Common use of Fee Reduction Clause in Contracts

Fee Reduction. The Adviser may, but is not required to, reduce all or a portion of its fees and/or reimburse a Fund for other expenses in order to decrease the operating expenses of a Fund. Any such reduction, reimbursement, or payment (collectively "subsidies") shall be applicable only to such specific subsidy and shall not constitute an agreement to continue such subsidy in the future. Any such subsidy will be agreed to prior to accrual of the related expense or fee and will be estimated daily and reconciled and paid on a monthly basis. The Adviser may also agree contractually to limit a Fund's operating expenses. To the extent such an expense limitation has been agreed to by the Adviser and such limit has been disclosed to shareholders of a Fund in the Prospectus, the Adviser may not change the limitation without first disclosing the change in an updated Prospectus. The Adviser may seek reimbursement of any subsidies made by the Adviser either voluntarily or pursuant to contract. The reimbursement of any subsidy must be approved by the Company's Board of Directors and must be sought no later than the end of the third fiscal year following the year to which the subsidy relates. The Adviser may not request or receive reimbursement for any subsidies before payment of a Fund's operating expenses for the current year and cannot cause a Fund to exceed any more restrictive limitation to which the Adviser has agreed in making such reimbursement.

Fee Reduction. The Adviser may, but is not required to, reduce all or a portion of its fees and/or reimburse a Fund for other expenses in order to decrease the operating expenses of a Fund. Any such reduction, reimbursement, or payment (collectively "“subsidies"”) shall be applicable only to such specific subsidy and shall not constitute an agreement to continue such subsidy in the future. Any such subsidy will be agreed to prior to accrual of the related expense or fee and will be estimated daily and reconciled and paid on a monthly basis. The Adviser may also agree contractually to limit a Fund's ’s operating expenses. To the extent such an expense limitation has been agreed to by the Adviser and such limit has been disclosed to shareholders of a Fund in the Prospectus, the Adviser may not change the limitation without first disclosing the change in an updated Prospectus. The Adviser may seek reimbursement of any subsidies made by the Adviser either voluntarily or pursuant to contract. The reimbursement of any subsidy must be approved by the Company's ’s Board of Directors and must be sought no later than the end of the third fiscal year following the year to which the subsidy relates. The Adviser may not request or receive reimbursement for any subsidies before payment of a Fund's ’s operating expenses for the current year and cannot cause a Fund to exceed any more restrictive limitation to which the Adviser has agreed in making such reimbursement.

Fee Reduction. The Adviser Advisor may, but is not required to, reduce all or a portion of its fees and/or reimburse a the Fund for other expenses in order to decrease the operating expenses of a the Fund. Any such reduction, reimbursement, or payment (collectively "subsidies") shall be applicable only to such specific subsidy and shall not constitute an agreement to continue such subsidy in the future. Any such subsidy will be agreed to prior to accrual of the related expense or fee and will be estimated daily and reconciled and paid on a monthly basis. The Adviser Advisor may also agree contractually to limit a the Fund's operating expenses. To the extent such an expense limitation has been agreed to by the Adviser Advisor and such limit has been disclosed to shareholders of a the Fund in the Prospectus, the Adviser Advisor may not change the limitation without first disclosing the change in an updated Prospectus. The Adviser Advisor may seek reimbursement of any subsidies made by the Adviser Advisor either voluntarily or pursuant to contract. The reimbursement of any subsidy must be approved by the Company's Board of Directors Trustees and must be sought no later than the end of the third fiscal year following the year to which the subsidy relates. The Adviser Advisor may not request or receive reimbursement for any subsidies before payment of a the Fund's ordinary operating expenses for the current year and cannot cause a the Fund to exceed any more restrictive limitation to which the Adviser Advisor has agreed in making such reimbursement.

Fee Reduction. The Adviser Advisor may, but is not required to, reduce all or a portion of its fees and/or reimburse a Fund the Funds for other expenses in order to decrease the operating expenses of a Fundthe Funds. Any such reduction, reimbursement, or payment (collectively "“subsidies"”) shall be applicable only to such specific subsidy and shall not constitute an agreement to continue such subsidy in the future. Any such subsidy will be agreed to prior to accrual of the related expense or fee and will be estimated daily and reconciled and paid on a monthly basis. The Adviser Advisor may also agree contractually to limit a Fund's ’s operating expenses. To the extent such an expense limitation has been agreed to by the Adviser Advisor and such limit has been disclosed to shareholders of a such Fund in the ProspectusFund’s prospectus, the Adviser Advisor may not change the limitation without first disclosing the change in an updated Prospectusprospectus. The Adviser Advisor may seek reimbursement of any subsidies made by the Adviser Advisor either voluntarily or pursuant to contract. The reimbursement of any subsidy must be approved by the Company's Board of Directors Trustees and must be sought no later than the end of the third fiscal year following the year to which the subsidy relates. The Adviser Advisor may not request or receive reimbursement for any subsidies before payment of a the applicable Fund's ’s ordinary operating expenses for the current year and cannot cause a the Fund to exceed any more restrictive limitation to which the Adviser Advisor has agreed in making such reimbursement.

Fee Reduction. The Adviser Manager may, but is not required to, reduce all or a portion of its fees and/or reimburse a the Fund for other expenses in order to decrease the operating expenses of a the Fund. Any such reduction, reimbursement, or payment (collectively "subsidies") shall be applicable only to such specific subsidy and shall not constitute an agreement to continue such subsidy in the future. Any such subsidy will be agreed to prior to accrual of the related expense or fee and will be estimated daily and reconciled and paid on a monthly basis. The Adviser may also agree contractually Manager has agreed to limit a the Fund's operating expensesexpenses as set forth in Appendix B for the term of this Agreement. To the extent such an expense limitation has been agreed to by the Adviser Manager and such limit has been disclosed to shareholders of a the Fund in the Prospectus, the Adviser Manager may not change the limitation without first disclosing the change in an updated Prospectus. The Adviser Manager may seek reimbursement of any subsidies made by the Adviser Manager either voluntarily or pursuant to contract. The reimbursement of any subsidy must be approved by the CompanyTrust's Board of Directors Trustees and must be sought no later than the end of the third fiscal year following the year to which the subsidy relatesrelates if the aggregate expenses for that period do not exceed any more restrictive limitation to which the Manager has agreed (subsidies available for reimbursement to the Manager are collectively referred to as the "Recoupment Balance") and the Board of Trustees approves the reimbursement. For example, subsidized Operating Expenses relating to the period July 1, 2002 through June 30, 2003 would no longer be eligible for reimbursement after July 1, 2006. The Adviser Manager agrees not to request or seek reimbursement of subsidized Operating Expenses that are no longer eligible for reimbursement. The Manager may not request or receive reimbursement for any subsidies of the Recoupment Balance before payment of a the Fund's operating expenses for the current year and cannot cause a the Fund to exceed any more restrictive agreed upon expense limitation to which the Adviser has agreed for that year in making such reimbursement.

Fee Reduction. The Adviser Manager may, but is not required to, reduce all or a portion of its fees and/or reimburse a Fund for other expenses in order to decrease the operating expenses of a Fund. Any such reduction, reimbursement, or payment (collectively "subsidies") shall be applicable only to such specific subsidy and shall not constitute an agreement to continue such subsidy in the future. Any such subsidy will be agreed to prior to accrual of the related expense or fee and will be estimated daily and reconciled and paid on a monthly basis. The Adviser Manager may also agree contractually to limit a Fund's operating expenses. To the extent such an expense limitation has been agreed to by the Adviser Manager and such limit has been disclosed to shareholders of a Fund in the Prospectus, the Adviser Manager may not change the limitation without first disclosing the change in an updated Prospectus. The Adviser Manager may seek reimbursement of any subsidies made by the Adviser Manager either voluntarily or pursuant to contract. The reimbursement of any subsidy must be approved by the CompanyTrust's Board of Directors Trustees and must be sought no later than the end of the third fiscal year following the year to which the subsidy relates. The Adviser Manager may not request or nor receive reimbursement for any subsidies before payment of a Fund's operating expenses for the current year and cannot cause a Fund to exceed any more restrictive limitation to which the Adviser Manager has agreed in making such reimbursement.

Fee Reduction. The Adviser Manager may, but is not required to, reduce all or a portion of its fees and/or reimburse a Fund for other expenses in order to decrease the operating expenses of a Fund. Any such reduction, reimbursement, or payment (collectively "subsidies") shall be applicable only to such specific subsidy and shall not constitute an agreement to continue such subsidy in the future. Any such subsidy will be agreed to prior to accrual of the related expense or fee and will be estimated daily and reconciled and paid on a monthly basis. The Adviser Manager may also agree contractually to limit a Fund's operating expenses. To the extent such an expense limitation has been agreed to by the Adviser Manager and such limit has been disclosed to shareholders of a Fund in the Prospectus, the Adviser Manager may not change the limitation without first disclosing the change in an updated Prospectus. The Adviser Manager may seek reimbursement of any subsidies made by the Adviser Manager either voluntarily or pursuant to contract. The reimbursement of any subsidy must be approved by the CompanyTrust's Board of Directors Trustees and must be sought no later than the end of the third fiscal year following the year to which the subsidy relates. The Adviser Manager may not request or receive reimbursement for any subsidies before payment of a Fund's operating expenses for the current year and cannot cause a Fund to exceed any more restrictive limitation to which the Adviser Manager has agreed in making such reimbursement.

Fee Reduction. The Adviser Advisor may, but is not required to, reduce all or a portion of its fees and/or reimburse a Fund the Funds for other expenses in order to decrease the operating expenses of a Fundthe Funds. Any such reduction, reimbursement, or payment (collectively "subsidies") shall be applicable only to such specific subsidy and shall not constitute an agreement to continue such subsidy in the future. Any such subsidy will be agreed to prior to accrual of the related expense or fee and will be estimated daily and reconciled and paid on a monthly basis. The Adviser Advisor may also agree contractually to limit a Fund's operating expenses. To the extent such an expense limitation has been agreed to by the Adviser Advisor and such limit has been disclosed to shareholders of a such Fund in the ProspectusFund's prospectus, the Adviser Advisor may not change the limitation without first disclosing the change in an updated Prospectusprospectus. The Adviser Advisor may seek reimbursement of any subsidies made by the Adviser Advisor either voluntarily or pursuant to contract. The reimbursement of any subsidy must be approved by the Company's Board of Directors Trustees and must be sought no later than the end of the third fiscal year following the year to which the subsidy relates. The Adviser Advisor may not request or receive reimbursement for any subsidies before payment of a the applicable Fund's ordinary operating expenses for the current year and cannot cause a the Fund to exceed any more restrictive limitation to which the Adviser Advisor has agreed in making such reimbursement.