HOTCHKIS AND WILEY FUNDS AMENDMENT TO OPERATING EXPENSE LIMITATION AGREEMENT
HOTCHKIS
AND WILEY FUNDS
AMENDMENT
TO
THIS AMENDMENT TO OPERATING EXPENSE
LIMITATION AGREEMENT (“Amendment”), effective as of May 11, 2009, is entered
into by and between Hotchkis and Wiley Capital Management, LLC, as investment
advisor (“Advisor”), and the Hotchkis and Wiley Funds (the
“Funds”).
WHEREAS,
pursuant to that certain Operating Expense Limitation Agreement (“Agreement”)
dated July 28, 2004, as amended, by and between the Advisor and the Funds, the
Advisor has agreed to limit the annual operating expenses of the Hotchkis and
Wiley Large Cap Value (“Large Cap Value”), Hotchkis and Wiley Mid-Cap Value
(“Mid-Cap Value”), Hotchkis and Wiley Small Cap Value (“Small Cap Value”),
Hotchkis and Wiley All Cap Value (“All Cap Value”) and Hotchkis and Wiley Core
Value (“Core Value”) Funds through October 31, 2009 and the Hotchkis and Wiley
High Yield Fund (“High Yield Fund”) through March 31,
2010; and
NOW, THEREFORE, in consideration of the
premises and the mutual covenants contained herein, the parties, intending to be
legally bound, agree as follows:
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A.
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Extension of Period of
Operating Expense Limitations. The Advisor agrees to
continue to limit the annual operating expenses of the Funds as set forth
below through October 31, 2010 and thereafter may change or eliminate any
such limits only upon 30 days’ prior notice to the applicable Fund
shareholders.
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Expense
Limit (as a percentage of average net assets)
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Fund
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Class
I
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Class
A
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Class
C
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Class
R
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Large
Cap Value
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1.05%
|
1.30%
|
2.05%
|
1.55%
|
|
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Mid-Cap
Value
|
1.15%
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1.40%
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2.15%
|
1.65%
|
|
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Small
Cap Value
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1.25%
|
1.50%
|
2.25%
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N/A
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|
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All
Cap Value
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1.25%
|
1.50%
|
2.25%
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N/A
|
|
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Core
Value
|
0.95%
|
1.20%
|
1.95%
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N/A
|
|
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High
Yield Fund
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0.70%
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0.95%
|
1.70%
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N/A
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|
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B.
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Confirmation of
Agreement. Except as expressly provided in this
Amendment, the Agreement shall remain in full force and effect and is
hereby ratified and confirmed.
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1
IN WITNESS WHEREOF, the parties have
executed this Amendment effective as of the date first above
written.
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Hotchkis
and Wiley Capital Management, LLC
/s/
Xxxx Xxxxx Xxxxx
Xxxx
Xxxxx Xxxxx
Chief
Operating Officer
|
Hotchkis
and Wiley Funds
/s/
Xxxx Xxxxx Xxxxx
Xxxx
Xxxxx Xxxxx
President
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2
