Re: Agreement to Waive Advisory Fees and Reimburse Expenses

Exhibit 99.(h).10

June 25, 2020

To the Trustees of the ▇▇▇▇ ▇▇▇▇▇▇▇ Group of Funds

 

▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇

Boston, MA 02116

Re:	Agreement to Waive Advisory Fees and Reimburse Expenses

 

▇▇▇▇ ▇▇▇▇▇▇▇ Variable Trust Advisers LLC (formerly ▇▇▇▇ ▇▇▇▇▇▇▇ Investment Management Services, LLC) and ▇▇▇▇ ▇▇▇▇▇▇▇ Investment Management LLC (formerly ▇▇▇▇ ▇▇▇▇▇▇▇ Advisers, LLC) (collectively, the “Advisers”), each an investment adviser to the investment companies listed in Appendix A (collectively, the “▇▇▇▇ ▇▇▇▇▇▇▇ Funds”), hereby notify you as follows:

1. Each Adviser agrees to waive its management fee for a ▇▇▇▇ ▇▇▇▇▇▇▇ Fund portfolio, as applicable, or otherwise reimburse the expenses of that portfolio as set forth below (the “Reimbursement”).

2. The Reimbursement shall apply to all ▇▇▇▇ ▇▇▇▇▇▇▇ Fund portfolios in existence on the date of this Agreement, except those noted below, and to all future ▇▇▇▇ ▇▇▇▇▇▇▇ Fund portfolios to which an Adviser agrees this Agreement should apply (the “Participating Portfolios”).

 

The Reimbursement shall not apply to the following ▇▇▇▇ ▇▇▇▇▇▇▇ Variable Insurance Trust portfolios:

 

Each Managed Volatility Portfolio

Each Lifecycle Trust

Each Lifestyle Portfolio

 

The reimbursement shall not apply to the following ▇▇▇▇ ▇▇▇▇▇▇▇ Funds II portfolios:

 

Each Multi-Index Preservation Portfolio

Each Multimanager Lifestyle Portfolio

Each Multi-Index Lifestyle Portfolio

Each Multimanager Lifetime Portfolio

Each Multi-Index Lifetime Portfolio

Alternative Asset Allocation Fund

Retirement Income 2040 Fund

 

The Reimbursement shall not apply to ▇▇▇▇ ▇▇▇▇▇▇▇ Collateral Trust.

 

The Reimbursement shall not apply to the following ▇▇▇▇ ▇▇▇▇▇▇▇ Strategic Series portfolios:

 

▇▇▇▇ ▇▇▇▇▇▇▇ Managed Account Shares Investment-Grade Corporate Bond Portfolio

▇▇▇▇ ▇▇▇▇▇▇▇ Managed Account Shares Securitized Debt Portfolio

▇▇▇▇ ▇▇▇▇▇▇▇ Managed Account Shares Non-Investment-Grade Corporate Bond Portfolio

 

3. The Reimbursement shall equal on an annualized basis:

0.01% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $75 billion but is less than or equal to $125 billion;

 

0.0125% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $125 billion but is less than or equal to $150 billion;

 

0.0150% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $150 billion but is less than or equal to $175 billion;

 

0.0175% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $175 billion but is less than or equal to $200 billion;

 

0.02% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $200 billion but is less than or equal to $225 billion; and

 

0.0225% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $225 billion.

 

The amount of the Reimbursement shall be calculated daily and allocated among all the Participating Portfolios in proportion to the daily net assets of each such portfolio.

 

4. The Reimbursement with respect to each Participating Portfolio expires on July 31, 2022 unless renewed by mutual agreement of the ▇▇▇▇ ▇▇▇▇▇▇▇ Funds and the Advisers based upon a determination that this is appropriate under the circumstances at the time.

 

5. This Agreement is effective as of June 25, 2020 and supersedes the prior Letter Agreement from the Adviser to the Trustees relating to the same subject matter.

	Very truly yours,
	▇▇▇▇ ▇▇▇▇▇▇▇ Variable Trust Advisers LLC
	By:	/s/ ▇▇▇ ▇▇▇▇▇▇▇▇▇
		▇▇▇ ▇▇▇▇▇▇▇▇▇
	▇▇▇▇ ▇▇▇▇▇▇▇ Investment Management LLC
	By:	/s/ ▇▇▇ ▇▇▇▇▇▇▇▇▇
		▇▇▇ ▇▇▇▇▇▇▇▇▇

ACCEPTED BY:

▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Trust
▇▇▇▇ ▇▇▇▇▇▇▇ California Tax-Free Income Fund	▇▇▇▇ ▇▇▇▇▇▇▇ Investors Trust ▇▇▇▇ ▇▇▇▇▇▇▇ Municipal Securities Trust
▇▇▇▇ ▇▇▇▇▇▇▇ Capital Series	▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Current Interest	▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund II
▇▇▇▇ ▇▇▇▇▇▇▇ Exchange-Traded Fund Trust	▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund III ▇▇▇▇ ▇▇▇▇▇▇▇ Premium Dividend Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Financial Opportunities Fund	▇▇▇▇ ▇▇▇▇▇▇▇ Sovereign Bond Fund ▇▇▇▇ ▇▇▇▇▇▇▇ Strategic Series
▇▇▇▇ ▇▇▇▇▇▇▇ Funds II ▇▇▇▇ ▇▇▇▇▇▇▇ Funds III	▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Advantaged Dividend Income Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Hedged Equity & Income Fund	▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Advantaged Global Shareholder Yield Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Income Securities Trust	▇▇▇▇ ▇▇▇▇▇▇▇ Variable Insurance Trust
▇▇▇▇ ▇▇▇▇▇▇▇ Investment Trust ▇▇▇▇ ▇▇▇▇▇▇▇ Investment Trust II

 

	On behalf of each of its series identified as a Participating Portfolio
	By:	/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
		▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇

Appendix A

 

▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Trust
▇▇▇▇ ▇▇▇▇▇▇▇ California Tax-Free Income Fund	▇▇▇▇ ▇▇▇▇▇▇▇ Investors Trust ▇▇▇▇ ▇▇▇▇▇▇▇ Municipal Securities Trust
▇▇▇▇ ▇▇▇▇▇▇▇ Capital Series	▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Current Interest	▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund II
▇▇▇▇ ▇▇▇▇▇▇▇ Exchange-Traded Fund Trust	▇▇▇▇ ▇▇▇▇▇▇▇ Preferred Income Fund III ▇▇▇▇ ▇▇▇▇▇▇▇ Premium Dividend Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Financial Opportunities Fund	▇▇▇▇ ▇▇▇▇▇▇▇ Sovereign Bond Fund ▇▇▇▇ ▇▇▇▇▇▇▇ Strategic Series
▇▇▇▇ ▇▇▇▇▇▇▇ Funds II ▇▇▇▇ ▇▇▇▇▇▇▇ Funds III	▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Advantaged Dividend Income Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Hedged Equity & Income Fund	▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Advantaged Global Shareholder Yield Fund
▇▇▇▇ ▇▇▇▇▇▇▇ Income Securities Trust	▇▇▇▇ ▇▇▇▇▇▇▇ Variable Insurance Trust
▇▇▇▇ ▇▇▇▇▇▇▇ Investment Trust ▇▇▇▇ ▇▇▇▇▇▇▇ Investment Trust II