Common use of Expenses of the Portfolio Clause in Contracts

Expenses of the Portfolio. It is understood that the Portfolio will pay all its expenses other than those expressly assumed by the Adviser, which expenses payable by the Portfolio shall include: A. Fees of the Adviser; B. Expenses of all audits by independent public accountants; C. Expenses of administrator, transfer agent, pricing services, bookkeeping services, registrar, dividend disbursing agent and shareholder record keeping services (including reasonable fees and expenses payable to the Adviser, or an affiliate of the Adviser, for such services); D. Expenses of custodial services; E. Expenses of obtaining quotations for calculating the value of the Portfolio’s net assets; F. Salaries and other compensation of any of its executive officers and employees who are not officers, directors, stockholders or employees of the Adviser or any of its affiliates; G. Taxes levied against the Portfolio and the expenses of preparing tax returns and reports; H. Brokerage fees and commissions in connection with the purchase and sale of securities for the Portfolio; I. Expenses associated with any offering (subject to any written agreement by the Adviser or an affiliate of the Adviser to reimburse any portion of such expenses); J. Costs, including the interest expense, of borrowing money; K. Costs and/or fees incident to Trustee and shareholder meetings of the Portfolio, the preparation and mailings of proxy material, prospectuses and reports of the Portfolio to its shareholders, the filing of reports with regulatory bodies, the maintenance of the Portfolio’s legal existence, membership dues and fees of investment company industry trade associations, the listing (and maintenance of such listing) of the Portfolio’s shares on stock exchanges, and the registration of shares with Federal and state securities authorities; L. Legal fees and expenses (including reasonable fees for legal services rendered by the Adviser or its affiliates), including the legal fees related to the registration and continued qualification of the Portfolio’s shares for sale; M. Costs of printing stock certificates representing shares of the Portfolio, if any; N. Trustees’ fees and expenses of Trustees who are not directors, officers, employees or stockholders of the Adviser or any of its affiliates; O. Fees for the fidelity bond required by Section 17(g) of the 1940 Act, or other insurance premiums; and P. Fees payable to Federal and state authorities in connection with the registration of the Portfolio’s shares. Q. Nonrecurring and extraordinary expenses incurred, such as indemnification payments or damages awarded in litigation or settlements made.

Expenses of the Portfolio. It is understood that the Portfolio will pay all its expenses other than those expressly assumed by the Adviser, which expenses payable by the Portfolio shall include: A. Fees of the Adviser; B. Expenses of all audits by independent public accountants; C. Expenses of administrator, transfer agent, pricing services, bookkeeping services, registrar, dividend disbursing agent and shareholder record keeping services (including reasonable fees and expenses payable to the Adviser, or an affiliate of the Adviser, for such services); D. Expenses of custodial services; E. Expenses of obtaining quotations for calculating the value of the Portfolio’s net assets; F. Salaries and other compensation of any of its executive officers and employees who are not officers, directors, stockholders or employees of the Adviser or any of its affiliates; G. Taxes levied against the Portfolio and the expenses of preparing tax returns and reports; H. Brokerage fees and commissions in connection with the purchase and sale of securities for the Portfolio; I. Expenses associated with any offering (subject to any written agreement by the Adviser or an affiliate of the Adviser to reimburse any portion of such expenses); J. Costs, including the interest expense, of borrowing money; K. Costs and/or fees incident to Trustee and shareholder meetings of the Portfolio, the preparation and mailings of proxy material, prospectuses and reports of the Portfolio to its shareholders, the filing of reports with regulatory bodies, the maintenance of the Portfolio’s legal existence, membership dues and fees of investment company industry trade associations, the listing (and maintenance of such listing) of the Portfolio’s shares on stock exchanges, and the registration of shares with Federal and state securities authorities; L. Legal fees and expenses (including reasonable fees for legal services rendered by the Adviser or its affiliates), including the legal fees related to the registration and continued qualification of the Portfolio’s shares for sale; M. Costs of printing stock certificates representing shares of the Portfolio, if any; N. Trustees’ fees and expenses of Trustees who are not directors, officers, employees or stockholders of the Adviser or any of its affiliates; O. Fees for the fidelity bond required by Section 17(g) of the 1940 Act, or other insurance premiums; and P. Fees payable to Federal and state authorities in connection with the registration of the Portfolio’s shares. Q. Nonrecurring and extraordinary expenses incurredincurred by the Trust or a Portfolio, such as indemnification payments or damages awarded in litigation or settlements made.