Common use of Performance Calculation Clause in Contracts

Performance Calculation. The Fund's investment performance will be measured by comparing the (i) opening net asset value of one share of the Fund on the first business day of the Performance Period with (ii) the closing net asset value of one share of the Fund as of the last business day of such period (subject to the last sentence of this paragraph) (iii) calculated as if expenses for management fees provided for by this agreement and all other expenses provided for in the Services Agreement between the Trust and Madison Asset Management, LLC had been waived, i.e. the Fund's investment performance will be measured gross of fees, in recognition that the performance of the Index is not reduced for fees. The Fund's investment performance shall not be adjusted for brokerage or trading costs. In computing the investment performance of the Fund and the investment record of the Index, distributions of realized capital gains, the value of capital gains taxes per share paid or payable undistributed realized long-term capital gains accumulated to the end of such period and dividends paid out of investment income on the part of the Fund, and all cash distributions of the companies whose securities comprise the Index, will be treated as reinvested in accordance with Rule 205-1 or any other applicable rule under the Investment Advisers Act of 1940, as the same from time to time may be amended.