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, 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, excluding taxes, any class-specific expenses (such as Rule 12b-1 distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund” fees and expenses, interest, extraordinary items, and brokerage commissions do not exceed 1.60% (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover, subject to approval by the Board of Trustees of the Trust, such amounts for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Funds.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 2016, 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, excluding taxes, any class-specific expenses (such as Rule 12b-1 distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund” fees and expenses, interest, extraordinary items, and brokerage commissions do not exceed 1.600.89% (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover, subject to approval by the Board of Trustees of the Trust, such amounts for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the FundsFund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 2016, 2018 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 Rule 12b-1 distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses, interest, extraordinary items, and brokerage commissions do not exceed 1.600.89% (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover, subject to approval by the Board of Trustees of the Trust, such amounts for a period of up to three (3) years from the year in date on which the Adviser reduced its compensation and/or assumed expenses for the FundsFund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 2016, 2014 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 Rule 12b-1 distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses, interest, extraordinary items, and brokerage commissions do not exceed 1.600.89% (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover, subject to approval by the Board of Trustees of the Trust, such amounts for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the FundsFund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 2016, it will reduce its compensation and/or reimburse certain expenses for of the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, any class-specific expenses (such as Rule 12b-1 distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund” fees and expenses, interest, extraordinary items, and brokerage commissions do not exceed 1.601.00% (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover, subject to approval by the Board of Trustees of the Trust, such amounts for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the FundsFund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 2016, 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, excluding taxes, any class-specific expenses (such as Rule 12b-1 distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund” fees and expenses, interest, extraordinary items, and brokerage commissions do not exceed 1.600.89% (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover, subject to approval by the Board of Trustees of the Trust, such amounts for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the FundsFund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 20162017, it will reduce its compensation and/or reimburse certain expenses for of the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, any class-specific expenses (such as Rule 12b-1 distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund” fees and expenses, interest, extraordinary items, and brokerage commissions do not exceed 1.601.00% (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover, subject to approval by the Board of Trustees of the Trust, such amounts for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the FundsFund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 20162015, it will reduce its compensation and/or reimburse certain expenses for of the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, any class-specific expenses (such as Rule 12b-1 distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses, interest, extraordinary items, and brokerage commissions do not exceed 1.601.00% (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover, subject to approval by the Board of Trustees of the Trust, such amounts for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the FundsFund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 20162014, 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 Rule 12b-1 distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses, interest, extraordinary items, and brokerage commissions do not exceed 1.60% (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover, subject to approval by the Board of Trustees of the Trust, such amounts for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Funds.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 20162015, 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 Rule 12b-1 distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses, interest, extraordinary items, and brokerage commissions do not exceed 1.60% (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover, subject to approval by the Board of Trustees of the Trust, such amounts for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Funds.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 2016, 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 Rule 12b-1 distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses, interest, extraordinary items, and brokerage commissions do not exceed 1.600.89% (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover, subject to approval by the Board of Trustees of the Trust, such amounts for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the FundsFund.