Letter Agreement
To: Epiphany Funds
000 X. 0xx Xxxxxx, Xxxxx 000
Xxxx Xxxxx, XX 00000
Dear Board Members:
You have engaged us to act as the sole investment adviser to the Epiphany
Core Equity Fund (the "Fund") pursuant to an Investment Advisory Agreement dated
as of __________, 2007 (the "Agreement").
Effective upon the commencement of operations of the Epiphany Core Equity
Fund through __________, 2007, we hereby contractually agree to waive management
fees and/or reimburse the Fund for expenses it incurs, but only to the extent
necessary to maintain the Fund's total annual operating expenses (excluding
brokerage fees and commissions; borrowing costs such as (a) interest and (b)
dividends on securities sold short; taxes; indirect expenses incurred by the
underlying funds in which the Fund invests; and extraordinary expenses) at 1.50%
of the average daily net assets for that period.
Any waiver or reimbursement by us is subject to repayment by the Fund
within the three fiscal years following the fiscal year in which the expenses
occurred, if the Fund is able to make the repayment without exceeding its
current expense limitations and the repayment is approved by the Board of
Trustees.
Very truly yours,
TRINITY FIDUCIARY PARTNERS LLC
By:
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Print Name: Xxxxxx X. Xxxxxxxx XXX
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Title: Chief Executive Officer
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Acceptance
The foregoing Agreement is hereby accepted.
EPIPHANY FUNDS
By:
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Xxxxxx X. Xxxxxxxx XXX, President
