An investment fee is a fee that relates to the investment of the assets of the Fund and includes:
(a) fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and
(b) costs that relate to the investment of assets of the entity, other than:
(i) borrowing costs; and
(ii) indirect costs that are not paid out of the Fund that the Trustee has elected in writing will be treated as indirect costs and not fees incurred by the Trustee or in an interposed vehicle or derivative financial product; and
(iii) costs that are otherwise changed as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.