Common use of Sub-Advisory Fee Clause in Contracts

Sub-Advisory Fee. (a) In return for its advisory services, the Adviser will pay the Sub-Adviser a monthly fee, computed and accrued daily, based on an annual rate of 0.200% of the "Average Daily Managed Assets" of such portion of the Fund's assets allocated to the Sub- Adviser. "Average Daily Managed Assets" shall mean the average daily value of the assets of the Fund allocated to the Sub-Adviser, less accrued liabilities of the Fund related or allocated to such portion of the Fund's assets allocated to the Sub-Adviser (other than the aggregate amount of any outstanding borrowings constituting financial leverage). [For the avoidance of doubt, assets allocated by the Sub-Adviser to other sub- advisers pursuant to Section 2(a) of this Agreement will not be considered to have been allocated to Sub-Adviser for purposes of determining Average Daily Managed Assets, and the Sub-Adviser will not receive any fees with respect to such assets.]2 If this Agreement becomes effective subsequent to the first day of a month or shall terminate before the last day of a month, compensation for such month shall be computed in a manner consistent with the calculation of the fees payable on a monthly basis. The accrued fees will be payable monthly no later than the fifteenth (15) business day following the end of each month during which this Agreement is in effect. (b) The Adviser agrees to direct the Fund's administrator to pay the Sub-Adviser the compensation payable pursuant to Section 5(a) out of the assets of the Fund; provided, however, that in such case the compensation payable to the Sub-Adviser by the Adviser hereunder will be reduced by the amount of any compensation paid directly by the Fund to the Sub-Adviser. To the extent the Sub-Adviser allocates any assets to third-party sub-advisers as contemplated by clause (i) of Section 2(a), the fees payable to such third-party sub-advisers shall not be payable by the Sub-Adviser out of the fees paid by the Adviser to the Sub-Adviser pursuant to this Section 5 but shall be paid pursuant to the terms and conditions of the sub-advisory agreement entered between such third-party sub-adviser and the Adviser.]3 SECTION 6.

Sub-Advisory Fee. (a) In return for its advisory services, the Adviser will pay the Sub-Adviser a monthly fee, computed and accrued daily, based on an annual rate of 0.2000.300% of the "Average Daily Managed Assets" of such portion of the Fund's assets allocated to the Sub- Adviser. "Average Daily Managed Assets" shall mean the average daily value of the assets of the Fund allocated to the Sub-Adviser, less accrued liabilities of the Fund related or allocated to such portion of the Fund's assets allocated to the Sub-Adviser (other than the aggregate amount of any outstanding borrowings constituting financial leverage). [For the avoidance of doubt, assets allocated by the Sub-Adviser to other sub- advisers pursuant to Section 2(a) of this Agreement will not be considered to have been allocated to Sub-Adviser for purposes of determining Average Daily Managed Assets, and the Sub-Adviser will not receive any fees with respect to such assets.]2 If this Agreement becomes effective subsequent to the first day of a month or shall terminate before the last day of a month, compensation for such month shall be computed in a manner consistent with the calculation of the fees payable on a monthly basis. The accrued fees will be payable monthly no later than the fifteenth (15) business day following the end of each month during which this Agreement is in effect. (b) The Adviser agrees to direct the Fund's administrator to pay the Sub-Adviser the compensation payable pursuant to Section 5(a) out of the assets of the Fund; provided, however, that in such case the compensation payable to the Sub-Adviser by the Adviser hereunder will be reduced by the amount of any compensation paid directly by the Fund to the Sub-Adviser. To the extent the Sub-Adviser allocates any assets to third-party sub-advisers as contemplated by clause (i) of Section 2(a), the fees payable to such third-party sub-advisers shall not be payable by the Sub-Adviser out of the fees paid by the Adviser to the Sub-Adviser pursuant to this Section 5 but shall be paid pursuant to the terms and conditions of the sub-advisory agreement entered between such third-party sub-adviser and the Adviser.]3 SECTION 6.

Sub-Advisory Fee. (a) In return for its advisory services, the Adviser will pay the Sub-Adviser a monthly fee, computed and accrued daily, based on an annual rate of 0.2000.175% of the "Average Daily Managed Assets" of such portion of the Fund's assets allocated to the Sub- Sub-Adviser. "Average Daily Managed Assets" shall mean the average daily value of the assets of the Fund allocated to the Sub-Adviser, less accrued liabilities of the Fund related or allocated to such portion of the Fund's assets allocated to the Sub-Adviser (other than the aggregate amount of any outstanding borrowings constituting financial leverage). [For the avoidance of doubt, assets allocated by the Sub-Adviser to other sub- sub-advisers pursuant to Section 2(a) of this Agreement will not be considered to have been allocated to Sub-Adviser for purposes of determining Average Daily Managed Assets, and the Sub-Adviser will not receive any fees with respect to such assets.]2 If this Agreement becomes effective subsequent to the first day of a month or shall terminate before the last day of a month, compensation for such month shall be computed in a manner consistent with the calculation of the fees payable on a monthly basis. The accrued fees will be payable monthly no later than the fifteenth (15) business day following the end of each month during which this Agreement is in effect. (b) The Adviser agrees to direct the Fund's administrator to pay the Sub-Adviser the compensation payable pursuant to Section 5(a) out of the assets of the Fund; provided, however, that in such case the compensation payable to the Sub-Adviser by the Adviser hereunder will be reduced by the amount of any compensation paid directly by the Fund to the Sub-Adviser. To the extent the Sub-Adviser allocates any assets to third-third- party sub-advisers as contemplated by clause (i) of Section 2(a), the fees payable to such third-party sub-advisers shall not be payable by the Sub-Adviser out of the fees paid by the Adviser to the Sub-Adviser pursuant to this Section 5 but shall be paid pursuant to the terms and conditions of the sub-advisory agreement entered between such third-party sub-sub- adviser and the Adviser.]3 SECTION 6.

Sub-Advisory Fee. (a) In return for its advisory services, the Adviser will pay the Sub-Adviser a monthly fee, computed and accrued daily, based on an annual rate of 0.2000.375% of the "Average Daily Managed Assets" of such portion of the Fund's assets allocated to the Sub- Adviser. "Average Daily Managed Assets" shall mean the average daily value of the assets of the Fund allocated to the Sub-Adviser, less accrued liabilities of the Fund related or allocated to such portion of the Fund's assets allocated to the Sub-Adviser (other than the aggregate amount of any outstanding borrowings constituting financial leverage). [For the avoidance of doubt, assets allocated by the Sub-Adviser to other sub- advisers pursuant to Section 2(a) of this Agreement will not be considered to have been allocated to Sub-Adviser for purposes of determining Average Daily Managed Assets, and the Sub-Adviser will not receive any fees with respect to such assets.]2 If this Agreement becomes effective subsequent to the first day of a month or shall terminate before the last day of a month, compensation for such month shall be computed in a manner consistent with the calculation of the fees payable on a monthly basis. The accrued fees will be payable monthly no later than the fifteenth (15) business day following the end of each month during which this Agreement is in effect. (b) The Adviser agrees to direct the Fund's administrator to pay the Sub-Adviser the compensation payable pursuant to Section 5(a) out of the assets of the Fund; provided, however, that in such case the compensation payable to the Sub-Adviser by the Adviser hereunder will be reduced by the amount of any compensation paid directly by the Fund to the Sub-Adviser. To the extent the Sub-Adviser allocates any assets to third-party sub-advisers as contemplated by clause (i) of Section 2(a), the fees payable to such third-party sub-advisers shall not be payable by the Sub-Adviser out of the fees paid by the Adviser to the Sub-Adviser pursuant to this Section 5 but shall be paid pursuant to the terms and conditions of the sub-advisory agreement entered between such third-party sub-adviser and the Adviser.]3 SECTION 6.

Sub-Advisory Fee. (a) In return for its advisory services, the Adviser will pay the Sub-Adviser a monthly fee, computed and accrued daily, based on an annual rate of 0.2000.125% of the "Average Daily Managed Assets" of such portion of the Fund's assets allocated to the Sub- Adviser. "Average Daily Managed Assets" shall mean the average daily value of the assets of the Fund allocated to the Sub-Adviser, less accrued liabilities of the Fund related or allocated to such portion of the Fund's assets allocated to the Sub-Adviser (other than the aggregate amount of any outstanding borrowings constituting financial leverage). [For the avoidance of doubt, assets allocated by the Sub-Adviser to other sub- advisers pursuant to Section 2(a) of this Agreement will not be considered to have been allocated to Sub-Adviser for purposes of determining Average Daily Managed Assets, and the Sub-Adviser will not receive any fees with respect to such assets.]2 If this Agreement becomes effective subsequent to the first day of a month or shall terminate before the last day of a month, compensation for such month shall be computed in a manner consistent with the calculation of the fees payable on a monthly basis. The accrued fees will be payable monthly no later than the fifteenth (15) business day following the end of each month during which this Agreement is in effect. (b) The Adviser agrees to direct the Fund's administrator to pay the Sub-Adviser the compensation payable pursuant to Section 5(a) out of the assets of the Fund; provided, however, that in such case the compensation payable to the Sub-Adviser by the Adviser hereunder will be reduced by the amount of any compensation paid directly by the Fund to the Sub-Adviser. To the extent the Sub-Adviser allocates any assets to third-party sub-advisers as contemplated by clause (i) of Section 2(a), the fees payable to such third-party sub-advisers shall not be payable by the Sub-Adviser out of the fees paid by the Adviser to the Sub-Adviser pursuant to this Section 5 but shall be paid pursuant to the terms and conditions of the sub-advisory agreement entered between such third-party sub-adviser and the Adviser.]3 SECTION 6.

Sub-Advisory Fee. (a) In return for its advisory services, the Adviser will pay the Sub-Adviser a monthly fee, computed and accrued daily, based on an annual rate of 0.2000.175% of the "Average Daily Managed Assets" of such portion of the Fund's assets allocated to the Sub- Adviser. "Average Daily Managed Assets" shall mean the average daily value of the assets of the Fund allocated to the Sub-Adviser, less accrued liabilities of the Fund related or allocated to such portion of the Fund's assets allocated to the Sub-Adviser (other than the aggregate amount of any outstanding borrowings constituting financial leverage). [For the avoidance of doubt, assets allocated by the Sub-Adviser to other sub- advisers pursuant to Section 2(a) of this Agreement will not be considered to have been allocated to Sub-Adviser for purposes of determining Average Daily Managed Assets, and the Sub-Adviser will not receive any fees with respect to such assets.]2 If this Agreement becomes effective subsequent to the first day of a month or shall terminate before the last day of a month, compensation for such month shall be computed in a manner consistent with the calculation of the fees payable on a monthly basis. The accrued fees will be payable monthly no later than the fifteenth (15) business day following the end of each month during which this Agreement is in effect. (b) The Adviser agrees to direct the Fund's administrator to pay the Sub-Adviser the compensation payable pursuant to Section 5(a) out of the assets of the Fund; provided, however, that in such case the compensation payable to the Sub-Adviser by the Adviser hereunder will be reduced by the amount of any compensation paid directly by the Fund to the Sub-Adviser. To the extent the Sub-Adviser allocates any assets to third-party sub-advisers as contemplated by clause (i) of Section 2(a), the fees payable to such third-party sub-advisers shall not be payable by the Sub-Adviser out of the fees paid by the Adviser to the Sub-Adviser pursuant to this Section 5 but shall be paid pursuant to the terms and conditions of the sub-advisory agreement entered between such third-party sub-adviser and the Adviser.]3 SECTION 6.

Sub-Advisory Fee. (a) In return for its advisory services, the Adviser will pay the Sub-Adviser a monthly fee, computed and accrued daily, based on an annual rate of 0.2000.400% of the "Average Daily Managed Assets" of such portion of the Fund's assets allocated to the Sub- Adviser. "Average Daily Managed Assets" shall mean the average daily value of the assets of the Fund allocated to the Sub-Adviser, less accrued liabilities of the Fund related or allocated to such portion of the Fund's assets allocated to the Sub-Adviser (other than the aggregate amount of any outstanding borrowings constituting financial leverage). [For the avoidance of doubt, assets allocated by the Sub-Adviser to other sub- advisers pursuant to Section 2(a) of this Agreement will not be considered to have been allocated to Sub-Adviser for purposes of determining Average Daily Managed Assets, and the Sub-Adviser will not receive any fees with respect to such assets.]2 If this Agreement becomes effective subsequent to the first day of a month or shall terminate before the last day of a month, compensation for such month shall be computed in a manner consistent with the calculation of the fees payable on a monthly basis. The accrued fees will be payable monthly no later than the fifteenth (15) business day following the end of each month during which this Agreement is in effect. (b) The Adviser agrees to direct the Fund's administrator to pay the Sub-Adviser the compensation payable pursuant to Section 5(a) out of the assets of the Fund; provided, however, that in such case the compensation payable to the Sub-Adviser by the Adviser hereunder will be reduced by the amount of any compensation paid directly by the Fund to the Sub-Adviser. To the extent the Sub-Adviser allocates any assets to third-party sub-advisers as contemplated by clause (i) of Section 2(a), the fees payable to such third-party sub-advisers shall not be payable by the Sub-Adviser out of the fees paid by the Adviser to the Sub-Adviser pursuant to this Section 5 but shall be paid pursuant to the terms and conditions of the sub-advisory agreement entered between such third-party sub-adviser and the Adviser.]3 SECTION 6.

Sub-Advisory Fee. (a) In return for its advisory services, the Adviser will pay the Sub-Adviser a monthly fee, computed and accrued daily, based on an annual rate of 0.2000.150% of the "Average Daily Managed Assets" of such portion of the Fund's assets allocated to the Sub- Adviser. "Average Daily Managed Assets" shall mean the average daily value of the assets of the Fund allocated to the Sub-Adviser, less accrued liabilities of the Fund related or allocated to such portion of the Fund's assets allocated to the Sub-Adviser (other than the aggregate amount of any outstanding borrowings constituting financial leverage). [For the avoidance of doubt, assets allocated by the Sub-Adviser to other sub- advisers pursuant to Section 2(a) of this Agreement will not be considered to have been allocated to Sub-Adviser for purposes of determining Average Daily Managed Assets, and the Sub-Adviser will not receive any fees with respect to such assets.]2 If this Agreement becomes effective subsequent to the first day of a month or shall terminate before the last day of a month, compensation for such month shall be computed in a manner consistent with the calculation of the fees payable on a monthly basis. The accrued fees will be payable monthly no later than the fifteenth (15) business day following the end of each month during which this Agreement is in effect. (b) The Adviser agrees to direct the Fund's administrator to pay the Sub-Adviser the compensation payable pursuant to Section 5(a) out of the assets of the Fund; provided, however, that in such case the compensation payable to the Sub-Adviser by the Adviser hereunder will be reduced by the amount of any compensation paid directly by the Fund to the Sub-Adviser. To the extent the Sub-Adviser allocates any assets to third-party sub-advisers as contemplated by clause (i) of Section 2(a), the fees payable to such third-party sub-advisers shall not be payable by the Sub-Adviser out of the fees paid by the Adviser to the Sub-Adviser pursuant to this Section 5 but shall be paid pursuant to the terms and conditions of the sub-advisory agreement entered between such third-party sub-adviser and the Adviser.]3 SECTION 6.

Sub-Advisory Fee. (a) In return for its advisory services, the Adviser will pay the Sub-Adviser a monthly fee, computed and accrued daily, based on an annual rate of 0.2000.275% of the "Average Daily Managed Assets" of such portion of the Fund's assets allocated to the Sub- Adviser. "Average Daily Managed Assets" shall mean the average daily value of the assets of the Fund allocated to the Sub-Adviser, less accrued liabilities of the Fund related or allocated to such portion of the Fund's assets allocated to the Sub-Adviser (other than the aggregate amount of any outstanding borrowings constituting financial leverage). [For the avoidance of doubt, assets allocated by the Sub-Adviser to other sub- advisers pursuant to Section 2(a) of this Agreement will not be considered to have been allocated to Sub-Adviser for purposes of determining Average Daily Managed Assets, and the Sub-Adviser will not receive any fees with respect to such assets.]2 If this Agreement becomes effective subsequent to the first day of a month or shall terminate before the last day of a month, compensation for such month shall be computed in a manner consistent with the calculation of the fees payable on a monthly basis. The accrued fees will be payable monthly no later than the fifteenth (15) business day following the end of each month during which this Agreement is in effect. (b) The Adviser agrees to direct the Fund's administrator to pay the Sub-Adviser the compensation payable pursuant to Section 5(a) out of the assets of the Fund; provided, however, that in such case the compensation payable to the Sub-Adviser by the Adviser hereunder will be reduced by the amount of any compensation paid directly by the Fund to the Sub-Adviser. To the extent the Sub-Adviser allocates any assets to third-party sub-advisers as contemplated by clause (i) of Section 2(a), the fees payable to such third-party sub-advisers shall not be payable by the Sub-Adviser out of the fees paid by the Adviser to the Sub-Adviser pursuant to this Section 5 but shall be paid pursuant to the terms and conditions of the sub-advisory agreement entered between such third-party sub-adviser and the Adviser.]3 SECTION 6.

Sub-Advisory Fee. (a) In return for its advisory services, the Adviser will pay the Sub-Adviser a monthly fee, computed and accrued daily, based on an annual rate of 0.2000.250% of the "Average Daily Managed Assets" of such portion of the Fund's assets allocated to the Sub- Adviser. "Average Daily Managed Assets" shall mean the average daily value of the assets of the Fund allocated to the Sub-Adviser, less accrued liabilities of the Fund related or allocated to such portion of the Fund's assets allocated to the Sub-Adviser (other than the aggregate amount of any outstanding borrowings constituting financial leverage). [For the avoidance of doubt, assets allocated by the Sub-Adviser to other sub- advisers pursuant to Section 2(a) of this Agreement will not be considered to have been allocated to Sub-Adviser for purposes of determining Average Daily Managed Assets, and the Sub-Adviser will not receive any fees with respect to such assets.]2 If this Agreement becomes effective subsequent to the first day of a month or shall terminate before the last day of a month, compensation for such month shall be computed in a manner consistent with the calculation of the fees payable on a monthly basis. The accrued fees will be payable monthly no later than the fifteenth (15) business day following the end of each month during which this Agreement is in effect. (b) The Adviser agrees to direct the Fund's administrator to pay the Sub-Adviser the compensation payable pursuant to Section 5(a) out of the assets of the Fund; provided, however, that in such case the compensation payable to the Sub-Adviser by the Adviser hereunder will be reduced by the amount of any compensation paid directly by the Fund to the Sub-Adviser. To the extent the Sub-Adviser allocates any assets to third-party sub-advisers as contemplated by clause (i) of Section 2(a), the fees payable to such third-party sub-advisers shall not be payable by the Sub-Adviser out of the fees paid by the Adviser to the Sub-Adviser pursuant to this Section 5 but shall be paid pursuant to the terms and conditions of the sub-advisory agreement entered between such third-party sub-adviser and the Adviser.]3 SECTION 6.