Exhibit (h)(6)
Xxxxxxx Funds LLC
February 1, 2001
Nvest Kobrick Investment Trust
000 Xxxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxx, XX 00000
Re: Fee Waiver/Expense Reimbursement
--------------------------------
Ladies and Gentlemen:
Reference is hereby made to the Advisory Agreement dated October 30, 2000,
between Xxxxxxx Funds LLC (the "Adviser") and Nvest Kobrick Investment Trust
(the "Trust"). This letter is to confirm the arrangements between the Adviser
and the Trust with respect to the expenses of each of the three series of the
Trust (each, a "Fund") and supercedes all previous arrangements including,
without limitation, the Agreement between the Adviser and the Trust dated
October 30, 2000, provided however, that with respect to each Fund, the Adviser
shall be permitted to recover expenses it has borne from November 1, 1999 until
the date of this Agreement (whether through reduction of its management fee or
otherwise) in later periods to the extent that a Fund's expenses fall below the
annual rates set forth above; provided further that a Fund is not obligated to
pay any such deferred fees more than one year after the end of the fiscal year
in which the fee was deferred.
Effective February 1, 2001, the Adviser will waive its management fee (and,
to the extent necessary, bear other expenses of the below referenced Funds)
through at least January 31, 2002, to the extent that expenses of each class of
a Fund, exclusive of brokerage, interest, taxes and deferred organizational and
extraordinary expenses, would exceed the following annual rates:
Name of Fund Expense Cap
------------ -----------
Kobrick Capital Fund 1.50% for Class A shares
2.25% for Class B shares
2.25% for Class C shares
1.25% for Class Y shares
Kobrick Growth Fund 1.40% for Class A shares
2.15% for Class B shares
2.15% for Class C shares
1.15% for Class Y shares
Kobrick Emerging Growth Fund 1.50% for Class A shares
2.25% for Class B shares
2.25% for Class C shares
1.25% for Class Y shares
This fee cap is administered on a daily basis based on the accrued expenses
of each Fund and reconciled periodically to make any required adjustments. If,
after the close of the fiscal year, it is determined that the total actual
expenses of a Fund exceed the applicable expense cap for the fiscal year, the
Adviser shall promptly reimburse the relevant Fund for the excess amount. With
respect to each Fund, the Adviser shall be permitted to recover expenses it has
borne subsequent to the effective date of this agreement (whether through
reduction of its management fee or otherwise) in later periods to the extent
that a Fund's expenses fall below the annual rates set forth above; provided,
however, that a Fund is not obligated to pay any such deferred fees more than
three years after the end of the fiscal year in which the fee was deferred.
During the period of this agreement, the expense cap arrangement set forth
above for each of the Funds may be modified in writing by mutual consent of the
Adviser and a majority vote of the Trustees of the Trust, including a majority
of the independent Trustees.
For purposes of determining any such waiver or expense reimbursement,
expenses of the class of the Funds shall not reflect the application of balance
credits made available by the Funds' custodian or arrangements under which
broker-dealers that execute portfolio transactions for the Funds' agree to bear
some portion of Fund expenses.
The term of this arrangement shall expire on January 31, 2002 and shall
continue in effect from year to year thereafter unless the Adviser provides
notice to the Trust at least 60 days prior to the expiration of any term.
We understand and intend that you will rely on this undertaking in
preparing and filing the Registration Statements for the above captioned Funds
on Form N-1A with the Securities and Exchange Commission, in accruing each
Fund's expenses for purposes of calculating its net asset value per share and
for other purposes permitted under Form N-1A and/or the Investment Company Act
of 1940, as amended, and expressly permit you to do so.
Xxxxxxx Funds LLC
By: _____________________
Xxxxxxxxx X. Xxxxxxx, President
Agreed:
Nvest Kobrick Investment Trust
By: ________________________
Title: ______________________
