Common use of Expense Limitation Clause in Contracts

Expense Limitation. For the period May 1, 2017 through April 30, 2023, in the event the operating expenses of a Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust during which the management agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage of the Fund’s average daily net assets, the Manager shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the Trust’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the Manager. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services for the period, except to the extent required by applicable law.

Expense Limitation. For the period May February 1, 2017 2008 through April 30, 20232009, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May February 1, 2017 2007 through April 30, 20232008, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May October 1, 2017 2005 through April 30, 2023, 2017 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1March 10, 2017 2014 through April 30, 20232017, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.10% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2011 through April 30, 20232017, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.60% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2018 through April 30, 2023, 2019 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.75% and 1.50% of the Fund’s average daily net assetsassets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2011 through April 30, 20232012, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.60% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May October 1, 2017 2005 through April 30, 20232007, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1March 10, 2017 2014 through April 30, 20232016, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.10% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May October 1, 2017 2005 through April 30, 2023, 2014 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1March 10, 2017 2014 through April 30, 20232015, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.10% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. ​ For the period May 1, 2017 through April 30, 2023, 2021 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.24% and 1.99% of the Fund’s average daily net assetsassets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May February 1, 2017 2008 through April 30, 20232013, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1March 10, 2017 2014 through April 30, 20232020, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.10% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 through April 30, 2023, 2024 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.24% and 1.99% of the Fund’s average daily net assetsassets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 through April 30, 20232025, in the event the operating expenses of a Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust during which the management agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage of the Fund’s average daily net assets, the Manager shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the Trust’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the Manager. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1March 10, 2017 2014 through April 30, 20232024, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.10% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May October 1, 2017 2005 through April 30, 2023, 2008 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May October 1, 2017 2005 through April 30, 2023, 2012 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2018 through April 30, 2023, 2022 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.75% and 1.50% of the Fund’s average daily net assetsassets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1March 10, 2017 2014 through April 30, 20232022, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.10% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2018 through April 30, 2023, 2023 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.75% and 1.50% of the Fund’s average daily net assetsassets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2011 through April 30, 20232020, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.60% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 through April 30, 2023, 2020 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.24% and 1.99% of the Fund’s average daily net assetsassets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 through April 30, 20232024, in the event the operating expenses of a Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust during which the management agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage of the Fund’s average daily net assets, the Manager shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the Trust’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the Manager. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services for the period, except to the extent required by applicable law.

Expense Limitation. For the period May February 1, 2017 2008 through April 30, 20232014, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2018 through April 30, 20232020, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.55% and 1.30% of the Fund’s average daily net assetsassets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 through April 30, 2023, in In the event the operating expenses of a Fund on an accrual basisparticular Portfolio of the Fund, including all investment advisory, management advisory and administrative feesfees with respect to such portfolio, for any fiscal year (pro rated appropriately in the event that the first fiscal year of the Trust during such Portfolio is for less than 12 calendar months) ending on a date of which the management agreement this Agreement is in effect exceed either (i) the amounts set forth on Schedule A heretoexpense limitations applicable to such Portfolio imposed by the securities laws or regulations thereunder of any state in which the Fund's Shares are qualified for sale, expressed as a percentage such limitations may be raised or lowered from time to time, or (ii) (a) 1.5% of the Fund’s Portfolio's average daily net assetsassets in the case of the Growth Portfolio and the Income Portfolio, (b) 1% in the case of the Money Market Portfolio, and (c) .75 of 1% in the case of the CorePortfolio Portfolio, the Manager Adviser shall reduce its investment advisory fee to the extent of its share of such excess expenses and, if required, pursuant to any such laws or regulations, will reimburse the Fund Portfolio for 100% its share of such excessannual operating expenses (as appropriately pro rated) in excess of any expense limitation that may be applicable; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissionscommission, and extraordinary expenses (including including, but not limited to to, legal claims and liabilities liability and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees Fund and expenses relating allocable to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinarysuch Portfolio. Such reimbursementreduction, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through expense limitation applicable to the Portfolio as of the end of the last business day of the month. As Should two or more such expense limitations be applicable as of the end of the Trust’s fiscal year, howeverlast business day of the month, the aggregate amount expense limitation which results in the larger reduction in the Adviser's fees shall be applicable." 5. Except as specifically amended herein, the Agreement shall remain in full force and effect. This Amendment shall not limit the rights of reimbursements, if any, by the Manager parties to the Fund in excess Agreement and the parties hereto acknowledge the binding effect of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the Manager. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services for the period, except to the extent required by applicable lawAgreement.

Expense Limitation. For the period May 1, 2017 2018 through April 30, 20232021, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.55% and 1.30% of the Fund’s average daily net assetsassets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May October 1, 2017 2005 through April 30, 2023, 2016 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 through April 30, 2023, in In the event the annual operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage (i) 1.60% of the Fund’s average daily net assetsassets (“Operating Expense Limit”), or (ii) 1.35% and 1.10% of the Manager shall average daily net assets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively (“Operating Expense Limit”), should a merger of Oberweis International Opportunities Institutional Fund into the Fund as described in the Agreement and Plan of Reorganization dated December 1, 2023 (the “Merger”) be approved, effective upon closing of the Merger but not retroactively; the Adviser agrees, subject to Section 2, to reimburse the Fund for 100% of such excessexcess (“Adviser Reimbursement”); provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinaryextraordinary (collectively, “Fund Operating Expenses”). Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the Trust’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the Manager. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May February 1, 2017 2007 through April 30, 20232011, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2011 through April 30, 20232019, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.60% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 through April 30, 2023, in In the event the annual operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage (i) 1.60% of the Fund’s average daily net assetsassets (“Operating Expense Limit”), or (ii) 1.35% and 1.10% of the Manager shall average daily net assets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively (“Operating Expense Limit”), should a merger of Oberweis International Opportunities Institutional Fund into the Fund as described in the Agreement and Plan of Reorganization dated October __, 2023 (the “Merger”) be approved, effective upon closing of the Merger but not retroactively; the Adviser agrees, subject to Section 2, to reimburse the Fund for 100% of such excessexcess (“Adviser Reimbursement”); provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinaryextraordinary (collectively, “Fund Operating Expenses”). Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the Trust’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the Manager. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 through April 30, 2023, 2019 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.24% and 1.99% of the Fund’s average daily net assetsassets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2018 through April 30, 2023, 2020 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.75% and 1.50% of the Fund’s average daily net assetsassets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May February 1, 2017 2008 through April 30, 20232011, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May February 1, 2017 2008 through April 30, 20232012, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 through April 30, 20232022, in the event the operating expenses of a Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust during which the management agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage of the Fund’s average daily net assets, the Manager shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the Trust’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the Manager. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2011 through April 30, 20232013, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.60% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2011 through April 30, 20232021, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.60% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2011 through April 30, 20232022, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.60% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1February 16, 2017 2022 through April 30, 2023, 2024 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed .95% of the amounts set forth on Schedule A hereto, expressed as a percentage average daily net assets of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May October 1, 2017 2005 through April 30, 2023, 2011 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May October 1, 2017 2005 through April 30, 20232006, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s 's average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s 's shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the Trust’s Fund's fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2011 through April 30, 20232018, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.60% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 through April 30, 20232021, in the event the operating expenses of a Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust during which the management agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage of the Fund’s average daily net assets, the Manager shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the Trust’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the Manager. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2011 through April 30, 20232024, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.60% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May February 1, 2017 2008 through April 30, 20232017, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 through April 30, 20232020, in the event the operating expenses of a Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust during which the management agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage of the Fund’s average daily net assets, the Manager shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the Trust’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the Manager. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 through April 30, 2023, 2022 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.24% and 1.99% of the Fund’s average daily net assetsassets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1February 16, 2017 2022 through April 30, 2023, 2023 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed .95% of the amounts set forth on Schedule A hereto, expressed as a percentage average daily net assets of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May October 1, 2017 through April 30, 20232019, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.30% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 through April 30, 2023, 2023 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.24% and 1.99% of the Fund’s average daily net assetsassets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2018 through April 30, 2023, 2024 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.75% and 1.50% of the Fund’s average daily net assetsassets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May February 1, 2017 2008 through April 30, 20232015, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 through April 30, 20232019, in the event the operating expenses of a Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust during which the management agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage of the Fund’s average daily net assets, the Manager shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the Trust’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the Manager. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2011 through April 30, 20232014, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.60% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2011 through April 30, 20232015, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.60% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2011 through April 30, 20232016, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.60% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1March 10, 2017 2014 through April 30, 20232018, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.10% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1March 10, 2017 2014 through April 30, 20232019, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.10% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. ​ For the period May 1March 10, 2017 2014 through April 30, 20232021, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.10% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1March 10, 2017 2014 through April 30, 2023, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.10% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2018 through April 30, 2023, 2021 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.75% and 1.50% of the Fund’s average daily net assetsassets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May February 1, 2017 2008 through April 30, 20232016, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May 1, 2017 2011 through April 30, 2023, in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 1.60% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May October 1, 2017 2005 through April 30, 2023, 2015 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.

Expense Limitation. For the period May October 1, 2017 2005 through April 30, 2023, 2013 in the event the operating expenses of a the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust Fund during which the management agreement Advisory Agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage 2.49% of the Fund’s average daily net assets, the Manager Adviser shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund’s shareholders and related proxy solicitation shall not be deemed to be extraordinary. Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the TrustFund’s fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager Adviser to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations limitation shall be refunded to the ManagerAdviser. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation. Notwithstanding anything in the foregoing to the contrary, Manager the Adviser shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services and management fee for the period, except to the extent required by applicable law.