Meeder Funds Expense Limitation Agreement
Xxxxxx Funds
This Expense Limitation Agreement (“Agreement”) is made on this 10th day of April, 2018 by and between Xxxxxx Funds (“Trust”), a business trust duly organized and existing under the laws of the Commonwealth of Massachusetts, and Xxxxxx Asset Management, Inc. (“Adviser”), a corporation organized and existing under the laws of the State of Ohio.
WHEREAS, the Trust, on behalf of the Funds, and the Adviser are parties to an investment advisory agreement (“Advisory Agreement”) pursuant to which the Adviser provides investment advisory services to each of the Funds; and
WHEREAS, the Trust and the Adviser have entered into this Agreement in order to limit the total annual ordinary fund operating expenses for certain Funds listed herein on the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties hereto, intending to be legally bound, mutually covenant and agree as follows:
1. Contractual Expense Limitation. The Adviser shall reimburse its management fees or other fund expenses sufficient to cap the total annual ordinary fund operating expenses, (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary items) as a percentage of average daily net assets as set forth in Schedule A.
2. Voluntary Fee Waiver/Expense Reimbursement. Nothing herein shall preclude the Adviser from either voluntarily waiving management fees it is entitled to from any series of the Trust or voluntarily reimbursing expenses of any series of the Trust, including the Funds set forth in Schedule A, as the Adviser, in its discretion, deems reasonable or appropriate.
3. Recoupment. The Adviser shall not have any rights of recoupment with respect to any fees or expenses reimbursed under this Agreement.
4. Term. This Agreement shall be effective April 30, 2018, shall continue for a period of no less than one year from the effective date of this Agreement, and shall expire on the date noted in Schedule A. The agreement may not be terminated prior to its expiration date without the consent of the Board of Trustees. The term of the Agreement may be continued from year to year thereafter provided that each such continuance is specifically approved by the Adviser and the Trust, including a majority of the Trust’s disinterested Trustees.
IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers.
| Xxxxxx Funds | Xxxxxx Asset Management, Inc. | ||||
| Xxxxxx X. Xxxxxx, Xx. | Xxxx Xxxx | ||||
| BY: (PRINTED) | BY: (PRINTED) | ||||
| President | Chief Financial Officer | ||||
| TITLE | TITLE | ||||
| /s/ Xxxxxx X. Xxxxxx, Xx. | /s/ Xxxx Xxxx | ||||
| SIGNATURE | SIGNATURE | ||||
| April 10, 2018 | April 10, 2018 | ||||
| DATE | DATE | ||||
SCHEDULE A
EXPENSE LIMITATION
For the period set forth below, the Adviser shall reimburse its management fees or other fund expenses sufficient to cap the total annual ordinary fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary items) as a percentage of average daily net assets as set forth below:
| Fund | Retail Class | Adviser Class | Institutional Class | Expiration Date |
| Moderate Allocation | 1.42% | 1.22% | 1.02% | 4/30/19 |
| Conservative Allocation | 1.32% | 1.12% | 0.92% | 4/30/19 |
| Spectrum | 2.06% | 1.91% | 1.72% | 4/30/19 |
Schedule A
