Common use of Underwriting Discount Clause in Contracts

Underwriting Discount. The Trust shall receive from FEF Distributors, LLC the applicable net asset value on all orders for sales of shares of beneficial interest accepted by FEF Distributors, LLC as agent of the Trust if the net sale price thereof has been deemed, in accordance with the Trust’s Declaration of Trust, to be an asset of the Trust in connection with a computation of net asset value for the sale of any other shares or the purchase or redemption of any shares. FEF Distributors, LLC shall be entitled to retain so much of the difference between the public offering price and the applicable net asset value as is not reallowed by FEF Distributors, LLC as a discount to dealers. Such reallowance shall be the same for all dealers and shall conform to such dealer discounts, if any, as may from time to time be currently indicated in the Trust’s prospectus. FEF Distributors, LLC will reimburse the Trust for any increase in any issue tax paid by it which is attributable to such sales charge.