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, 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, (exclusive of taxes, “Acquired Fund” 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) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares, 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 [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, (exclusive of taxes, “Acquired Fund” 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) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares, 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 [August 31, 2020]2015, 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, (exclusive of 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 (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares2.25%, 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 [August 31, 20202016], 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, (exclusive of 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 (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares[2.25%], 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 [August 31, 2020]2016, 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, (exclusive of 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 (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares2.25%, 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 [August 31, 20202015], 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, (exclusive of 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 (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares2.25%, 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 [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, (exclusive of 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 (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares[0.99%], 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 [August 31September 30, 2020]2016, 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, (exclusive of 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 (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares1.25%, 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 [August 31, 2020]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, (exclusive of 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 (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares2.25%, 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 [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, (exclusive of 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 (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items items, and brokerage commissions), ) do not exceed (on an annual basis) (i) 1.20% with respect to Investor Class shares and (iii) 0.95% with respect to Institutional Class shares[1.25%], as a percentage of the Fund’s average daily net assetsassets of Institutional Class shares.