EXHIBIT 99(H)(iv)
NEW COVENANT FUNDS
EXPENSE LIMITATION AGREEMENT
THIS AGREEMENT, dated as of June 30, 2004, is made and entered into by
and between the New Covenant Funds, a Delaware statutory trust (the "Trust"), on
behalf of each of its investment series set forth on Schedule A attached hereto
(the "Funds"), and the NCF Investment Department of New Covenant Trust Company,
N.A. (the "Adviser").
WHEREAS, the Adviser serves as investment adviser to the Funds pursuant
to the terms of an Amended and Restated Investment Advisory Agreement entered
into between the Adviser and the Trust on behalf of the Funds (the "Advisory
Agreement"); and
WHEREAS, the Funds have been authorized to enter into Shareholder
Services Agreements pursuant to which each Fund may pay shareholder services
fees to various types of authorized service providers for providing
administrative services with respect to shares of the Funds attributable to or
held in the name of each authorized service provider for its clients or other
parties with whom it has a servicing relationship; and
WHEREAS, in connection with the implementation of the Shareholder
Services Agreements the Adviser wishes to waive the investment advisory fees
payable to it by any Fund to the extent of the amount of shareholder services
fees paid by each Fund in order to limit the total operating expenses of the
Funds.
NOW, THEREFORE, the Trust, on behalf of the Funds, and the Adviser,
hereby agree as follows:
Until June 30, 2005, the Adviser will waive the investment advisory
fees payable to it under the Advisory Agreement to the extent of any
fees paid by the Funds pursuant to any Shareholder Services Agreements
entered into by the Funds.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.
NEW COVENANT FUNDS THE NCF INVESTMENT DEPARTMENT OF
NEW COVENANT TRUST COMPANY, N.A.
By: /s/ Xxxxxx X. Xxxxxx By: /s/ Xxxxxxx X. Precious
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Name: Xxxxxx X. Xxxxxx Name: Xxxxxxx X. Precious
Title: Vice President Title: President
SCHEDULE A
Fund Name
New Covenant Growth Fund
New Covenant Income Fund
