Calculation of Performance. The Fund’s performance will be the cumulative percentage increase (or decrease) in its net asset value per share over the Performance Period and will be calculated as the sum of: (1) the change in the Fund’s net asset value per share during such period and (2) the value per share of the Fund distributions from income or capital gains (long- or short-term) having an ex-dividend date occurring within the Performance Period and assumed to have been reinvested at the net asset value on ex-date. Thus, the Fund’s performance will be calculated in accordance with the SEC’s standardized total return formula. Performance Adjustment The Performance Adjustment to be paid to the Adviser will be accrued during the last quarter of the Performance Period and paid shortly after the last day of the Performance Period. To determine the Performance Adjustment, the Performance Adjustment Rate shall be multiplied by the value of the Fund's average daily net assets in the Performance Period. Expenses in excess of any maximum expense limitation assumed by the Adviser or Distributor, if any, shall not be included for the purpose of computing the daily net asset value of a Fund share. The Base Fee will be accrued daily, as explained above, and will be paid monthly to the Adviser during the quarter. However, in a period where a negative Performance Adjustment is applied, the Base Fee paid the Adviser shall be the Base Fee adjusted for the negative Performance Adjustment. with the example above, the Advisory Fee applied to the period of time from October 1, 2008, through December 31, 2008, would be a Base Advisory Fee equal to an annualized rate of 0.50% (the Base Advisory Fee Rate) times the value of the Fund’s average daily net assets in the calendar quarter plus a Performance Adjustment Fee equal to an annualized rate of 0.02% (the Performance Adjustment Rate) times the value of the Fund’s average daily net assets in the Performance Period. Fund Expenses & Limitations Fund expenses for the Class N shares shall in no case exceed the maximum operating expense limitation of 0.84% of the value of its average net assets. Fund expenses for the Class R shares shall in no case exceed the maximum operating expense limitation of 1.09% of the value of its average net assets. The Adviser will reimburse expenses, if necessary, to ensure expense ratios do not exceed the maximum operating expense limitations for the fiscal year. New classes of shares of the Fund may carry a different operating expense limitation EXHIBIT A Fund: Small-Cap Growth Fund (the “Fund”) Fund Inception Date: 10/31/2003 Effective Date of Exhibit: 4/01/2005 General Provisions The Fund’s expenses, including the Base Advisory Fee, will be accrued daily. The Advisory Fee consists of a Base Advisory Fee that is subject to a Performance Adjustment, as described below. Base Advisory Fee As compensation for services rendered and the charges and expenses assumed and to be paid by the Adviser, the Fund pays the Adviser a Base Advisory Fee computed quarterly at the following annual rate (Base Advisory Fee Rate): 0.60% of the value of the Fund’s average daily net assets during the most recent calendar quarter. For purposes of calculating the Base Advisory Fee, the Fund’s average daily net assets shall be computed by adding the Fund’s total daily asset values less liabilities for the quarter and dividing the resulting total by the number of days in the quarter. The Fund’s expenses and fees, including the Base Advisory Fee, will be accrued daily and taken into account in determining daily net asset value. For any period less than a full calendar quarter during which this Agreement is in effect, the Base Advisory Fee shall be prorated according to the proportion such period bears to a full calendar quarter. The Performance Period The Performance Period shall consist of the most recent five-year period ending on the last day of the quarter (March 31, June 30, September 30, and December 31) that the New York Stock Exchange was open for trading. For example, on December 15, 2008, the relevant five-year period would be fromWednesday, December 31, 2003 through Wednesday, December 31, 2005. The Performance Adjustment Rate The Performance Adjustment Rate shall vary with the Fund's performance as compared to the performance of the Xxxxxxx 2000 Growth Index (the "Index") as published after the close of the market on the last day of the Performance Period and will range from -0.05% to +0.05%. The Performance Adjustment Rate will be calculated at 0.33% of the cumulative difference between the performance of the Fund and that of the Index over the Performance Period, except that there will be no performance adjustment if the cumulative difference between the Fund’s performance and that of the Index is less than or equal to 2% (over the Performance Period). The factor of 0.33% assumes that the Adviser will achieve the maximum or minimum of the Performance Adjustment Rate with a cumulative total return difference between the Fund and the Index of plus or minus 15% over the Performance Period (0.05% divided by 15.00% = 0.33%). For example; assume that the Fund had a cumulative total return of 27.0% for the five-year period through December 31, 2008. During the same period, assume the Index with dividends reinvested had a cumulative total return of 21.0%. Then the Performance Adjustment Rate would be 0.33% times the difference in returns, or 0.33% times (27.00% - 21.00%) = 0.02%. Since the Fund does not have a five-year operating history, the Performance Adjustment Rate will be calculated as follows during the initial five-year period.
Appears in 1 contract
Calculation of Performance. The Fund’s performance will be the cumulative percentage increase (or decrease) in its net asset value per share over the Performance Period and will be calculated as the sum of: (1) the change in the Fund’s net asset value per share during such period and (2) the value per share of the Fund distributions from income or capital gains (long- or short-term) having an ex-dividend date occurring within the Performance Period and assumed to have been reinvested at the net asset value on ex-date. Thus, the Fund’s performance will be calculated in accordance with the SEC’s standardized total return formula. Performance Adjustment The Performance Adjustment to be paid to the Adviser will be accrued during the last quarter of the Performance Period and paid shortly after the last day of the Performance Period. To determine the Performance Adjustment, the Performance Adjustment Rate shall be multiplied by the value of the Fund's average daily net assets in the most recent Performance Period. Expenses in excess of any maximum expense limitation assumed by the Adviser or Distributor, if any, shall not be included for the purpose of computing the daily net asset value of a Fund share. The Base Fee will be accrued daily, as explained above, and will be paid monthly to the Adviser during the quarter. However, in a period where a negative Performance Adjustment is applied, the Base Fee paid the Adviser shall be the Base Fee adjusted for the negative Performance Adjustment. Continuing with the example above, the adjusted Advisory Fee applied to the period of time from October 1, 20082007, through December 31, 20082007, would be a Base Advisory Fee equal to an annualized rate of 0.500.90% (the Base Advisory Fee Rate) times the value of the Fund’s average daily net assets in the calendar quarter plus a Performance Adjustment Fee equal to an annualized rate of 0.020.13% (the Performance Adjustment Rate) times the value of the Fund’s average daily net assets in the Performance Period. Fund Expenses & Limitations Fund expenses for the existing class of shares (Class N shares N) shall in no case exceed the maximum operating expense limitation of 0.841.75% of the value of its average net assets. The Adviser will reimburse operating expenses, if necessary, to ensure the expense ratio of the Fund does not exceed the maximum operating expense limitation for the fiscal year. New classes of shares of the Fund may carry a different operating expense limitation. EXHIBIT A Fund: Balanced Fund (the “Fund”) Fund Inception Date: 06/30/2001 Effective Date of Exhibit: 10/22/2003 General Provisions The Fund’s expenses (including the Advisory Fee) will be accrued daily. Advisory Fee As compensation for its services rendered, the Fund will pay the Adviser an Advisory Fee computed daily and payable monthly at the annual rate of 0.60% of the value of the Fund’s average daily net assets during such month. For purposes of calculating the Advisory Fee each month, the Fund’s net asset value shall be computed by adding its total daily asset values, less liabilities, for the month and dividing the resulting total by the number of days in the month. The Fund’s expenses and fees, including the Advisory Fee, will be accrued daily and taken into account in determining daily net asset value. For any period less than a full month during which this Agreement is in effect, the Advisory Fee shall be prorated according to the proportion such period bears to a full month. Fund Expenses & Limitations Fund expenses for the existing class of shares (Class R shares N) shall in no case exceed the maximum operating expense limitation of 1.090.94% of the value of its average net assets. The Adviser will reimburse expenses, if necessary, to ensure the Fund’s expense ratios do ratio does not exceed the maximum operating expense limitations limitation for the fiscal year. New classes of shares of the Fund may carry a different operating expense limitation limitation. EXHIBIT A Fund: SmallLarge-Cap Growth Fund (the “Fund”) Fund Inception Date: 10/31/2003 Effective Date of Exhibit: 4/01/2005 General Provisions The Fund’s expenses, (including the Base Advisory Fee, will be accrued daily. The Advisory Fee consists of a Base Advisory Fee that is subject to a Performance Adjustment, as described below. Base Advisory Fee As compensation for services rendered and the charges and expenses assumed and to be paid by the Adviser, the Fund pays the Adviser a Base Advisory Fee computed quarterly at the following annual rate (Base Advisory Fee Rate): 0.600.50% of the value of the Fund’s average daily net assets during the most recent calendar quarter. For purposes of calculating the Base Advisory Fee, the Fund’s average daily net assets shall be computed by adding the Fund’s total daily asset values less liabilities for the quarter and dividing the resulting total by the number of days in the quarter. The Fund’s expenses and fees, including the Base Advisory Fee, will be accrued daily and taken into account in determining daily net asset value. For any period less than a full calendar quarter during which this Agreement is in effect, the Base Advisory Fee shall be prorated according to the proportion such period bears to a full calendar quarter. The Performance Period The Performance Period shall consist of the most recent five-year period ending on the last day of the quarter (March 31, June 30, September 30, and December 31) that the New York Stock Exchange was open for trading. For example, on December 15, 2008, the relevant five-year period would be fromWednesdayfrom Wednesday, December 31, 2003 through Wednesday, December 31, 20052008. The Performance Adjustment Rate The Performance Adjustment Rate shall vary with the Fund's performance as compared to the performance of the Xxxxxxx 2000 1000 Growth Index (the "Index") as published after the close of the market on the last day of the Performance Period (the "Index") and will range from -0.05% to +0.05%. The Performance Adjustment Rate will be calculated at an annualized rate of 0.33% of the cumulative difference between the performance of the Fund and that of the Index over the Performance Period, except that there will be no performance adjustment if the cumulative difference between the Fund’s performance and that of the Index is less than or equal to 2% (over the Performance Period). The factor of 0.33% assumes that the Adviser will achieve the maximum or minimum of the Performance Adjustment Rate with a cumulative total return difference between the Fund and the Index of plus or minus 15% over the Performance Period (0.05% divided by 15.00% = 0.33%). For example; assume that the Fund had a cumulative total return of 27.0% for the five-year period through December 31, 2008. During the same period, assume the Index with dividends reinvested had a cumulative total return of 21.0%. Then the Performance Adjustment Rate would be 0.33% times the difference in returns, or 0.33% times (27.00% - 21.00%) = 0.02%. Since the Fund does not have a five-year operating history, the Performance Adjustment Rate will be calculated as follows during the initial five-year period.
Appears in 1 contract
Calculation of Performance. The Fund’s performance will be the cumulative percentage increase (or decrease) in its net asset value per share over the Performance Period and will be calculated as the sum of: (1) the change in the Fund’s net asset value per share during such period and (2) the value per share of the Fund distributions from income or capital gains (long- or short-term) having an ex-dividend date occurring within the Performance Period and assumed to have been reinvested at the net asset value on ex-date. Thus, the Fund’s performance will be calculated in accordance with the SEC’s standardized total return formula. Performance Adjustment The Performance Adjustment Adjustments to be paid to the Adviser will be accrued during the last quarter of the Performance Period and paid shortly after the last day of the Performance Period. To determine the Performance Adjustment, the Performance Adjustment Rate shall be multiplied by the value of the Fund's average daily net assets in the most recent Performance Period. Expenses in excess of any maximum expense limitation assumed by the Adviser or Distributor, if any, shall not be included for the purpose of computing the daily net asset value of a Fund share. The Base Fee will be accrued daily, as explained above, and will be paid monthly to the Adviser during the quarter. However, in a period where a negative Performance Adjustment is applied, the Base Fee paid the Adviser shall be the Base Fee adjusted for the negative Performance Adjustment. Continuing with the example above, the Advisory Fee applied to the period of time from October 1, 20082005, through December 31, 20082005, would be a Base Advisory Fee equal to an annualized rate of 0.500.90% (the Base Advisory Fee Rate) times the value of the Fund’s average daily net assets in the calendar quarter plus a Performance Adjustment Fee equal to an annualized rate of 0.020.18% (the Performance Adjustment Rate) times the value of the Fund’s average daily net assets in the Performance Period. Fund Expenses & Limitations Fund expenses for the existing class of shares (Class N shares N) shall in no case exceed the maximum operating expense limitation of 0.84% of the value of its average net assets. Fund expenses for the Class R shares shall in no case exceed the maximum operating expense limitation of 1.091.85% of the value of its average net assets. The Adviser will reimburse expenses, if necessary, to ensure expense ratios do not exceed the maximum operating expense limitations limitation for the fiscal year. New classes of shares of the Fund may carry a different operating expense limitation limitation. EXHIBIT A Fund: Small-Cap Growth Aggressive Investors 2 Fund (the “Fund”) Fund Inception Date: 10/31/2003 10/31/2001 Effective Date of Exhibit: 4/01/2005 General Provisions The Fund’s expenses, including the Base Advisory Fee, will be accrued daily. The Advisory Fee consists of a Base Advisory Fee that is subject to a Performance Adjustment, as described below. Base Advisory Fee As compensation for services rendered and the charges and expenses assumed and to be paid by the Adviserrendered, the Fund pays will pay the Adviser a Base Advisory Fee computed quarterly and accrued daily at the following annual rate (the Base Advisory Fee Rate): 0.60% of the value of the Fund’s average daily net assets during the most recent calendar quarter. For purposes of calculating the Base Advisory Fee, the Fund’s average daily net assets shall be computed by adding the Fund’s total daily asset values less liabilities for the quarter and dividing the resulting total by the number of days in the quarter. The Fund’s expenses and fees, including the Base Advisory Fee, will be accrued daily and taken into account in determining daily net asset value. For any period less than a full calendar quarter during which this Agreement is in effect, the Base Advisory Fee shall be prorated according to the proportion such period bears to a full calendar quarter. The Performance Period The Performance Period shall consist of the most recent five-year period ending on the last day of the quarter (March 31, June 30, September 30, and December 31) that the New York Stock Exchange was open for trading. For example, on December 15, 2008, the relevant five-year period would be fromWednesday, December 31, 2003 through Wednesday, December 31, 2005. The Performance Adjustment Rate The Performance Adjustment Rate shall vary with the Fund's performance as compared to the performance of the Xxxxxxx 2000 Growth Index (the "Index") as published after the close of the market on the last day of the Performance Period and will range from -0.05% to +0.05%. The Performance Adjustment Rate will be calculated at 0.33% of the cumulative difference between the performance of the Fund and that of the Index over the Performance Period, except that there will be no performance adjustment if the cumulative difference between the Fund’s performance and that of the Index is less than or equal to 2% (over the Performance Period). The factor of 0.33% assumes that the Adviser will achieve the maximum or minimum of the Performance Adjustment Rate with a cumulative total return difference between the Fund and the Index of plus or minus 15% over the Performance Period (0.05% divided by 15.00% = 0.33%). For example; assume that the Fund had a cumulative total return of 27.0% for the five-year period through December 31, 2008. During the same period, assume the Index with dividends reinvested had a cumulative total return of 21.0%. Then the Performance Adjustment Rate would be 0.33% times the difference in returns, or 0.33% times (27.00% - 21.00%) = 0.02%. Since the Fund does not have a five-year operating history, the Performance Adjustment Rate will be calculated as follows during the initial five-year period.):
Appears in 1 contract
Calculation of Performance. The Fund’s performance will be the cumulative percentage increase (or decrease) in its net asset value per share over the Performance Period and will be calculated as the sum of: (1) the change in the Fund’s net asset value per share during such period and (2) the value per share of the Fund distributions from income or capital gains (long- or short-term) having an ex-dividend date occurring within the Performance Period and assumed to have been reinvested at the net asset value on ex-date. Thus, the Fund’s performance will be calculated in accordance with the SEC’s standardized total return formula. Performance Adjustment The Performance Adjustment to be paid to the Adviser will be accrued during the last quarter of the Performance Period and paid shortly after the last day of the Performance Period. To determine the Performance Adjustment, the Performance Adjustment Rate shall be multiplied by the value of the Fund's average daily net assets in the Performance Period. Expenses in excess of any maximum expense limitation assumed by the Adviser or Distributor, if any, shall not be included for the purpose of computing the daily net asset value of a Fund share. The Base Fee will be accrued daily, as explained above, and will be paid monthly to the Adviser during the quarter. However, in a period where a negative Performance Adjustment is applied, the Base Fee paid the Adviser shall be the Base Fee adjusted for the negative Performance Adjustment. Continuing with the example above, the Advisory Fee applied to the period of time from October 1, 2008, through December 31, 2008, would be a Base Advisory Fee equal to an annualized rate of 0.500.60% (the Base Advisory Fee Rate) times the value of the Fund’s average daily net assets in the calendar quarter plus a Performance Adjustment Fee equal to an annualized rate of 0.02% (the Performance Adjustment Rate) times the value of the Fund’s average daily net assets in the Performance Period. Fund Expenses & Limitations Fund expenses for the Class N shares shall in no case exceed the maximum operating expense limitation of 0.840.94% of the value of its average net assets. Fund expenses for the Class R shares shall in no case exceed the maximum operating expense limitation of 1.091.19% of the value of its average net assets. The Adviser will reimburse expenses, if necessary, to ensure expense ratios do not exceed the maximum operating expense limitations for the fiscal year. New classes of shares of the Fund may carry a different operating expense limitation EXHIBIT A Fund: Small-Cap Growth Fund (the “Fund”) Fund Inception Date: 10/31/2003 Effective Date of Exhibit: 4/01/2005 General Provisions The Fund’s expenses, including the Base Advisory Fee, will be accrued daily. The Advisory Fee consists of a Base Advisory Fee that is subject to a Performance Adjustment, as described below. Base Advisory Fee As compensation for services rendered and the charges and expenses assumed and to be paid by the Adviser, the Fund pays the Adviser a Base Advisory Fee computed quarterly at the following annual rate (Base Advisory Fee Rate): 0.60% of the value of the Fund’s average daily net assets during the most recent calendar quarter. For purposes of calculating the Base Advisory Fee, the Fund’s average daily net assets shall be computed by adding the Fund’s total daily asset values less liabilities for the quarter and dividing the resulting total by the number of days in the quarter. The Fund’s expenses and fees, including the Base Advisory Fee, will be accrued daily and taken into account in determining daily net asset value. For any period less than a full calendar quarter during which this Agreement is in effect, the Base Advisory Fee shall be prorated according to the proportion such period bears to a full calendar quarter. The Performance Period The Performance Period shall consist of the most recent five-year period ending on the last day of the quarter (March 31, June 30, September 30, and December 31) that the New York Stock Exchange was open for trading. For example, on December 15, 2008, the relevant five-year period would be fromWednesday, December 31, 2003 through Wednesday, December 31, 2005. The Performance Adjustment Rate The Performance Adjustment Rate shall vary with the Fund's performance as compared to the performance of the Xxxxxxx 2000 Growth Index (the "Index") as published after the close of the market on the last day of the Performance Period and will range from -0.05% to +0.05%. The Performance Adjustment Rate will be calculated at 0.33% of the cumulative difference between the performance of the Fund and that of the Index over the Performance Period, except that there will be no performance adjustment if the cumulative difference between the Fund’s performance and that of the Index is less than or equal to 2% (over the Performance Period). The factor of 0.33% assumes that the Adviser will achieve the maximum or minimum of the Performance Adjustment Rate with a cumulative total return difference between the Fund and the Index of plus or minus 15% over the Performance Period (0.05% divided by 15.00% = 0.33%). For example; assume that the Fund had a cumulative total return of 27.0% for the five-year period through December 31, 2008. During the same period, assume the Index with dividends reinvested had a cumulative total return of 21.0%. Then the Performance Adjustment Rate would be 0.33% times the difference in returns, or 0.33% times (27.00% - 21.00%) = 0.02%. Since the Fund does not have a five-year operating history, the Performance Adjustment Rate will be calculated as follows during the initial five-year period.
Appears in 1 contract
Calculation of Performance. The Fund’s performance will be the cumulative percentage increase (or decrease) in its net asset value per share over the Performance Period and will be calculated as the sum of: (1) the change in the Fund’s net asset value per share during such period and (2) the value per share of the Fund distributions from income or capital gains (long- or short-term) having an ex-dividend date occurring within the Performance Period and assumed to have been reinvested at the net asset value on ex-date. Thus, the Fund’s performance will be calculated in accordance with the SEC’s standardized total return formula. Performance Adjustment The Performance Adjustment to be paid to the Adviser will be accrued during the last quarter of the Performance Period and paid shortly after the last day of the Performance Period. To determine the Performance Adjustment, the Performance Adjustment Rate shall be multiplied by the value of the Fund's average daily net assets in the most recent Performance Period. Expenses in excess of any maximum expense limitation assumed by the Adviser or Distributor, if any, shall not be included for the purpose of computing the daily net asset value of a Fund share. The Base Fee will be accrued daily, as explained above, and will be paid monthly to the Adviser during the quarter. However, in a period where a negative Performance Adjustment is applied, the Base Fee paid to the Adviser shall be the Base Fee adjusted for the negative Performance Adjustment. Continuing with the example above, the adjusted Advisory Fee applied to the period of time from October 1, 20082002, through December 31, 20082002, would be a Base Advisory Fee equal to an annualized rate of 0.500.90% (the Base Advisory Fee Rate) times the value of the Fund’s 's average daily net assets in the calendar quarter plus a Performance Adjustment Fee equal to an annualized rate of 0.020.30% (the Performance Adjustment Rate) times the value of the Fund’s 's average daily net assets in the Performance Period. Fund Expenses & Limitations Fund operating expenses for the existing class of shares (Class N shares N) shall in no case exceed the maximum operating expense limitation of 0.84% of the value of its average net assets. Fund expenses for the Class R shares shall in no case exceed the maximum operating expense limitation of 1.091.80% of the value of its average net assets. The Adviser will reimburse expenses, if necessary, to ensure the expense ratios do ratio of the Fund does not exceed the maximum operating expense limitations limitation for the fiscal year. New classes of shares of the Fund may carry a different operating expense limitation limitation. EXHIBIT A Fund: SmallUltra-Cap Growth Small Company Fund (the “Fund”) Fund Inception Date: 10/31/2003 08/05/1994 Effective Date of Exhibit: 4/01/2005 10/22/2003 General Provisions The Fund’s expenses, expenses (including the Base Advisory Fee, ) will be accrued daily. The Advisory Fee consists of a Base Advisory Fee that is subject to a Performance Adjustment, as described below. Base Advisory Fee As compensation for services rendered and the charges and expenses assumed and to be paid by the Adviserrendered, the Fund pays will pay the Adviser a Base an Advisory Fee computed quarterly daily and payable monthly at the following annual rate (Base Advisory Fee Rate): 0.60% of the value of the Fund’s average daily net assets during the most recent calendar quarter. For purposes of calculating the Base Advisory Fee, the Fund’s average daily net assets shall be computed by adding the Fund’s total daily asset values less liabilities for the quarter and dividing the resulting total by the number of days in the quarter. The Fund’s expenses and fees, including the Base Advisory Fee, will be accrued daily and taken into account in determining daily net asset value. For any period less than a full calendar quarter during which this Agreement is in effect, the Base Advisory Fee shall be prorated according to the proportion such period bears to a full calendar quarter. The Performance Period The Performance Period shall consist of the most recent five-year period ending on the last day of the quarter (March 31, June 30, September 30, and December 31) that the New York Stock Exchange was open for trading. For example, on December 15, 2008, the relevant five-year period would be fromWednesday, December 31, 2003 through Wednesday, December 31, 2005. The Performance Adjustment Rate The Performance Adjustment Rate shall vary with the Fund's performance as compared to the performance of the Xxxxxxx 2000 Growth Index (the "Index") as published after the close of the market on the last day of the Performance Period and will range from -0.05% to +0.05%. The Performance Adjustment Rate will be calculated at 0.33% of the cumulative difference between the performance of the Fund and that of the Index over the Performance Period, except that there will be no performance adjustment if the cumulative difference between the Fund’s performance and that of the Index is less than or equal to 2% (over the Performance Period). The factor of 0.33% assumes that the Adviser will achieve the maximum or minimum of the Performance Adjustment Rate with a cumulative total return difference between the Fund and the Index of plus or minus 15% over the Performance Period (0.05% divided by 15.00% = 0.33%). For example; assume that the Fund had a cumulative total return of 27.0% for the five-year period through December 31, 2008. During the same period, assume the Index with dividends reinvested had a cumulative total return of 21.0%. Then the Performance Adjustment Rate would be 0.33% times the difference in returns, or 0.33% times (27.00% - 21.00%) = 0.02%. Since the Fund does not have a five-year operating history, the Performance Adjustment Rate will be calculated as follows during the initial five-year period.rate:
Appears in 1 contract
Calculation of Performance. The Fund’s performance will be the cumulative percentage increase (or decrease) in its net asset value per share over the Performance Period and will be calculated as the sum of: (1) the change in the Fund’s net asset value per share during such period and (2) the value per share of the Fund distributions from income or capital gains (long- or short-term) having an ex-dividend date occurring within the Performance Period and assumed to have been reinvested at the net asset value on ex-date. Thus, the Fund’s performance will be calculated in accordance with the SEC’s standardized total return formula. Performance Adjustment The Performance Adjustment to be paid to the Adviser will be accrued during the last quarter of the Performance Period and paid shortly after the last day of the Performance Period. To determine the Performance Adjustment, the Performance Adjustment Rate shall be multiplied by the value of the Fund's average daily net assets in the Performance Period. Expenses in excess of any maximum expense limitation assumed by the Adviser or Distributor, if any, shall not be included for the purpose of computing the daily net asset value of a Fund share. The Base Fee will be accrued daily, as explained above, and will be paid monthly to the Adviser during the quarter. However, in a period where a negative Performance Adjustment is applied, the Base Fee paid the Adviser shall be the Base Fee adjusted for the negative Performance Adjustment. Continuing with the example above, the Advisory Fee applied to the period of time from October 1, 2008, through December 31, 2008, would be a Base Advisory Fee equal to an annualized rate of 0.500.60% (the Base Advisory Fee Rate) times the value of the Fund’s average daily net assets in the calendar quarter plus a Performance Adjustment Fee equal to an annualized rate of 0.02% (the Performance Adjustment Rate) times the value of the Fund’s average daily net assets in the Performance Period. Fund Expenses & Limitations Fund expenses for the Class N shares shall in no case exceed the maximum operating expense limitation of 0.840.94% of the value of its average net assets. Fund expenses for the Class R shares shall in no case exceed the maximum operating expense limitation of 1.091.19% of the value of its average net assets. The Adviser will reimburse expenses, if necessary, to ensure expense ratios do not exceed the maximum operating expense limitations for the fiscal year. New classes of shares of the Fund may carry a different operating expense limitation limitation. EXHIBIT A Fund: Small-Cap Growth Value Fund (the “Fund”) Fund Inception Date: 10/31/2003 Effective Date of Exhibit: 4/01/2005 General Provisions The Fund’s expenses, including the Base Advisory Fee, will be accrued daily. The Advisory Fee consists of a Base Advisory Fee that is subject to a Performance Adjustment, as described below. Base Advisory Fee As compensation for services rendered and the charges and expenses assumed and to be paid by the Adviser, the Fund pays the Adviser a Base Advisory Fee computed quarterly at the following annual rate (Base Advisory Fee Rate): 0.60% of the value of the Fund’s average daily net assets during the most recent calendar quarter. For purposes of calculating the Base Advisory Fee, the Fund’s average daily net assets shall be computed by adding the Fund’s total daily asset values less liabilities for the quarter and dividing the resulting total by the number of days in the quarter. The Fund’s expenses and fees, including the Base Advisory Fee, will be accrued daily and taken into account in determining daily net asset value. For any period less than a full calendar quarter during which this Agreement is in effect, the Base Advisory Fee shall be prorated according to the proportion such period bears to a full calendar quarter. The Performance Period The Performance Period shall consist of the most recent five-year period ending on the last day of the quarter (March 31, June 30, September 30, and December 31) that the New York Stock Exchange was open for trading. For example, on December 15, 2008, the relevant five-year period would be fromWednesdayfrom Wednesday, December 31, 2003 through Wednesday, December 31, 20052008. The Performance Adjustment Rate The Performance Adjustment Rate shall vary with the Fund's performance as compared to the performance of the Xxxxxxx 2000 Growth Value Index (the "Index") as published after the close of the market on the last day of the Performance Period and will range from -0.05% to +0.05%. The Performance Adjustment Rate will be calculated at 0.33% of the cumulative difference between the performance of the Fund and that of the Index over the Performance Period, except that there will be no performance adjustment if the cumulative difference between the Fund’s performance and that of the Index is less than or equal to 2% (over the Performance Period). The factor of 0.33% assumes that the Adviser will achieve the maximum or minimum of the Performance Adjustment Rate with a cumulative total return difference between the Fund and the Index of plus or minus 15% over the Performance Period (0.05% divided by 15.00% = 0.33%). For example; assume that the Fund had a cumulative total return of 27.0% for the five-year period through December 31, 2008. During the same period, assume the Index with dividends reinvested had a cumulative total return of 21.0%. Then the Performance Adjustment Rate would be 0.33% times the difference in returns, or 0.33% times (27.00% - 21.00%) = 0.02%. Since the Fund does not have a five-year operating history, the Performance Adjustment Rate will be calculated as follows during the initial five-year period.
Appears in 1 contract
Calculation of Performance. The Fund’s performance will be the cumulative percentage increase (or decrease) in its net asset value per share over the Performance Period and will be calculated as the sum of: (1) the change in the Fund’s net asset value per share during such period and (2) the value per share of the Fund distributions from income or capital gains (long- or short-term) having an ex-dividend date occurring within the Performance Period and assumed to have been reinvested at the net asset value on ex-date. Thus, the Fund’s performance will be calculated in accordance with the SEC’s standardized total return formula. Performance Adjustment The Performance Adjustment to be paid to the Adviser will be accrued during the last quarter of the Performance Period and paid shortly after the last day of the Performance Period. To determine the Performance Adjustment, the Performance Adjustment Rate shall be multiplied by the value of the Fund's average daily net assets in the Performance Period. Expenses in excess of any maximum expense limitation assumed by the Adviser or Distributor, if any, shall not be included for the purpose of computing the daily net asset value of a Fund share. The Base Fee will be accrued daily, as explained above, and will be paid monthly to the Adviser during the quarter. However, in a period where a negative Performance Adjustment is applied, the Base Fee paid the Adviser shall be the Base Fee adjusted for the negative Performance Adjustment. Continuing with the example above, the adjusted Advisory Fee applied to the period of time from October 1, 2008, through December 31, 2008, would be a Base Advisory Fee equal to an annualized rate of 0.50% (the Base Advisory Fee Rate) times the value of the Fund’s average daily net assets in the calendar quarter plus a Performance Adjustment Fee equal to an annualized rate of 0.02% (the Performance Adjustment Rate) times the value of the Fund’s average daily net assets in the Performance Period. Fund Expenses & Limitations Fund expenses for the Class N shares shall in no case exceed the maximum operating expense limitation of 0.84% of the value of its average net assets. Fund expenses for the Class R shares shall in no case exceed the maximum operating expense limitation of 1.09% of the value of its average net assets. The Adviser will reimburse expenses, if necessary, to ensure expense ratios do not exceed the maximum operating expense limitations for the fiscal year. New classes of shares of the Fund may carry a different operating expense limitation limitation. EXHIBIT A Fund: SmallLarge-Cap Growth Value Fund (the “Fund”) Fund Inception Date: 10/31/2003 Effective Date of Exhibit: 4/01/2005 General Provisions The Fund’s expenses, including the Base Advisory Fee, will be accrued daily. The Advisory Fee consists of a Base Advisory Fee that is subject to a Performance Adjustment, as described below. Base Advisory Fee As compensation for services rendered and the charges and expenses assumed and to be paid by the Adviser, the Fund pays the Adviser a Base Advisory Fee computed quarterly at the following annual rate (Base Advisory Fee Rate): 0.600.50% of the value of the Fund’s average daily net assets during the most recent calendar quarter. For purposes of calculating the Base Advisory Fee, the Fund’s average daily net assets shall be computed by adding the Fund’s total daily asset values less liabilities for the quarter and dividing the resulting total by the number of days in the quarter. The Fund’s expenses and fees, including the Base Advisory Fee, will be accrued daily and taken into account in determining daily net asset value. For any period less than a full calendar quarter during which this Agreement is in effect, the Base Advisory Fee shall be prorated according to the proportion such period bears to a full calendar quarter. The Performance Period The Performance Period shall consist of the most recent five-year period ending on the last day of the quarter (March 31, June 30, September 30, and December 31) that the New York Stock Exchange was open for trading. For example, on December 15, 2008, the relevant five-year period would be fromWednesdayfrom Wednesday, December 31, 2003 through Wednesday, December 31, 20052008. The Performance Adjustment Rate The Performance Adjustment Rate shall vary with the Fund's performance as compared to the performance of the Xxxxxxx 2000 Growth 1000 Value Index (the "Index") as published after the close of the market on the last day of the Performance Period and will range from -0.05% to +0.05%. The Performance Adjustment Rate will be calculated at 0.33% of the cumulative difference between the performance of the Fund and that of the Index over the Performance Period, except that there will be no performance adjustment if the cumulative difference between the Fund’s performance and that of the Index is less than or equal to 2% (over the Performance Period). The factor of 0.33% assumes that the Adviser will achieve the maximum or minimum of the Performance Adjustment Rate with a cumulative total return difference between the Fund and the Index of plus or minus 15% over the Performance Period (0.05% divided by 15.00% = 0.33%). For example; assume that the Fund had a cumulative total return of 27.0% for the five-year period through December 31, 2008. During the same period, assume the Index with dividends reinvested had a cumulative total return of 21.0%. Then the Performance Adjustment Rate would be 0.33% times the difference in returns, or 0.33% times (27.00% - 21.00%) = 0.02%. Since the Fund does not have a five-year operating history, the Performance Adjustment Rate will be calculated as follows during the initial five-year period.
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