0001137439-07-000477 Sample Contracts

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Academy Asset Management, LLC Mellon Bank Center, Suite 3930 1735 Market Street Philadelphia, PA 19103 Board of Trustees, Academy Funds Trust Mellon Bank Center, Suite 3930 1735 Market Street Philadelphia, PA 19103 Re: Expense Limitations Gentlemen:...
Expense Limitation Agreement • October 19th, 2007 • Academy Funds Trust

By our execution of this letter agreement (the "Agreement"), intending to be legally bound hereby, Academy Asset Management, LLC (the "Advisor"), agrees that in order to improve the performance of the Academy Core Equity Fund and the Academy Select Opportunities Fund (each a "Fund" and collectively, the "Funds"), both series of the Academy Funds Trust, the Advisor shall, from [______________], 2007 through [_____________], 2008, waive all or a portion of its investment advisory fees or pay certain Fund expenses (excluding any 12b-1 plan expenses, taxes, interest, brokerage fees, certain insurance costs and extraordinary expenses) in an aggregate amount equal to the amount by which the Fund's total operating expenses (excluding any 12b-1 plan expenses, taxes, interest, brokerage fees, certain insurance costs and extraordinary expenses) exceeds the amounts indicated below:

AGREEMENT AND DECLARATION OF TRUST of ACADEMY FUNDS TRUST a Delaware Statutory Trust
Trust Agreement • October 19th, 2007 • Academy Funds Trust • Delaware
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