in the judgment of the Member Designee are incurred by or arise out of the operation and activities of the Fund, including but not limited to: (a) the Administrative Fee and other administrative fees and expenses, including fees to a custodian and other providers of administrative or support services; (b) the fees,

rlying Fund, nor has any discretion over the investments of the Underlying Fund. As a result of fees and expenses of the AlphaKeys Fund (including the Administrative Fee, as defined below) and the need to reserve amounts to pay AlphaKeys Fund obligations, the amount of each Investor's indirect investment in the Unde