Select Fund. The Adviser agrees to limit the Total Annual Fund Operating Expenses (as defined in Item 3 of Form N-1A) of the Select Fund (excluding shareholder servicing fees, brokerage expenses, interest expenses, acquired fund fees and expenses, taxes, and extraordinary expenses) to an annual rate of 0.55% of the Select Fund’s average daily net assets for the Institutional Class through January 31, 2018. The Adviser will reduce the fee payable with respect to the Select Fund to the extent of such excess and/or shall reimburse the Select Fund (or class as applicable) by the amount of such excess. If applicable, the waiver or reimbursement shall be allocated to each class of the Select Fund in the same manner as the underlying expenses or fees were allocated. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through this letter agreement to the extent that each Fund’s expenses in later periods fall below the annual rates set forth in this agreement or in previous letter agreements. Notwithstanding the foregoing, the Clarkston Funds will not be obligated to pay any such deferred fees and expenses more than three years after the end of the fiscal year in which the fees and expenses were deferred. CLARKSTON CAPITAL PARTNERS, LLC By: /s/ Jxxxxxx X. Xxxxxx Name: Jxxxxxx X. Xxxxxx Title: Chief Investment Officer Your signature below acknowledges acceptance of this letter agreement: ALPS SERIES TRUST By: /s/ Jxxxxx X. Xxx Name: Jxxxxx X. Xxx Title: President
Select Fund. The management fee for this Fund, calculated in accordance with Paragraph 4 of the Investment Advisory Agreement, shall be at the annual rate of 1.00% of the first $50 million of average daily net assets of the Fund, and 0.90% of average daily net assets in excess of $50 million.
Select Fund. The Adviser agrees to limit the Total Annual Fund Operating Expenses (as defined in Item 3 of Form N-1A) of the Select Fund (excluding shareholder servicing fees, brokerage expenses, interest expenses, acquired fund fees and expenses, taxes and extraordinary expenses) to an annual rate of 0.55% of the Select Fund’s average daily net assets for the Institutional Class through January 31, 2018. The Adviser will reduce the fee payable with respect to the Select Fund to the extent of such excess and/or shall reimburse the Select Fund (or class as applicable) by the amount of such excess. If applicable, the waiver or reimbursement shall be allocated to each class of the Select Fund in the same manner as the underlying expenses or fees were allocated. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne through this letter agreement to the extent that each Fund’s expenses in later periods fall below the annual rates set forth in this agreement or in previous letter agreements. Notwithstanding the foregoing, the Clarkston Funds will not be obligated to pay any such deferred fees or expenses more than three years after the end of the fiscal year in which the fees or expenses were deferred. CLARKSTON CAPITAL PARTNERS, LLC By: /s/ Dxxxx X. Xxxxx Name: Dxxxx X. Xxxxx Title: Director - Institutional Operations Your signature below acknowledges acceptance of this letter agreement: ALPS SERIES TRUST By: /s/ Jxxxxx X. Xxx Name: Jxxxxx X. Xxx Title: President
