FORETHOUGHT VARIABLE INSURANCE TRUST OPERATING EXPENSES LIMITATION AGREEMENT
FORETHOUGHT VARIABLE INSURANCE TRUST
OPERATING EXPENSES LIMITATION AGREEMENT
THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 10th day of September,
2013, as amended February 11, 2014, March 12, 2014, February 6, 2015, April 8, 2015, April 27, 2015, November 3, 2015 and February
9, 2016 by and between FORETHOUGHT VARIABLE INSURANCE TRUST, a Delaware statutory trust (the “Trust”), on behalf of
each fund listed in Appendix A, (each a “Fund” and collectively the “Funds”) each a series
of the Trust, and the Advisor of such Funds, Forethought Investment Advisors, LLC (the “Advisor”).
WITNESSETH:
WHEREAS, the Advisor has been appointed the investment adviser to each Fund pursuant to an Investment Advisory Agreement
between the Trust (on behalf of each series of the Trust) and the Advisor dated as of the 17th day of October, 2013 as amended
February 11, 2014, March 12, 2014 and February 6, 2015, November 3, 2015 and February 9, 2016 (the “Investment Advisory Agreement”);
and
WHEREAS, the Funds are responsible for, and have assumed the obligation for, payment of certain expenses pursuant to the
Investment Advisory Agreement that have not been assumed by the Advisor; and
WHEREAS, the Advisor desires to limit the Funds’ 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 Funds) desires to allow the
Advisor 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 Advisor hereby agrees to limit the Funds’ current Operating Expenses to
an annual rate, expressed as a percentage of the Funds’ average annual net assets, to the amounts listed in Appendix
A (the “Annual Limit”). In the event that the current Operating Expenses of the Funds, as accrued
each month, exceed its Annual Limit, the Advisor 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 Advisor’s investment advisory or management fee detailed in the Investment Advisory Agreement, any Rule 12b-l fees and other expenses described in the Investment Advisory Agreement, but does not include any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes or extraordinary expenses such as litigation.
3. Reimbursement of Fees and Expenses. The Advisor 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, if such reimbursement can be achieved within the Operating Expense Limitations listed in Appendix A.
4. Term. This Agreement shall become effective on the date first above written and shall remain in effect until at
least April 30, 2017 for each Fund listed on Appendix A, and
except for Global Atlantic BlackRock Allocation Portfolio, Global Atlantic BlackRock Disciplined Core Portfolio, Global Atlantic BlackRock Disciplined Growth Portfolio,
Global Atlantic BlackRock Disciplined International Core Portfolio, Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio, Global Atlantic BlackRock Disciplined
Small Cap Portfolio, Global Atlantic BlackRock Disciplined U.S. Core Portfolio, Global Atlantic BlackRock Disciplined Value Portfolio, Global Atlantic BlackRock
High Yield Portfolio, Global Atlantic Xxxxxxx Xxxxx Core Fixed Income Bond Portfolio, Global Atlantic Xxxxxxx Sachs Global Equity Insights Portfolio,
Global Atlantic Xxxxxxx Xxxxx Large Cap Growth Insights Portfolio and Global Atlantic Xxxxxxx Sachs Mid Cap Value Insights Portfolio for which this Agreement
shall remain in effect until at least November 30, 2017 and except for FVIT Wilshire Dynamic Conservative Allocation Portfolio,
FVIT Wilshire Dynamic Global Allocation Portfolio, FVIT Wilshire Dynamic Growth Allocation Portfolio and FVIT Wilshire Moderate
Allocation Portfolio for which this Agreement shall remain in effect until at least February 28, 2018 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 one or more Funds, upon sixty (60) days’ written notice to the Advisor. This Agreement may not be terminated by the Advisor without the consent of the Board of Trustees of the Trust. This Agreement will automatically terminate, with respect to any Fund listed in Appendix A if the Investment Advisory Agreement for such Fund is terminated, with such termination effective upon the effective date of the Investment Advisory Agreement’s termination for such Fund. Termination of this Agreement with respect to one Fund will not automatically terminate the agreement with respect to any other Fund.
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
Indiana 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.
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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.
| Forethought Variable Insurance Trust | Forethought Investment Advisors, LLC |
| on behalf of each Fund |
| By: ____________ | By: ______________ |
| Name: Xxxxxx Xxxxx | Name: Xxxx Xxxx |
| Title: President | Title: President |
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Appendix A
| Fund | Operating Expense Limit |
| FVIT American Funds® Managed Risk Portfolio | 0.86% |
| FVIT BlackRock Global Allocation Managed Risk Portfolio | 0.57% |
| FVIT Balanced Managed Risk Portfolio | 0.91% |
| FVIT Select Advisor Managed Risk Portfolio | 0.63% |
| FVIT Wellington Research Managed Risk Portfolio | 1.20% |
| FVIT Franklin Dividend and Income Managed Risk Portfolio | 1.08% |
| FVIT Moderate Growth Managed Risk Portfolio | 0.91% |
| FVIT Growth Managed Risk Portfolio | 0.91% |
| FVIT Xxxxxxx Xxxxx Dynamic Trends Allocation Portfolio | 1.16% |
| FVIT PIMCO Tactical Allocation Portfolio | 1.14% |
| FVIT Wilshire Dynamic Conservative Allocation Portfolio | 0.75% |
| FVIT Wilshire Dynamic Global Allocation Portfolio | 0.75% |
| FVIT Wilshire Dynamic Growth Allocation Portfolio | 0.75% |
| FVIT Wilshire Dynamic Moderate Allocation Portfolio | 0.75% |
| Fund | Operating Expense Limit | ||
|
Class I |
Class II | Class III | |
| Global Atlantic BlackRock Allocation Portfolio | 0.31% | 0.56% | 0.46% |
| Global Atlantic BlackRock Disciplined Core Portfolio | 0.48% | 0.73% | 0.63% |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 0.54% | 0.79% | 0.69% |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 0.69% | 0.94% | 0.84% |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 0.64% | 0.89% | 0.79% |
| Global Atlantic BlackRock Disciplined Small Cap Portfolio | 0.63% | 0.88% | 0.78% |
| Global Atlantic BlackRock Disciplined U.S. Core Portfolio | 0.48% | 0.73% | 0.63% |
| Global Atlantic BlackRock Disciplined Value Portfolio | 0.54% | 0.79% | 0.69% |
| Global Atlantic BlackRock High Yield Portfolio | 0.59% | 0.84% | 0.74% |
| Global Atlantic Xxxxxxx Sachs Core Fixed Income Portfolio | 0.43% | 0.68% | 0.58% |
| Global Atlantic Xxxxxxx Xxxxx Global Equity Insights Portfolio | 0.72% | 0.97% | 0.87% |
| Global Atlantic Xxxxxxx Sachs Large Cap Growth Insights Portfolio | 0.46% | 0.71% | 0.61% |
| Global Atlantic Xxxxxxx Xxxxx Mid Cap Value Insights Portfolio | 0.64% | 0.89% | 0.79% |
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