September 10, 2004Expense Limitation Agreement • September 10th, 2004 • Hillier Capital Management Funds Trust
Notwithstanding Section 3 of the Investment Advisory Agreement between you, Hillier Funds Trust, and us, Hillier Capital Management, LLC, with respect to Hillier Sanctuary Fund (the “Fund”), we hereby agree to pay all of the expenses of the Fund to the extent that the total expenses borne by the Fund (excluding all federal, state and local taxes, interest, reimbursement payments to securities lenders for dividend and interest payments on securities sold short, brokerage commissions and extraordinary items (“excluded expenses”)) in the fiscal period ending September 30, 2005 exceed 1.25% of the Fund’s average daily net assets. You shall monitor the Fund’s expenses on a monthly basis. If the accrued amount of the expenses of the Fund (less excluded expenses) exceeds the expense limitation herein, the Fund shall create an account receivable from us and invoice us for the excess. If later in such fiscal period the accrued expenses (less excluded expenses) of the Fund fall below 1.25% of th
