Common use of Year-End Adjustment Clause in Contracts

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the investment advisory fees waived or reduced and other payments remitted by the Adviser to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder or Funds with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the investment advisory fees waived or reduced and other payments remitted by the Adviser to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the investment advisory fees waived or reduced and other payments remitted by the Advisor to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the advisory fees waived or reduced and other payments remitted by the Adviser to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the investment advisory fees waived or reduced and other payments remitted by the Adviser to each Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses amount of the advisory fees waived or reduced and other payments remitted by the Investment Adviser to a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the investment management fees waived or reduced and other payments remitted by the Investment Manager to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder or Funds with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses amount of the investment advisory fees waived or reduced and other payments remitted by the Advisor to a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses amount of a Fund for the prior fiscal year (including any reimbursement investment sub-advisory fees waived or reduced and other payments hereunder remitted by the Sub-Adviser with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the investment advisory fees waived or reduced and other payments remitted by the Advisor to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder or Funds with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the advisory fees waived or reduced and other payments remitted by the Advisor to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder or Funds with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Portfolio Operating Expenses of a Fund Portfolio for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a the respective Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses amount of a Fund for the prior fiscal year (including any reimbursement investment management fees waived or reduced and other payments hereunder remitted by the Manager to the Portfolio or Portfolios with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Portfolio Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of each class of each a Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a the Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of each class of a Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Portfolio Operating Expenses of a Fund Portfolio for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses amount of the investment management fees waived or reduced and other payments remitted by the Investment Manager to each class of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month quarter of each fiscal yearApplicable Year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a the Fund for the prior fiscal year Applicable Year (including any reimbursement payments hereunder with respect to such fiscal yearApplicable Year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the investment management fees waived or reduced and other payments remitted by the Manager to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder or Funds with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal yearFiscal Year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund Share Class for the prior fiscal year Fiscal Year (including any reimbursement payments hereunder with respect to such fiscal yearFiscal Year) do not exceed the Operating Expense LimitLimit for that Fiscal Year.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a each Fund or class for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last business day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a the Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the fees waived or reduced and other payments remitted by the Adviser to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a each class of the Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the -------------------- first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the investment management fees waived or reduced and other payments remitted by the Investment Manager to each class of the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a the Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a the Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal yearpermitted under this Agreement) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each a Fund’s fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a each Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.Limit for each Fund as set forth on SCHEDULE A.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a the Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal yearFiscal Year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund Share Class for the prior fiscal year Fiscal Year (including any reimbursement payments Recoupment Amounts payable hereunder with respect to such fiscal yearFiscal Year) do not exceed the Operating Expense LimitLimit for that Fiscal Year.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of any reimbursements or other payments remitted by NFA to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, year an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a each Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal yearyear of the Transition Period, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a each Fund or Class for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an one or more adjustment payment payments shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year or portion thereof (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the Management Fees waived or reduced and other payments remitted by the Investment Manager to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year shall equal the Excess Amount with respect to the previous fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Other Expenses of a share class of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Maximum Annual Other Expenses Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a the respective Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal yearpermitted under this Agreement) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Other Expenses of a the Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Maximum Annual Other Expenses Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a each class of each Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal yearApplicable Year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Share Class of a Fund for the prior fiscal year Applicable Year (including any reimbursement payments hereunder with respect to such fiscal yearApplicable Year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal yearyear of the Transition Period, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a each Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Portfolio Operating Expenses of a Fund the respective Portfolio for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal yearyear and/or other period, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year and/or other period (including any reimbursement payments hereunder with respect to such fiscal yearyear and/or other period) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first last month of each fiscal year, year an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses Expense Ratios of a each class of each Fund for the prior fiscal year (including any reimbursement payments Reimbursement Amounts paid hereunder with respect to such fiscal year) do not exceed the Operating their respective Expense LimitLimits.

Year-End Adjustment. If necessary, on or before the last day of the first month of each the Trust's fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses total fund operating expenses of a Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Operating Expense LimitLimit for such Fund.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the advisory, management and 12b-1 fees waived or reduced by the Adviser, Manager and the Distributor (as applicable) and other payments remitted by the Manager to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year) year are sufficient to ensure that the Fund’s Operating Expenses do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder pursuant to Section 2.1 with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a class of the Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense LimitLimit for such class of the Fund.

Year-End Adjustment. If necessary, on or before the last day of the ------------------- first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual payments remitted by LIAC to each Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount for that Fund.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a each class of the Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Maximum Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of each class of each a Fund Trust for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a the Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do does not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal yearpermitted under this Agreement) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Other Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Maximum Annual Other Expenses Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses amount of a Fund for the prior fiscal year (including any reimbursement investment management fees waived or reduced and other payments hereunder remitted by the Manager to the Portfolio or Portfolios with respect to such the previous fiscal year) do not exceed year shall equal the Operating Excess Amount. Reimbursement of Fee Waivers and Expense LimitReimbursements.

Year-End Adjustment. If necessary, on or before the last day Business Day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the ------------------- first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the investment management fees waived or reduced and other payments remitted by the Manager to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder or Funds with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses amount of a Fund for the prior fiscal year (including any reimbursement payments hereunder investment sub-advisory fees waived or reduced with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of any reimbursements or other payments remitted by NFM to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the ------------------- first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a class of the Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a each Fund for the prior fiscal year (including any reimbursement recoupment payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the ------------------- first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses amount of a Fund for the prior fiscal year (including any reimbursement investment management fees waived or reduced and other payments hereunder remitted by the Manager to the Portfolio or Portfolios with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Series Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Net Annual Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses amount of a Fund for the prior fiscal year (including any reimbursement investment management fees waived or reduced and other payments hereunder remitted by the Investment Manager to each class of each Trust with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the investment management fees waived or reduced and other payments remitted by the Manager to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual amount of the investment management fees waived or reduced and other payments remitted by the Investment Manager to the Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder or with respect to such the previous fiscal year) do not exceed year shall equal the Operating Expense LimitExcess Amount.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit. For purposes of the adjustment described in this section, the periods describe include periods covered by this Agreement, as well as periods since the Assignment through the date of this Agreement and periods prior to the Assignment.

Year-End Adjustment. If necessary, on or before the last business day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund the Company for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund the Trust for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

Year-End Adjustment. If necessary, on or before the last day of the ------------------- first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Portfolio Operating Expenses of a Fund Portfolio for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.