EXPENSE WAIVER AND REIMBURSEMENT AGREEMENT
REIMBURSEMENT
AGREEMENT
AGREEMENT
made this 18th day of April, 2005, between Allied Asset Advisors Funds, a
Delaware Trust (the “Trust”), and Allied Asset Advisors, Inc., a Delaware
Corporation (hereinafter called “AAA”).
W I T N E S S E T H
WHEREAS,
AAA has entered into an Investment Advisory Agreement with the Trust, pursuant
to which AAA agrees to provide, or arrange for the provision of, investment
advisory and management services to the Trust; and
WHEREAS,
the Trust and AAA believe that capping the total expenses of each class of
shares of the Dow Xxxxx Islamic Index Fund (the “Fund”) of the Trust will enable
the Fund to target niches within the load and no-load product market and will
benefit the Fund;
NOW,
THEREFORE, the parties hereto do hereby agree as follows:
1. Expense
Waiver and Reimbursement by AAA. AAA
agrees to reduce all or a portion of its management fee and, if necessary, to
bear certain other expenses (including all expenses allocated pro-rata among the
various classes of shares of the Fund, and other expenses to the extent
permitted by the Internal Revenue Code of 1986, as amended) associated with
operating the Fund to the extent necessary to limit the Fund’s annualized
expenses to the annual rate of 1.60% of average daily net assets for Class K
shares for the period from October 1, 2005 to September 30, 2006.
2. Duty
of Fund to Reimburse. Subject
to approval by the Trust's Board of Trustees, the Fund agrees to reimburse AAA
such deferred fees (but not expenses borne) in later periods provided, however,
that the 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.
3. Assignment. No
assignment of this Agreement shall be made by AAA without the prior consent of
the Trust.
4. Duration
and Termination. This
Agreement shall be effective for the period from October 1, 2005 to September
30, 2006, and shall continue in effect thereafter unless terminated by either of
the parties hereto upon written notice to the other of not less than five days.
This Agreement shall automatically terminate upon the termination of the
Investment Advisory Agreement.
IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written.
By___/s/
Dr. Bassam Osman_________________________
Name: Xx.
Xxxxxx Xxxxx
Title: President
ALLIED
ASSET ADVISORS, INC.
By___________________________________________
Name:
Title:
