0001162044-11-001016 Sample Contracts

EXPENSE LIMITATION AGREEMENT THE ACADIA MUTUAL FUNDS
Expense Limitation Agreement • October 28th, 2011 • Acadia Mutual Funds

THIS EXPENSE LIMITATION AGREEMENT (“Expense Limitation Agreement”), is entered into effective as of July 28, 2011 by and between Acadia Mutual Funds Management, LLC (the “Adviser”) and The Acadia Mutual Funds (the “Trust”), on behalf of each series of the Trust set forth in Schedule A attached hereto (the “Fund”).

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