XXXXXXXXX XXXXXX EQUITY FUNDS
XXXXXXXXX XXXXXX ALL CAP GROWTH FUND
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
August 28, 2006
Xxxxxxxxx Xxxxxx Management Inc.
000 Xxxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
Dear Ladies and Gentlemen:
Xxxxxxxxx Xxxxxx All Cap Growth Fund ("Fund") is a series of Xxxxxxxxx
Xxxxxx Equity Funds, a Delaware statutory trust ("Trust").
You hereby agree during the period from September 1, 2006 through August
31, 2009 ("Limitation Period"), to pay operating expenses of the Fund's
Institutional Class (excluding interest, taxes, brokerage commissions, and
extraordinary expenses of the Fund) ("Operating Expenses") which exceed, in the
aggregate, the rate of 0.90% per annum of the Fund's average daily net assets
("Expense Limitation").
The Fund agrees to reimburse you out of assets attributable to its
Institutional 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 0.90% 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 Institutional 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 ALL CAP GROWTH FUND
By: /s/ Xxxxxx Xxxxx
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Title: Vice President
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The foregoing Agreement is hereby
accepted as of August 28, 2006
XXXXXXXXX XXXXXX MANAGEMENT INC.
By: /s/ Xxxxxx Xxxxx
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Title: Senior Vice President
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