Common use of Fee Reduction Clause in Contracts

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.15%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.150.85%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, management fees (if any) and brokerage commissions, do not exceed (on an annual basis) 1.150.00%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January August 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold shortexpenses attributable to a distribution or service plan adopted by the Trust, interest, extraordinary items, “Acquired Fund Fees and Expenses,” and brokerage commissions, ) do not exceed (on an annual basis) 1.151.25%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding “Other Expenses,” (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, ) do not exceed (on an annual basis) 1.150.00%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January August 31, 20202021, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold shortexpenses attributable to a distribution or service plan adopted by the Trust, interest, extraordinary items, “Acquired Fund Fees and Expenses,” and brokerage commissions, ) do not exceed (on an annual basis) 1.151.25%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.152.15%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.151.50%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January August 31, 20202018, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired FundFund Fees and Expenses,” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.152.25%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.151.65%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, any class-specific expenses (such as distribution fees, shareholder service fees, or transfer agency fees), “Acquired FundFund Fees and Expenses,” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, ) do not exceed (on an annual basis) 1.15%, as a percentage of the Fund’s average daily net assetsassets of Institutional Class shares.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January August 31, 20202023, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold shortexpenses attributable to a distribution or service plan adopted by the Trust, interest, extraordinary items, “Acquired Fund Fees and Expenses,” and brokerage commissions, ) do not exceed (on an annual basis) 1.151.25%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31June 3, 2020, 2014 it will reduce its compensation and/or reimburse certain expenses for the Fund, Fund to the extent necessary to ensure that the Fund’s total operating expenses, expenses (excluding taxes, “Acquired FundFund Fees and Expenses,” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, ) do not exceed (on an annual basis) 1.151.50%, 1.19% and 0.95%, as a percentage of the Fund’s average daily net assets, of Class A shares, Class Z shares and Institutional Class shares, respectively.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January August 31, 20202019, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, “Acquired Fund” any class-specific fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, “Acquired Fund Fees and Expenses,” and brokerage commissions, ) do not exceed (on an annual basis) 1.151.25%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020that, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, management fees (if any) and brokerage commissions, do not exceed (on an annual basis) 1.150.00%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020[•], it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold shortexpenses attributable to a distribution or service plan adopted by the Trust, interest, extraordinary items, “Acquired Fund Fees and Expenses,” and brokerage commissions, ) do not exceed (on an annual basis) 1.151.05%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 20202019, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired FundFund Fees and Expenses,” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.151.50%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.151.40%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.150.50%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 20202021, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, “Acquired FundFund Fees and Expenses,” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions), do not exceed 0.75% (on an annual basis) 1.15%, as a percentage of average daily net assets of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January August 31, 20202019, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, “Acquired Fund” any class-specific fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, “Acquired Fund Fees and Expenses,” and brokerage commissions, ) do not exceed (on an annual basis) 1.151.25%, as a percentage of the Fund’s average daily net assets. (the “Expense Limitation”).

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired FundFund Fees and Expenses” fees and expenses(as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.150.95%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31[June 30, 2020, 2015] it will reduce its compensation and/or reimburse certain expenses for the Fund, Fund to the extent necessary to ensure that the Fund’s total operating expenses, expenses (excluding taxes, “Acquired FundFund Fees and Expenses,” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, ) do not exceed (on an annual basis) 1.15%, 1.25% as a percentage of the Fund’s average daily net assetsassets of the Fund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 20202019, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating “other expenses, ,” excluding taxes, “Acquired FundFund Fees and Expenses,” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.150.25%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January [August 31, 20202019, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, “Acquired Fund” any class-specific fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, “Acquired Fund Fees and Expenses,” and brokerage commissions, ) do not exceed (on an annual basis) 1.151.25%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January August 31, 2020, 2015 it will reduce its compensation and/or reimburse certain expenses for the Fund, Fund to the extent necessary to ensure that the Fund’s total operating expenses, expenses (excluding taxes, “Acquired FundFund Fees and Expenses,” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, ) do not exceed (on an annual basis) 1.15%, 1.25% as a percentage of the Fund’s average daily net assetsassets of the Fund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 20202021, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, “Acquired FundFund Fees and Expenses,” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, ) do not exceed (on an annual basis) 1.15%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 20202019, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.150.95%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31[ , 2020, 2014] it will reduce its compensation and/or reimburse certain expenses for the Fund, Fund to the extent necessary to ensure that the Fund’s total operating expenses, expenses (excluding taxes, “Acquired FundFund Fees and Expenses,” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, ) do not exceed (on an annual basis) 1.151.50%, 1.19% and 0.95%, as a percentage of the Fund’s average daily net assets, of Class A shares, Class Z shares and Institutional Class shares, respectively.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January August 31, 20202022, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold shortexpenses attributable to a distribution or service plan adopted by the Trust, interest, extraordinary items, “Acquired Fund Fees and Expenses,” and brokerage commissions, ) do not exceed (on an annual basis) 1.151.25%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [January 31, 20202021], it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold shortexpenses attributable to a distribution or service plan adopted by the Trust, interest, extraordinary items, “Acquired Fund Fees and Expenses,” and brokerage commissions, ) do not exceed (on an annual basis) 1.151.25%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January July 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired FundFund Fees and Expenses,” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, ) do not exceed (on an annual basis) 1.151.35%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 20202021, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, (excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold shortexpenses attributable to a distribution or service plan adopted by the Trust, interest, extraordinary items, “Acquired Fund Fees and Expenses,” and brokerage commissions, ) do not exceed (on an annual basis) 1.150.75%, as a percentage of the Fund’s average daily net assets.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through January 31, 20202019, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired FundFund Fees and Expenses,” fees and expenses, [dividend and interest expense on securities sold short], interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.15%[0.95]%, as a percentage of the Fund’s average daily net assets.