XXXXXX BROTHERS INCOME FUNDS
XXXXXX BROTHERS CORE BOND FUND
XXXXXX BROTHERS STRATEGIC INCOME FUND
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
December 17, 2007
Xxxxxxxxx Xxxxxx Management Inc.
000 Xxxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
Dear Ladies and Gentlemen:
Xxxxxx Brothers Core Bond Fund and Xxxxxx Brothers Strategic Income Fund
(each a "Fund") are series of Xxxxxx Brothers Income Funds, a Delaware statutory
trust ("Trust").
You hereby agree during the respective period noted on Schedule A
("Limitation Period"), to forgo current payment of fees and/or reimburse annual
operating expenses of each Fund's respective Class noted on Schedule A
(excluding interest, taxes, brokerage commissions, and extraordinary expenses of
each Fund) ("Operating Expenses"), so that the Operating Expenses of each Fund's
respective Class are limited to the rate per annum, as noted on Schedule A, of
that Class' average daily net assets ("Expense Limitation").
Each Fund agrees to repay you out of assets attributable to its respective
Class noted on Schedule A for any fees forgone by you under the Expense
Limitation or any Operating Expenses you reimburse in excess of the Expense
Limitation, provided the repayments do not cause that Class' total operating
expenses (exclusive of interest, taxes, brokerage commissions and extraordinary
expenses) to exceed the respective annual rate of average daily net assets as
noted on Schedule A and the repayments are made within three years after the
year in which you incurred the expense.
You understand that you shall look only to the assets attributable to the
respective Class of the applicable Fund for performance of this Agreement and
for payment of any claim you may have hereunder, and neither any other series of
the Trust or class of the applicable Fund, nor any of the Trust's trustees,
officers, employees, agents, or shareholders, whether past, present or future,
shall be personally liable therefor.
This Agreement is made and to be performed principally in the State of New
York, and except insofar as the Investment Company Act of 1940, as amended, or
other federal laws and regulations may be controlling, this Agreement shall be
governed by, and construed and enforced in accordance with, the internal laws of
the State of New York. Any amendment to this Agreement shall be in writing
signed by the parties hereto.
If you are in agreement with the foregoing, please sign the form of
acceptance on the enclosed counterpart hereof and return the same to us.
Very truly yours,
XXXXXX BROTHERS INCOME FUNDS,
on behalf of
XXXXXX BROTHERS CORE BOND FUND AND
XXXXXX BROTHERS STRATEGIC INCOME FUND
By:
Title:
The foregoing Agreement is hereby accepted as of December 17, 2007
XXXXXXXXX XXXXXX MANAGEMENT INC.
By:
Title:
SCHEDULE A
----------
LIMITATION EXPENSE
FUND CLASS PERIOD LIMITATION
---- ----- ---------- ----------
Xxxxxx Brothers Core Bond Fund A 10/31/2017 0.85%
C 10/31/2017 1.60%
Xxxxxx Brothers Strategic Income Fund A 10/31/2017 1.15%
C 10/31/2017 1.85%
