Common use of Limit on Operating Expenses Clause in Contracts

Limit on Operating Expenses. a. The Advisor hereby agrees to limit current Operating Expenses of each Fund (or as applicable each Class of each Fund), to an annual rate, expressed as a percentage of average annual net assets, to the amounts listed in Appendix A (the “Annual Limits”) with respect to the Fund (or Class, as applicable). In the event that the current Operating Expenses for a Fund (or Class, as applicable), as accrued each month, exceed the Annual Limit, the Advisor will pay to the Fund (for the benefit of such Class, as applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include waiving all or a portion of the Advisor’s investment advisory fee.

Limit on Operating Expenses. a. The Advisor hereby agrees to limit each Fund's current Operating Expenses of each Fund (or as applicable each Class of each Fund), to an annual rate, expressed as a percentage of a share classes’ average annual daily net assets, to the amounts listed in Appendix A (the “"Annual Limits”Limit") with respect to for the Fund (or Class, as applicable)time periods indicated. In the event that the current Operating Expenses for of the Fund, on a Fund (or Class, as applicable)class-specific basis, as accrued each month, exceed the respective Annual Limit, the Advisor will will, as needed, waive its fees and pay to the Fund (for the benefit of such Classeach Fund, as applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include waiving all or a portion of the Advisor’s investment advisory fee.

Limit on Operating Expenses. a. The Advisor hereby agrees to limit current Operating Expenses of each Fund (or as applicable each Class of each Fund), to an annual rate, expressed as a percentage of average annual net assets, to the amounts listed in Appendix A (the “"Annual Limits”") with respect to the Fund (or Class, as applicable). In the event that the current Operating Expenses for a Fund (or Class, as applicable), as accrued each month, exceed the Annual Limit, the Advisor will pay to the Fund (for the benefit of such Class, as applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include waiving all or a portion of the Advisor’s 's investment advisory fee.

Limit on Operating Expenses. a. The Advisor hereby agrees to limit current Operating Expenses of each Fund (or as applicable each Class of each Fund), to an annual rate, expressed as a percentage of average annual net assets, to the amounts listed in Appendix A (the “Annual Limits”) with respect to the Fund (or Class, as applicable). In the event that the current Operating Expenses for a Fund (or Class, as applicable), as accrued each monthdaily, exceed the Annual Limit, the Advisor will pay to the Fund (for the benefit of such Class, as applicable) on twice a monthly basismonth, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include waiving all or a portion of the Advisor’s investment advisory fee.

Limit on Operating Expenses. a. The Advisor hereby agrees to limit each Fund’s (or Class’, as applicable) current Operating Expenses of each Fund (or as applicable each Class of each Fund), to an annual rate, expressed as a percentage of the Fund’s (or Class’, as applicable) average annual net assets, to the amounts listed in Appendix A (the “Annual Limits”) with respect to the Fund (or Class, as applicable)Fund. In the event that the current Operating Expenses for a Fund (or Class, as applicable), as accrued each month, exceed the Fund’s (or Class’, as applicable) Annual Limit, the Advisor will pay to the Fund (for the benefit of such ClassFund, as applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include waiving all or a portion of the Advisor’s investment advisory fee.

Limit on Operating Expenses. a. The Advisor hereby agrees to limit current Operating Expenses of each Fund (or as applicable each Class of each Fund), to an annual rate, expressed as a percentage of average annual daily net assets, to the amounts listed in Appendix A (the “Annual Limits”) with respect to the Fund (or Class, as applicable). In the event that the current Operating Expenses for a Fund (or Class, as applicable), as accrued each month and annualized as of the last day of the month, exceed the Annual Limit, the Advisor will pay to the Fund (for the benefit of such Class, as applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include waiving all or a portion of the Advisor’s investment advisory fee.

Limit on Operating Expenses. a. The Advisor Adviser hereby agrees to limit current Operating Expenses of each Fund (or as applicable each Class of each Fund), to an annual rate, expressed as a percentage of average annual net assets, to the amounts listed in Appendix A (the “Annual Limits”) with respect to the Fund (or Class, as applicable). In the event that the current Operating Expenses for a Fund (or Class, as applicable), as accrued each month, exceed the Annual Limit, the Advisor Adviser will pay to the Fund (for the benefit of such Class, as applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include waiving all or a portion of the AdvisorAdviser’s investment advisory fee.

Limit on Operating Expenses. a. The Advisor hereby agrees to limit current Operating Expenses of each the Fund (or as applicable each Class of each the Fund), to an annual rate, expressed as a percentage of average annual net assets, to the amounts listed in Appendix A (the “Annual Limits”) with respect to the Fund (or Class, as applicable). In the event that the current Operating Expenses for a the Fund (or Class, as applicable), as accrued each month, exceed the Annual Limit, the Advisor will pay to the Fund (for the benefit of such Class, as applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include waiving all or a portion of the Advisor’s investment advisory fee.

Limit on Operating Expenses. a. The Advisor hereby agrees to limit current Operating Expenses of each Fund (or or, as applicable applicable, each Class of each FundClass), to an annual rate, expressed as a percentage of average annual net assets, to the amounts listed in Appendix A (the each, an “Annual LimitsLimit”) with respect to the Fund (or Class, as applicable). In the event that the current Operating Expenses for a Fund (or Class, as applicable), as accrued each month, exceed the Annual Limit, the Advisor will pay to the Fund (for the benefit of such Class, as if applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include reducing or waiving all or a portion of the Advisor’s investment advisory fee.

Limit on Operating Expenses. a. The Advisor hereby agrees to limit the Fund’s current Operating Expenses with respect to each class of each shares of the Fund (or as applicable each Class of each Fund), a “Class”) to an annual rate, expressed as a percentage of such Class’s average annual net assets, to the amounts listed in Appendix A (the “Annual Limits”) with respect to the Fund (or such Class, as applicable). In the event that the current Operating Expenses for such a Fund (or Class, as applicable), as accrued each month, exceed the such Class’s Annual Limit, the Advisor will pay to the Fund (for the benefit of such Class, as applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include waiving all or a portion of the Advisor’s investment advisory fee.

Limit on Operating Expenses. a. The Advisor hereby agrees to limit the current Operating Expenses of each of the Tax-Exempt and Taxable Funds, including Operating Expenses allocated to each of them by the Master Fund (or as applicable each Class of each and Offshore Fund), to an annual rate, expressed as a percentage of each Fund’s average annual net assets, to the amounts listed in Appendix A of 2.25% (the “Annual Limits”) with respect to the Fund (or Class, as applicable). In the event that the current Operating Expenses for a Fund (or Class, as applicable)each of the Tax-Exempt and Taxable Funds, as accrued each month, exceed the its Annual Limit, the Advisor will pay to the Fund (for the benefit of such Classthat Fund, as applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment The Expense limitation in no way limits any Performance Fee the Advisor or Sub-Advisor may include waiving all or a portion of be entitled to under the Advisor’s investment advisory feeInvestment Advisory Agreement and Sub-Investment Advisory Agreement.

Limit on Operating Expenses. a. The Advisor hereby agrees to limit current Operating Expenses of each Fund (or as applicable each Class of each Fund), to an annual rate, expressed as a percentage of average annual net assets, to the amounts listed in Appendix A (the “"Annual Limits”") with respect to the Fund (or Class, as applicable). In the event that the current Operating Expenses for a Fund (or Class, as applicable), as accrued each month, exceed the Annual Limit, the Advisor will pay to the Fund (for the benefit of such Class, as applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include waiving all or a portion of the Advisor’s Advisor 's investment advisory fee.

Limit on Operating Expenses. a. The Advisor hereby agrees to limit current Operating Expenses of each Fund (or as applicable each Class of each Fund), to an annual rate, expressed as a percentage of average annual net assets, to the amounts listed in Appendix A (the “''Annual Limits”") with respect to the Fund (or Class, as applicable). In the event that the current Operating Expenses for a Fund (or Class, as applicable), as accrued each month, exceed the Annual Limit, the Advisor will pay to the Fund (for the benefit of such Class, as applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include waiving all or a portion po11ion of the Advisor’s 's investment advisory fee.

Limit on Operating Expenses. a. The Advisor hereby agrees to limit current Operating Expenses of each the Fund (or as applicable each Class of each the Fund), to an annual rate, expressed as a percentage of average annual net assets, to the amounts listed in Appendix A (the “Annual Limits”) with respect to the Fund (or Class, as applicable). In the event that the current Operating Expenses for a the Fund (or Class, as applicable), as accrued each month, exceed the Annual Limit, the Advisor will pay to the Fund (for the benefit of such Class, as applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include waiving all or a portion of the Advisor’s investment advisory fee.

Limit on Operating Expenses. a. The Advisor hereby agrees to limit current Operating Expenses of each Fund (or as applicable each Class of each Fund), to an annual rate, expressed as a percentage of average annual net assets, to the amounts listed in Appendix A (the “Annual Limits”) with respect to the Fund (or Class, as applicable). In the event that the current Operating Expenses for a Fund (or Class, as applicable), as accrued each month, exceed the Annual Limit, the Advisor will pay to the Fund (for the benefit of such Class, as applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include waiving all or a portion of the Advisor’s 's investment advisory fee.

Limit on Operating Expenses. a. The Advisor hereby agrees to limit current Operating Expenses of each the Fund (or as applicable each Class of each the Fund), to an annual rate, expressed as a percentage of average annual net assets, to the amounts listed in Appendix A (the “Annual LimitsLimit”) with respect to the Fund (or Class, as applicable). In the event that the current Operating Expenses for a the Fund (or Class, as applicable), as accrued each month, exceed the Annual Limit, the Advisor will pay to the Fund (for the benefit of such Class, as applicable) on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment is due. Such payment may include waiving all or a portion of the Advisor’s investment advisory fee.