HOTCHKIS AND WILEY FUNDS AMENDMENT TO OPERATING EXPENSE LIMITATION AGREEMENT
Exhibit (h)(xi)
THIS AMENDMENT TO OPERATING EXPENSE LIMITATION AGREEMENT (“Amendment”), effective as of July
28, 2005, 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 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, 2005; and
A. | 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, 2006 and thereafter may change or eliminate any such limits only upon 30 days’ prior notice to the applicable Fund shareholders. |
Expense Limit (as a percentage of average net assets)
Fund | Class I | Class A | Class B | Class C | Class R | |||||||||||||||
Large Cap Value |
1.05 | % | 1.30 | % | 2.05 | %* | 2.05 | % | 1.55 | % | ||||||||||
Mid-Cap Value |
1.15 | % | 1.40 | % | 2.15 | %* | 2.15 | % | 1.65 | % | ||||||||||
Small Cap Value |
1.25 | % | 1.50 | % | 2.25 | %* | 2.25 | % | N/A | |||||||||||
All Cap Value |
1.25 | % | 1.50 | % | N/A | 2.25 | % | N/A | ||||||||||||
Core Value |
0.95 | % | 1.20 | % | N/A | 1.95 | % | N/A |
* | Only through on or about August 19, 2005 when all Class B shares convert to Class A shares and Class B shares no longer exist. |
B. | 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. |
Hotchkis and Wiley Capital Management, LLC
|
Hotchkis and Wiley Funds | |
/s/ Xxxxx X. Xxxxxx
|
/s/ Xxxxx X. Xxxxxx | |
Xxxxx X. Xxxxxx
|
Xxxxx X. Xxxxxx | |
Chief Operating Officer
|
President |