Common use of Fee Reduction Clause in Contracts

Fee Reduction. The Adviser may, but is not required to, voluntarily or contractually reduce all or a portion of its fees and/or make payments for other expenses in order to decrease the operating expenses of the Fund. Any such reduction or payment (a “subsidy” or 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 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 Board and must be sought no later than the end of the third fiscal year following the year to which the subsidy relates if the aggregate expenses for that period do not exceed any more restrictive limitation to which the Adviser has agreed (subsidies available for reimbursement to the Adviser are collectively referred to as the “Recoupment Balance”) and the Board approves the reimbursement. For example, subsidized operating expenses relating to the period July 1, 2003 through June 30, 2004 would no longer be eligible for reimbursement after July 1, 2007. The Adviser agrees not to request or seek reimbursement of subsidized operating expenses that are no longer eligible for reimbursement. The Adviser may not request or receive reimbursement of the Recoupment Balance before payment of the Fund’s operating expenses for the current year and cannot cause the Fund to exceed any agreed upon expense limitation for that year in making such reimbursement.

Fee Reduction. The Adviser Manager may, but is not required to, voluntarily or contractually reduce all or a portion of its fees and/or make payments for other expenses in order to decrease the operating expenses of the a Fund. Any such reduction or payment (a “subsidy” or 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 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 Trust's Board of Trustees and must be sought no later than the end of the third fiscal year following the year to which the subsidy relates if the aggregate expenses for that period do not exceed any more restrictive limitation to which the Adviser Manager has agreed (subsidies available for reimbursement to the Adviser Manager are collectively referred to as the “"Recoupment Balance”") and the Board of Trustees approves the reimbursement. For example, subsidized operating expenses Operating Expenses relating to the period July 1, 2003 through June 30, 2004 would no longer be eligible for reimbursement after July 1, 2007. The Adviser Manager agrees not to request or seek reimbursement of subsidized operating expenses Operating Expenses that are no longer eligible for reimbursement. The Adviser Manager may not request or receive reimbursement of the Recoupment Balance before payment of the Fund’s 's operating expenses for the current year and cannot cause the Fund to exceed any agreed upon expense limitation for that year in making such reimbursement.

Fee Reduction. The Adviser Manager may, but is not required to, voluntarily or contractually reduce all or a portion of its fees and/or make payments for other expenses in order to decrease the operating expenses of the a Fund. Any such reduction or payment (a “subsidy” or 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 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 Board and must be sought no later than the end of the third fiscal year following the year to which the subsidy relates if the aggregate expenses for that period do not exceed any more restrictive limitation to which the Adviser Manager has agreed (subsidies available for reimbursement to the Adviser Manager are collectively referred to as the “Recoupment Balance”) and the Board approves the reimbursement. For example, subsidized operating expenses relating to the period July 1, 2003 through June 30, 2004 would no longer be eligible for reimbursement after July 1, 2007. The Adviser Manager agrees not to request or seek reimbursement of subsidized operating expenses that are no longer eligible for reimbursement. The Adviser Manager may not request or receive reimbursement of the Recoupment Balance before payment of the Fund’s operating expenses for the current year and cannot cause the Fund to exceed any agreed upon expense limitation for that year in making such reimbursement.

Fee Reduction. The Adviser may, but is not required to, voluntarily or contractually reduce all or a portion of its fees and/or make payments for other expenses in order to decrease the operating expenses of the FundTrust. Any such reduction or payment (a “subsidy” or 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 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 Board and must be sought no later than the end of the third fiscal year following the year to which the subsidy relates if the aggregate expenses for that period do not exceed any more restrictive limitation to which the Adviser has agreed (subsidies available for reimbursement to the Adviser are collectively referred to as the “Recoupment Balance”) and the Board approves the reimbursement. For example, subsidized operating expenses relating to the period July 1, 2003 through June 30, 2004 would no longer be eligible for reimbursement after July 1, 2007. The Adviser agrees not to request or seek reimbursement of subsidized operating expenses that are no longer eligible for reimbursement. The Adviser may not request or receive reimbursement of the Recoupment Balance before payment of the Fund’s operating expenses for the current year and cannot cause the Fund Trust to exceed any agreed upon expense limitation for that year in making such reimbursement.

Fee Reduction. The Adviser may, but is not required to, voluntarily or contractually reduce all or a portion of its fees and/or make payments for other expenses in order to decrease the operating expenses of the FundTrusts. Any such reduction or payment (a “subsidy” or 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 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 Board and must be sought no later than the end of the third fiscal year following the year to which the subsidy relates if the aggregate expenses for that period do not exceed any more restrictive limitation to which the Adviser has agreed (subsidies available for reimbursement to the Adviser are collectively referred to as the “Recoupment Balance”) and the Board approves the reimbursement. For example, subsidized operating expenses relating to the period July 1, 2003 through June 30, 2004 would no longer be eligible for reimbursement after July 1, 2007. The Adviser agrees not to request or seek reimbursement of subsidized operating expenses that are no longer eligible for reimbursement. The Adviser may not request or receive reimbursement of the Recoupment Balance before payment of the Fund’s operating expenses for the current year and cannot cause the Fund a Trust to exceed any agreed upon expense limitation for that year in making such reimbursement.

Fee Reduction. The Adviser Manager may, but is not required to, voluntarily or contractually reduce all or a portion of its fees and/or make payments for other expenses in order to decrease the operating expenses of the a Fund. Any such reduction or payment (a “"subsidy” " or 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 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 Board and must be sought no later than the end of the third fiscal year following the year to which the subsidy relates if the aggregate expenses for that period do not exceed any more restrictive limitation to which the Adviser Manager has agreed (subsidies available for reimbursement to the Adviser Manager are collectively referred to as the “"Recoupment Balance”") and the Board approves the reimbursement. For example, subsidized operating expenses relating to the period July 1, 2003 through June 30, 2004 would no longer be eligible for reimbursement after July 1, 2007. The Adviser Manager agrees not to request or seek reimbursement of subsidized operating expenses that are no longer eligible for reimbursement. The Adviser Manager may not request or receive reimbursement of the Recoupment Balance before payment of the Fund’s 's operating expenses for the current year and cannot cause the Fund to exceed any agreed upon expense limitation for that year in making such reimbursement.

Fee Reduction. The Adviser may, but is not required to, voluntarily or contractually reduce all or a portion of its fees and/or make payments for other expenses in order to decrease the operating expenses of the a respective Fund. Any such reduction or payment (a “"subsidy” " or 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 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 Board and must be sought no later than the end of the third fiscal year following the year to which the subsidy relates if the aggregate expenses for that period do not exceed any more restrictive limitation to which the Adviser has agreed (subsidies available for reimbursement to the Adviser are collectively referred to as the “"Recoupment Balance”") and the Board approves the reimbursement. For example, subsidized operating expenses relating to the period July 1, 2003 2004 through June 30, 2004 2005 would no longer be eligible for reimbursement after July 1, 20072008. The Adviser agrees not to request or seek reimbursement of subsidized operating expenses that are no longer eligible for reimbursement. The Adviser may not request or receive reimbursement of the Recoupment Balance before payment of the a Fund’s 's operating expenses for the current year and cannot cause the that Fund to exceed any agreed upon expense limitation for that year in making such reimbursement.