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(1) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.
(2) The adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until July 31, 2017, to ensure that Total Annual Fund Operating Expenses After Fee Waiver (exclusive of any acquired fund fees and expenses, borrowing costs, taxes and extraordinary expenses) will not exceed 2.50%, 3.25% and 2.25% of the Fund’s average daily net assets for its Class A, Class C and Class I shares, respectively, subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. This agreement may be terminated by the Fund’s Board of Trustees on 60 days written notice to the adviser.
Minimum Initial Purchase – $1,000 for Class A; $1,000 for Class C; $250,000 for Institutional Class
Minimum Subsequent Purchase – $100 for Class A; $100 for Class C; $25,000 for Institutional Class