ADVISORS PREFERRED TRUST OPERATING EXPENSES LIMITATION AGREEMENT KENSINGTON MANAGED INCOME FUND
OPERATING EXPENSES LIMITATION AGREEMENT
KENSINGTON MANAGED INCOME FUND
THIS OPERATING EXPENSES LIMITATION AGREEMENT (the "Agreement") is effective as of the 1st day of May 2020,
by and between ADVISORS PREFERRED TRUST, a Delaware statutory trust (the "Trust"), on behalf of the Kensington Managed
Income Fund, (the "Fund") a series of the Trust and the Adviser of such Fund, Advisors Preferred, LLC (the "Adviser").
WITNESSETH:
WHEREAS, the Adviser renders advice and services to the Trust pursuant to the terms and provisions of an investment advisory agreement
with the Trust with effect as of the 1st day of August, 2019, and as may be amended from time to time (the "Investment Advisory
Agreement"); and
WHEREAS, the Fund is responsible for, and has assumed the obligation for, payment of certain expenses pursuant to the Investment
Advisory Agreement that have not been assumed by the Adviser; and
WHEREAS, the Adviser desires to limit the Fund's Operating Expenses (as that term is defined in Paragraph 2 of this Agreement)
pursuant to the terms and provisions of this Agreement, and the Trust (on behalf of the Fund) desires to allow the Adviser to implement
those limits;
NOW THEREFORE, in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intending to be legally
bound hereby, mutually agree as follows:
1. Limit on Operating Expenses. The Adviser hereby agrees to limit the Fund's current Operating Expenses to an annual rate,
expressed as a percentage of the Fund's average annual net assets, to the amounts listed in Appendix A (the "Annual
Limit"). In the event that the current Operating Expenses of the Fund, as accrued each month, exceed its Annual Limit, the
Adviser will pay to that Fund, on a monthly basis, the excess expense within 30 days of being notified that an excess expense payment
is due.
2. Definition. For purposes of this Agreement, the term "Operating Expenses" with respect to the Fund, is defined
to include all expenses necessary or appropriate for the operation of the Fund and including the Adviser's investment advisory
or management fee detailed in the Investment Advisory Agreement, and other expenses described in the Investment Advisory Agreement,
but does not include any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses of underlying
funds in which this Fund invests, expenses incurred in connection with any
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merger or reorganization, dividend expense on securities sold short, or extraordinary expenses such as litigation.
3. Reimbursement of Fees and Expenses. The Adviser retains its right to receive reimbursement of any excess expense payments
paid by it pursuant to this Agreement in future years on a rolling three year basis from the time such fee is waived or reimbursed,
if such reimbursement can be achieved within the Operating Expense Limitation listed in Appendix A and within any
then-current operating expense limitation.
4. Term. This Agreement shall become effective on the date first above written and shall remain in effect until at least
April 30, 2021, unless sooner terminated as provided in Paragraph 5 of this Agreement, and shall continue in effect for successive
twelve-month periods provided that such continuance is specifically approved at least annually by a majority of the Trustees of
the Trust.
5. Termination. This Agreement may be terminated at any time, and without payment of any penalty, by the Board of Trustees of the Trust, on behalf of the Fund, upon sixty (60) days' written notice to the Adviser. This Agreement may not be terminated by the Adviser without the consent of the Board of Trustees of the Trust. This Agreement will automatically terminate, with respect to the Fund listed in Appendix A if the Investment Advisory Agreement for the Fund is terminated, with such termination effective upon the effective date of the Investment Advisory Agreement's termination for the Fund. However, the right to reimbursement shall survive the automatic termination of this Agreement caused by the Termination of the Investment Advisory Agreement if caused by a change in control of the Adviser.
6. Assignment. This Agreement and all rights and obligations hereunder may not be assigned without the written consent of
the other party.
7. Severability. If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule,
or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.
8. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware
without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or
to be inconsistent with, any federal law, regulation or rule, including the Investment Company Act of 1940 and the Investment Advisers
Act of 1940 and any rules and regulations promulgated thereunder.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers,
all on the day and year first above written.
signature page follows
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| ADVISORS PREFERRED TRUST | ADVISORS PREFERRED, LLC |
| on behalf of the | |
| Kensington Managed Income Fund |
| By:/s/_________________ | By: /s/_________________ |
| Name: Xxxxxxxxx Xxxxx-Xxxxxx | Name: Xxxxxxxxx Xxxxx-Xxxxxx |
| Title: President | Title: Chief Executive Officer |
Appendix A
| Fund | Share Class |
Operating Expense Limit |
| Kensington Managed Income Fund | A | 2.05% |
| Kensington Managed Income Fund | Institutional | 1.55% |
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