Common use of Fee Reduction Clause in Contracts

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 2020], it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of taxes, “Acquired Fund” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items and brokerage commissions), do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 2020]2015, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares2.25%, as a percentage of the Fund’s average daily net assetsassets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 2020], it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of taxes, “Acquired Fund” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items and brokerage commissions), do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 2020]2017, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of taxes, “Acquired Fund” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items and brokerage commissions), do not exceed (on an annual basis) (i) 1.201.35% with respect to Investor Class A shares, (ii) 2.10% with respect to Class C shares and (iii) 0.951.10% with respect to Institutional Class I shares, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 2020], it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, “Acquired FundFund Fees and Expenses,” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed exceed, (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares, as a percentage of the Fund’s average daily net assets, 0.95% with respect to Class I shares and 1.20% with respect to Class II shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 2020]2016, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares2.25%, as a percentage of the Fund’s average daily net assetsassets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 20202015], it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares2.25%, as a percentage of the Fund’s average daily net assetsassets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31[ , 2020], 2014] it will reduce its compensation and/or reimburse certain expenses for the Fund, Fund to the extent necessary to ensure that the Fund’s total operating expenses, expenses (exclusive of excluding taxes, “Acquired FundFund Fees and Expenses,” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.201.50%, 1.19% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares%, as a percentage of the Fund’s average daily net assets, of Class A shares, Class Z shares and Institutional Class shares, respectively.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31September 30, 2020]2016, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares1.25%, as a percentage of the Fund’s average daily net assetsassets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 20202016], it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares[2.25%], as a percentage of the Fund’s average daily net assetsassets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 2020]2017, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of taxes, “Acquired Fund” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items and brokerage commissions), do not exceed (on an annual basis) (i) 1.201.35% with respect to Investor Class A shares, (ii) 2.10% with respect to Class C shares and (iii) 0.951.10% with respect to Institutional Class I shares, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 2020]2017, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares2.25%, as a percentage of the Fund’s average daily net assetsassets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 2020]2019, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, “Acquired FundFund Fees and Expenses,” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed exceed, (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares, as a percentage of the Fund’s average daily net assets, 0.95% with respect to Class I shares and 1.20% with respect to Class II shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 2020[ ], it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares[1.25%], as a percentage of the Fund’s average daily net assetsassets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 2020[ ], it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (exclusive of excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares[0.99%], as a percentage of the Fund’s average daily net assetsassets of Institutional Class shares.