determination of net asset values, book capital account balances and tax capital account balances); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder Holder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing the account of Holders; (xvi) any direct charges to shareholders the Trust or Holders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Trust in connection with the distribution of interests in the Trust; (xix) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee fees payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xxi) all expenses incurred in connection with the FundTrust’s use of a line of credit; and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers, and officers Holders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and the Adviser or its affiliates who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser or its affiliates, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the each Fund shall include, without implied limitation: · ·expenses of organizing and maintaining the Fund and continuing its existence; · ·registration of the Trust under the Investment Company Act of 1940; ·commissions, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · ·auditing, accounting and legal expenses; · ·taxes and interest; · ·governmental fees; · ·expenses of issue, sale and redemption of shares; · ·expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · ·expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · ·expenses of reports to regulatory bodies; · ·insurance expenses; · ·association membership dues; · ·fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and books, accounts, and determination of net asset values); · ·fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · ·expenses for servicing shareholder accounts; ·any direct charges to shareholders approved by the Trustees of the Trust; · ·compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · ·compensation of the Trust’s Administrator; ·all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; ·any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · ·any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · ·all expenses incurred in connection with the Fund’s use of a line of credit; and · ·such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Administrator shall pay the entire salaries and fees wages of all of the Trust’s Trustees 's Trustees, officers and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and agents who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Administrator or its affiliates, and the wages and salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will Administrator shall not pay all other expenses other than those expressly stated relating to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall includeTrust including, without implied limitation: · , compensation of Trustees not affiliated with the Administrator; governmental fees; interest charges; taxes; membership dues in the Investment Company Institute allocable to the Trust; fees and expenses of organizing the Trust's independent auditors, of legal counsel and maintaining of any transfer agent, distributor, shareholder servicing agent, registrar or dividend disbursing agent of the Fund Trust; expenses of distributing and continuing its existenceredeeming Shares and servicing shareholder accounts; · expenses of preparing, printing and mailing prospectuses and statements of additional information, reports, notices, proxy statements and reports to shareholders and governmental officers and commissions, fees ; expenses of preparing and other mailing agendas and supporting documents for meetings of Trustees and committees of Trustees; expenses connected with the acquisition execution, recording and disposition settlement of securities and other investmentsportfolio security transactions; · auditing, accounting and legal expensesinsurance premiums; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians Trust's custodian for all services to the Fund (Trust, including without limitation safekeeping of funds, funds and securities and other investments, keeping of maintaining required books and accounts, and determination ; expenses of calculating the net asset values); · fees, expenses and disbursements value of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · any direct charges to shareholders approved by the Trustees Shares of the Trust; · compensation expenses of shareholder meetings; and expenses relating to the issuance, registration and qualification of Trustees Shares of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect theretoTrust.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and the Adviser or its affiliates who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser or its affiliates, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the each Fund shall include, without implied limitation: · expenses of organizing and maintaining the Fund and continuing its existence; · registration of the Trust under the Investment Company Act of 1940; · commissions, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · auditing, accounting and legal expenses; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and books, accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · expenses for servicing shareholder accounts; · any direct charges to shareholders approved by the Trustees of the Trust; · compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · compensation of the Trust’s Administrator; · all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the Investment Company Act of 1940, (iii) commissions, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale and redemption of shares; · , (viii) expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund and of the Fund’s principal underwriter, if any, as broker-dealer or agent under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · , (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · , (x) expenses of reports to regulatory bodies; · governmental officers and commissions, (xi) insurance expenses; · , (xii) association membership dues; · , (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · , (xv) expenses for servicing shareholder accounts, (xvi) any direct charges to shareholders approved by the Trustees of the Trust; · , (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · any pricing or valuation services employed , (xviii) all payments to be made and expenses to be assumed by the Fund pursuant to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with distribution plans adopted by the Fund’s use Trust on behalf of a line the Fund pursuant to Rule 12b-1 under the Investment Company Act of credit; 1940, and · (xix) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the TrustCorporation’s Trustees Directors and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust Corporation for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Corporation under the Investment Company Act of 1940, (iii) commissions, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale and redemption of shares; · , (viii) expenses of registering and qualifying the TrustCorporation, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund and of the Fund’s principal underwriter, if any, as broker-dealer or agent under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · , (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · , (x) expenses of reports to regulatory bodies; · governmental officers and commissions, (xi) insurance expenses; · , (xii) association membership dues; · , (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · , (xv) expenses for servicing shareholder accounts, (xvi) any direct charges to shareholders approved by the Trustees Directors of the Trust; · Corporation, (xvii) compensation and expenses of Trustees Directors of the Trust Corporation who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · any pricing or valuation services employed , (xviii) all payments to be made and expenses to be assumed by the Fund pursuant to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with distribution plans adopted by the Fund’s use Corporation on behalf of a line the Fund pursuant to Rule 12b-1 under the Investment Company Act of credit; 1940, and · (xix) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust Corporation to indemnify its Trustees Directors, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the Investment Company Act of 1940, (iii) commissions, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale and redemption of shares; · , (viii) expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund and of the Fund’s principal underwriter, if any, as broker-dealer or agent under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · , (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · , (x) expenses of reports to regulatory bodies; · governmental officers and commissions, (xi) insurance expenses; · , (xii) association membership dues; · , (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values, book capital account balances and tax capital account balances); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · , (xv) expenses for servicing shareholder accounts, (xvi) any direct charges to shareholders approved by the Trustees of the Trust; · , (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · , (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · , (xx) any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Administrator shall pay the entire salaries and fees of all of the Trust’s 's Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the Administrator; the Trust shall not pay any part of the salaries and fees of such persons shall not be deemed Trustees and officers.. In addition, the Administrator shall, at its expense, furnish to be expenses incurred the Trust on behalf of the Fund: (i) services by the Trust for purposes Trust's independent public accountants to perform all audits of this Section 3. Except as the Fund; (ii) services of the Trust's transfer agent(s), registrar, dividend disbursing agent(s), and shareholder recordkeeping with respect to the Fund; (iii) services of the Trust's custodian, including any recordkeeping services provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · expenses custodian on behalf of organizing and the Fund; (iv) services of obtaining quotations for calculating the value of the Fund's net assets; (v) services of maintaining the Fund and continuing its existenceTrust's tax records on behalf of the Fund; · commissions(vi) services, fees and other expenses connected with including procurement of legal services, incident to meetings of the acquisition and disposition of securities and other investments; · auditing, accounting and legal expenses; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the TrustFund's shareholders, the Fund preparation and its shares under federal securities laws mailing of prospectuses and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations reports of the Fund under to its shareholders, the filing of reports with regulatory bodies, and the registration of shares of the Fund with federal and state securities lawsauthorities (except as described in clause (d) below); · registration (vii) certificates representing shares of the Trust under Fund; (viii) the Investment Company Act Fund's pro rata share of 1940the Trust's fidelity bond required by Section 17(g) of the 1940 Act, or other insurance premiums; · expenses (ix) the Fund's pro rata portion of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · the Trust's association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all (x) services to offer shares of the Fund Fund. The Trust shall bear the following expenses: (including without limitation safekeeping of fundsa) taxes, securities and other investmentsif any, keeping of books and accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to levied against the Fund; · any direct charges to shareholders approved by the Trustees of the Trust; · compensation (b) brokerage fees and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred commissions in connection with the purchase and sale of portfolio securities for the Fund’s use ; (c) costs, including the interest expenses, of a line borrowing money; (d) extraordinary expenses, including extraordinary legal expenses and federal and state securities registration fees and expenses incurred on behalf of credit; and · such non-recurring items the Fund to the extent authorized by the Trust's Board of Trustees, as may arise, including expenses incurred in connection with litigation, proceedings and proceedings, other claims and the obligation legal obligations of the Trust to indemnify its Trustees trustees, officers, employees, shareholders, distributors, and officers agents with respect thereto; (e) organizational expenses of the Trust on behalf of the Fund; (f) offering expenses of the Trust on behalf of the Fund to the extent authorized by the Trust's Board of Trustees; and (g) any expenses listed in clauses (e) and (f) above which are capitalized in accordance with generally accepted accounting principles.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time It is understood that, pursuant to the affairs of ▇▇▇▇▇ ▇▇▇▇▇Advisory Agreement, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunderthe Sub-Adviser hereunder or by the Adviser under the Advisory Agreement, which expenses payable by the Fund shall include, without implied limitation: , · expenses of organizing and maintaining the Fund and continuing its existence; · commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · auditing, accounting and legal expenses; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 19401940 Act; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; . · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · expenses for servicing shareholder accounts; · any direct charges to shareholders approved by the Trustees of the Trust; · compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇E▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s 's Trustees and officers employed by ▇E▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇E▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇E▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · * expenses of organizing and maintaining the Fund and continuing its existence; · * commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · * auditing, accounting and legal expenses; · * taxes and interest; · * governmental fees; · * expenses of issue, sale and redemption of shares; · * expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · * registration of the Trust under the Investment Company Act of 1940; · * expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · * expenses of reports to regulatory bodies; · * insurance expenses; · * association membership dues; · * fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, and determination of net asset values); · * fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · * expenses for servicing shareholder accounts; * any direct charges to shareholders approved by the Trustees of the Trust; · * compensation and expenses of Trustees of the Trust who are not members of E▇▇▇▇ V▇▇▇▇▇ ▇▇▇▇▇’'▇ organization; · * all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; * any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · * any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · * all expenses incurred in connection with the Fund’s 's use of a line of credit; and · * such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · expenses of organizing and maintaining the Fund and continuing its existence; · commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · auditing, accounting and legal expenses; · taxes Taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · expenses for servicing shareholder accounts; · any direct charges to shareholders approved by the Trustees of the Trust; · compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · expenses of organizing and maintaining the Fund and continuing its existence; · registration of the Trust under the Investment Company Act of 1940; · commissions, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · auditing, accounting and legal expenses; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and books, accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · expenses for servicing shareholder accounts; · any direct charges to shareholders approved by the Trustees of the Trust; · compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ DSI shall pay the entire salaries and fees wages of all of the Trust’s Trustees Trustees, officers and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and agents who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇DSI or its affiliates, and the wages and salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 32. Except as provided The Trust shall pay from the assets of each Fund all of its own expenses allocable to that Fund, including, but not limited to, fees due the Manager under this Agreement; compensation of Trustees who are not “interested persons” of the Trust; organizational costs of the Fund; governmental fees; interest charges; loan commitment fees, taxes and related charges; brokerage fees and commissions; membership dues in industry and professional associations allocable to the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · Trust; fees and expenses of organizing independent auditors and maintaining accountants, legal counsel and any transfer agent, distributor, shareholder servicing agent, service agent, recordkeeper, registrar or dividend disbursing agent of the Fund Trust or the Fund; expenses of distributing, issuing and continuing its existenceredeeming shares of beneficial interest and servicing shareholder accounts; · commissionsexpenses of preparing, fees typesetting, printing and other mailing prospectuses, statements of additional information, shareholder reports, notices, proxy statements and reports to governmental officers and commissions and to existing shareholders of the Fund; expenses connected with the acquisition execution, recording and disposition settlement of securities and other investmentsportfolio security transactions; · auditing, accounting and legal expensesinsurance premiums; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars custodian for all services to the Fund, including safekeeping of funds and securities and maintaining required books and accounts; · any direct charges expenses of calculating the net asset value of the Fund (including but not limited to shareholders approved by the Trustees fees of independent pricing services); expenses of meetings of the Trust’s Trustees and the Fund’s shareholders; · compensation expenses relating to the issuance, registration and expenses qualification of Trustees shares of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items or extraordinary expenses as may arise, including expenses incurred in connection with litigationthose relating to actions, suits or proceedings and claims to which the Trust on behalf of the Fund may be a party and the legal obligation of which the Trust may have to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Administrator shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Administrator, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 32. Except as provided in the foregoing sentence, it is understood that the Administrator shall not pay any expenses relating to the Trust or the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall includeincluding, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the Investment Company Act of 1940, (iii) commissions, fees and other expenses connected with the acquisition acquisition, disposition and disposition valuation of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, repurchase and redemption of shares; · , (viii) expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda prospectuses for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund and of the Fund’s principal underwriter, if any, as broker-dealer or agent under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · , (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · , (x) expenses of reports to regulatory bodies; · governmental officers and commissions, (xi) insurance expenses; · , (xii) association membership dues; · dues (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, accounts and determination of net asset values); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · , (xv) expenses for servicing shareholder accounts, (xvi) any direct charges to shareholders approved by the Trustees of the Trust; · , (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Administrator’s organization; · any pricing or valuation services employed by the Fund to value its investments including primary , and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · (xviii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of ▇▇▇▇▇ ▇▇▇▇▇ AMT-FREE MUNICIPAL INCOME FUND securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · expenses of organizing and maintaining the Fund and continuing its existence; · commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; 017_0261 · auditing, accounting and legal expenses; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · expenses for servicing shareholder accounts; · any direct charges to shareholders approved by the Trustees of the Trust; · compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · (vii) expenses of issue, sale sale, and redemption of sharesinterests; · (viii) fees and expenses of registering registering, qualifying, and qualifying maintaining the Trust, the Fund Trust and its shares interests under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (“SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses holders of registering and maintaining registrations of the Fund under state securities laws; · registration of interests in the Trust under the Investment Company Act of 1940(“Holders”); · (ix) expenses of reports and notices to shareholders Holders and of meetings of shareholders Holders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses expenses, and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts, and accountsrecords, and determination of net asset values, book capital account balances and tax capital account balances); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder Holder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing the account of Holders; (xvi) any direct charges to shareholders the Trust or Holders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · any pricing or valuation services employed (xviii) all payments to be made and expenses to be assumed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred Trust in connection with the Fund’s use distribution of a line of credit; and · such non-recurring items as may arise, including expenses incurred interests in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.Trust;

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, ▇▇▇▇▇ ▇▇▇▇▇ VIRGINIA MUNICIPAL INCOME FUND spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of ▇▇▇▇▇ ▇▇▇▇▇ SHORT DURATION STRATEGIC INCOME FUND securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · expenses of organizing and maintaining the Fund and continuing its existence; · commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; 017_0242 · auditing, accounting and legal expenses; · taxes Taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · expenses for servicing shareholder accounts; · any direct charges to shareholders approved by the Trustees of the Trust; · compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.. 017_0242

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Administrator shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Administrator, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 32. Except as provided in the foregoing sentence, it is understood that the Administrator shall not pay any expenses relating to the Trust or the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall includeincluding, without implied limitation: · • expenses of organizing and maintaining the Fund and continuing its existence; · 021_0032 • commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · • auditing, accounting and legal expenses; · • taxes and interest; · • governmental fees; · • expenses of issue, sale sale, repurchase and redemption of shares; · • expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda prospectuses for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · • registration of the Trust under the Investment Company Act of 1940; · • expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · • expenses of reports to regulatory bodies; · • insurance expenses; · • association membership dues; · • fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, accounts and determination of net asset values); · • fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · • expenses for servicing shareholder accounts; • any direct charges to shareholders approved by the Trustees of the Trust; · • compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Administrator’s organization; · • all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; • any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · • any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · • all expenses incurred in connection with the Fund’s use of a line of credit; and · • such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay furnish at it owns expense all necessary administrative services, including office space, equipment, clerical personnel, investment advisory facilities, and executive and supervisory personnel for managing the entire salaries and fees investments of all each series of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all , effecting the portfolio transactions of their time to each series of the affairs of ▇▇▇▇▇ ▇▇▇▇▇Trust, and and, in general, administering the salaries and fees of such persons Trust's affairs. The Adviser shall not be deemed to be expenses incurred arrange, if desired by the Trust, for Directors, officers and employees of the Adviser or its "affiliates" to serve without compensation as Trustee, officers or agents of the Trust for purposes of this Section 3if duly elected or appointed to such positions and subject to their individual consent and to any limitations imposed by law. Except as provided in the foregoing sentence, it It is understood that the Fund Trust will pay all of its own expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall includeincluding, without implied limitation: · , compensation of those Trustees who are not "affiliated" with the Adviser; governmental fees; interest charges; taxes; membership dues in the Investment Company Institute allocable to the Trust; fees and expenses of organizing independent auditors, of legal counsel and maintaining of any transfer agent or registrar of the Fund Trust; expenses of independent auditors, of legal counsel and continuing its existenceof any transfer agent or registrar of the Trust; · expenses of repurchasing and redeeming shares; expenses of preparing, printing and mailing prospectuses, shareholder reports, notices, proxy statements and reports to shareholders, governmental officers or commissions, fees ; brokerage and other expenses connected with the acquisition execution, recording and disposition settlement of securities and other investmentsportfolio security transactions; · auditing, accounting and legal expensesinsurance premiums; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians custodian for all services to the Fund (Trust, including without limitation safekeeping of funds, funds and securities and other investments, keeping of maintaining required books and accounts, and determination ; expenses of calculating the net asset values); · fees, expenses and disbursements value of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to shares of each series in the Fund; · any direct charges to shareholders approved by the Trustees of manner described in the Trust's then-current Prospectus; · compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect theretoshareholder meetings.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses of registering and qualifying shares in the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares, (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the SEC and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust, (xv) expenses for servicing shareholder accounts; · (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · Trust, (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. Information Classification: General ▇▇▇▇▇ ▇▇▇▇▇ NATIONAL MUNICIPAL OPPORTUNITIES TRUST

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, ▇▇▇▇▇ ▇▇▇▇▇ CORE BOND FUND spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · limitation (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · , (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses shares of registering and qualifying the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares; (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (the “SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. ▇▇▇▇▇ ▇▇▇▇▇ TAX-MANAGED GLOBAL BUY-WRITE OPPORTUNITIES FUND

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, ▇▇▇▇▇ ▇▇▇▇▇ CORE PLUS BOND FUND spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · limitation (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · , (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses shares of registering and qualifying the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares; (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (the “SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. ▇▇▇▇▇ ▇▇▇▇▇ LIMITED DURATION INCOME FUND

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it It is understood that the Fund will pay all its expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Administrator hereunder, which expenses payable by the Fund shall include, without implied limitation: · ● expenses of organizing and maintaining the Fund and continuing its existence; · ● commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · ● auditing, accounting and legal expenses; · ● taxes and interest; · ● governmental fees; · ● expenses of issue, sale repurchase and redemption (if any) of shares, including all expenses incurred in conducting repurchase and tender offers for the purpose of repurchasing Fund shares; · ● expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda and amendments for such purposes and for distributing the same to shareholders and investorspurposes, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · ● registration of the Trust Fund under the Investment Company Act of 1940; · ● expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · ● expenses of reports to regulatory bodies; · ● insurance expenses; · ● association membership dues; · ● fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, accounts and determination of net asset values); · ● fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · ● expenses of listing shares with a stock exchange; ● any direct charges to shareholders approved by the Trustees of the TrustFund; · ● compensation and expenses of Trustees of the Trust Fund who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Administrator’s organization; · ● all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; ● any pricing or and valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · ● any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · ● all expenses incurred in connection with the Fund’s use of a line of credit, or issuing and maintaining preferred shares; and · ● such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust Fund to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇▇ Management shall ---------------------------------- furnish at its own expense all necessary services, facilities and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this personnel in connection with its responsibilities under Section 31 above. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay from the assets of each Fund all of its own expenses other than those expressly stated allocable to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the that Fund shall includeincluding, without implied limitation: · expenses , organization costs of organizing and maintaining the Fund and continuing its existence; · commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · auditing, accounting and legal expenses; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · any direct charges to shareholders approved by the Trustees of the Trust; · compensation and expenses of Trustees of the Trust who are not members "affiliated persons" of ▇▇▇▇▇ ▇▇▇▇▇’▇ organizationManagement; · governmental fees; interest charges; brokerage fees and commissions; loan commitment fees; taxes; membership dues in industry associations allocable to the Trust; fees and expenses of independent auditors, legal counsel and any pricing transfer agent, distributor, shareholder servicing agent, service agent, registrar or valuation services employed by dividend disbursing agent of the Fund Trust; expenses of issuing and redeeming shares of beneficial interest and servicing shareholder accounts; expenses of preparing, typesetting, printing and mailing prospectuses, statements of additional information, shareholder reports, notices, proxy statements and reports to value its investments including primary governmental officers and comparative valuation services; · any agent employed by the Fund commissions and to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by existing shareholders of the Fund; · expenses associated connected with listing the execution, recording and settlement of security transactions; insurance premiums; fees and expenses of the custodian for all services to the Fund, including safekeeping of funds and securities and maintaining required books and accounts; expenses of calculating the net asset value of the Fund on one or more securities exchanges(including but not limited to the fees of independent pricing services); · all expenses incurred in connection with of meetings of the Fund’s use 's Trustees and of a line the Fund's shareholders; expenses relating to the registration and qualification of creditshares of the Fund; and · such non-recurring items or extraordinary expenses as may arise, including expenses incurred in connection with litigationthose relating to actions, suits or proceedings and claims to which the Trust on behalf of the Fund may be a party and the legal obligation of which the Trust may have to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · limitation (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · , (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses shares of registering and qualifying the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares; (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (the “SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. Information Classification: General ▇▇▇▇▇ ▇▇▇▇▇ NEW YORK MUNICIPAL BOND FUND

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Administrator shall pay the ---------------------------------- entire salaries and fees wages of all of the Trust’s Trustees Corporation's directors, officers and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and agents who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Administrator or its affiliates, and the wages and salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust Corporation for purposes of this Section 34. Except as provided in the foregoing sentence, it is understood that the Fund will Administrator shall not pay all other expenses other than those expressly stated relating to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall includeCorporation including, without implied limitation: · , compensation of directors not affiliated with the Administrator; governmental fees; interest charges; taxes; membership dues in the Investment Company Institute allocable to the Corporation; fees and expenses of organizing the Corporation's independent auditors, of legal counsel and maintaining of any transfer agent, distributor, shareholder servicing agent, registrar or dividend disbursing agent of the Fund Corporation; expenses of distributing and continuing its existenceredeeming Shares and servicing shareholder accounts; · expenses of preparing, printing and mailing prospectuses and statements of additional information, reports, notices, proxy statements and reports to shareholders and governmental officers and commissions, fees ; expenses of preparing and other mailing agendas and supporting documents for meetings of the Board of Directors and committees thereof; expenses connected with the acquisition execution, recording and disposition settlement of securities and other investmentsportfolio security transactions; · auditing, accounting and legal expensesinsurance premiums; · taxes and interest; · governmental fees; · expenses of issue, sale and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians Corporation's custodian for all services to the Fund (Corporation, including without limitation safekeeping of funds, funds and securities and other investments, keeping of maintaining required books and accounts, and determination ; expenses of calculating the net asset values)value of Shares of the Corporation; · fees, expenses of shareholder meetings; and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services expenses relating to the Fund; · any direct charges to shareholders approved by the Trustees issuance, registration and qualification of Shares of the Trust; · compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect theretoCorporation.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · limitation (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · , (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses shares of registering and qualifying the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares; (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (the “SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. ▇▇▇▇▇ ▇▇▇▇▇ TAX-MANAGED BUY-WRITE OPPORTUNITIES FUND

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · limitation (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · , (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses shares of registering and qualifying the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares; (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (the “SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. ▇▇▇▇▇ ▇▇▇▇▇ CALIFORNIA MUNICIPAL BOND FUND

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, ▇▇▇▇▇ ▇▇▇▇▇ OHIO MUNICIPAL INCOME FUND spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of ▇▇▇▇▇ ▇▇▇▇▇ TAX-MANAGED VALUE FUND securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the TrustFund’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust Fund for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · (i) expenses of organizing and maintaining the Fund and continuing its existence; · (ii) registration of the Fund and any share classes under the Securities Act of 1933, as amended, and the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · (vii) expenses of issue, sale sale, repurchase, and redemption of shares; · shares in the Fund, including expenses of registering conducting repurchase offers for the purpose of repurchasing Fund shares, including expenses associated with the repurchase of Fund shares pursuant to Rule 23c-3 under the 1940 Act, (viii) fees and qualifying the Trustexpenses of registering, qualifying, and maintaining the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Fund with the SEC and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations ▇▇▇▇▇ ▇▇▇▇▇ FLOATING-RATE OPPORTUNITIES FUND therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund, (xv) expenses for servicing shareholder accounts; · (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the TrustFund; · (xvii) compensation and expenses of Trustees of the Trust Fund who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit, other borrowings or leverage; and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust Fund to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of PARAMETRIC TAX-MANAGED INTERNATIONAL EQUITY FUND securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · limitation (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · , (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses shares of registering and qualifying the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares; (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (the “SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. ▇▇▇▇▇ ▇▇▇▇▇ MUNICIPAL INCOME TRUST

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · limitation (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · , (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses shares of registering and qualifying the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares; (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (the “SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. ▇▇▇▇▇ ▇▇▇▇▇ ENHANCED EQUITY INCOME FUND

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ Eaton Vance shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by T▇▇▇▇'▇ ▇▇▇▇▇ tees and officers who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇Eaton Vance, and the salaries and fees of such persons shall not be deemed ▇▇▇ ▇▇ ▇▇▇med to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ Eaton Vance hereunder, which expenses payable by the Fund shall includein▇▇▇▇▇, without ▇▇▇▇out implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the Investment Company Act of 1940, (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale and redemption of shares; · , (viii) expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund and of the Fund's principal underwriter, if any, as broker-dealer or agent under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · , (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · , (x) expenses of reports to regulatory bodies; · governmental officers and commissions, (xi) insurance expenses; · , (xii) association membership dues; · , (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · , (xv) expenses for servicing shareholder accounts, (xvi) any direct charges to shareholders approved by the Trustees of the Trust; · , (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ Eaton Vance's organization, (xviii) all payments to be made and ▇▇▇▇▇’se▇ organization; · any pricing or valuation services employed ▇▇ ▇▇ assumed by the Fund pursuant to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with distribution plans adopted by the Fund’s use Trust on behalf of a line the Fund pursuant to Rule 12b-1 under the Investment Company Act of credit; 1940, and · (xix) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of PARAMETRIC EMERGING MARKETS FUND securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of ▇▇▇▇▇ ▇▇▇▇▇ SHORT DURATION INFLATION-PROTECTED INCOME FUND securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · • expenses of organizing and maintaining the Fund and continuing its existence; · • commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · • auditing, accounting and legal expenses; · • taxes and interest; · • governmental fees; · • expenses of issue, sale and redemption of shares; · • expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · • registration of the Trust under the Investment Company Act of 1940; · • expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · • expenses of reports to regulatory bodies; · • insurance expenses; · • association membership dues; · • fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, and determination of net asset values); · • fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · • expenses for servicing shareholder accounts; • any direct charges to shareholders approved by the Trustees of the Trust; · • compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · • all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; • any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · • any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · • all expenses incurred in connection with the Fund’s use of a line of credit; and · • such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, ▇▇▇▇▇ ▇▇▇▇▇ TAX-MANAGED GROWTH FUND 1.2 spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · limitation (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · , (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses shares of registering and qualifying the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares; (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (the “SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. ▇▇▇▇▇ ▇▇▇▇▇ SENIOR FLOATING-RATE TRUST

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Administrator shall pay the entire salaries and fees of all of the Trust’s 's Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Administrator, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 32. Except as provided in the foregoing sentence, it is understood that the Administrator shall not pay any expenses relating to the Trust or a Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall includeincluding, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the Investment Company Act of 1940, (iii) commissions, fees and other expenses connected with the acquisition acquisition, disposition and disposition valuation of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, repurchase and redemption of shares; · , (viii) expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda prospectuses for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund and of the Fund's principal underwriter, if any, as broker-dealer or agent under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · , (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · , (x) expenses of reports to regulatory bodies; · governmental officers and commissions, (xi) insurance expenses; · , (xii) association membership dues; · dues (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, accounts and determination of net asset values); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · , (xv) expenses for servicing shareholder accounts, (xvi) any direct charges to shareholders approved by the Trustees of the Trust; · , (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser's organization; · any pricing or valuation services employed by the Fund to value its investments including primary , and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · (xviii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same ▇▇▇▇▇ ▇▇▇▇▇ INCOME FUND OF BOSTON to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses of registering and qualifying shares in the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares, (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the SEC and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust, (xv) expenses for servicing shareholder accounts; · (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · Trust, (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. <BCLPAGE>9</BCLPAGE> ▇▇▇▇▇ ▇▇▇▇▇ FLOATING-RATE 2022 TARGET TERM TRUST

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · limitation (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · , (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses shares of registering and qualifying the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares; (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (the “SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. ▇▇▇▇▇ ▇▇▇▇▇ SENIOR INCOME TRUST

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Administrator shall pay the entire salaries and fees of all of the Trust’s 's Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Administrator, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 32. Except as provided in the foregoing sentence, it is understood that the Administrator shall not pay any expenses relating to the Trust or the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall includeincluding, without implied limitation: · * expenses of organizing and maintaining the Fund and continuing its existence; · * commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · * auditing, accounting and legal expenses; · * taxes and interest; · * governmental fees; · * expenses of issue, sale sale, repurchase and redemption of shares; · * expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda prospectuses for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · * registration of the Trust under the Investment Company Act of 1940; · * expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · * expenses of reports to regulatory bodies; · * insurance expenses; · * association membership dues; · * fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, accounts and determination of net asset values); · * fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · * expenses for servicing shareholder accounts; * any direct charges to shareholders approved by the Trustees of the Trust; · * compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Administrator's organization; · * all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; * any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · * any investment advisory, sub-sub- advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · * all expenses incurred in connection with the Fund’s 's use of a line of credit; and · * such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · limitation (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · , (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses shares of registering and qualifying the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares; (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (the “SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. ▇▇▇▇▇ ▇▇▇▇▇ ENHANCED EQUITY INCOME FUND II

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, ▇▇▇▇▇ ▇▇▇▇▇ FLOATING-RATE ADVANTAGE FUND spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by the Adviser hereunder, which expenses payable ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable WORLDWIDE HEALTH SCIENCES FUND by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of ▇▇▇▇▇ ▇▇▇▇▇ FLOATING-RATE FUND securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · (i) expenses of organizing and maintaining the Fund and continuing its existence; · (ii) registration of the Trust under the 1940 ▇▇▇▇▇ ▇▇▇▇▇ TAXABLE MUNICIPAL BOND FUND Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · (vii) expenses of issue, sale sale, and redemption of shares; · (viii) fees and expenses of registering registering, qualifying, and qualifying maintaining the Trust, the Fund Fund, and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the SEC or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, ▇▇▇▇▇ ▇▇▇▇▇ ARIZONA MUNICIPAL INCOME FUND spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · limitation (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · , (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses shares of registering and qualifying the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares; (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (the “SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. ▇▇▇▇▇ ▇▇▇▇▇ TAX-ADVANTAGED DIVIDEND INCOME FUND

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses of registering and qualifying shares in the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares, (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the SEC and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · , (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust, (xv) expenses for servicing shareholder accounts; · (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · Trust, (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. ▇▇▇▇▇ ▇▇▇▇▇ FLOATING-RATE INCOME PLUS FUND

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund Trust will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund Trust shall include, without implied limitation: · limitation (i) expenses of organizing and maintaining the Fund Trust and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · , (vii) expenses of listing shares of the Trust with a stock exchange, and expenses of issue, sale sale, repurchase and redemption (if any) of shares; · expenses shares of registering and qualifying the Trust, including expenses of conducting tender offers for the Fund purpose of repurchasing Trust shares; (viii) fees and expenses of registering, qualifying, and maintaining the Trust and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust with the Securities and Exchange Commission (the “SEC”) and any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund Trust (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the FundTrust; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Trust or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) any pricing or valuation services employed by the Fund Trust to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xix) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the FundTrust; · expenses associated with listing the Fund on one or more securities exchanges; · (xx) all expenses incurred in connection with the FundTrust’s use of a line of credit, other borrowings or leverage; and · (xxi) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. ▇▇▇▇▇ ▇▇▇▇▇ TAX-MANAGED BUY-WRITE INCOME FUND

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, ▇▇▇▇▇ ▇▇▇▇▇ LARGE-CAP VALUE FUND spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · (i) expenses of organizing and maintaining the Fund and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · (vii) expenses of issue, sale sale, and redemption of shares; · (viii) fees and expenses of registering registering, qualifying, and qualifying maintaining the Trust, the Fund Fund, and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the SEC or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.. ▇▇▇▇▇ ▇▇▇▇▇ GLOBAL MACRO ABSOLUTE RETURN ADVANTAGE FUND

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, ▇▇▇▇▇ ▇▇▇▇▇ NATIONAL MUNICIPAL INCOME FUND spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, ▇▇▇▇▇ ▇▇▇▇▇ MARYLAND MUNICIPAL INCOME FUND spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Administrator shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Administrator, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 32. Except as provided in the foregoing sentence, it is understood that the Administrator shall not pay any expenses relating to the Trust or the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall includeincluding, without implied limitation: 021_0032 · expenses of organizing and maintaining the Fund and continuing its existence; · commissions, fees and other expenses connected with the acquisition and disposition of securities and other investments; · auditing, accounting and legal expenses; · taxes and interest; · governmental fees; · expenses of issue, sale sale, repurchase and redemption of shares; · expenses of registering and qualifying the Trust, the Fund and its shares under federal and state securities laws and of preparing and printing registration statements or other offering statements or memoranda prospectuses for such purposes and for distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities laws; · registration of the Trust under the Investment Company Act of 1940; · expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · expenses of reports to regulatory bodies; · insurance expenses; · association membership dues; · fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books and accounts, accounts and determination of net asset values); · fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · expenses for servicing shareholder accounts; · any direct charges to shareholders approved by the Trustees of the Trust; · compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Administrator’s organization; · all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; · any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · any investment advisory, sub-advisory or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · all expenses incurred in connection with the Fund’s use of a line of credit; and · such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees and officers with respect thereto.. 021_0032

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, ▇▇▇▇▇ ▇▇▇▇▇ NEW JERSEY MUNICIPAL INCOME FUND spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ The Adviser shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇the Adviser, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ the Adviser hereunder, which expenses payable by the Fund shall include, without implied limitation: · , (i) expenses of organizing and maintaining the Fund and continuing its existence; · , (ii) registration of the Trust under the 1940 Act, (iii) commissions, ▇▇▇▇▇ ▇▇▇▇▇ GOVERNMENT OPPORTUNITIES FUND spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · , (iv) auditing, accounting and legal expenses; · , (v) taxes and interest; · , (vi) governmental fees; · , (vii) expenses of issue, sale sale, and redemption of shares; · , (viii) fees and expenses of registering registering, qualifying and qualifying maintaining the Trust, the Fund and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the Securities and Exchange Commission (the “SEC”) or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ the Adviser’s organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares, (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · , (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; , and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the TrustCorporation’s Trustees Directors and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust Corporation for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which expenses payable by the Fund shall include, without implied limitation: · (i) expenses of organizing and maintaining the Fund and continuing its existence; · (ii) registration of the Corporation under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · (vii) expenses of issue, sale sale, and redemption of shares; · (viii) fees and expenses of registering registering, qualifying, and qualifying maintaining the TrustCorporation, the Fund Fund, and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Corporation on behalf of the Fund with the SEC or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees Directors of the TrustCorporation; · (xvii) compensation and expenses of Trustees Directors of the Trust Corporation who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · any agent employed by the Fund to calculate intraday indicative net asset values; · (xx) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · (xxi) all expenses incurred in connection with the Fund’s use of a line of credit; and · (xxii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust Corporation to indemnify its Trustees Directors, officers and officers shareholders with respect thereto.

Allocation of Charges and Expenses. ▇▇▇▇▇ ▇▇▇▇▇ shall pay the entire salaries and fees of all of the Trust’s Trustees and officers employed by ▇▇▇▇▇ ▇▇▇▇▇ and who devote part or all of their time to the affairs of ▇▇▇▇▇ ▇▇▇▇▇, and the salaries and fees of such persons shall not be deemed to be expenses incurred by the Trust for purposes of this Section 3. Except as provided in the foregoing sentence, it is understood that the Fund will pay all expenses other than those expressly stated to be payable by ▇▇▇▇▇ ▇▇▇▇▇ hereunder, which ▇▇▇▇▇ ▇▇▇▇▇ STOCK NEXTSHARES expenses payable by the Fund shall include, without implied limitation: · (i) expenses of organizing and maintaining the Fund and continuing its existence; · (ii) registration of the Trust under the 1940 Act; (iii) commissions, spreads, fees and other expenses connected with the acquisition acquisition, holding and disposition of securities and other investments; · (iv) auditing, accounting and legal expenses; · (v) taxes and interest; · (vi) governmental fees; · (vii) expenses of issue, sale sale, and redemption of shares; · (viii) fees and expenses of registering registering, qualifying, and qualifying maintaining the Trust, the Fund Fund, and its shares under applicable federal and state securities laws and of preparing and printing filing registration statements or statements, other offering statements or memoranda for such purposes memoranda, and other reports, forms, and documents required to be filed by the Trust on behalf of the Fund with the SEC or any other regulatory body, and for printing and distributing the same to shareholders and investors, and any fees and expenses of registering and maintaining registrations of the Fund under state securities lawsshareholders; · registration of the Trust under the Investment Company Act of 1940; · (ix) expenses of reports and notices to shareholders and of meetings of shareholders and proxy solicitations therefor; · (x) expenses of reports to regulatory bodiesgovernmental officers and commissions; · (xi) insurance expenses; · (xii) association membership dues; · (xiii) fees, expenses and disbursements of custodians and subcustodians for all services to the Fund (including without limitation safekeeping of funds, securities and other investments, keeping of books books, accounts and accountsrecords, and determination of net asset values); · (xiv) fees, expenses and disbursements of transfer agents, dividend disbursing agents, shareholder servicing agents and registrars for all services to the Fund; · (xv) expenses for servicing shareholder accounts; (xvi) any direct charges to the Fund or shareholders approved by the Trustees of the Trust; · (xvii) compensation and expenses of Trustees of the Trust who are not members of ▇▇▇▇▇ ▇▇▇▇▇’▇ organization; · (xviii) all payments to be made and expenses to be assumed by the Fund in connection with the distribution of Fund shares; (xix) any pricing or valuation services employed by the Fund to value its investments including primary and comparative valuation services; · (xx) any agent employed by the Fund to calculate intraday indicative net asset values; · assets (xxi) any investment advisory, sub-advisory investment advisory, or similar management fee payable by the Fund; · expenses associated with listing the Fund on one or more securities exchanges; · (xxii) all expenses incurred in connection with the Fund’s use of a line of credit; and · (xxiii) such non-recurring items as may arise, including expenses incurred in connection with litigation, proceedings and claims and the obligation of the Trust to indemnify its Trustees Trustees, officers and officers shareholders with respect thereto.