To the extent that
investment advisers comply with the Fiduciary Rule and PTEs only when the Fiduciary Rule and PTEs are applicable on their original terms and
schedule, this estimate represents a
reasonable adjustment of the 2016 estimate to reflect the impact of the 60 - day delay.
Effective July 29, 2015, each Trustee who is not affiliated with the Trust or an
investment adviser to any series of the Trust will receive a quarterly fee of $ 5,000 for his attendance at the regularly
scheduled meetings of the Board of Trustees, to be paid in advance of each calendar quarter, as well as reimbursement for any
reasonable expenses incurred.