Exhibit 13(b)
ORGANIZATIONAL EXPENSE
REIMBURSEMENT AGREEMENT
This Agreement, made this 31st day of July, 1992, by and between Xxxxxx
Xxxxxx Funds, a Massachusetts business trust (the "Trust") and Xxxxxx, Xxxxxx &
Company, Incorporated (the "Adviser").
WITNESSETH:
WHEREAS, the Trust is registered as an open-end diversified management
investment company under the Investment Company Act of 1940 and was and is in
the process of organizing the Xxxxxx Xxxxxx Short-Term Bond Fund series (the
"New Series");
WHEREAS, there have been and will be certain organizational expenses
incurred as part of such organization, which are properly expenses of the Trust,
that have been and will in the future be paid by the Adviser by reason of the
fact that the Trust was not or will not be capitalized when such expenses
otherwise became or become due and payable;
WHEREAS, such organizational expenses include expenses necessary to
organize and establish the New Series, including, without limitation, such
expenses as outside legal counsel's fees, Securities and Exchange Commission
filing and registration fees, independent public accountant fees and state blue
sky filing and registration fees (such expenses being hereinafter referred to as
"Organization Expenses"):
NOW, THEREFORE, in consideration of the promises and mutual covenants
herein contained, it is agreed as follows:
1. Upon the issuance and sale of shares of beneficial interest of the New
Series to the public, the Trust shall reimburse and pay to the Adviser up to
$_______ of the amounts expended by the Adviser for Organization Expenses for
the New Series.
2. Such reimbursement shall be paid by the Trust to the Adviser upon
demand, without interest, and in no event later than five years from the
commencement of operations of the New Series. Upon demand for payment, the
Adviser shall present copies of invoices or receipts, and copies of cancelled
checks or other evidence of payment by the Adviser of the Organization Expenses
for which it is demanding reimbursement.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
day and year first above written.
XXXXXX XXXXXX FUNDS
on behalf of its
Short-Term Bond Fund series
/s/ Xxxxxxx X. Xxxxxxxxx
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Xxxxxxx X. Xxxxxxxxx
President
XXXXXX, XXXXXX & COMPANY,
INCORPORATED
/s/ Xxxxxxx X. Xxxxxxxxx
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Xxxxxxx X. Xxxxxxxxx
Vice President
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