HNP Growth and Preservation Fund's new fee agreement drops fees 0.5%

By Toni Weeks

San Diego, Feb. 16 - The HNP Growth and Preservation Fund announced terms of its new services agreement with its investment adviser, HNP Capital Fund Management Group, LLC.

Effective Feb. 16, the adviser has contractually agreed to waive services agreement fees by 0.5% of the fund's average daily net assets through Sept. 30, 2013.

Under the agreement, the adviser receives an additional fee of 0.5% and is obligated to pay the operating expenses of the fund, excluding management fees, brokerage fees and commissions, 12b-1 fees, taxes, borrowing costs, acquired fund fees and extraordinary expenses.

The net result of the services agreement is that the total annual fund operating expenses are expected to be 1.2% for the fee waiver agreement period. Previously, the expenses were 1.7%.

HNP Capital Fund Management is based in Rochester, N.Y.

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