Exhibit (h)(39)
Xxxxxxxx-Xxxxxxxxx Institutional Funds
000 Xxxx Xxxxxxxx, 00xx Xxxxx
Xxx Xxxxx, Xxxxxxxxxx 00000
June __, 2004
Xxxxxxxx-Xxxxxxxxx Capital Management
000 Xxxx Xxxxxxxx, 00xx Xxxxx
Xxx Xxxxx, Xxxxxxxxxx 00000
Ladies and Gentlemen:
This will confirm our agreement pursuant to which Xxxxxxxx-Xxxxxxxxx Capital
Management (the "Adviser") will waive its fees and absorb other operating
expenses of the various series of the Xxxxxxxx-Xxxxxxxxx Institutional Funds (to
the extent not paid for by directed brokerage and other offset arrangements) so
that total operating expenses (excluding taxes, interest, brokerage, the
expenses incurred from the creation and operation of the Mauritius entity and
extraordinary expenses) do not exceed the percentages set forth on the following
pages through March 31, 2005.
Very truly yours,
-----------------------
Xxxxxxx X. Xxxxxx
Assistant Secretary
AGREED:
Xxxxxxxx-Xxxxxxxxx Capital Management
By: ____________________________
Xxxxxxx X. Xxxxx, Xx.
Deputy General Counsel
Fund Share Class Expense Limitation
U.S. Large Cap Select Growth I 1.12%
U.S. Large Cap Select Growth II 1.02%
U.S. Large Cap Select Growth III 0.92%
U.S. Large Cap Select Growth IV 0.82%
U.S. Large Cap Select Growth R 1.37%
U.S. Large Cap Value I 0.81%
U.S. Large Cap Value II 0.71%
U.S. Large Cap Value III 0.61%
U.S. Large Cap Value IV 0.56%
U.S. Large Cap Value R 1.06%
U.S. Equity Growth I 1.23%
U.S. Equity Growth II 1.18%
U.S. Equity Growth III 1.13%
U.S. Equity Growth IV 1.08%
U.S. Systematic XXXX Growth I 1.33%
U.S. Systematic XXXX Growth II 1.23%
U.S. Systematic XXXX Growth III 1.18%
U.S. Systematic XXXX Growth IV 1.13%
U.S. Systematic XXXX Growth R 1.58%
U.S Emerging Growth I 1.48%
U.S. Emerging Growth R 1.73%
U.S. Mini Cap Growth I 1.56%
U.S. Mini Cap Growth II 1.31%
U.S. Mini Cap Growth III 1.41%
U.S. High Yield Bond I 0.63%
U.S. High Yield Bond II 0.58%
U.S. High Yield Bond III 0.53%
U.S. High Yield Bond IV 0.48%
U.S. High Yield Bond R 0.88%
U.S. Convertible I 1.02%
U.S. Convertible II 0.92%
U.S. Convertible III 0.87%
U.S. Convertible IV 0.82%
U.S. Small Cap Value I 1.30%
U.S. Small Cap Value II 1.20%
U.S. Small Cap Value R 1.55%
International Growth I 1.41%
International Growth II 1.26%
International Growth III 1.16%
International Growth IV 1.01%
International Growth V 0.91%
International Growth R 1.66%
International Growth Opportunities I 1.56%
International Growth Opportunities II 1.41%
International Growth Opportunities III 1.36%
International Growth Opportunities IV 1.31%
International Growth Opportunities V 1.26%
Global Select I 1.16%
Fund Share Class Expense Limitation
Global Select II 1.11%
Global Select III 1.06%
Global Select IV 1.01%
Global Select R 1.41%
International Systematic I 1.39%
International Systematic II 1.24%
International Systematic III 1.14%
International Systematic IV 1.04%
International Systematic R 1.64%
Emerging Countries I 1.65%
Emerging Countries II 1.50%
Emerging Countries III 1.40%
Emerging Countries IV 1.30%
Emerging Countries V 1.25%
Emerging Countries R 1.90%
Emerging Markets Opportunities I 1.75%
Emerging Markets Opportunities II 1.60%
Emerging Markets Opportunities III 1.45%
Emerging Markets Opportunities IV 1.35%
Emerging Markets Opportunities R 2.00%
