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5.12. Regulatory Fees

Regulatory fees are the fees payable to the relevant regulatory authorities , the Duties and Charges and any fees, costs and expenses incurred in connection with making any filings with any government body or regulatory authority as well as statutory or regulatory fees, if any, levied against or in respect of the Fund together with the costs incurred in preparing any submission required by any tax, statutory or regulatory authority. 

The Fund is obliged to pay an annual fee of EUR 1,800 to CySEC for the Fund, EUR 400 for each Investment Compartment and EUR 350 to the Registrar of Companies as an Annual Levy.

Regulatory Fees shall be allocated proportionately to each individual Investment Compartment.