AMERISEN FUNDS(TM)
EXPENSES AGREEMENT
On January 22, 2001, AmeriSen Funds (the "Trust") engaged Xxxxx, Xxxxxxx &
Associates Investment Advisors, Inc. ("Advisor") to act as investment adviser
for its seven series pursuant to an agreement dated January 22, 2001. In
addition to the terms of that agreement, the Trust and the Advisor hereby
confirm the agreement reached at the March 26, 2001, Board of Trustees meeting:
1. The Advisor hereby agrees to reimburse the Trust for all organizational
expenses it incurs.
2. Effective April 1, 2001 through March 31, 2002, the Advisor hereby agrees
to waive all or a portion of its management fees and/or reimburse each
series of the Trust (other than the AmeriSen Money Market Fund which is
covered by paragraph 3) for the expenses it incurs during that period, but
only to the extent necessary to maintain total annual operating expenses at
2.50% of the average daily net assets of the institutional class of shares
and the retail class of shares for that period.
3. Effective April 1, 2001 through March 31, 2002, the Advisor hereby agrees
to waive all or a portion of its management fees and/or reimburse the
AmeriSen Money Market Fund for the expenses it incurs during that period,
but only to the extent necessary to maintain total annual operating
expenses at 0.95% of average daily net assets for that period.
4. The Trust hereby agrees that any organizational and operating expenses of
the respective series of the Trust reimbursed by the Advisor pursuant to
this Agreement shall be repaid to the Advisor by the respective series of
the Trust in the first, second, and third fiscal years, beginning with the
fiscal year beginning April 1, 2001, if the total expenses of each series
of the Trust (other than the money market fund) and the AmeriSen Money
Market Fund for each such year or years, after giving effect to the
repayment, do not exceed 2.50% and 0.95%, respectively, of the average
daily net assets (or any lower expense limitation or limitations to which
we may otherwise agree).
5. The Advisor and the Trust agree that the agreements set forth in paragraphs
2 and 3 of this Agreement may be extended from year to year upon notice
from the Advisor and acceptance by the Trust.
Executed this 29th day of March 2001.
Xxxxx, Xxxxxxx & Associates Investment Advisors, Inc.
By: /s/ XXXXXXX X. XXXXX
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Xxxxxxx X. Xxxxx, President
AmeriSen Funds(TM)
By: /s/ XXXXXX X. XXXXX
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Xxxxxx X. Xxxxx, President
