Exhibit h(3)
TT International Investment Management
Xxxxxx Xxxxx
0 Xxxxxx Xxxx
Xxxxxx, Xxxxxxx XX0X 0XX
January 1, 0000
XX Xxxxxxxxxxxxx X.X.X. Feeder Trust
c/o Investors Bank & Trust Company
000 Xxxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
Re: Expense Limitation Agreement
Ladies and Gentlemen:
TT International Investment Management currently provides management
services to TT Europe Mutual Fund (the "Fund"), a series of TT International
U.S.A. Feeder Trust (the "Trust"), a Massachusetts business trust. We hereby
agree with the Trust that we will waive management fees or other amounts payable
to us by the Fund or will reimburse the Fund for expenses payable by the Fund to
the extent necessary so that the Fund's aggregate expenses (excluding brokerage
fees and commissions, interest, taxes and other extraordinary expenses), net of
waivers and reimbursements, would not exceed on a per annum basis 1.55% of the
Fund's average daily net assets.
The agreement in this letter shall take effect on the date hereof, and
shall remain in effect until December 31, 2002.
Please sign below to confirm your agreement with the terms of this
letter.
Sincerely,
TT International Investment Management
By: /s/ X. Xxxxx
-------------------------------
Title: Partner
Agreed:
TT International U.S.A. Feeder Trust
on behalf of TT Europe Mutual Fund
By: /s/ X.X. Xxxxxxx
-----------------------------
Title: Secretary
