EXPENSE LIMIT AGREEMENT Dated December 13, 2004 (Original Expense Limit Agreement dated July 2, 2001; amended May 1, 2002; amended December 13, 2004)Expense Limit Agreement • February 28th, 2005 • Pearl Mutual Funds
Pearl Mutual Funds, a Massachusetts business trust registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end diversified management investment company (the “Trust”), and Pearl Management Company, an Iowa corporation registered under the Investment Advisers Act of 1940 as an investment adviser (the “Manager”), agree that:
