Sector Rotation Fund. The Adviser voluntarily agrees to waive its management fee for each Fund in an amount equal to the amount by which the management fee retained by the Adviser after payment of the subadvisory fees for the Fund exceeds 0.45% as a percentage of average daily net assets (on an annualized basis) of the Fund. The Adviser may terminate this voluntary waiver at any time upon notice to the Trust.
Sector Rotation Fund. The Advisor shall make a monthly payment to the Administrator based upon the daily average net assets of the Fund according to the following schedule: Average Daily Net Assets Annual Rate Less than $10,000,000 1.000% $10,000,000 but less than $11,000,000 0.863% $11,000,000 but less than $12,000,000 0.748% $12,000,000 but less than $13,000,000 0.651% $13,000,000 but less than $14,000,000 0.568% $14,000,000 but less than $15,000,000 0.496% $15,000,000 but less than $16,000,000 0.433% $16,000,000 but less than $17,000,000 0.377% $17,000,000 but less than $18,000,000 0.328% $18,000,000 but less than $19,000,000 0.284% $19,000,000 but less than $20,000,000 0.244% $20,000,000 but less than $21,000,000 0.208% $21,000,000 but less than $22,000,000 0.175% $22,000,000 but less than $23,000,000 0.145% $23,000,000 but less than $24,000,000 0.118% $24,000,000 but less than $25,000,000 0.093% $25,000,000 but less than $26,000,000 0.069% $26,000,000 but less than $27,000,000 0.048% $27,000,000 but less than $28,000,000 0.028% $28,000,000 but less than $29,000,000 0.009% $29,000,000 or more 0.000% XXXXXXXX X Minimum Operating Cost Pursuant to Section 2(f) of this Operating Plan, if the compensation received by Administrator under the Fund Administration Agreement is less than the amount set forth in the schedule below, then the Advisor must remit or cause to be remitted to Administrator an amount that is sufficient to reimburse Administrator for the difference. Such amounts shall be calculated and paid on a monthly basis. If this Operating Plan becomes effective subsequent to the first day of the month or terminates before the last day of the month, the minimum operating cost for that part of the month in which this Operating Plan is in effect will be prorated. Year 1 and thereafter ...........................................................................................................................................................$13,750 per month ($165,000 annually) APPENDIX C
Sector Rotation Fund. The Advisor shall make a monthly payment to the Administrator based upon the daily average net assets of the Fund according to the following schedule: Average Daily Net Assets Annual Rate Less than $7,000,000 1.000% $7,000,000 but less than $8,000,000 0.723% $8,000,000 but less than $9,000,000 0.508% $9,000,000 but less than $10,000,000 0.336% $10,000,000 but less than $11,000,000 0.195% $11,000,000 but less than $12,000,000 0.078% $12,000,000 or more 0.000% XXXXXXXX X
Sector Rotation Fund. 16. Sirius S&P Strategic Large-Cap Allocation Fund
