Exhibit (d)(7)
February 27, 2004
Atlas Advisers, Inc.
000 Xxxxx Xxxxxx
Xxx Xxxxxxx, XX 00000
Re: Expense Limitation Agreement
Ladies and Gentlemen:
This will confirm our agreement with respect to the reduction by you in the
operating expenses for the various series (each a "Fund") of Atlas Funds (the
"Company").
You have agreed that, during the Company's fiscal year ended December 31, 2004,
you will waive investment management fees and reimburse other operating expenses
of each Fund to the extent necessary to ensure that the total operating expenses
of each Fund do not exceed the percentage set forth in Exhibit A of the average
daily net assets of the Fund (the "Expense Cap").
This letter supersedes all prior agreements between us with respect to such
Expense Caps.
Please sign this letter below to confirm our agreement regarding this matter.
Very truly yours,
ATLAS FUNDS
By: /s/ Xxxxxxx X. Xxxxxx
---------------------------------
Xxxxxxx X. Xxxxxx
Agreed to this 27th day of February 2004:
ATLAS ADVISERS, INC.
By: /s/ Xxxxxxx X. Xxxxxx
---------------------------------
Xxxxxxx X. Xxxxxx
Senior Vice President
FEBRUARY 27, 2004
EXHIBIT A TO
EXPENSE LIMITATION AGREEMENT
EXPENSE
FUND CAP SCHEDULE
---- ------------
Atlas U.S. Treasury Money Fund 0.76%
Atlas California Municipal Money Fund 0.60%
Atlas Money Market Fund 0.50%
Atlas Emerging Growth Fund 1.74%
Atlas Value Fund 1.40%
Atlas Balanced Fund 1.35%
Atlas Fund of Funds 0.90%
Atlas S&P 500 Index Fund 0.50%
Atlas American Enterprise Bond Fund 0.50%
ATLAS FUNDS
By: /s/ Xxxxxxx X. Xxxxxx
---------------------------
Xxxxxxx X. Xxxxxx
Agreed to this 27th day of February 2004:
ATLAS ADVISERS, INC.
By: /s/ Xxxxxxx X. Xxxxxx
------------------------
Xxxxxxx X. Xxxxxx
Senior Vice President
