ADDENDUM TO MANAGEMENT AGREEMENT
Addendum dated January 22, 2004 to the Management Agreement (the
"Agreement") between Profit Funds Investment Trust (the "Trust"), on behalf of
The Profit Fund (the "Fund"), and Profit Investment Management (the "Adviser").
RECITALS
A. The Agreement authorizes the payment of a monthly advisory fee equal
to an annual rate of 1.25% of the Fund's average daily net assets.
B. The Fund is responsible, pursuant to the Agreement, for paying the
operational expanses of the Fund.
C. The Adviser desires to waive its fee and to reimburse the Fund's
expenses, and the Trust has agreed to accept such waiver and
reimbursement.
NOW THEREFORE, it is agreed that:
1. Effective immediately and through February 1, 2005, the Adviser shall
waive advisory fees and reimburse the Fund for the Fund's expenses, excluding
brokerage fees and commissions, 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 operating expenses at 2.45% of its
average daily net assets.
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.
PROFIT INVESTMENT MANAGEMENT
By: /s/ Xxxxxx X. Profit
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Title: President
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ACCEPTED BY:
PROFIT FUNDS INVESTMENT TRUST
By: /s/ Xxxxxx X. Profit
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Title: President
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