Exhibit No. EX-99.d.2
Academy Asset Management, LLC
Mellon Bank Center, Suite 3930
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
December 4, 2007
Board of Trustees, Academy Funds Trust
Mellon Bank Center, Suite 3930
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX 00000
Re: Expense Limitations
Gentlemen:
By our execution of this letter agreement (the "Agreement"), intending to
be legally bound hereby, Academy Asset Management, LLC (the "Advisor"), agrees
that in order to improve the performance of the Academy Core Equity Fund and the
Academy Select Opportunities Fund (each a "Fund" and collectively, the "Funds"),
both series of the Academy Funds Trust, the Advisor shall, from December 31,
2007 through December 31, 2008, waive all or a portion of its investment
advisory fees (excluding any taxes, interest, brokerage fees, certain insurance
costs and extraordinary expenses) in an aggregate amount equal to the amount by
which the Fund's total operating expenses (excluding any taxes, interest,
brokerage fees, certain insurance costs and extraordinary expenses) exceeds the
amounts indicated below:
Fund Expense Limitation
Academy Core Equity Fund 2.00%
Academy Select Opportunities Fund 2.00%
The Trust, on behalf of the Funds, agrees to repay the Advisor the Expense
Limitation Amount for a Fund in later periods; provided, however, that the
repayment shall be payable only to the extent that it (1) can be made during the
three years following the time at which the Advisor waived fees or reimbursed
expenses for a Fund under this agreement, and (2) can be repaid without causing
the total annual operating expenses (excluding taxes, interest, extraordinary
expenses, such as civil or regulatory litigation, and portfolio transaction
expenses) of the Fund to exceed any applicable expense limitation that is in
place for the Fund at the time of the reimbursement. The Trust agrees to furnish
or otherwise make available to the Advisor such copies of its financial
statements, reports, and other information relating to its business and affairs
as the Advisor may, at any time or from time to time, reasonably request in
connection with this agreement.
Academy Asset Management, LLC
By: /s/ Xxxxx Xxxxxxxx
Name: Xxxxx Xxxxxxxx
Title: Chief Executive Officer
Your signature below acknowledges
acceptance of this Agreement:
Academy Funds Trust
By: /s/ Xxxxx Xxxxxxxx
Name: Xxxxx Xxxxxxxx
Title: President
Date: December 4, 2007
