Common use of Fee Reduction Clause in Contracts

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 2018, 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 do not exceed1.25% with respect to Class A shares, 2.00% with respect to Class C shares, and 1.00% with respect to Institutional Class shares (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover from the Fund, subject to approval by the Board of Trustees of the Trust, amounts waived or reimbursed by the Adviser with respect to the Fund pursuant to this Agreement for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 20182015, 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 do not exceed1.250.95% with respect to Class A shares, 2.00% with respect to Class C shares, and 1.00% with respect to Institutional Class shares (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover from the Fund, subject to approval by the Board of Trustees of the Trust, amounts waived or reimbursed by the Adviser with respect to the Fund pursuant to this Agreement for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31[DATE], 2018[2017], 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 do not exceed1.25% with respect to Class A shares, 2.00% with respect to Class C shares, and 1.00% with respect to Institutional Class shares [0.95%] (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover from the Fund, subject to approval by the Board of Trustees of the Trust, amounts waived or reimbursed by the Adviser with respect to the Fund pursuant to this Agreement for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 20182017, 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 do not exceed1.251.50% with respect to Class A shares, 2.00% with respect to Class C shares, and 1.00% with respect to Institutional Class shares (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover from the Fund, subject to approval by the Board of Trustees of the Trust, amounts waived or reimbursed by the Adviser with respect to the Fund pursuant to this Agreement for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 2018, 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 Rule 12b-1 distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) commissions do not exceed do not exceed1.25% with respect to Class A shares, 2.00% with respect to Class C shares, and 1.00% with respect to Institutional Class shares (on an annual basis) (a) 1.60%, as a percentage of the Fund’s average daily net assetsassets for the period from the commencement of operations of the Fund through August 31, 2016; and (b) 1.27% of the Fund’s average daily net assets for the period from September 1, 2016 through August 31, 2017. Fee Recovery. The Adviser shall be entitled to recover from the Fundrecover, subject to approval by the Board of Trustees of the Trust, such amounts waived or reimbursed by the Adviser with respect to the Fund pursuant to this Agreement for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the FundFunds.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through [August 31, 2018], 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 do not exceed1.25% with respect to Class A shares, 2.00% with respect to Class C shares, and 1.00% with respect to Institutional Class shares (on an annual basis) [1.42%], of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover from the Fund, subject to approval by the Board of Trustees of the Trust, amounts waived or reimbursed by the Adviser with respect to the Fund pursuant to this Agreement for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 2018[2017], 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 do not exceed1.25% with respect to Class A shares, 2.00% with respect to Class C shares, and 1.00% with respect to Institutional Class shares [1.50%] (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover from the Fund, subject to approval by the Board of Trustees of the Trust, amounts waived or reimbursed by the Adviser with respect to the Fund pursuant to this Agreement for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund.

Fee Reduction. The Adviser agrees that from the commencement of operations of the Fund through August 31, 2018, 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 Rule 12b-1 distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed do not exceed1.250.95% with respect to Class A shares, 2.00% with respect to Class C shares, and 1.00% with respect to Institutional Class shares (on an annual basis) of the Fund’s average daily net assets. Fee Recovery. The Adviser shall be entitled to recover from the Fund, subject to approval by the Board of Trustees of the Trust, amounts waived or reimbursed by the Adviser with respect to the Fund pursuant to this Agreement for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund.