Common use of Licensing of Investment Advisor’s Staff Clause in Contracts

Licensing of Investment Advisor’s Staff. (if desired) § $__/year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__/FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §Design - $__/fact sheet, includes first production §Production - $__ /fact sheet per production period §All printing costs are out-of-pocket expenses in addition to the design and production fees §Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §Typesetting, printing and distribution of prospectuses and shareholder reports §Production, printing, distribution, and placement of advertising, sales literature, and materials §Engagement of designers, free-lxxxx writers, and public relations firms §Postage, overnight delivery charges §FINRA registration fees (Including late U5 charge if applicable) §Record retention (Including RR email correspondence if applicable) §Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Average. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital Management, LLC By: /s/ Mxxxxxxx X. Xxxx Printed Name and Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Date: Feb 11, 2016

Licensing of Investment Advisor’s Staff. (if desired) § $___ /year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $___ /FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $___ /fact sheet, includes first production §§ Production - $__ /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital Management, LLC By: /s/ Mxxxxxxx X. Xxxx AMI Asset Management Corporation By:/s/ Kxxxxxxxx Xxx Printed Name and Title: Mxxxxxxx X. XxxxKxxxxxxxx Xxx, Chief Administrative & Operating Officer Ops Mgr Date: Feb 11, 20162/27/14 AMI B-1

Licensing of Investment Advisor’s Staff. (if desired) § $__/year [---]/year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__/FINRA [---]/FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__/fact [---]/fact sheet, includes first production §§ Production - $__ [---] /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of Exhibit B (continued) to the fee schedule on this Exhibit B. Xxxxxxx Capital ManagementDistribution Agreement – Angel Oak Funds Trust – Angel Oak Multi-Strategy Income Fund - Regulatory Distribution Services Fee Schedule at October, LLC By2014 Regulatory Distribution Annual Services Per Fund* Base annual fee: /s/ Mxxxxxxx X. Xxxx Printed Name § $[---] Default sales loads and Title: Mxxxxxxx X. Xxxxdistributor concession, Chief Administrative & Operating Officer Date: Feb 11if applicable, 2016are paid to Quasar.

Licensing of Investment Advisor’s Staff. (if desired) § $__/year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__/FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__/fact sheet, includes first production §§ Production - $__ /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Infinity Q Capital Management, LLC By: /s/ Mxxxxxxx X. Xxxx Sxxxx Xxxxxxx Printed Name and Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Sxxxx Xxxxxxx CRO Date: Feb 11, 20169/11/14

Licensing of Investment Advisor’s Staff. (if desired) § $__[…] /year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__[…] /FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__[…] /fact sheet, includes first production §§ Production - $__ […] /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital ManagementXxxxx Asset Management Group, LLC LP By:_____________________________ Printed Name: /s/ Mxxxxxxx X. Xxxx Printed Name and Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer ____________________ Date: Feb 11, 2016______________

Licensing of Investment Advisor’s Staff. (if desired) § $____ /year per registered representative § Quasar sponsors the following licensesis limited to these licenses for sponsorship: Series Series, 6, 7, 24, 26, 27, 63, 66 § $____ /FINRA designated branch location § All Plus all associated FINRA and state State fees for registered representativesRegistered Representatives, including license and renewal fees Fund Fact Sheets §§ Design - $____ /fact sheet, includes first production §§ Production - $____ /fact sheet per production period §§ All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee § Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Long-distance telephone lines, services, and charges § Postage, overnight delivery charges §§ FINRA registration fees (Including [To include late U5 charge (if applicable)] (FINRA advertising filing fees are included in Advertising Compliance Review section above) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx B Phase Capital Management, LLC L.P. By: /s/ Mxxxxxxx X. Xxxx Printed Name and ___________________________________ Date: ______________________________ Name: ________________________________ Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Date: Feb 11, 2016______________________________

Licensing of Investment Advisor’s Staff. (if desired) § $____ /year per registered representative § Quasar sponsors the following licensesis limited to these licenses for sponsorship: Series Series, 6, 7, 24, 26, 27, 63, 66 § $____ /FINRA designated branch location § All Plus all associated FINRA and state State fees for registered representativesRegistered Representatives, including license and renewal fees Fund Fact Sheets §§ Design - $____ /fact sheet, includes first production §§ Production - $____ /fact sheet per production period §§ All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee § Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of sharesShares, including, but not limited towithout limitation: §§ Typesetting, printing and distribution of prospectuses Prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Long-distance telephone lines, services, and charges § Postage, overnight delivery charges §§ FINRA registration fees (Including [To include late U5 charge (if applicable)] (FINRA advertising filing fees are included in Advertising Compliance Review section above) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Average. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Amended Exhibit B. Xxxxxxx Capital ManagementB GENEVA INVESTMENT MANAGEMENT OF CHICAGO, LLC By: /s/ Mxxxxxxx X. Xxxx Axxx Xxxxxx Date: 2/28/14 Printed Name and Title: Mxxxxxxx X. XxxxAxxx Xxxxxx, Chief Administrative & Operating Officer Date: Feb 11, 2016Principal

Licensing of Investment Advisor’s Staff. (if desired) § $__[…]/year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__[…]/FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__[…]/fact sheet, includes first production §§ Production - $__ […] /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital ManagementCoho Partners, LLC By: /s/ Mxxxxxxx Ltd. By:/s/ Gxxxx X. Xxxx Xxxxx Printed Name and Title: Mxxxxxxx Gxxxx X. XxxxXxxxx, Chief Administrative & Operating Officer President Date: Feb 11, 20167/26/2013

Licensing of Investment Advisor’s Staff. (if desired) § $__/year ___ per year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__/FINRA ___ per FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__/fact ___ per fact sheet, includes first production §§ Production - $_____ /fact per fact sheet per each production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx xxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §fees/other costs to fulfill regulatory requirements § Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals ** Subject to annual CPI increase - All Urban Consumers - U.S. City Average. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital By: Marketfield Asset Management, LLC ByName: /s/ Mxxxxxxx X. Xxxx Printed Name and Xxxxxxx Xxxxxx Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Chairman and CEO Date: Feb 11, 20163/10/16

Licensing of Investment Advisor’s Staff. (if desired) § $__$ /year per registered representative § Quasar sponsors the following licenses: Series Series, 6, 7, 24, 26, 27, 63, 66 § $__$ /FINRA designated branch location § All Plus all associated FINRA and state fees for registered representativesRegistered Representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__$ /fact sheet, includes first production §§ Production - $__ $ /fact sheet per production period §§ All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee § Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including [To include late U5 charge (if applicable)] (FINRA advertising filing fees are included in Advertising Compliance Review section above) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital ManagementXxxxxxxx Partners, LLC Inc. By: /s/ Mxxxxxxx X. Xxxx :______________________________ Printed Name and Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer _____________________________ Date: Feb 11, 2016______________

Licensing of Investment Advisor’s Staff. (if desired) § $_____/year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $_____/FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $_____/fact sheet, includes first production §§ Production - $__ ____/fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals ** Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. (signature on the following page) Wxxxxx Exhibit B (continued) to the Distribution Agreement Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital Managementabove. Wxxxxx, LLC Sxxxxxxxx & Company, Inc. By: /s/ Mxxxxxxx Jxxxx X. Xxxx Xxxxxxxxxxxx Printed Name and Name: Jxxxx X. Xxxxxxxxxxxx Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Senior Vice President Date: Feb 11March 20, 20162014

Licensing of Investment Advisor’s Staff. (if desired) § $__[…] /year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__[…] /FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__[…] /fact sheet, includes first production §§ Production - $__ […] /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals § *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital ManagementPort Street Investment Solutions, LLC By: /s/ Mxxxxxxx X. Xxxx Gxxxxx Pierce_______________ Printed Name and Title: Mxxxxxxx X. XxxxGxxxxx Xxxxxx, Chief Administrative & Operating Officer CEO Date: Feb 11, 201612/18/13

Licensing of Investment Advisor’s Staff. (if desired) § 0 – 3 registered representatives included in annual base fee, $____ /year per registered representative rep thereafter. § Quasar sponsors the following licensesis limited to these licenses for sponsorship: Series Series, 6, 7, 24, 26, 27, 63, 66 § $____ /FINRA designated branch location § All Plus all associated FINRA and state State fees for registered representativesRegistered Representatives, including license and renewal fees Fund Fact Sheets §§ Design - $____ /fact sheet, includes first production §§ Production - $____ /fact sheet per production period §§ All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee § Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx xxxxx writers, and public relations firms §§ Long-distance telephone lines, services, and charges § Postage, overnight delivery charges §§ FINRA registration fees (Including [To include late U5 charge (if applicable)] (FINRA advertising filing fees are included in Advertising Compliance Review section above) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. B Xxxxxxx Capital ManagementInvestments, LLC By: /s/ Mxxxxxxx X. Xxxx Printed Name and Xxxxxxx Xxxxx Date: 4/27/12 Name: Xxxxxxx Xxxxx Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Date: Feb 11, 2016Portfolio Manager

Licensing of Investment Advisor’s Staff. (if desired) § ■ $__[ ]/year per registered representative § ■ Quasar sponsors the following licenses: Series 60, 70, 2400, 2600, 2700, 6300, 66 § 00 ■ $__[ ]/FINRA designated branch location § ■ All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §■ Design - $__[ ] /fact sheet, includes first production §■ Production - $__ [ ]/fact sheet per production period §■ All printing costs are out-of-pocket expenses in addition to the design and production fees §■ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §■ Typesetting, printing and distribution of prospectuses and shareholder reports §■ Production, printing, distribution, and placement of advertising, sales literature, and materials §■ Engagement of designers, free-lxxxx xxxxx writers, and public relations firms §■ Postage, overnight delivery charges §■ FINRA registration fees (Including late U5 charge if applicable) §■ Record retention (Including RR email correspondence if applicable) §■ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Average. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital Managementabove. XXXXXX LIQUID ALTERNATIVES, LLC By: /s/ Mxxxxxxx Xxxxxx X. Xxxx Xxxxxx Date: 12/2/2013 Printed Name and & Title: Mxxxxxxx X. Xxxx, Chief Administrative Xxxxxx Xxxxxx COO & Operating Officer Date: Feb 11, 2016CCO Xxxxxx Capital

Licensing of Investment Advisor’s Staff. (if desired) § ■ $___/year per registered representative § ■ Quasar sponsors the following licenses: Series 6, 70, 2400, 2600, 2700, 6300, 66 § 00 ■ $___/FINRA designated branch location § ■ All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §■ Design - $___/fact sheet, includes first production §■ Production - $___ /fact sheet per production period §■ All printing costs are out-of-pocket expenses in addition to the design and production fees §■ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §■ Typesetting, printing and distribution of prospectuses and shareholder reports §■ Production, printing, distribution, and placement of advertising, sales literature, and materials §■ Engagement of designers, free-lxxxx writers, and public relations firms §■ Postage, overnight delivery charges §■ FINRA registration fees (Including late U5 charge if applicable) §■ Record retention (Including RR email correspondence if applicable) §■ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital ManagementBy: 1919 Investment Counsel, LLC ByName: /s/ Mxxxxxxx X. Xxxx Printed Name and Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Date: Feb 11, 2016:

Licensing of Investment Advisor’s Staff. (if desired) § $__[ ] /year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__[ ] /FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__[ ] /fact sheet, includes first production §§ Production - $__ [ ] /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Xxxxxx Capital Management, LLC By: /s/ Mxxxxxxx X. Xxxx :______________________________ Printed Name and Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer _____________________________ Date: Feb 11, 2016______________

Licensing of Investment Advisor’s Staff. (if desired) § · $__/year __ per year per registered representative § (RR); $____ per year per registered representative starting in 2009 · Quasar sponsors the following licensesis limited to these licenses for sponsorship: Series Series, 6, 7, 24, 26, 27, 63, 66 § $__/FINRA designated branch location § All · Plus all associated FINRA and state State fees for registered representativesRegistered Representatives, including license and renewal fees · $___ penalty to be paid by Advisor if written notice of termination of a RR is not received by Quasar within ten (10) business days of the RR’s effective date of termination. Fund Fact Sheets §· Design - $__/fact __ per fact sheet, includes first production §· Production - $____ /fact per fact sheet per production period §· All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal fee. Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of sharesShares, including, but not limited towithout limitation: §Typesetting· typesetting, printing and distribution of prospectuses Prospectuses and shareholder reports §Production· production, printing, distribution, distribution and placement of advertising, advertising and sales literature, literature and materials §Engagement · engagement of designers, free-lxxxx writers, writers and public relations firms §Postage· long-distance telephone lines, services and charges · postage · overnight delivery charges §· FINRA registration fees (Including late U5 charge if applicableFINRA advertising filing fees are included in Advertising Compliance Review section above) §Record · record retention (Including RR email correspondence if applicable) §Travel· travel, lodging, lodging and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Average. Fees are calculated pro rata and billed monthly. * Subject to CPI increase, Milwaukee MSA. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital ManagementB ALESCO GLOBAL ADVISORS, LLC By:__________________________________ Date:______________________________ Name: /s/ Mxxxxxxx X. Xxxx Printed Name and _______________________________ Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Date: Feb 11, 2016:_________________________________

Licensing of Investment Advisor’s Staff. (if desired) § $___ /year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $___/FINRA designated branch location § All Plus all associated FINRA and state fees for registered representativesRegistered Representatives, including license and renewal fees Fund Fact Sheets §§ Design - $___ /fact sheet, includes first production §§ Production - $___ /fact sheet per production period §§ All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee § Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including [To include late U5 charge (if applicable)] (FINRA advertising filing fees are included in Advertising Compliance Review section above) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx B-1 for the Tactical Shares Dynamic Allocation Fund. Capital ManagementAdvisors, LLC Inc. By: /s/ Mxxxxxxx /s/Kxxxx X. Xxxx Xxxxxxx Printed Name and Name: Kxxxx Xxxxxxx Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer CEO Date: Feb 11, 201607/09/2012

Licensing of Investment Advisor’s Staff. (if desired) § $__[ ] /year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__[ ] /FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__[ ] /fact sheet, includes first production §§ Production - $__ [ ] /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Average. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx above. Semper Capital Management, LLC L.P. By: /s/ Mxxxxxxx X. Xxxx /s/Gxxxxxx Xxxxx Printed Name and Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Gxxxxxx Xxxxx Date: Feb 11, 201611/2/2015

Licensing of Investment Advisor’s Staff. (if desired) § $___ /year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $___ /FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $___ /fact sheet, includes first production §§ Production - $___ /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *§ Plus all associated FINRA and State fees for Registered Representatives, including license and renewal fees * Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital Management, LLC By: Rockefeller & Co., Inc. Name: /s/ Mxxxxxxx X. Xxxx Printed Name and Dxxxx Xxxxxxxxx Title: Mxxxxxxx X. XxxxDxxxx Xxxxxxxxx, Chief Administrative & Operating Financial Officer Date: Feb 11November 30, 20162013

Licensing of Investment Advisor’s Staff. (if desired) § $__[ ] /year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__[ ] /FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__[ ] /fact sheet, includes first production §§ Production - $__ [ ] /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Average. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital Managementabove. OTTER CREEK MANGEMENT, LLC INC. By: /s/ Mxxxxxxx /s/Jxxxxx X. Xxxx X’Xxxxx Xx. Date: November 21, 2013 Printed Name and & Title: Mxxxxxxx Jxxxxx X. XxxxX’Xxxxx Xx., Chief Administrative & Operating Officer Date: Feb 11, 2016Financial Officer

Licensing of Investment Advisor’s Staff. (if desired) § $__/year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__/FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__/fact sheet, includes first production §§ Production - $__ /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital ManagementBy: Txxxxx Xxxxx Capital, LLC ByName: /s/ Mxxxxxxx Fxxxxxx X. Xxxx Printed Name and Crown III Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Principal Date: Feb 11December 4, 20162014

Licensing of Investment Advisor’s Staff. (if desired) § $__/year year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 2400, 2600, 2700, 6300, 66 00 § $__/FINRA XXXXX designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__/fact fact sheet, includes first production §§ Production - $__ /fact fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital Management, LLC By: /s/ Mxxxxxxx X. Xxxx Printed Name and XxXxxxxxx Name: Mxxxxxxx XxXxxxxxx Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Partner Date: Feb 11, 20167/14/2015

Licensing of Investment Advisor’s Staff. (if desired) § ● $__/year __ per year per registered representative § ● Quasar sponsors the following licensesis limited to these licenses for sponsorship: Series Series, 6, 7, 24, 26, 27, 63, 66 § ● $__/FINRA ___ per FINRA designated branch location § All ● Plus all associated FINRA and state & State fees for registered representativesRegistered Representatives, including license and license, renewal fees fees. Fund Fact Sheets §● Design - $__/fact ___ per fact sheet, includes first production §● Production - $_____ /fact per fact sheet per production period §● All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee. ● Web sites, third-party data provider costs, brochures, brochures and other sales support materials – Project priced via Quasar proposal proposal. Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of sharesShares, including, but not limited towithout limitation: §Typesetting● typesetting, printing and distribution of prospectuses Prospectuses and shareholder reports §Production● production, printing, distribution, distribution and placement of advertising, advertising and sales literature, literature and materials §Engagement ● engagement of designers, free-lxxxx writers, writers and public relations firms §Postage● long-distance telephone lines, services and charges ● postage, overnight delivery charges §● FINRA registration fees (Including [To include late U5 charge (if applicable)] (FINRA advertising filing fees are included in Advertising Compliance Review section above) §Record ● record retention (Including RR email correspondence if applicable) §Travel● travel, lodging, lodging and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Average. Fees are calculated pro rata and billed monthly. * Subject to CPI increase, Milwaukee MSA. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital Management, LLC B By: NEWGATE CAPITAL MANAGEMENT LLC Name: /s/ Mxxxxxxx X. Xxxx Printed Name and Sxxxx Xxxxxxxxx Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Managing Director Date: Feb 11, 2016:______________________________

Licensing of Investment Advisor’s Staff. (if desired) § $__/year […] per year per registered representative § Quasar sponsors the following licensesis limited to these licenses for sponsorship: Series Series, 6, 7, 24, 26, 27, 63, 66 § $__/FINRA […] per FINRA designated branch location § All Plus all associated FINRA and state State fees for registered representativesRegistered Representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__/fact […] per fact sheet, includes first production §§ Production - $__ /fact […] per fact sheet per production period §§ All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee § Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Chief Compliance Officer Support Fee* § $[…] /year Multiple Series Trust QUASAR DISTRIBUTORS, LLC REGULATORY DISTRIBUTION SERVICES FEE SCHEDULE (continued) at November, 2014 Exhibit B to the Distribution Agreement (continued) – Managed Portfolio Series Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of sharesShares, including, but not limited towithout limitation: §§ Typesetting, printing and distribution of prospectuses Prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Long-distance telephone lines, services, and charges § Postage, overnight delivery charges §§ FINRA registration fees (Including [To include late U5 charge (if applicable)] (FINRA advertising filing fees are included in Advertising Compliance Review section above) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital ManagementBy: TorrayResolute, LLC By: /s/ Mxxxxxxx X. Xxxx Printed Name and /s/Nxxxxxxx Xxxxxxxxxxxx Name: Nxxxxxxx Xxxxxxxxxxxx Title: Mxxxxxxx X. Xxxx, Chief Administrative President & Operating Officer CIO Date: Feb 11, 201612/3/14

Licensing of Investment Advisor’s Staff. (if desired) § · $__/year 2,500 per year per registered representative § (“RR”). · Quasar sponsors the following licensesis limited to these licenses for sponsorship: Series Series, 6, 7, 24, 26, 27, 63, 66 § · $__/FINRA 3,000 per FINRA designated branch location § All · Plus all associated FINRA and state State fees for registered representativesRegistered Representatives, including license and renewal fees fees. Fund Fact Sheets §· Design - $__/fact 1,000 per fact sheet, includes first production §· Production - $__ /fact 500.00 per fact sheet per production period §· All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee. · Web sites, third-party data provider costs, brochures, brochures and other sales support materials – Project priced via Quasar proposal proposal. Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of sharesShares, including, but not limited towithout limitation: §Typesetting· typesetting, printing and distribution of prospectuses Prospectuses and shareholder reports §Production· production, printing, distribution, distribution and placement of advertising, advertising and sales literature, literature and materials §Engagement · engagement of designers, free-lxxxx writers, writers and public relations firms §Postage· long-distance telephone lines, services and charges · postage · overnight delivery charges §· FINRA registration fees (Including late U5 charge if applicableFINRA advertising filing fees are included in Advertising Compliance Review section above) §Record · record retention (Including RR email correspondence if applicable) §Travel· travel, lodging, lodging and meals *Fees are billed monthly. * Subject to annual CPI increase - All Urban Consumers - U.S. City Average. Fees are calculated pro rata and billed monthlyincrease, Milwaukee MSA. Advisor’s Signature below acknowledges approval of the fee schedule on this Amended Exhibit B. Xxxxxxx Capital Management, LLC Xxxxx Investment Advisory Incorporated By: /s/ Mxxxxxxx X. Xxxx Printed Name and :_______________________________ Name:____________________________ Title: Mxxxxxxx X. Xxxx, Chief Administrative :_____________________________ Date:____________________________ Wxxxxxx & Operating Officer Date: Feb 11, 2016Bxxxx

Licensing of Investment Advisor’s Staff. (if desired) § $_____/year per registered representative (2010), $______ /year per registered representative (2011 beyond) § Quasar sponsors the following licensesis limited to these licenses for sponsorship: Series Series, 6, 7, 24, 26, 27, 63, 66 § $_____ /FINRA designated branch location § All Plus all associated FINRA and state State fees for registered representativesRegistered Representatives, including license and renewal fees Fund Fact Sheets §§ Design - $______ /fact sheet, includes first production §§ Production - $______ /fact sheet per production period §§ All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee § Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Chief Compliance Officer Support Fee* - $________/year Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Long-distance telephone lines, services, and charges § Postage, overnight delivery charges §§ FINRA registration fees (Including [To include late U5 charge (if applicable)] (FINRA advertising filing fees are included in Advertising Compliance Review section above) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital Management, LLC By: /s/ Mxxxxxxx X. Xxxx Printed Name and Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Date: Feb 11, 20163/23/10

Licensing of Investment Advisor’s Staff. (if desired) § $___/year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $___/FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $___/fact sheet, includes first production §§ Production - $__ __/fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *§ Plus all associated FINRA and State fees for Registered Representatives, including license and renewal fees * Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. (signature on the following page) Exhibit B (continued) to the Distribution Agreement – Advisors Series Trust Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital Managementabove. Pzena Investment Manager, LLC By: /s/ Mxxxxxxx Wxxxxxx X. Xxxx Xxxxxx Printed Name and Name: Wxxxxxx X. Xxxxxx Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer President Date: Feb 11March 20, 20162014

Licensing of Investment Advisor’s Staff. (if desired) § $__/year […] per year per registered representative § Quasar sponsors the following licensesis limited to these licenses for sponsorship: Series Series, 6, 7, 24, 26, 27, 63, 66 § $__/FINRA […] per FINRA designated branch location § All Plus all associated FINRA and state State fees for registered representativesRegistered Representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__/fact […] per fact sheet, includes first production §§ Production - $__ /fact […] per fact sheet per production period §§ All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee § Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Chief Compliance Officer Support Fee* § $[…] /year Multiple Series Trust QUASAR DISTRIBUTORS, LLC REGULATORY DISTRIBUTION SERVICES FEE SCHEDULE (continued) at November, 2014 Exhibit B to the Distribution Agreement (continued) – Managed Portfolio Series Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of sharesShares, including, but not limited towithout limitation: §§ Typesetting, printing and distribution of prospectuses Prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Long-distance telephone lines, services, and charges § Postage, overnight delivery charges §§ FINRA registration fees (Including [To include late U5 charge (if applicable)] (FINRA advertising filing fees are included in Advertising Compliance Review section above) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital ManagementBy: TorrayResolute, LLC By: /s/ Mxxxxxxx X. Wxxxxxx Xxxx Printed Name and Name: Wxxxxxx Xxxx Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Executive Vice President Date: Feb 11, 20162/12/16_____________

Licensing of Investment Advisor’s Staff. (if desired) § $__/year _ per year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__/FINRA _ per FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - – $__/fact _ per fact sheet, includes first production §§ Production - – $__ /fact per fact sheet per each production period §§ All printing costs are out-of-pocket Miscellaneous expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Chief Compliance Officer Support Fee* § $__ per year per fund complex Miscellaneous Expenses Reasonable out-of-pocket Miscellaneous expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx xxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §other costs to fulfill regulatory requirements § Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - – All Urban Consumers - – U.S. City Average. Average Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital Management, LLC By: /s/ Mxxxxxxx X. Xxxx Printed Name and Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Date: Feb 11, 2016.

Licensing of Investment Advisor’s Staff. (if desired) § $____ /year per registered representative § Quasar sponsors the following licensesis limited to these licenses for sponsorship: Series Series, 6, 7, 24, 26, 27, 63, 66 § $____ /FINRA designated branch location § All Plus all associated FINRA and state State fees for registered representativesRegistered Representatives, including license and renewal fees Fund Fact Sheets §§ Design - $____ /fact sheet, includes first production §§ Production - $____ /fact sheet per production period §§ All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee § Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Long-distance telephone lines, services, and charges § Postage, overnight delivery charges §§ FINRA registration fees (Including [To include late U5 charge (if applicable)] (FINRA advertising filing fees are included in Advertising Compliance Review section above) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule fees on this Exhibit B. Xxxxxxx Capital ManagementBy: M.D. Sass, LLC ByName: /s/ Mxxxxxxx X. Xxxx Printed Name and ________________________________ Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer :_________________________________ Date: Feb 11, 2016:________________________

Licensing of Investment Advisor’s Staff. (if desired) § $__/year per year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__/FINRA per FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__/fact per fact sheet, includes first production §§ Production - $__ /fact per fact sheet per each production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §fees/other costs to fulfill regulatory requirements § Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals ** Subject to annual CPI increase - All Urban Consumers - U.S. City Average. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital By: Fulcrum Asset Management, LLC ByLLP /s/ Jxx Xxxxxxxx Name: /s/ Mxxxxxxx X. Xxxx Printed Name and /s/Jxx Xxxxxxxx Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer COO Date: Feb 11, 20162/7/15

Licensing of Investment Advisor’s Staff. (if desired) § $__/year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__[…]/year per registered representative § $[…]/FINRA designated branch location (if required) § All plus all associated FINRA and state fees for registered representativesRegistered Representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__[…]/fact sheet, includes first production §§ Production - $__ […] /fact sheet per production period §§ All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee Notes & Out-of-Pocket Expenses Default sales loads and distributor concession, if applicable, are paid to Quasar. Web sites, third-party data provider costs, brochures, and other sales support materials – Project are priced via Quasar proposal Outon a per-of-Pocket Expenses project basis. Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §Postage, § Postage and overnight delivery charges §§ FINRA registration fees (Including [To include late U5 charge (if applicableapplicable)](FINRA advertising filing fees are included in Advertising Compliance Review section above) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital ManagementADVANTUS CAPITAL MANAGEMENT, LLC INC. By: /s/ Mxxxxxxx Gxxx X. Xxxx Xxxxxx Printed Name and Title: Mxxxxxxx Gxxx X. Xxxx, Chief Administrative & Operating Officer Xxxxxx Date: Feb 11, 20168/31/12

Licensing of Investment Advisor’s Staff. (if desired) § $__[ ] /year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__[ ] /FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__[ ] /fact sheet, includes first production §§ Production - $__ [ ] /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital Management, LLC By: Rothschild Asset Management Inc. Name: /s/ Mxxxxxxx X. Xxxx Printed Name and Txx Xxxxxxxx Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Offier Date: Feb 11December 18, 20162014

Licensing of Investment Advisor’s Staff. (if desired) § $______ /year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $______ /FINRA designated branch location § All Plus all associated FINRA and state fees for registered representativesRegistered Representatives, including license and renewal fees Fund Fact Sheets §§ Design - $______ /fact sheet, includes first production §§ Production - $______ /fact sheet per production period §§ All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee § Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Chief Compliance Officer Support Fee* § $______ /year Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including [To include late U5 charge (if applicable)] (FINRA advertising filing fees are included in Advertising Compliance Review section above) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital Management, LLC By: /s/ Mxxxxxxx X. Xxxx Printed Name and Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Date: Feb 11, 2016Cxxxxxx – 11/2012

Licensing of Investment Advisor’s Staff. (if desired) § $__/year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__/FINRA FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__/fact sheet, includes first production §§ Production - $__ _/fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital ManagementBy: 1919 Investment Counsel, LLC ByName: /s/ Mxxxxxxx X. Xxxx Bxxxx Xxxxxxxxx Printed Name and Title: Mxxxxxxx X. XxxxBxxxx Xxxxxxxxx, Chief Administrative & Operating Officer Director of Investment Operations Date: Feb 11, 201610/30/14

Licensing of Investment Advisor’s Staff. (if desired) § $__/year per registered representative § Quasar sponsors the following licensesis limited to these licenses for sponsorship: Series Series, 6, 7, 24, 26, 27, 63, 66 § $__/FINRA designated branch location § All Plus all associated FINRA and state State fees for registered representativesRegistered Representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__/fact sheet, includes first production §§ Production - $__ /fact sheet per production period §§ All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee § Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Long-distance telephone lines, services, and charges § Postage, overnight delivery charges §§ FINRA registration fees (Including [To include late U5 charge (if applicable)] (FINRA advertising filing fees are included in Advertising Compliance Review section above) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital Management, LLC By: VISIUM ASSET MANAGEMENT, LP Name: /s/ Mxxxxxxx X. Xxxx Printed Name and Mxxx Xxxxxxxx Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Authorized Signatory Date: Feb 11June 27, 20162013

Licensing of Investment Advisor’s Staff. (if desired) § $__[ ] /year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__[ ] /FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__[ ] /fact sheet, includes first production §§ Production - $__ [ ] /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital ManagementBy: Otter Creek Advisors, LLC ByName: /s/ Mxxxxxxx X. Rxxxx Kxxxx Xxxx Printed Name and Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Member Date: Feb 11February 20, 20162015

Licensing of Investment Advisor’s Staff. (if desired) § $__[…] /year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $__[…] /FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__[…] /fact sheet, includes first production §§ Production - $__ […] /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx Capital ManagementXxxxx Asset Management Group, LLC LP By: /s/ Mxxxxxxx Jxxx X. Xxxx Printed Name and Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Date: Feb 11, 201611/18/13

Licensing of Investment Advisor’s Staff. (if desired) § $__/year 2,500 per year per registered representative § Quasar sponsors the following licensesis limited to these licenses for sponsorship: Series Series, 6, 7, 24, 26, 27, 63, 66 § $__/FINRA 3,000 per FINRA designated branch location § All Plus all associated FINRA and state State fees for registered representativesRegistered Representatives, including license and renewal fees Fund Fact Sheets §§ Design - $__/fact 1,000 per fact sheet, includes first production §§ Production - $__ /fact 500.00 per fact sheet per production period §§ All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee § Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of sharesShares, including, but not limited towithout limitation: §§ Typesetting, printing and distribution of prospectuses Prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx xxxxx writers, and public relations firms §§ Long-distance telephone lines, services, and charges § Postage, overnight delivery charges §§ FINRA registration fees (Including [To include late U5 charge (if applicable)] (FINRA advertising filing fees are included in Advertising Compliance Review section above) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Fees are billed monthly. * Subject to annual CPI increase - All Urban Consumers - U.S. City Average. Fees are calculated pro rata and billed monthlyincrease, Milwaukee MSA. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx above. Xxxx Capital Management, LLC By: /s/ Mxxxxxxx X. Xxxx Printed /s/Xxxxxx Xxxxxxxx Date:_________________________ Name and & Title: Mxxxxxxx X. Xxxx, Chief Administrative & Operating Officer Date: Feb 11, 2016Xxxxxx Xxxxxxxx

Licensing of Investment Advisor’s Staff. (if desired) § $___ /year per registered representative § Quasar sponsors the following licenses: Series 6, 7, 24, 26, 27, 63, 66 § $___ /FINRA designated branch location § All associated FINRA and state fees for registered representatives, including license and renewal fees Fund Fact Sheets §§ Design - $___ /fact sheet, includes first production §§ Production - $___ /fact sheet per production period §§ All printing costs are out-of-pocket expenses in addition to the design and production fees §§ Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of shares, including, but not limited to: §§ Typesetting, printing and distribution of prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx writers, and public relations firms §§ Postage, overnight delivery charges §§ FINRA registration fees (Including late U5 charge if applicable) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals *Subject to annual CPI increase - All Urban Consumers - U.S. City Averageincrease, Milwaukee MSA. Fees are calculated pro rata and billed monthly. Advisor’s Signature below acknowledges approval of the fee schedule on this Exhibit B. Xxxxxxx above. Semper Capital Management, LLC L.P. By: /s/ Mxxxxxxx Txxxxx X. Xxxx Xxxxxx Printed Name and Title: Mxxxxxxx Txxxxx X. XxxxXxxxxx, Chief Administrative & Operating Officer Xx. Managing Director Date: Feb 11July 9, 20162013

Licensing of Investment Advisor’s Staff. (if desired) § $____ /year per registered representative § Quasar sponsors the following licensesis limited to these licenses for sponsorship: Series Series, 6, 7, 24, 26, 27, 63, 66 § $____ /FINRA designated branch location § All Plus all associated FINRA and state State fees for registered representativesRegistered Representatives, including license and renewal fees Fund Fact Sheets §§ Design - $_____ /fact sheet, includes first production §§ Production - $____ /fact sheet per production period §§ All printing costs are out-of-pocket expenses expenses, and in addition to the design fee and production fees §fee § Web sites, third-party data provider costs, brochures, and other sales support materials – Project priced via Quasar proposal Out-of-Pocket Expenses Reasonable out-of-pocket expenses incurred by the Distributor in connection with activities primarily intended to result in the sale of sharesShares, including, but not limited towithout limitation: §§ Typesetting, printing and distribution of prospectuses Prospectuses and shareholder reports §§ Production, printing, distribution, and placement of advertising, sales literature, and materials §§ Engagement of designers, free-lxxxx xxxxx writers, and public relations firms §§ Long-distance telephone lines, services, and charges § Postage, overnight delivery charges §§ FINRA registration fees (Including [To include late U5 charge (if applicable)] (FINRA advertising filing fees are included in Advertising Compliance Review section above) §§ Record retention (Including RR email correspondence if applicable) §§ Travel, lodging, and meals Fees are billed monthly. *Subject to annual CPI increase - All Urban Consumers - U.S. City Average. Fees are calculated pro rata and billed monthlyincrease, Milwaukee MSA. Advisor’s Signature signature below acknowledges approval of the 5 (five) fee schedule schedules on this Amended Exhibit B. Xxxxxxx Capital ManagementB GENEVA INVESTMENT MANAGEMENT OF CHICAGO, LLC By: /s/ Mxxxxxxx Xxxxxx X. Xxxx Xxxxxx Date: April 20, 2010 Printed Name and Title: Mxxxxxxx Xxxxxx X. XxxxXxxxxx, Chief Administrative & Operating Officer Date: Feb 11, 2016Principal Geneva