EXHIBIT 23(h)(3)
AGREEMENT
TO WAIVE FEES AND REIMBURSE EXPENSES
THIS AGREEMENT is made this 14 day of September, 0000, xxxxxxx Xxxxx Xxx Xxxx
Venture Fund, Inc, a Maryland corporation ("DNYVF") and Xxxxx Selected Advisers,
L.P., a limited partnership organized under the laws of Colorado ("DSA").
RECITALS:
WHEREAS, DNYVF is a registered open-end management investment company with three
authorized series (Xxxxx New York Venture Fund, Xxxxx Research Fund, and Xxxxx
Global Fund); and
WHEREAS, Xxxxx Global Fund offers three Classes of shares (A, B, and C,); and
WHEREAS, DSA serves as the investment adviser for DNYVF; and
WHEREAS, both DNYVF and DSA agree it is important that the actual expenses of
Xxxxx Global Fund not exceed a specified percentage (Class A shares: 0.90%,
Class B shares: 2.50%, and Class C shares: 2.50% of net assets on an annual
basis;.
NOW, THEREFORE, the parties hereby agree as follows:
1. Expense Caps. DSA agrees to waive fees and reimburse the expenses of each
authorized Class of shares of Xxxxx Global Fund to the extent it is
necessary to ensure that the actual expense incurred by any authorized
Class of shares, after recognizing the benefits of custody or other
credits. fee waivers and expense reimbursements, not exceed (Class A
shares: 1.30%, Class B shares: 2.30%, and Class C shares: 2.30%) of net
assets.
2. Duration of Agreement This Agreement shall be effective for an initial
period beginning on the date above stated and ending on March 1, 2006. This
Agreement shall automatically renew for additional one year periods if not
terminated, in writing, by either party before March 1st of each year.
IN WITNESS WHEREOF, the parties have duly executed and sealed this Agreement,
all as of the date first written above.
Xxxxx New York Venture Fund, Inc.
By:
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Xxxx Xxxxxx
Vice President
Xxxxx Selected Advisers, L.P.
By Xxxxx Investments, LLC (General Partner)
By:
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Xxxxxx Xxxx
Vice President
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