EXPENSE WAIVER AND
REIMBURSEMENT AGREEMENT
THIS AGREEMENT is made this __ day of June 2000, between Kit Xxxx
Investment Trust, a Delaware Trust (a "Trust") and Kit Xxxx Investment Advisory
Services, Inc., a California corporation (hereinafter called the "Advisor").
W I T N E S S E T H
WHEREAS, the Advisor has entered into an Investment Advisory Agreement
with the Trust, pursuant to which the Advisor agrees to provide, or arrange for
the provision of, investment advisory and management services to the Trust; and
WHEREAS, the Trust and the Advisor believe that capping the total
expenses of shares of Kit Xxxx Strategic Growth 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 THE ADVISOR. The Advisor agrees to waive
all or a portion of its management fee and, if necessary, to bear certain other
expenses, associated with operating the Fund to the extent necessary to limit
the Fund's annualized expenses to the annual rate of 2.00% of average daily net
assets for the period from _________, 2000 to _________, 2001.
2. DUTY OF FUND TO REIMBURSE. The Fund agrees to reimburse the Advisor such
waived fees (but not expenses borne) in later years provided, however, that the
Fund is not obligated to pay any such waived fees more than five years after the
end of the fiscal year in which the fee was waived.
3. ASSIGNMENT. No assignment of this Agreement shall be made by the Advisor
without the prior consent of the Trust.
4. DURATION AND TERMINATION. This Agreement shall be effective for the period
from ________, 2000 to __________, 2001, 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.
KIT XXXX INVESTMENT TRUST KIT XXXX INVESTMENT ADIVSORY SERVICES, INC.
By___________________________ By_________________________________
Name: Xxxx Xxxxxx Name: Kit X. Xxxx
Title: Chief Executive Officer Title: Chief Executive Officer
