YIELDQUEST ADVISORS, LLC
YIELDQUEST ADVISORS, LLC
0000 Xxxxxxxx Xxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxx 00000
(866) 978-3781
July 6, 2005
Letter Agreement
To: YieldQuest Funds Trust (the “Trust”)
0000 Xxxxxxxx Xxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxx 00000
Dear Ladies and Gentlemen:
Pursuant to the Investment Advisory Agreement approved by the Board of Trustees on June 27, 2005, you have engaged us to act as the investment adviser to the following series of the Trust: YieldQuest Core Equity Fund (the “Equity Fund”), YieldQuest Total Return Bond Fund (the “Total Return Fund”) and YieldQuest Tax-Exempt Bond Fund (“Tax-Exempt Fund”).
Effective upon the commencement of operations of a Fund through the end of each such Fund’s second fiscal year, we hereby agree to waive our advisory fees and/or agree to reimburse Fund expenses, but only to the extent necessary to maintain the Fund’s total annual operating expenses, except brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short), taxes and extraordinary expenses at 1.19%, 0.79% and 0.79% of the average daily net assets of the Equity Fund, Total Return Fund and Tax-Exempt Fund, respectively. Any waiver or reimbursement by us to a Fund is subject to repayment by that Fund in the three fiscal years following the fiscal year in which the expenses occur; provided that such Fund is able to make the repayment without exceeding its expense limitation as listed above.
Very truly yours,
YIELDQUEST ADVISORS, LLC.
By /s/ Xxx X. Xxxxxxx
Name: Xxx X. Xxxxxxx
Title: President
Acceptance
The foregoing is hereby accepted.
By: /s/ Xxx X. Xxxxxxx
Name: Xxx X. Xxxxxxx
Title: Chairman
