NEW COVENANT FUNDS EXPENSE LIMITATION AGREEMENT
THIS AGREEMENT, dated as of
June 30, 2009, is made and entered into by and between the New Covenant Funds, a
Delaware statutory trust (the “Trust”), on behalf of each of its investment
series set forth on Schedule A attached hereto (the “Funds”), and One Compass
Advisors (the “Adviser”).
WHEREAS, the Adviser serves as
investment adviser to the Funds pursuant to the terms of an Amended and Restated
Investment Advisory Agreement entered into between the Adviser and the Trust on
behalf of the Funds (the “Advisory Agreement”); and
WHEREAS, the Trust has been
authorized to enter into Shareholder Services
Agreements
pursuant to which each Fund may pay shareholder services fees to various types
of authorized service providers for providing administrative services with
respect to shares of the
Funds
attributable to or held in the name of each authorized service provider for its
clients or other parties with whom it has a servicing relationship;
and
WHEREAS, in connection with
the implementation of the Shareholder Services
Agreements,
the Adviser wishes to waive the investment advisory fees payable to it by any
Fund to the extent of the amount of shareholder services fees paid by each Fund
in order to limit the total operating expenses of the Fund.
NOW, THEREFORE, the Trust, on
behalf of the Funds, and the Adviser hereby agree as follows:
Until
June 30, 2010, the Adviser will waive the investment advisory fees payable to it
under the Advisory Agreement to the extent of any fees paid by the Funds
pursuant to any Shareholder Services Agreements entered into by the Trust on
behalf of the Funds.
IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date first above
written.
ONE
COMPASS ADVISORS
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By:
/s/ Xxxxxx X.
Xxxxxxxxx
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By:
/s/ Xxxx X.
Xxxxxxxx
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Name:
Xxxxxx X. Xxxxxxxxx
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Name: Xxxx
X. Xxxxxxxx, CFA
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Title:
Vice President
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Title: SVP
& CIO
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SCHEDULE
A
Fund
Name
New
Covenant Income Fund