Common use of Renewal, Termination and Amendment Clause in Contracts

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreement, through November 23, 2017; and it shall thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities of the Funds or (ii) by vote of a majority of the Trust’s Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than 60-day nor less than 30-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not less than 60-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the Funds. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act). c. This Agreement may be amended at any time by the parties, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreementas hereinafter provided, through November 23, 2017; and it shall continue thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities (as herein defined) of the Funds Fund or (ii) by vote of a majority of the Trust’s Board including and (ii) by the vote of a majority of the Trustees Board who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than sixty (60-day ) days' nor less than thirty (30-day prior ) days' written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not less than sixty (60-day prior ) days' written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by the Trust, Trust upon either (y) the majority vote of the its Board or (z) the affirmative vote of a majority of the outstanding voting securities of the FundsFund. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the partiesparties hereto, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreement, through November 23March 1, 20172020; and it shall thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities of the Funds Fund or (ii) by vote of a majority of the Trust’s 's Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than 60-day nor less than 30-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not less than 60-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the FundsFund. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the parties, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreement, through November 2330, 20172020; and it shall thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities of the Funds Fund or (ii) by vote of a majority of the Trust’s Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than 60-day days’ nor less than 30-day days’ prior written notice delivered or mailed by registered mailmailed, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Sub- Advisor upon not less than 60-day days’ prior written notice delivered or mailed by registered mailmailed, postage prepaid, to the Advisor; or (iii) by the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the FundsFund. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the parties, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreement, through November 2317, 20172022; and it shall thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities of the Funds Fund or (ii) by vote of a majority of the Trust’s Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than 60-day days’ nor less than 30-day days’ prior written notice delivered or mailed by registered mailmailed, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not less than 60-day days’ prior written notice delivered or mailed by registered mailmailed, postage prepaid, to the Advisor; or (iii) by the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the FundsFund. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the parties, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreement, through November 23December 18, 20172016; and it shall thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities of the Funds Fund or (ii) by vote of a majority of the Trust’s Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than 60-day nor less than 30-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not less than 60-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the FundsFund. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the parties, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue be effective as of April __, 2011 and shall remain in effecteffect for the lesser of 150 days, unless sooner terminated under this Agreement, through November 23, 2017; and it shall thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by or until (i) the vote shareholders of the holders of Fund vote to approve or disapprove a majority of the outstanding voting securities of the Funds or (ii) by vote of a majority of the Trust’s Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person Advisory Agreement at a meeting called for such purpose, or (ii) the purpose Board approves a Sub-Advisory Agreement in reliance on the Trust's SEC exemptive order from certain requirements of voting on such approvalSection 15(a) and Rule 18f-2 of the 1940 Act. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than sixty (60-day ) days' nor less than thirty (30-day prior ) days' written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not less than sixty (60-day prior ) days' written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by the Trust, Trust upon either (y) the majority vote of the its Board or (z) the affirmative vote of a majority of the outstanding voting securities of the FundsFund. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the partiesparties hereto, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreementas hereinafter provided, through November 23until December 31, 20172002; and it shall continue thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities (as herein defined) of the Funds Fund or by vote of a -5- majority of the Trust's Board of Trustees and (ii) by vote of a majority of the Trust’s Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor Advisor, by the Trust's Board of Trustees or by a vote of the majority of the outstanding voting securities of the Fund, in any such case upon not more than 60-day nor less than 30-day 60 days' prior written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; Advisor and (ii) by the Sub-Advisor upon not less than 60-day 60 days' prior written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by Advisor and the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the Funds. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the partiesparties hereto, subject to approval by the Trust's Board of Trustees and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreement, through November 23August 30, 2017; and it shall thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities of the Funds Fund or (ii) by vote of a majority of the Trust’s Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than 60-day nor less than 30-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not more than 60-day nor less than 6030-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the FundsFund. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the parties, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreement, through November 23March 1, 20172020; and it shall thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities of the Funds Fund or (ii) by vote of a majority of the Trust’s Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than 60-day nor less than 30-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not less than 60-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the FundsFund. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the parties, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreement, through November 23October 28, 20172023; and it shall thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities of the Funds Fund or (ii) by vote of a majority of the Trust’s Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than 60-day days’ nor less than 30-day days’ prior written notice delivered or mailed by registered mailmailed, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not less than 60-day days’ prior written notice delivered or mailed by registered mailmailed, postage prepaid, to the Advisor; or (iii) by the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the FundsFund. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the parties, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreementas hereinafter provided, through November 23until October 1, 20172011; and it shall continue thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities (as herein defined) of the Funds Fund or (ii) by vote of a majority of the Trust’s 's Board including and (ii) by the vote of a majority of the Trustees Board who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than sixty (60-day ) days' nor less than thirty (30-day prior ) days' written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not less than sixty (60-day prior ) days' written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by the Trust, Trust upon either (y) the majority vote of the its Board or (z) the affirmative vote of a majority of the outstanding voting securities of the FundsFund. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the partiesparties hereto, subject to approval by the Trust's Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreement, through November 23August 22, 20172021; and it shall thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities of the Funds Fund or (ii) by vote of a majority of the Trust’s Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than 60-day nor less than 30-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not less than 60-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the FundsFund. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the parties, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreementas hereinafter provided, through November 23until December 31, 20172005; and it shall continue thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities (as herein defined) of the Funds Fund or (ii) by vote of a majority of the Trust’s 's Board including of Trustees and (ii) by the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor Advisor, by the Trust's Board of Trustees or by a vote of the majority of the outstanding voting securities of the Fund, in any such case upon not more than 60-day nor less than 30-day 60 days' prior written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; Advisor and (ii) by the Sub-Advisor upon not less than 60-day 60 days' prior written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by Advisor and the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the Funds. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the partiesparties hereto, subject to approval by the Trust's Board of Trustees and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreementas hereinafter provided, through November 23, 2017until ____________; and it shall continue thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities (as herein defined) of the Funds Fund or (ii) by vote of a majority of the Trust’s 's Board including of Trustees and (ii) by the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor Advisor, by the Trust's Board of Trustees or by a vote of the majority of the outstanding voting securities of the Fund, in any such case upon not more than 60-day nor less than 30-day 60 days' prior written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; Advisor and (ii) by the Sub-Advisor upon not less than 60-day 60 days' prior written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by Advisor and the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the Funds. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the partiesparties hereto, subject to approval by the Trust's Board of Trustees and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreement, through November 23April 30, 20172018; and it shall thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities of the Funds or (ii) by vote of a majority of the Trust’s Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than 60-day nor less than 30-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not less than 60-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the Funds. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act). c. This Agreement may be amended at any time by the parties, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreement, through November 23December 31, 20172022; and it shall thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities of the Funds or (ii) by vote of a majority of the Trust’s Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than 60-day nor less than 30-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not less than 60-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the Funds. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act). c. This Agreement may be amended at any time by the parties, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreement, through November 23September 11, 20172022; and it shall thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities of the Funds Fund or (ii) by vote of a majority of the Trust’s Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than 60-day nor less than 30-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not less than 60-day prior written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the FundsFund. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the parties, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreementas hereinafter provided, through November 23until December 31, 20172002; and it shall continue thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities (as herein defined) of the Funds Fund or (ii) by vote of a majority of the Trust’s 's Board including of Trustees and (ii) by the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor Advisor, by the Trust's Board of Trustees or by a vote of the majority of the outstanding voting securities of the Fund, in any such case upon not more than 60-day nor less than 30-day 60 days' prior written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; Advisor and (ii) by the Sub-Advisor upon not less than 60-day 60 days' prior written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by Advisor and the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the Funds. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the partiesparties hereto, subject to approval by the Trust's Board of Trustees and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under this Agreementas hereinafter provided, through November 23until September 30, 20172011; and it shall continue thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities (as herein defined) of the Funds Fund or (ii) by vote of a majority of the Trust’s Board including and (ii) by the vote of a majority of the Trustees Board who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor upon not more than sixty (60-day ) days' nor less than thirty (30-day prior ) days' written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; (ii) by the Sub-Advisor upon not less than sixty (60-day prior ) days' written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by the Trust, Trust upon either (y) the majority vote of the its Board or (z) the affirmative vote of a majority of the outstanding voting securities of the FundsFund. This Agreement shall terminate automatically in the event of its assignment (as such term is defined in the 1940 Act)assignment. c. This Agreement may be amended at any time by the partiesparties hereto, subject to approval by the Board and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “assignment,” “interested persons” and “majority of the outstanding voting securities” shall have the meaning set forth for such terms in the 1940 Act.

Renewal, Termination and Amendment. a. This Agreement shall continue in effect, unless sooner terminated under as hereinafter provided, for a period of no more than 150 days following the effective date of this Agreement, through November 23, 2017; and it shall thereafter continue for successive annual terms provided that such continuance is specifically approved by the parties and, in addition, at least annually by (i) the vote of the holders of a majority of the outstanding voting securities of the Funds or (ii) by vote of a majority of the Trust’s Board including the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of either the Advisor or the Sub-Advisor, cast in person at a meeting called for the purpose of voting on such approval. b. This Agreement may be terminated at any time, without payment of any penalty, (i) by the Advisor Advisor, by the Trust's Board of Trustees or by a vote of the majority of the outstanding voting securities of the Fund, in any such case upon not more than 60-day nor less than 30-day 10 calendar days' prior written notice delivered or mailed by registered mail, postage prepaid, to the Sub-Advisor; Advisor and (ii) by the Sub-Advisor upon not less than 60-day 60 days' prior written notice delivered or mailed by registered mail, postage prepaid, to the Advisor; or (iii) by Advisor and the Trust, upon either (y) the majority vote of the Board or (z) the affirmative vote of a majority of the outstanding voting securities of the Funds. This Agreement shall terminate automatically (i) in the event of its assignment or (as such term is defined in ii) upon the 1940 Act)effective date of a sub-advisory agreement with the Sub-Adviser that has been approved by a majority of the Fund's outstanding voting securities within 150 days of the effective date of this Agreement. c. This Agreement may be amended at any time by the partiesparties hereto, subject to approval by the Trust's Board of Trustees and, if required by applicable SEC rules and regulations, a vote of the majority of the outstanding voting securities of the Funds Fund affected by such change. d. The terms “"assignment,” “" "interested persons” " and “"majority of the outstanding voting securities” " shall have the meaning set forth for such terms in the 1940 Act.