NEW COVENANT FUNDS EXPENSE LIMITATION AGREEMENT
THIS AGREEMENT, dated as
of June 30, 2008, is made and entered into by and between the New
Covenant Funds, a Delaware statutory trust (the “Trust”), on behalf of each of
its investment series set forth on Schedule A attached hereto (the “Funds”), and
One Compass Advisors (the “Adviser”).
WHEREAS, the Adviser serves as
investment adviser to the Funds pursuant to the terms of an Amended and Restated
Investment Advisory Agreement entered into between the Adviser and the Trust on
behalf of the Funds (the “Advisory Agreement”); and
WHEREAS, the Trust has been
authorized to enter into Shareholder Services Agreements pursuant to which each
Fund may pay shareholder services fees to various types of authorized service
providers for providing administrative services with respect to shares of the
Funds attributable to or held in the name of each authorized service provider
for its clients or other parties with whom it has a servicing relationship;
and
WHEREAS, in connection with
the implementation of the Shareholder Services Agreements, the Adviser wishes to
waive the investment advisory fees payable to it by any Fund to the extent of
the amount of shareholder services fees paid by each Fund in order to limit the
total operating expenses of the Fund.
NOW, THEREFORE, the Trust, on
behalf of the Funds, and the Adviser, hereby agree as follows:
Until
June 30, 2009, the Adviser will waive the investment advisory fees payable to it
under the Advisory Agreement to the extent of any fees paid by the Funds
pursuant to any Shareholder Services Agreements entered into by the Trust on
behalf of the Funds.
IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date first above
written.
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ONE
COMPASS ADVISORS
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By:
/s/ Xxxxxx X.
Xxxxxxxxx
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By:
/s/ Xxxxx X.
Xxxxxxx
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Name:
Xxxxxx X.
Xxxxxxxxx
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Name:
Xxxxx X.
Xxxxxxx
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Title:
Vice
President
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Title:
Vice
President
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SCHEDULE
A
Fund
Name
New
Covenant Growth Fund
New
Covenant Income Fund
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