EXPENSE LIMITATION AGREEMENT
TOUCHSTONE STRATEGIC TRUST
EXPENSE LIMITATION AGREEMENT, effective as of May 1, 2000 by and between
Touchstone Advisors, Inc. (the "Advisor") and Touchstone Strategic Trust (the
"Trust"), on behalf of certain series of the Trust set forth in Schedule A
attached hereto (each a "Fund," and collectively, the "Funds").
WHEREAS, the Trust is a Massachusetts business trust organized under a
Declaration of Trust ("Declaration of Trust"), and is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
management company of the series type, and each Fund is a series of the Trust;
and
WHEREAS, the Trust and the Advisor have entered into an Investment
Advisory Agreement dated May 1, 2000 (the "Advisory Agreement"), pursuant to
which the Advisor provides investment advisory and other management services to
each series of the Trust for compensation based on the value of the average
daily net assets of each series; and
WHEREAS, the Trust and the Advisor have determined that it is appropriate
and in the best interests of shareholders to maintain the expenses of the Funds,
and, therefore, have entered into this Expense Limitation Agreement (the
"Agreement"), in order to maintain the expense ratios of the Funds at the levels
specified in Schedule A attached hereto; and
NOW THEREFORE, the parties hereto agree that the Agreement provides as
follows:
1. Expense Limitation.
1.1 Applicable Expense Limit. To the extent that the aggregate expenses of
every character incurred by a Fund in any fiscal year, including but not limited
to advisory fees of the Advisor (but excluding interest, taxes, brokerage
commissions, other expenditures which are capitalized in accordance with
generally accepted accounting principles, other extraordinary expenses not
incurred in the ordinary course of such Fund's business, and amounts, if any,
payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940
Act, if any) ("Fund Operating Expenses"), exceed the Operating Expense Limit, as
defined in Section 1.2 below, such excess amount (the "Excess Amount") shall be
the liability of the Advisor.
1.2 Operating Expense Limit. The maximum Operating Expense Limit in any
year with respect to a Fund shall be the amount specified in Schedule A based on
a percentage of the average daily net assets of the Fund.
1.3 Method of Computation. To determine the Advisor's liability with
respect to the Excess Amount, each month the Fund Operating Expenses for each
Fund shall be annualized as of the last day of the month. If, for any month, a
Fund's annualized Fund Operating Expenses exceed the Operating Expense Limit of
such Fund, the Advisor shall waive or reduce its advisory fee for such month by
an amount, or remit an amount to the appropriate Fund, sufficient to reduce the
annualized Fund Operating Expenses to an amount no higher than the Operating
Expense Limit; provided, however, that any waiver or reduction of the advisory
fee is applied equally across the classes, if any, of the Fund.
1.4 Year-End Adjustment. If necessary, on or before the last day of the
first month of each fiscal year, an adjustment payment shall be made by the
appropriate party in order that the amount of the advisory fees waived or
reduced and other payments remitted by the Advisor to the Fund or Funds with
respect to the previous fiscal year shall equal the Excess Amount.
2. Term and Termination of Agreement.
This Agreement shall continue in effect through March 31, 2001, and from
year to year thereafter provided each such continuance is specifically approved
by a majority of the Trustees of the Trust. This Agreement shall terminate
automatically upon the termination of the Investment Advisory Agreement with
respect to the applicable Fund.
3. Miscellaneous.
3.1 Captions. The captions in this Agreement are included for convenience
of reference only and in no other way define or delineate any of the provisions
hereof or otherwise affect their construction or effect.
3.2 Interpretation. Nothing herein contained shall be deemed to require
the Trust or the Funds to take any action contrary to the Trust's Declaration of
Trust or Bylaws, or any applicable statutory or regulatory requirement to which
it is subject or by which it is bound, or to relieve or deprive the Trust's
Board of Trustees of its responsibility for and control of the conduct of the
affairs of the Trust or the Funds.
3.3 Definitions. Any question of interpretation of any term or provision
of this Agreement, including but not limited to the advisory fee, the
computations of net asset values, and the allocation of expenses, having a
counterpart in or otherwise derived from the terms and provisions of the
Investment Advisory Agreement or the 1940 Act, shall have the same meaning as
and be resolved by reference to such Investment Advisory Agreement or the 1940
Act.
2
IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by
their respective officers thereunto duly, as of the day and year first above
written.
TOUCHSTONE STRATEGIC TRUST
By:_______________________________
Xxxx X. Xxxxxxx
Secretary
TOUCHSTONE ADVISORS, INC.
By:_______________________________
Xxxx X. XxXxxxxx
President
3
SCHEDULE A
OPERATING EXPENSE LIMITS
This Agreement relates to the following Funds of the Trust:
Maximum Operating
Expense Limit
-------------
Aggressive Growth Fund - Class A 1.95%
Utility Fund - Class A 1.34%
Utility Fund - Class C 2.50%
Enhanced 30 Fund - Class A 1.00%
Enhanced 30 Fund - Class C 1.75%
4
SCHEDULE A
OPERATING EXPENSE LIMITS
AMENDED MAY 1, 2001
This Agreement relates to the following Funds of the Trust:
Maximum Operating
Expense Limit
-------------
Aggressive Growth Fund - Class A 1.95%
Aggressive Growth Fund - Class B 2.70%
Aggressive Growth Fund - Class C 2.70%
Utility Fund - Class A 1.34%
Utility Fund - Class B 2.46%
Utility Fund - Class C 2.50%
5
SCHEDULE A
OPERATING EXPENSE LIMITS
AMENDED MAY 1, 2002
This Agreement relates to the following Funds of the Trust:
Maximum Operating
Expense Limit
-------------
Equity Fund - Class A 1.30%
Equity Fund - Class B 2.43%
Equity Fund - Class C 2.51%
6
SCHEDULE A
OPERATING EXPENSE LIMITS
AMENDED OCTOBER 6, 2003
This Agreement relates to the following Fund of the Trust and will continue in
effect until October 6, 2005:
Maximum Operating
Expense Limit
-------------
Large Cap Growth Fund - Class A 1.30%
Large Cap Growth Fund - Class B 2.25%
Large Cap Growth Fund - Class C 2.25%
7
SCHEDULE A
OPERATING EXPENSE LIMITS
AMENDED NOVEMBER 9, 2004
This Agreement relates to the following Fund of the Trust and will continue in
effect until October 6, 2005 for Class A, Class B and Class C shares and until
November 9, 2005 for Class I shares.
Maximum Operating
Expense Limit
-------------
Large Cap Growth Fund - Class A 1.30%
Large Cap Growth Fund - Class B 2.25%
Large Cap Growth Fund - Class C 2.25%
Large Cap Growth Fund - Class I 1.05%
8
SCHEDULE A
OPERATING EXPENSE LIMITS
AMENDED APRIL 1, 2005
This Agreement relates to the following Fund of the Trust and will continue in
effect until March 31, 2006.
Maximum Operating
Expense Limit
-------------
Large Cap Growth Fund - Class A 1.30%
Large Cap Growth Fund - Class B 2.25%
Large Cap Growth Fund - Class C 2.25%
Large Cap Growth Fund - Class I 1.05%
9
SCHEDULE A
OPERATING EXPENSE LIMITS
AMENDED APRIL 1, 2006
This Agreement relates to the following Fund of the Trust and will continue in
effect until March 31, 2007.
Maximum Operating
Expense Limit
-------------
Large Cap Growth Fund - Class A 1.30%
Large Cap Growth Fund - Class B 2.25%
Large Cap Growth Fund - Class C 2.25%
Large Cap Growth Fund - Class I 1.05%
10
SCHEDULE A
OPERATING EXPENSE LIMITS
AMENDED JANUARY 1, 2007
This Agreement relates to the following Funds of the Trust and will continue in
effect until January 1, 2008.
--------------------------------------------------------------------------------
FUND MAXIMUM OPERATING EXPENSE LIMIT
--------------------------------------------------------------------------------
LARGE CAP GROWTH FUND 1.25% for Class A shares
--------------------------------------------------------------------------------
2.00% for Class B shares
--------------------------------------------------------------------------------
2.00% for Class C shares
--------------------------------------------------------------------------------
1.00% for Class Y shares
--------------------------------------------------------------------------------
MID CAP GROWTH FUND 1.50% for Class A shares
--------------------------------------------------------------------------------
2.25% for Class B shares
--------------------------------------------------------------------------------
2.25% for Class C shares
--------------------------------------------------------------------------------
LARGE CAP CORE EQUITY FUND 1.15% for Class A shares
--------------------------------------------------------------------------------
1.90% for Class C shares
--------------------------------------------------------------------------------
SMALL CAP GROWTH FUND 1.70% for Class A shares
--------------------------------------------------------------------------------
2.45% for Class B shares
--------------------------------------------------------------------------------
2.45% for Class C shares
--------------------------------------------------------------------------------
1.30% for Class Y shares
--------------------------------------------------------------------------------
MICRO CAP GROWTH FUND 1.95% for Class A shares
--------------------------------------------------------------------------------
2.70% for Class C shares
--------------------------------------------------------------------------------
1.70% for Class Y shares
--------------------------------------------------------------------------------
LARGE CAP VALUE FUND 1.35% for Class A shares
--------------------------------------------------------------------------------
2.10% for Class C shares
--------------------------------------------------------------------------------
GROWTH OPPORTUNITIES FUND 1.55% for Class A shares
--------------------------------------------------------------------------------
2.30% for Class B shares
--------------------------------------------------------------------------------
2.30% for Class C shares
--------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP GROWTH FUND 1.40% for Class A shares
--------------------------------------------------------------------------------
1.15% for Class Y shares
--------------------------------------------------------------------------------
11
SCHEDULE A
OPERATING EXPENSE LIMITS
AMENDED AUGUST 1, 2007
--------------------------------------------------------------------------------
FUND LENGTH/TYPE OF MAXIMUM OPERATING
LIMITATION EXPENSE LIMIT
--------------------------------------------------------------------------------
LARGE CAP GROWTH FUND Contractual waiver 1.25% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.00% for Class B shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.00% for Class C shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 1.00% for Class Y shares
through 3/31/2008
--------------------------------------------------------------------------------
MID CAP GROWTH FUND Contractual waiver 1.50% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.25% for Class B shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.25% for Class C shares
through 3/31/2008
--------------------------------------------------------------------------------
LARGE CAP CORE EQUITY FUND Contractual waiver 1.15% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 1.90% for Class C shares
through 3/31/2008
--------------------------------------------------------------------------------
SMALL CAP GROWTH FUND Contractual waiver 1.70% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.45% for Class B shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.45% for Class C shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 1.30% for Class Y shares
through 3/31/2008
--------------------------------------------------------------------------------
MICRO CAP GROWTH FUND Contractual waiver 1.95% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.70% for Class C shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 1.70% for Class Y shares
through 3/31/2008
--------------------------------------------------------------------------------
LARGE CAP VALUE FUND Contractual waiver 1.35% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.10% for Class C shares
through 3/31/2008
--------------------------------------------------------------------------------
GROWTH OPPORTUNITIES FUND Contractual waiver 1.55% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.30% for Class B shares
through 3/31/2008
--------------------------------------------------------------------------------
12
--------------------------------------------------------------------------------
Contractual waiver 2.30% for Class C shares
through 3/31/2008
--------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP GROWTH FUND Contractual waiver 1.40% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 1.15% for Class Y shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.15% for Class C shares
through 8/1/2008
--------------------------------------------------------------------------------
13
SCHEDULE A
OPERATING EXPENSE LIMITS
AMENDED NOVEMBER 16, 2007
--------------------------------------------------------------------------------
FUND LENGTH/TYPE OF MAXIMUM OPERATING
LIMITATION EXPENSE LIMIT
--------------------------------------------------------------------------------
LARGE CAP GROWTH FUND Contractual waiver 1.25% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.00% for Class B shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.00% for Class C shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 1.00% for Class Y shares
through 3/31/2008
--------------------------------------------------------------------------------
MID CAP GROWTH FUND Contractual waiver 1.50% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.25% for Class B shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.25% for Class C shares
through 3/31/2008
--------------------------------------------------------------------------------
LARGE CAP CORE EQUITY FUND Contractual waiver 1.15% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 1.90% for Class C shares
through 3/31/2008
--------------------------------------------------------------------------------
SMALL CAP GROWTH FUND Contractual waiver 1.70% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.45% for Class B shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.45% for Class C shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 1.30% for Class Y shares
through 3/31/2008
--------------------------------------------------------------------------------
MICRO CAP GROWTH FUND Contractual waiver 1.58% for Class A shares
through 11/16/2008
--------------------------------------------------------------------------------
Contractual waiver 2.33% for Class C shares
through 11/16/2008
--------------------------------------------------------------------------------
Contractual waiver 1.33% for Class Y shares
through 11/16/2008
--------------------------------------------------------------------------------
LARGE CAP VALUE FUND Contractual waiver 1.35% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.10% for Class C shares
through 3/31/2008
--------------------------------------------------------------------------------
GROWTH OPPORTUNITIES FUND Contractual waiver 1.55% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.30% for Class B shares
through 3/31/2008
--------------------------------------------------------------------------------
14
--------------------------------------------------------------------------------
Contractual waiver 2.30% for Class C shares
through 3/31/2008
--------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP GROWTH FUND Contractual waiver 1.40% for Class A shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 1.15% for Class Y shares
through 3/31/2008
--------------------------------------------------------------------------------
Contractual waiver 2.15% for Class C shares
through 8/1/2008
--------------------------------------------------------------------------------
15
SCHEDULE A
OPERATING EXPENSE LIMITS
AMENDED APRIL 1, 2008
--------------------------------------------------------------------------------
FUND LENGTH/TYPE OF MAXIMUM OPERATING
LIMITATION EXPENSE LIMIT
--------------------------------------------------------------------------------
LARGE CAP GROWTH FUND Contractual waiver 1.25% for Class A shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.00% for Class B shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.00% for Class C shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 0.99% for Class Y shares
through 7/31/2009
--------------------------------------------------------------------------------
MID CAP GROWTH FUND Contractual waiver 1.50% for Class A shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.25% for Class B shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.25% for Class C shares
through 7/31/2009
--------------------------------------------------------------------------------
LARGE CAP CORE EQUITY FUND Contractual waiver 1.15% for Class A shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 1.90% for Class C shares
through 7/31/2009
--------------------------------------------------------------------------------
MICRO CAP GROWTH FUND Contractual waiver 1.58% for Class A shares
through 3/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.33% for Class C shares
through 3/31/2009
--------------------------------------------------------------------------------
Contractual waiver 1.33% for Class Y shares
through 3/31/2009
--------------------------------------------------------------------------------
LARGE CAP VALUE FUND Contractual waiver 1.35% for Class A shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.10% for Class C shares
through 7/31/2009
--------------------------------------------------------------------------------
GROWTH OPPORTUNITIES FUND Contractual waiver 1.55% for Class A shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.30% for Class B shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.30% for Class C shares
through 7/31/2009
--------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP GROWTH FUND Contractual waiver 1.40% for Class A shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 1.15% for Class Y shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.15% for Class C shares
through 7/31/2009
--------------------------------------------------------------------------------
16
SCHEDULE A
OPERATING EXPENSE LIMITS
AMENDED FEBRUARY 2, 2009
--------------------------------------------------------------------------------
FUND LENGTH/TYPE OF MAXIMUM OPERATING
LIMITATION EXPENSE LIMIT
--------------------------------------------------------------------------------
LARGE CAP GROWTH FUND Contractual waiver 1.25% for Class A shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.00% for Class B shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.00% for Class C shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 0.99% for Class Y shares
through 7/31/2009
--------------------------------------------------------------------------------
MID CAP GROWTH FUND Contractual waiver 1.50% for Class A shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.25% for Class B shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.25% for Class C shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 1.25% for Class Y shares
through 2/01/2010
--------------------------------------------------------------------------------
LARGE CAP CORE EQUITY FUND Contractual waiver 1.15% for Class A shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 1.90% for Class C shares
through 7/31/2009
--------------------------------------------------------------------------------
MICRO CAP GROWTH FUND Contractual waiver 1.58% for Class A shares
through 3/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.33% for Class C shares
through 3/31/2009
--------------------------------------------------------------------------------
Contractual waiver 1.33% for Class Y shares
through 3/31/2009
--------------------------------------------------------------------------------
LARGE CAP VALUE FUND Contractual waiver 1.35% for Class A shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.10% for Class C shares
through 7/31/2009
--------------------------------------------------------------------------------
GROWTH OPPORTUNITIES FUND Contractual waiver 1.24% for Class A shares
through 2/01/2010
--------------------------------------------------------------------------------
Contractual waiver 1.99% for Class C shares
through 2/01/2010
--------------------------------------------------------------------------------
Contractual waiver 0.99% for Class Y shares
through 2/01/2010
--------------------------------------------------------------------------------
Contractual waiver 0.84% for Institutional
through 2/01/2010 shares
--------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP GROWTH FUND Contractual waiver 1.40% for Class A shares
through 7/31/2009
--------------------------------------------------------------------------------
17
--------------------------------------------------------------------------------
Contractual waiver 1.15% for Class Y shares
through 7/31/2009
--------------------------------------------------------------------------------
Contractual waiver 2.15% for Class C shares
through 7/31/2009
--------------------------------------------------------------------------------
18
SCHEDULE A
OPERATING EXPENSE LIMITS
AMENDED MARCH 31, 2009
--------------------------------------------------------------------------------
FUND LENGTH/TYPE OF MAXIMUM OPERATING
LIMITATION EXPENSE LIMIT
--------------------------------------------------------------------------------
LARGE CAP GROWTH FUND Contractual waiver 1.25% for Class A shares
through 7/31/2010
--------------------------------------------------------------------------------
Contractual waiver 2.00% for Class B shares
through 7/31/2010
--------------------------------------------------------------------------------
Contractual waiver 2.00% for Class C shares
through 7/31/2010
--------------------------------------------------------------------------------
Contractual waiver 0.99% for Class Y shares
through 7/31/2010
--------------------------------------------------------------------------------
MID CAP GROWTH FUND Contractual waiver 1.50% for Class A shares
through 7/31/2010
--------------------------------------------------------------------------------
Contractual waiver 2.25% for Class B shares
through 7/31/2010
--------------------------------------------------------------------------------
Contractual waiver 2.25% for Class C shares
through 7/31/2010
--------------------------------------------------------------------------------
Contractual waiver 1.25% for Class Y shares
through 7/31/2010
--------------------------------------------------------------------------------
LARGE CAP CORE EQUITY FUND Contractual waiver 1.15% for Class A shares
through 7/31/2010
--------------------------------------------------------------------------------
Contractual waiver 1.90% for Class C shares
through 7/31/2010
--------------------------------------------------------------------------------
LARGE CAP VALUE FUND Contractual waiver 1.35% for Class A shares
through 7/31/2010
--------------------------------------------------------------------------------
Contractual waiver 2.10% for Class C shares
through 7/31/2010
--------------------------------------------------------------------------------
GROWTH OPPORTUNITIES FUND Contractual waiver 1.24% for Class A shares
through 7/31/2010
--------------------------------------------------------------------------------
Contractual waiver 1.99% for Class C shares
through 7/31/2010
--------------------------------------------------------------------------------
Contractual waiver 0.99% for Class Y shares
through 7/31/2010
--------------------------------------------------------------------------------
Contractual waiver 0.84% for Institutional
through 7/31/2010 shares
--------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP GROWTH FUND Contractual waiver 1.40% for Class A shares
through 7/31/2010
--------------------------------------------------------------------------------
Contractual waiver 1.15% for Class Y shares
through 7/31/2010
--------------------------------------------------------------------------------
Contractual waiver 2.15% for Class C shares
through 7/31/2010
--------------------------------------------------------------------------------
19
SCHEDULE A
OPERATING EXPENSE LIMITS
AMENDED JULY 29, 2010
--------------------------------------------------------------------------------
FUND LENGTH/TYPE OF MAXIMUM OPERATING
LIMITATION EXPENSE LIMIT
--------------------------------------------------------------------------------
LARGE CAP GROWTH FUND Contractual waiver 1.25% for Class A shares
through 7/28/2011
--------------------------------------------------------------------------------
Contractual waiver 2.00% for Class B shares
through 7/28/2011
--------------------------------------------------------------------------------
Contractual waiver 2.00% for Class C shares
through 7/28/2011
--------------------------------------------------------------------------------
Contractual waiver 0.99% for Class Y shares
through 7/28/2011
--------------------------------------------------------------------------------
MID CAP GROWTH FUND Contractual waiver 1.50% for Class A shares
through 7/28/2011
--------------------------------------------------------------------------------
Contractual waiver 2.25% for Class B shares
through 7/28/2011
--------------------------------------------------------------------------------
Contractual waiver 2.25% for Class C shares
through 7/28/2011
--------------------------------------------------------------------------------
Contractual waiver 1.25% for Class Y shares
through 7/28/2011
--------------------------------------------------------------------------------
LARGE CAP CORE EQUITY FUND Contractual waiver 1.15% for Class A shares
through 7/28/2011
--------------------------------------------------------------------------------
Contractual waiver 1.90% for Class C shares
through 7/28/2011
--------------------------------------------------------------------------------
GROWTH OPPORTUNITIES FUND Contractual waiver 1.15% for Class A shares
through 7/28/2011
--------------------------------------------------------------------------------
Contractual waiver 1.90% for Class C shares
through 7/28/2011
--------------------------------------------------------------------------------
Contractual waiver 0.90% for Class Y shares
through 7/28/2011
--------------------------------------------------------------------------------
Contractual waiver 0.75% for Institutional
through 7/28/2011 shares
--------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP GROWTH FUND Contractual waiver 1.40% for Class A shares
through 7/28/2011
--------------------------------------------------------------------------------
Contractual waiver 1.15% for Class Y shares
through 7/28/2011
--------------------------------------------------------------------------------
Contractual waiver 2.15% for Class C shares
through 7/28/2011
--------------------------------------------------------------------------------
20
