Re: Expense Limitation Letter Agreement and Voluntary Expense Limitation Notice
| Xxxx Xxxxxxx Advisers, LLC 000 Xxxxxxxx Xxxxxx Xxxxxx, XX 00000 |
 |
December 8, 2016
To the Trustees of
Xxxx
Xxxxxxx Funds
000 Xxxxxxxx Xxxxxx
Xxxxxx, XX 00000
| Re: | Expense Limitation Letter Agreement and Voluntary Expense Limitation Notice |
With reference to each of the Advisory Agreements approved by the Board or entered into by and between Xxxx Xxxxxxx Advisers, LLC (the “Adviser”) and each of the trusts listed in Appendix A to this letter (each, a “Trust” and collectively, the “Trusts”), on behalf of each of their respective series listed in Appendix A (each, a “Fund” and collectively, the “Funds”), we hereby notify you as follows:
1. The Adviser agrees to contractually waive its advisory fees or, to the extent necessary, reimburse other expenses of each Fund as set forth in Appendix B, Appendix C, Appendix D, Appendix E, Appendix F and Appendix G hereto.
2. The Adviser agrees to voluntarily waive its advisory fees or, to the extent necessary, reimburse other expenses of each Fund as set forth in Appendix H, Appendix I, Appendix J and Appendix K hereto.
3. We understand and intend that the Trusts will rely on this undertaking in overseeing the preparation and filing of Post-effective Amendments to the Registration Statement on Form N-1A for the Trusts and the Funds with the Securities and Exchange Commission, in accruing each Fund’s expenses for purposes of calculating its net and gross asset value per share, and for other purposes permitted under Form N-1A and/or the Investment Company Act of 1940, as amended, and we expressly permit the Trusts so to rely.
| Very truly yours, | |||
| XXXX XXXXXXX ADVISERS, LLC | |||
| By: | /s/Xxxxxxx X. Xxxx | ||
| Xxxxxxx X. Xxxx | |||
| Chief Financial Officer | |||
Agreed and Accepted
on
behalf of each applicable Trust listed in Appendix A
| By: | /s/ Xxxxxxx X. Xxxxx | |
| Xxxxxxx X. Xxxxx | ||
| Chief Financial Officer | ||
A copy of the document establishing each Trust is filed with the Secretary of The Commonwealth of Massachusetts. This Agreement is executed by the officer in his capacity as such and not as an individual and is not binding upon any of the Trustees, officers or shareholders of the Trusts individually but only upon the assets of the Funds.
APPENDIX A
TRUSTS and Funds
XXXX XXXXXXX XXXX TRUST
Xxxx Xxxxxxx ESG Core Bond
Fund
Xxxx Xxxxxxx Global
Conservative Absolute Return Fund
Xxxx Xxxxxxx Global Short Duration Credit
Fund
Xxxx Xxxxxxx Government Income Fund
Xxxx Xxxxxxx High Yield
Fund
Xxxx Xxxxxxx Investment Grade Bond Fund
XXXX XXXXXXX CALIFORNIA
TAX-FREE INCOME FUND
Xxxx
Xxxxxxx California Tax-Free Income Fund
XXXX XXXXXXX CAPITAL
SERIES
Xxxx Xxxxxxx Classic
Value Fund
Xxxx Xxxxxxx U.S.
Global Leaders Growth Fund
XXXX XXXXXXX CURRENT
INTEREST
Xxxx Xxxxxxx Money
Market Fund
XXXX XXXXXXX
EXCHANGE-TRADED FUND TRUST
Xxxx Xxxxxxx Multifactor Consumer Discretionary ETF
Xxxx Xxxxxxx
Multifactor Consumer Staples ETF
Xxxx Xxxxxxx Multifactor Developed
International ETF
Xxxx Xxxxxxx Multifactor Energy ETF
Xxxx Xxxxxxx Multifactor Financials ETF
Xxxx
Xxxxxxx Multifactor Healthcare ETF
Xxxx Xxxxxxx Multifactor Industrials
ETF
Xxxx Xxxxxxx Multifactor Large Cap ETF
Xxxx Xxxxxxx Multifactor
Materials ETF
Xxxx Xxxxxxx Multifactor Mid Cap ETF
Xxxx Xxxxxxx
Multifactor Technology ETF
Xxxx Xxxxxxx Multifactor Utilities ETF
XXXX XXXXXXX INVESTMENT
TRUST
Xxxx Xxxxxxx Balanced
Fund
Xxxx Xxxxxxx Disciplined
Value International Fund
Xxxx Xxxxxxx Emerging Markets Equity
Fund
Xxxx Xxxxxxx Enduring Assets
Fund
Xxxx Xxxxxxx ESG All Cap Core Fund
Xxxx Xxxxxxx ESG International
Equity Fund
Xxxx Xxxxxxx ESG Large Cap Core Fund
Xxxx Xxxxxxx Fundamental
Large Cap Core Fund
Xxxx Xxxxxxx Global Focused Strategies Fund
Xxxx
Xxxxxxx Global Real Estate Fund
Xxxx Xxxxxxx Seaport Fund
Xxxx Xxxxxxx
Small Cap Core Fund
Xxxx Xxxxxxx Value Equity Fund
A-1
XXXX XXXXXXX INVESTMENT
TRUST II
Xxxx Xxxxxxx
Financial Industries Fund
Xxxx Xxxxxxx Regional Bank Fund
XXXX XXXXXXX INVESTMENT
TRUST III
Xxxx Xxxxxxx
Greater China Opportunities Fund
XXXX XXXXXXX MUNICIPAL
SECURITIES TRUST
Xxxx Xxxxxxx
High Yield Municipal Bond Fund
Xxxx Xxxxxxx Tax-Free Bond Fund
XXXX XXXXXXX SOVEREIGN
BOND FUND
Xxxx Xxxxxxx Xxxx
Fund
XXXX XXXXXXX STRATEGIC
SERIES
Xxxx Xxxxxxx Income
Fund
X-0
XXXXXXXX X
Fund Level Contractual Limitation on Fund Level Expenses
For purposes of this Appendix:
The Adviser contractually agrees to reduce its management fee for the Fund or, if necessary, make payment to the Fund, in an amount equal to the amount by which the “Expenses” of the Fund exceed the percentage of average annual net assets (on an annualized basis) of the Fund as set forth in the table below. “Expenses” means all the expenses of the Fund, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (e) Rule 12b-1 fees, (f) transfer agent fees and service fees, (g) shareholder servicing fees, (h) borrowing costs, (i) prime brokerage fees, (j) acquired fund fees and expenses paid indirectly, and (k) short dividend expense.
“Expense Limit” means the percentage of a Fund’s average annual net assets (on an annualized basis) set forth below.
The current expense limitation agreement expires on the date specified, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time.
| Limit on Fund Level | Expiration Date of | |
| Fund | Expenses | Expense Limit |
| Disciplined Value International Fund | 0.95% | 2/28/2018 |
| ESG All Cap Core Fund | 0.81% | 2/28/2018 |
| ESG International Equity Fund | 0.91% | 2/28/20181 |
| ESG Large Cap Core Fund | 0.81% | 2/28/2018 |
| Global Focused Strategies Fund | 1.62% | 2/28/2018 |
| Global Real Estate Fund | 0.95% | 4/30/20182 |
| ESG Core Bond Fund | 0.50% | 9/30/20183 |
| Global Conservative Absolute Return Fund | 0.78% | 9/30/20184 |
| Investment Grade Bond Fund | 0.42% | 9/30/20184 |
1 At the
December 6-8, 2016 meeting of the Board of Trustees of the Trusts, the Adviser
notified the Board of, and the Board approved, the contractual limit on fund
level expenses (0.91%) for ESG International Equity Fund with an expiration date
of February 28, 2018, effective as of the commencement of operations of ESG
International Equity Fund.
2 At the December 6-8, 2016 meeting of the Board of Trustees
of the Trusts, the Adviser notified the Board of, and the Board approved, the
extension of the contractual limit on fund level expenses for Global Real Estate
Fund to April 30, 2018, effective upon the current expiration date of April 30,
2017.
3 At the
December 6-8, 2016 meeting of the Board of Trustees of the Trusts, the Adviser
notified the Board of, and the Board approved, the contractual limit on fund
level expenses (0.50%) for ESG Core Bond Fund with an expiration date of
September 30, 2018, effective as of the commencement of operations of ESG Core
Bond Fund.
4 At the December 6-8, 2016 meeting of the Board of
Trustees of the Trusts, the Adviser notified the Board of, and the Board
approved, the extension of the contractual limit on fund level expenses for each
of Global Conservative Absolute Return Fund and Investment Grade Bond Fund to
September 30, 2018, each effective upon the current expiration date of September
30, 2017.
B-1
APPENDIX C
Fund Level Contractual Limitation on Total Operating Expenses
For purposes of this Appendix:
The Adviser contractually agrees to reduce its management fee for the Fund or, if necessary, make payment to the Fund, in an amount equal to the amount by which the “Expenses” of the Fund exceed the percentage of average annual net assets (on an annualized basis) of the Fund as set forth in the table below. “Expenses” means all the expenses of the Fund, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (e) borrowing costs, (f) prime brokerage fees, (g) acquired fund fees and expenses paid indirectly, and (h) short dividend expense.
“Expense Limit” means the percentage of a Fund’s average annual net assets (on an annualized basis) set forth below.
The current expense limitation agreement expires on the date specified, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time.
| Limit on Fund Level | Expiration Date of | |
| Fund | Expenses | Expense Limit |
| Xxxx Xxxxxxx Multifactor Large Cap ETF | 0.35% | 8/31/2017 |
| Xxxx Xxxxxxx Multifactor Mid Cap ETF | 0.45% | 8/31/2017 |
| Xxxx Xxxxxxx Multifactor Consumer Discretionary ETF | 0.50% | 8/31/2017 |
| Xxxx Xxxxxxx Multifactor Consumer Staples ETF | 0.50% | 8/31/2017 |
| Xxxx Xxxxxxx Multifactor Developed | 0.45% | 8/31/20181 |
| Xxxx Xxxxxxx Multifactor Energy ETF | 0.50% | 8/31/2017 |
| Xxxx Xxxxxxx Multifactor Financials ETF | 0.50% | 8/31/2017 |
| Xxxx Xxxxxxx Multifactor Healthcare ETF | 0.50% | 8/31/2017 |
| Xxxx Xxxxxxx Multifactor Industrials ETF | 0.50% | 8/31/2017 |
| Xxxx Xxxxxxx Multifactor Materials ETF | 0.50% | 8/31/2017 |
| Xxxx Xxxxxxx Multifactor Technology ETF | 0.50% | 8/31/2017 |
| Xxxx Xxxxxxx Multifactor Utilities ETF | 0.50% | 8/31/2017 |
1 At the December 6-8, 2016 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the contractual limit on total operating expenses (0.45%) for Xxxx Xxxxxxx Multifactor Developed International ETF with an expiration date of August 31, 2018, effective as of the commencement of operations of Xxxx Xxxxxxx Multifactor Developed International ETF.
C-1
APPENDIX D
Class Level Contractual Total Operating Expense Limitations
For purposes of this Appendix:
“Expenses” means all the expenses of a class of shares of a Fund (including those expenses of the Fund attributable to such class) but excluding: (i) taxes; (ii) portfolio brokerage commissions; (iii) interest expense; (iv) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business; (v) acquired fund fees and expenses paid indirectly; (vi) borrowing costs; (vii) prime brokerage fees; (viii) short dividend expense; and (ix) fees under any agreements or plans of the Fund dealing with services for shareholders and others with beneficial interests in shares of the Fund.
“Expense Limit” means the percentage of average annual net assets (on an annualized basis) attributable to a class of shares of the Funds set forth below.
The Adviser contractually agrees to waive advisory fees or, if necessary, reimburse expenses or make payment to a specific class of shares of the Fund (up to the amount of the expenses relating solely to such class of shares), in an amount equal to the amount by which the Expenses of such class of shares exceed the Expense Limit for such class set forth in the table below. The current expense limitation agreements expire on the dates specified, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time.
The Expense Limit for the classes of shares of the Funds indicated below for the purposes of this Appendix shall be as follows:
| Expiration | ||||||||||||
| Date of | ||||||||||||
| Class | Class | Class | Class | Class | Class | Class | Class | Class | Class | Class | Expense | |
| Fund | X | X | X | X | X0 | X0 | X0 | X0 | X0 | X0 | X | Limit |
| Emerging | 1.50% | N/A | 2.20% | 1.25% | N/A | 1.60% | N/A | 1.35% | N/A | N/A | 1.45% | 2/28/20181 |
| Markets | ||||||||||||
| Equity Fund |
1 At the December 6-8, 2016 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the extension of the class level contractual total operating expense limitations for Class A, Class C, Class I, Class R2 and Class R4 shares of Emerging Markets Equity Fund to February 28, 2018, effective upon the current expiration date of February 28, 2017. Also at the December 6-8, 2016 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the class level contractual total operating expense limitation (1.45%) for Class T shares of Emerging Markets Equity Fund with an expiration date of February 28, 2018, effective as of the commencement of operations of Class T shares of Emerging Markets Equity Fund.
D-1
| Expiration | ||||||||||||
| Date of | ||||||||||||
| Class | Class | Class | Class | Class | Class | Class | Class | Class | Class | Class | Expense | |
| Fund | A | B | C | I | R1 | R2 | R3 | R4 | R5 | R6 | T | Limit |
| Enduring Assets Fund |
N/A | N/A | 2.60% | X/X | X/X | X/X | X/X | X/X | X/X | X/X | N/A | 2/28/2017 |
| Fundamental | N/A | 1.82% | 1.82% | 0.78% | X/X | X/X | X/X | X/X | X/X | X/X | N/A | 2/28/20182 |
| Large Cap | ||||||||||||
| Core Fund | ||||||||||||
| Global Real | 1.30% | N/A | 2.05% | 1.05% | X/X | X/X | X/X | X/X | X/X | X/X | 1.30% | 4/30/20183 |
| Estate Fund | ||||||||||||
| Greater China | N/A | N/A | N/A | 1.34% | X/X | X/X | X/X | X/X | X/X | X/X | X/X | 2/28/20184 |
| Opportunities | ||||||||||||
| Fund | ||||||||||||
| Value Equity Fund |
1.45% | N/A | 2.15% | 1.15% | X/X | X/X | X/X | X/X | X/X | X/X | N/A | 2/28/2017 |
2 At the
December 6-8, 2016 meeting of the Board of Trustees of the Trusts, the Adviser
notified the Board of, and the Board approved, the extension of the class level
contractual total operating expense limitations for Class B, Class C and Class I
shares of Fundamental Large Cap Core Fund to February 28, 2018, effective upon
the current expiration date of February 28, 2017.
3 At the December 6-8, 2016 meeting of
the Board of Trustees of the Trusts, the Adviser notified the Board of, and the
Board approved, the extension of the class level contractual total operating
expense limitations for Class A, Class C and Class I shares of Global Real
Estate Fund to April 30, 2018, effective upon the current expiration date of
April 30, 2017. Also at the December 6-8, 2016 meeting of the Board of Trustees
of the Trusts, the Adviser notified the Board of, and the Board approved, the
class level contractual total operating expense limitation (1.30%) for Class T
shares of Global Real Estate Fund with an expiration date of April 30, 2018,
effective as of the commencement of operations of Class T shares of Global Real
Estate Fund.
4 At the
December 6-8, 2016 meeting of the Board of Trustees of the Trusts, the Adviser
notified the Board of, and the Board approved, the extension of the class level
contractual total operating expense limitation for Class I shares of Greater
China Opportunities Fund to February 28, 2018, effective upon the current
expiration date of February 28, 2017.
D-2
| Global | 1.14% | N/A | 1.89% | 0.89% | X/X | X/X | X/X | X/X | X/X | X/X | 1.09% | 9/30/2017 for |
| Conservative | Class A, Class | |||||||||||
| Absolute | C and Class I | |||||||||||
| Return Fund | ||||||||||||
| 9/30/2018 for | ||||||||||||
| Class T1 | ||||||||||||
| Government | 0.98% | N/A | X/X | X/X | X/X | X/X | X/X | X/X | X/X | X/X | 0.98% | 9/30/2017 |
| Income Fund | Class A | |||||||||||
| 9/30/2018 for | ||||||||||||
| Class T2 | ||||||||||||
| High
Yield Fund |
N/A | N/A | N/A | 0.72% | X/X | X/X | X/X | X/X | X/X | X/X | N/A | 9/30/2017 |
1 At the December 6-8, 2016 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved the class level contractual total operating expense limitation (1.09%) for Class T shares of Global Conservative Absolute Return Fund with an expiration date of September 30, 2018, effective as of the commencement of operations of Class T shares of Global Conservative Absolute Return Fund.
2 At the December 6-8, 2016 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved the class level contractual total operating expense limitation (0.98%) for Class T shares of Government Income Fund with an expiration date of September 30, 2018, effective as of the commencement of operations of Class T shares of Government Income Fund.
D-3
APPENDIX E
Class Specific Contractual Expense Limitations
For purposes of this Appendix:
Except as noted, the Adviser contractually agrees to waive and/or reimburse all class-specific expenses for the share classes of the Fund listed in the table below, including Rule 12b-1 fees, transfer agency fees and service fees, shareholder servicing fees and other class-specific expenses, as applicable (“Class Level Expenses”), to the extent they exceed the amount of average annual net assets (on an annualized basis) attributable to the class set forth in the table (the “Class Expense Waiver”).
The current expense limitation agreements expire on the dates specified, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time.
| Expiration Date of | ||
| Fund | Class R6 | Expense Limit |
| Balanced Fund | 0.00% | 2/28/2017 |
| Classic Value Fund | 0.00% | 2/28/2017 |
| Disciplined Value International Fund | 0.00% | 2/28/2018 |
| Emerging Markets Equity Fund | 0.00% | 2/28/2017 |
| Enduring Assets Fund | 0.00% | 2/28/2017 |
| ESG All Cap Core Fund | 0.00% | 2/28/2018 |
| ESG Large Cap Core Fund | 0.00% | 2/28/2018 |
| Fundamental Large Cap Core Fund | 0.00% | 2/28/2017 |
| Global Focused Strategies Fund | 0.00% | 2/28/2018 |
| Global Real Estate Fund | 0.00% | 4/30/2017 |
| Seaport Fund | 0.00% | 2/28/2017 |
| U.S. Global Leaders Growth Fund | 0.00% | 2/28/2017 |
| Value Equity Fund | 0.00% | 2/28/2017 |
| Bond Fund | 0.00% | 9/30/2017 |
| Global Conservative Absolute Return Fund | 0.00% | 9/30/2017 |
| High Yield Fund | 0.00% | 9/30/2017 |
| Income Fund | 0.00% | 9/30/2017 |
| Investment Grade Bond Fund | 0.00% | 9/30/2017 |
E-1
APPENDIX F
Fund Level Contractual Limit on Other Expenses
For purposes of this Appendix:
The Adviser contractually agrees to reduce its management fee for the Fund or, if necessary, make payment to the Fund, in an amount equal to the amount by which the “Expenses” of the Fund exceed the percentage of average annual net assets (on an annualized basis) of the Fund as set forth in the table below. “Expenses” means all the expenses of the Fund, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (e) advisory fees, (f) Rule 12b-1 fees, (g) transfer agent fees and service fees, (h) shareholder servicing fees, (i) borrowing costs, (j) prime brokerage fees, (k) acquired fund fees and expenses paid indirectly, and (l) short dividend expense.
“Expense Limit” means the percentage of a Fund’s average annual net assets (on an annualized basis) set forth below.
The current expense limitation agreement expires on the date specified, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time.
| Limit on Other | Expiration Date of | |
| Fund | Expenses | Expense Limit |
| Greater China Opportunities Fund | 0.30% | February 28, 20181 |
| Value Equity Fund | 0.04% | February 28, 2018 |
1 At the December 6-8, 2016 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the extension of the contractual limit on other expenses for Greater China Opportunities Fund to February 28, 2018, effective upon the current expiration date of February 28, 2017.
F-1
APPENDIX G
Fund Level Contractual Investment Management Fee Waivers
The Adviser agrees to limit Xxxx Xxxxxxx Money Market Fund’s management fee to a maximum annual rate of 0.40% of the Fund’s average daily net assets. The limitation will continue until at least July 31, 2017.*
* At the March 8-10, 2016 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the extension of the expiration date (to July 31, 2017) of the management fee limitation, effective upon the current expiration date of July 31, 2016.
The Adviser agrees to limit Xxxx Xxxxxxx Value Equity Fund’s management fee to a maximum annual rate of 0.66% of the Fund’s average daily net assets. The limitation will continue until at least February 28, 2018.*
* At the June 20-23, 2016 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the lowering of the advisory fee cap (to 0.66%) and the extension of the expiration date (to February 28, 2018) of the management fee limitation, each effective July 1, 2016.
The Adviser agrees to limit Xxxx Xxxxxxx Government Income Fund’s management fee to a maximum annual rate of 0.53% of the Fund’s average daily net assets. The limitation will continue until at least September 30, 2018.*
* At the December 6-8, 2016 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the extension of the expiration date (to September 30, 2018) of the management fee limitation, effective upon the current expiration date of September 30, 2017.
The Adviser agrees to reduce Xxxx Xxxxxxx Xxxx Fund’s management fee by an annual rate of 0.05% of the Fund’s average daily net assets. The reduction will continue until at least September 30, 2018.*
* At the December 6-8, 2016 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the extension of the expiration date (to September 30, 2018) of the advisory fee waiver, effective upon the current expiration date of September 30, 2017.
The Adviser agrees to reduce Xxxx Xxxxxxx Enduring Assets Fund’s management fee by an annual rate of 0.20% of the Fund’s average daily net assets. The reduction will continue until at least February 28, 2018.*
* At the June 20-23, 2016 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the advisory fee waiver (0.20%) for Xxxx Xxxxxxx Enduring Assets Fund with an expiration date of February 28, 2018, effective July 1, 2016.
G-1
APPENDIX H
Class Level Voluntary Total Operating Expense Limitations
For purposes of this Appendix:
“Expenses” means all the expenses of a class of shares of the Fund (including those expenses of the Fund attributable to such class) but excluding: (i) taxes; (ii) portfolio brokerage commissions; (iii) interest expense; (iv) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business; (v) acquired fund fees and expenses paid indirectly; (vi) short dividend expense; and (vii) fees under any agreements or plans of the Fund dealing with services for shareholders and others with beneficial interests in shares of the Fund.
“Expense Limit” means the percentage of average annual net assets (on an annualized basis) attributable to a class of shares of the Fund set forth below.
The Adviser voluntarily agrees to waive advisory fees or, if necessary, reimburse expenses or make payment to a specific class of shares of the Fund (up to the amount of the expenses relating solely to such class of shares), in an amount equal to the amount by which the Expenses of such class of shares exceed the Expense Limit for such class set forth in the table below.
The Expense Limit for the classes of shares of the Fund indicated below for the purposes of this Appendix shall be as follows:
| Expiration | |||||||||||
| Fund | Classes A | B | C | I | R1 | R2 | R3 | R4 | R5 | R6 | Date of Expense Limit* |
| N/A |
*These fee waivers and/or expense reimbursements are voluntary and may be amended or terminated at any time by the Adviser on notice to the Trust.
H-1
APPENDIX I
Fund Level Voluntary Limit on Other Expenses
For purposes of this Appendix:
The Adviser voluntarily agrees to reduce its management fee for the Fund or, if necessary, make payment to the Fund, in an amount equal to the amount by which the “Expenses” of the Fund exceed the percentage of average annual net assets (on an annualized basis) of the Fund as set forth in the table below. “Expenses” means all the expenses of the Fund, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (e) advisory fees, (f) Rule 12b-1 fees, (g) transfer agent fees and service fees, (h) shareholder servicing fees, (i) borrowing costs, (j) prime brokerage fees, (k) acquired fund fees and expenses paid indirectly, and (l) short dividend expense.
| Limit on Other | Expiration Date of | |
| Fund | Expenses | Expense Limit* |
| Enduring Assets Fund | 0.25% | |
| Seaport Fund | 0.25% |
* These fee waivers and/or expense reimbursements are voluntary and may be amended or terminated at any time by the Adviser on notice to the Trust.
I-1
APPENDIX J
Voluntary Money Market Fund Expense Limitation Agreement
For Xxxx Xxxxxxx Money Market Fund, the Adviser and its affiliates may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (Rule 12b-1) fees) and/or reimburse certain expenses to the extent necessary to assist the Fund in attempting to avoid a negative yield. In addition, the Adviser and its affiliates have voluntarily agreed to waive a portion of their fees (including, but not limited to, Rule 12b-1 fees) and/or reimburse certain expenses to the extent necessary to assist the fund in attempting to achieve a positive yield. These fee waivers and/or expense reimbursements are voluntary and may be amended or terminated at any time by the Adviser on notice to the Trust.
J-1
APPENDIX K
Fund Level Voluntary Investment Management Fee Waivers
K-1
