NEW COVENANT FUNDS EXPENSE LIMITATION AGREEMENT
THIS AGREEMENT, dated as of
June 30, 2009, is made and entered into by and between the New Covenant Funds, a
Delaware statutory trust (the “Trust”), on behalf of each of its investment
series set forth on Schedule A attached hereto (the “Funds”), and One Compass
Advisors (the “Adviser”).
WHEREAS, the Adviser serves as
investment adviser to the Funds pursuant to the terms of an Amended and Restated
Investment Advisory Agreement entered into between the Adviser and the Trust on behalf of the
Funds (the “Advisory Agreement”); and
WHEREAS, the Trust has been
authorized to enter into Shareholder Services
Agreements
pursuant to which each Fund may pay shareholder services fees to various types
of authorized service providers for providing administrative services with
respect to shares of the
Funds
attributable to or held in the name of each authorized service provider for its
clients or other parties with whom it has a servicing relationship;
and
WHEREAS, in connection with
the implementation of the Shareholder Services
Agreements,
the Adviser wishes to reimburse each Fund in the amount of 17 basis points to
help offset the shareholder services fees paid by each Fund in order to limit
the total operating expenses of the Fund.
NOW, THEREFORE, the Trust, on
behalf of the Funds, and the Adviser hereby agree as follows:
Until
June 30, 2010, the Adviser agrees to reimburse each Fund 17 basis points of the
fees paid by the Fund pursuant to any Shareholder Services Agreements entered
into by the Trust on behalf of the Fund.
IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date first above
written.
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ONE
COMPASS ADVISORS
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By:
/s/ Xxxxxx X.
Xxxxxxxxx
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By:
/s/ Xxxx X.
Xxxxxxxx
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Name:
Xxxxxx X.
Xxxxxxxxx
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Name: Xxxx X. Xxxxxxxx,
CFA
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Title:
Vice
President
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Title: SVP &
CIO
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SCHEDULE A
Fund
Name
New
Covenant Balanced Growth Fund
New
Covenant Balanced Income Fund
New
Covenant Growth Fund
