HOTCHKIS AND WILEY FUNDS AMENDMENT TO OPERATING EXPENSE LIMITATION AGREEMENT
HOTCHKIS
AND WILEY FUNDS
AMENDMENT
TO
THIS
AMENDMENT TO OPERATING EXPENSE LIMITATION AGREEMENT (“Amendment”), effective as
of August 23, 2006, is entered into by and between Hotchkis and Wiley Capital
Management, LLC, as investment advisor (“Advisor”), and the Hotchkis and Wiley
Funds (the “Funds”).
WHEREAS,
pursuant to that certain Operating Expense Limitation Agreement (“Agreement”)
dated July 28, 2004, as amended, by and between the Advisor and the Funds,
the
Advisor has agreed to limit the annual operating expenses of the Hotchkis and
Wiley Large Cap Value (“Large Cap Value”), Hotchkis and Wiley Mid-Cap Value
(“Mid-Cap Value”), Hotchkis and Wiley Small Cap Value (“Small Cap Value”),
Hotchkis and Wiley All Cap Value (“All Cap Value”) and Hotchkis and Wiley Core
Value (“Core Value”) Funds through October 31, 2006; and
NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained
herein, the parties, intending to be legally bound, agree as
follows:
| A. |
Extension
of Period of Operating Expense Limitations.
The Advisor agrees to continue to limit the annual operating expenses
of
the Funds as set forth below through October 31, 2007 and thereafter
may
change or eliminate any such limits only upon 30 days’ prior notice to the
applicable Fund shareholders.
|
|
Expense
Limit (as a percentage of average net assets)
|
|||||
|
Fund
|
Class
I
|
Class
A
|
Class
C
|
Class
R
|
|
|
Large
Cap Value
|
1.05%
|
1.30%
|
2.05%
|
1.55%
|
|
|
Mid-Cap
Value
|
1.15%
|
1.40%
|
2.15%
|
1.65%
|
|
|
Small
Cap Value
|
1.25%
|
1.50%
|
2.25%
|
N/A
|
|
|
All
Cap Value
|
1.25%
|
1.50%
|
2.25%
|
N/A
|
|
|
Core
Value
|
0.95%
|
1.20%
|
1.95%
|
N/A
|
|
| B. |
Confirmation
of Agreement.
Except as expressly provided in this Amendment, the Agreement shall
remain
in full force and effect and is hereby ratified and
confirmed.
|
1
IN
WITNESS WHEREOF, the parties have executed this Amendment effective as of the
date first above written.
|
Hotchkis
and Wiley Capital Management, LLC
/s/
▇▇▇▇▇ ▇.
▇▇▇▇▇▇
▇▇▇▇▇
▇. ▇▇▇▇▇▇
Chief
Operating Officer
|
Hotchkis
and Wiley Funds
/s/
▇▇▇▇▇ ▇.
▇▇▇▇▇▇
▇▇▇▇▇
▇. ▇▇▇▇▇▇
President
|
2