RE: Waiver of Fees and Reimbursement of Expenses
Exhibit 99.B(h)(3)
August 3, 2007
SEI Institutional Managed Trust
Xxx Xxxxxxx Xxxxxx Xxxxx
Oaks, PA 19456
RE: Waiver of Fees and Reimbursement of Expenses
Ladies and Gentlemen:
This letter shall constitute an agreement (the “Agreement”) between SEI Investments Global Funds Services (the “Administrator”) and SEI Institutional Managed Trust (the “Trust”). The Administrator, which acts as administrator to the portfolios of the Trust, agrees to waive its administration fees and/or to reimburse expenses of the Prime Obligation Fund (the “Fund”) as necessary to keep total operating expenses (excluding interest, taxes and certain non-routine expenses) of the Fund from exceeding the following annual rate:
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· Prime Obligation Fund – Class A Shares |
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0.44% |
The Fund’s expense cap is not expected to cover all expenses. For example, the expense cap does not cover investment related expenses, such as brokerage commissions, interest, taxes and money market fund insurance, if any, nor does it cover extraordinary or non-routine expenses, such as shareholder meeting costs or litigation costs.
This Agreement shall remain in effect, with respect to the Fund, until August 31, 2008, and, unless earlier terminated, shall be automatically renewed for successive one year periods thereafter. The Agreement may be amended or terminated only with the consent of the Board of Trustees of the Trust.
Please execute a copy of this letter in the place provided below as evidence of your written consent to the terms of this agreement:
SEI Investments Global Funds Services
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By: |
/s/ Xxxxxxx X. Xxxx |
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Attested By: |
/s/ Xxxxx Xxxxxxx |
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Accepted and Agreed: |
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By: |
/s/ Xxxxxxx X. Xxxxx |
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Attested By: |
/s/ Xxxxx Xxxxxxx |
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