EXPENSE WAIVER AND
REIMBURSEMENT AGREEMENT
THIS AGREEMENT is made this 14th day of August 2001, 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 September 29, 2001 to September 29, 2002.
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 September 29, 2001 to September 29, 2002., 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 /s/ Xxxx Xxxxxx By /s/ Kit X. Xxxx
--------------------- -----------------------
Name: Xxxx Xxxxxx Name: Kit X. Xxxx
Title: Chief Executive Officer Title: Chief Executive Officer
