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, 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, (excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed (on an annual basis) 2.25%, as a percentage of average daily net assets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 20152020], 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, (excluding exclusive of taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund Fees Fund” fees and Expenses,” 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) 2.25%(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 of Institutional Class sharesassets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 20152020, 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, (excluding exclusive of taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund Fees Fund” fees and Expenses,” 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) 2.25%(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 of Institutional Class sharesassets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31September 30, 20152016, 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, (excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed (on an annual basis) 2.251.25%, as a percentage of average daily net assets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 20152016], 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, (excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed (on an annual basis) [2.25%], as a percentage of average daily net assets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 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, (excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed (on an annual basis) 2.25[1.25%], as a percentage of average daily net assets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 20152016, 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, (excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed (on an annual basis) 2.25%, as a percentage of average daily net assets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 20152017, 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, (excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed (on an annual basis) 2.25%, as a percentage of average daily net assets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 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, (excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed (on an annual basis) 2.25[0.99%], as a percentage of average daily net assets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 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, (excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed (on an annual basis) 2.25%, as a percentage of average daily net assets of Institutional Class shares.