ompensation. The Investment Manager has full discretion to determine the amount and structure of the compensation to be paid to Portfolio Managers. Layering of Fees. Allocations and Expenses. The Partnership's direct fees and expenses, coupled with the Incentive Allocation and the incentive compensation paid to

could diversify investments among asset classes or hedge investment risks, or if the Underlying Fund itself were diversified among asset classes. Layering of Fees. Pursuant to the Administrative Services Agreement, each Investor shall pay to the Administrator a monthly Administrative Fee as set forth above in

could diversify investments among asset classes or hedge investment risks, or if the Underlying Fund itself were diversified among asset classes. Layering of Fees. Pursuant to the Administrative Services Agreement, each Investor shall pay to the Administrator a monthly Administrative Fee as set forth above in