ADDENDUM TO EXPENSE LIMITATION AGREEMENT
Addendum dated December 28, 2007 to the Expense Limitation Agreement (the
"Agreement") between Surgeons Diversified Investment Fund (the "Trust"), on
behalf of the Surgeons Diversified Investment Fund (the "Fund"), and Surgeons
Asset Management, LLC (the "Adviser").
RECITAL
The Agreement requires the Adviser to limit the aggregate ordinary
operating expenses of the Fund to an annual rate of 1.35% of the Fund's
average daily net assets for a three year period ending August 31, 2009.
NOW THEREFORE, it is agreed that:
1. Effective December 28, 2007, the Adviser has agreed for the life of the
Fund or until properly terminated pursuant to the terms of the Agreement to
waive advisory fees and reimburse the Fund for the Fund's expenses, excluding
brokerage fees and commissions, acquired fund fees and expenses (as defined in
Form N-1A), taxes, borrowing costs (such as (a) interest and (b) dividend
expense on securities sold short) and such extraordinary or non-recurring
expenses as may arise, including litigation to which the Fund may be a party and
indemnification of the Trust's trustees and officers with respect thereto, in
order to maintain total Fund ordinary operating expenses at 1.35% of its average
daily net assets ("Expense Cap"). The Adviser may, at any time, recommend to the
Board of Trustees a reduction in the agreed upon Expense Cap, and, upon the
approval or ratification by the Board of Trustees, will supersede this Expense
Cap.
2. The Agreement is unchanged in all other respects.
IN WITNESS WHEREOF, the parties have caused this Addendum to be signed by
their officers designated below, all as of the date first written above.
SURGEONS ASSET MANAGEMENT, LLC
By: /s/ Gay X. Xxxxxxx
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Title: Chief Financial Officer
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ACCEPTED BY:
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SURGEONS DIVERSIFIED INVESTMENT FUNDS
By: /s/ Xxxxxxx X. Xxx
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Title: President
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