First Amendment
To
Expense Limitation Agreement
This First Amendment to Expense Limitation Agreement ("Amendment") is made and
entered into this 29th day of April 2004, by and between PMFM, Inc., a Georgia
corporation (the "Advisor") and PMFM ETF Portfolio Trust ("Fund"), a series of
the PMFM Investment Trust (the "Trust").
WITNESSETH:
WHEREAS, the Advisor and the Fund wish to amend that certain Expense Limitation
Agreement ("Agreement") dated June 20, 2003 between the Advisor and the Fund to
modify and change the Operating Expense Limit (as defined in the Agreement) as
specified in Section 1(b) of the Agreement;
WHEREAS, the Advisor has agreed to reduce the Operating Expense Limit; and
WHEREAS, the Advisor and the Fund have determined that it is in the best
interest of the Fund to change the Operating Expense Limit as set forth below.
NOW THEREFORE, in consideration of the mutual covenants herein contained, the
parties hereto agree to amend and modify the Agreement effective upon
commencement of operations of the Advisor Class of the Fund as follows:
1. Amendment to Operating Expense Limit. Section 1(b) of the Agreement
entitled "Operating Expense Limit" is hereby modified and amended to read
as follows:
"(b) Operating Expense Limit. The Fund's maximum Operating Expense Limit in
any year shall be 1.70% of the average daily net assets of the Fund."
Except as expressly modified or amended herein, all other terms, provisions and
conditions of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed
by their duly authorized officers the day and year first above written.
PMFM ETF PORTFOLIO TRUST,
A SERIES OF THE PMFM INVESTMENT TRUST
By: /s/ Xxxxxxx X. Xxxxxxx
_____________________________
Xxxxxxx X. Xxxxxxx
President
PMFM, INC.
By: /s/ Xxxxxx X. Xxxxxxx
_____________________________
Xxxxxx X. Xxxxxxx
President
