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To maximise current income consistent with preservation of principal and liquidity by the maintenance of a portfolio of high quality short-term money market instruments. .
No investment management or performance fees will be payable directly by the Company to the Manager or the Investment Manager. Holders of each class of shares will indirectly bear the Companys pro rata share of the fees charged and expenses borne at the level of the relevant underlying fund. Annual expenses associated with the underlying cash fund, which includes the fees and expenses of the underlying cash fund manager and underlying investment manager, are limited to 1 per cent. per annum of the aggregate net asset value of the shares of the underlying cash fund or to such lesser amount as the underlying cash fund manager may agree. Currently, the underlying cash fund manager has agreed that such annual expenses will be capped at 0.20 per cent. per annum of the aggregate net asset value of the shares of the underlying cash fund. Fees payable to the Sub-Administrator and Custodian and other ongoing operational expenses Ongoing fees and expenses payable by the Company are estimated to be 0.50 per cent. per annum of the Companys Net Asset Value (assuming the Net Asset Value of the Company is GBP50 million) and will comprise items including: (1) fees payable to the Sub-Administrator (in respect of the services of both the Sub-Administrator and the Custodian), estimated to be GBP50,000 per annum; (2) fees payable to the Auditor, estimated to be GBP13,500 per annum; and (3) other operational expenses, estimated to be GBP187,000 per annum.