Amount of Advisory Fee Reduction Sample Clauses

Amount of Advisory Fee Reduction. The Adviser will waive a portion of its Advisory Fee if the Trust’s weighted average annual total return, without reflecting fees and expenses, for the most recently completed 10 calendar-year period ending December 31 (the “Advisory Fee Reduction Performance”) exceeds a target return of 8.00% (the “Target Rate”). At the beginning of each calendar year this Agreement is in effect (“Waiver Year”), the Adviser will determine the Trust’s Advisory Fee Reduction Performance, as described below. If the Advisory Fee Reduction Performance exceeds the Target Rate, the Advisory Fee will be waived by an amount shown on Appendix A from May 1st of the Waiver Year through April 30th of the following year. The amount of any waiver will apply equally to each Series, such that a waiver will reduce the Advisory Fee of each Series by the same advisory fee reduction rate as a percentage of the average net assets of each Series, without regard to the level of the Advisory Fee of the Series under the Advisory Agreement, and without regard to the size or performance of the individual Series. If the Advisory Fee Reduction Performance does not exceed the Target Rate as calculated at the beginning of a Waiver Year, the Advisory Fee will not be reduced under this Agreement.