Management Fees

The financial institution administering a collective investment fund may charge a reasonable fund management fee only if the amount of the fee does not exceed an amount commensurate with the value of legitimate services of tangible benefit to the participating fiduciary accounts that would not have been provided to the accounts were they not invested in the fund. No fees shall be assessed based on fund performance. The aggregate expenses of the fund, to include management fees and administrative services to all accounts, but not inclusive of the expense ratio of underlying investments, shall not exceed two percent (2%).