Common use of LIQUIDITY RISK MANAGEMENT Clause in Contracts

LIQUIDITY RISK MANAGEMENT. Tier Description Annual Fee (per Fund) Tier 1 All Funds holding < 50 securities $2,000 Tier 2 All Funds holding 50-500 securities $3,000 Tier 3 All Funds holding > 500 securities $4,000 Note: Each Fund will be designated as a specific “tier” upon the commencement of the Liquidity Risk Management service. An annual review will be performed to certify the appropriate classifications are applied for the subsequent 12 month period. The annual review will occur at the end of each calendar year and be effective on the first of January each year. Any Fund launches will be reviewed at inception to ensure the appropriate “tier” is applied to the new Fund.

LIQUIDITY RISK MANAGEMENT. Tier Description Annual Fee (per Fund) Tier 1 All Funds holding < 50 securities $$ 2,000 Tier 2 All Funds holding 50-500 securities $$ 3,000 Tier 3 All Funds holding > 500 securities $ 4,000 Form N-LIQUID preparation and filing $4,000 2,500 per filing Note: Each Fund will be designated as a specific “tier” upon the commencement of the Liquidity Risk Management service. An annual review will be performed to certify the appropriate classifications are applied for the subsequent 12 month period. The annual review will occur at the end of each calendar year and be effective on the first of January each year. Any Fund launches will be reviewed at inception to ensure the appropriate “tier” is applied to the new Fund.

LIQUIDITY RISK MANAGEMENT. Tier Description Annual Fee (per Fund) Tier 1 All Funds holding < 50 securities $2,000 [ ] Tier 2 All Funds holding 50-500 securities $3,000 [ ] Tier 3 All Funds holding > 500 securities $4,000 [ ] Form N-LIQUID preparation and filing $[ ] per filing Note: Each Fund will be designated as a specific “tier” upon the commencement of the Liquidity Risk Management service. An annual review will be performed to certify the appropriate classifications are applied for the subsequent 12 month period. The annual review will occur at the end of each calendar year and be effective on the first of January each year. Any Fund launches will be reviewed at inception to ensure the appropriate “tier” is applied to the new Fund.

LIQUIDITY RISK MANAGEMENT. Tier Description Annual Fee (per Fund) Tier 1 All Funds holding < 50 securities $2,000 2,024 Tier 2 All Funds holding 50-500 securities $3,000 3,036 Tier 3 All Funds holding > 500 securities $4,000 4,048 Form N-LIQUID preparation and filing $2,530 per filing Note: Each Fund will be designated as a specific “tier” upon the commencement of the Liquidity Risk Management service. An annual review will be performed to certify the appropriate classifications are applied for the subsequent 12 month period. The annual review will occur at the end of each calendar year and be effective on the first of January each year. Any Fund launches will be reviewed at inception to ensure the appropriate “tier” is applied to the new Fund.

LIQUIDITY RISK MANAGEMENT. Tier Description Annual Fee (per Fund) Tier 1 All Funds holding < 50 securities $2,000 Tier 2 All Funds holding 50-500 securities $3,000 Tier 3 All Funds holding > 500 securities $4,000 Form N-LIQUID preparation and filing $2,500 per filing Note: Each Fund will be designated as a specific “tier” upon the commencement of the Liquidity Risk Management service. An annual review will be performed to certify the appropriate classifications are applied for the subsequent 12 month period. The annual review will occur at the end of each calendar year and be effective on the first of January each year. Any Fund launches will be reviewed at inception to ensure the appropriate “tier” is applied to the new Fund.

LIQUIDITY RISK MANAGEMENT. Tier Description Annual Fee (per Fund) Tier 1 All Funds holding < 50 securities $$ 2,000 Tier 2 All Funds holding 50-500 securities $$ 3,000 Tier 3 All Funds holding > 500 securities $$ 4,000 Form N-LIQUID preparation and filing $ 2,500 per filing Note: Each Fund will be designated as a specific “tier” upon the commencement of the Liquidity Risk Management service. An annual review will be performed to certify the appropriate classifications are applied for the subsequent 12 month period. The annual review will occur at the end of each calendar year and be effective on the first of January each year. Any Fund launches will be reviewed at inception to ensure the appropriate “tier” is applied to the new Fund.

LIQUIDITY RISK MANAGEMENT. Tier Description Annual Fee (per Fund) Tier 1 All Funds holding < 50 securities $2,000 2,102.94 Tier 2 All Funds holding 50-500 securities $3,000 3,154.40 Tier 3 All Funds holding > 500 securities $4,000 4,205.87 Form N-LIQUID preparation and filing $2,628.67 per filing Note: Each Fund will be designated as a specific “tier” upon the commencement of the Liquidity Risk Management service. An annual review will be performed to certify the appropriate classifications are applied for the subsequent 12 month period. The annual review will occur at the end of each calendar year and be effective on the first of January each year. Any Fund launches will be reviewed at inception to ensure the appropriate “tier” is applied to the new Fund.