XXXXXXXXX XXXXXX EQUITY FUNDS
XXXXXXXXX XXXXXX [________] FUND
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
[_______], 2006
Xxxxxxxxx Xxxxxx Management Inc.
000 Xxxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
Dear Ladies and Gentlemen:
Xxxxxxxxx Xxxxxx [_______] Fund ("Fund") is a series of Xxxxxxxxx Xxxxxx
Equity Funds, a Delaware statutory trust ("Trust").
You hereby agree during the period from [______], 2006 through August 31,
2009 ("Limitation Period"), to pay operating expenses of the Fund's Trust Class
(excluding interest, taxes, brokerage commissions, and extraordinary expenses of
the Fund) ("Operating Expenses") which exceed, in the aggregate, the rate of
[1.00]% per annum of the Fund's average daily net assets ("Expense Limitation").
The Fund agrees to reimburse you out of assets attributable to its Trust
Class for any Operating Expenses you pay in excess of the Expense Limitation,
provided the reimbursements do not cause the Class' total operating expenses
(exclusive of interest, taxes, brokerage commissions and extraordinary expenses)
to exceed an annual rate of [1.00]% of average daily net assets and the
reimbursements are made within three years after the year in which you incurred
the expense.
You understand that you shall look only to the assets attributable to the
Trust Class of the Fund for performance of this Agreement and for payment of any
claim you may have hereunder, and neither any other series of the Trust or class
of the Fund, nor any of the Trust's trustees, officers, employees, agents, or
shareholders, whether past, present or future, shall be personally liable
therefor.
This Agreement is made and to be performed principally in the State of New
York, and except insofar as the Investment Company Act of 1940, as amended, or
other federal laws and regulations may be controlling, this Agreement shall be
governed by, and construed and enforced in accordance with, the internal laws of
the State of New York. Any amendment to this Agreement shall be in writing
signed by the parties hereto.
If you are in agreement with the foregoing, please sign the form of
acceptance on the enclosed counterpart hereof and return the same to us.
Very truly yours,
XXXXXXXXX XXXXXX EQUITY FUNDS,
on behalf of
XXXXXXXXX XXXXXX [________] FUND
By: ___________________________________
Title: __________________________________
The foregoing Agreement is hereby
accepted as of [_______], 2006
XXXXXXXXX XXXXXX MANAGEMENT INC.
By:_____________________________
Title:___________________________
