Common use of Total Fee Clause in Contracts

Total Fee. (1) During the first 12 months of operations of Alpha Opportunity Series, the Series shall pay the Adviser an investment advisory fee equal to 2.00% of average daily net assets, accrued daily and paid monthly (without any adjustment of the type discussed below). (2) Thereafter, as compensation for the investment advisory services to be rendered by the Adviser to Alpha Opportunity Series, the Series shall pay the Adviser at the end of each calendar month, an advisory fee (the "Total Fee") composed of: (i) a base fee equal to 2.00% (on an annual basis), of the Alpha Opportunity Series' average daily net assets over the month (the "Base Fee"); and (ii) a performance adjustment to the Base Fee as further explained in (d) below (the "Performance Adjustment"). The Total Fee shall be accrued daily and paid monthly, with such periodic adjustments as deemed appropriate in accordance with applicable law and accounting standards. (3) If the Adviser shall serve for less than the whole of any calendar month, the Total Fee mentioned above shall be calculated on a pro rata basis for the portion of the month for which the Adviser has served as adviser.

Total Fee. (1) During the first 12 months of operations of Alpha Opportunity Series, the Series shall pay the Adviser SMC an investment advisory fee equal to 2.00% of average daily net assets, accrued daily and paid monthly (without any adjustment of the type discussed below). (2) Thereafter, as compensation for the investment advisory services to be rendered by the Adviser SMC to Alpha Opportunity Series, the Series shall pay the Adviser SMC at the end of each calendar month, an advisory fee (the "Total Fee") composed of: (i) a base fee equal to 2.00% (on an annual basis), of the Alpha Opportunity Series' average daily net assets over the month (the "Base Fee"); and (ii) a performance adjustment to the Base Fee as further explained in (d) below (the "Performance Adjustment"). The Total Fee shall be accrued daily and paid monthly, with such periodic adjustments as deemed appropriate in accordance with applicable law and accounting standards. (3) If the Adviser SMC shall serve for less than the whole of any calendar month, the Total Fee mentioned above shall be calculated on a pro rata basis for the portion of the month for which the Adviser SMC has served as adviser.