EXHIBIT (d)(5)
April 26, 2006
Atlas Advisers, Inc.
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Re: Expense Limitation Agreement
This will confirm our agreement with respect to the reduction by you in the
operating expenses for the various series (each a "Fund") of Atlas Funds (the
"Company").
You have agreed that, during the period May 1, 2006 to April 30, 2007, you will
waive investment management fees and reimburse other operating expenses of
certain Funds to the extent necessary to ensure that the total operating
expenses of each Fund do not exceed the percentage set forth in Exhibit A of the
average daily net assets of the Fund (the "Expense Cap").
This letter supersedes all prior agreements between us with respect to such
Expense Caps.
Please sign this letter below to confirm our agreement regarding this matter.
ATLAS FUNDS ATLAS INSURANCE TRUST
With Reference to Atlas Balanced
Growth Portfolio
By: /s/ ▇▇▇▇▇ ▇▇▇ By: /s/ ▇▇▇▇▇ ▇▇▇
------------------------------------- --------------------------------
▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇
President and President and
Chief Operating Officer Chief Operating Officer
Agreed to this 26th day of April 2006:
ATLAS ADVISERS, INC.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
-------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Senior Vice President
APRIL 26, 2006
EXHIBIT A TO
EXPENSE LIMITATION AGREEMENT
EXPENSE
FUND CAP SCHEDULE
Atlas Balanced Growth Portfolio .68%
Atlas Independence Eagle Bond Fund .88%
Atlas Independence Star Spangled Fund .81%
ATLAS FUNDS ATLAS INSURANCE TRUST
With Reference to Atlas Balanced
Growth Portfolio
By: /s/ ▇▇▇▇▇ ▇▇▇ By: /s/ ▇▇▇▇▇ ▇▇▇
------------------------------------- --------------------------------
▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇
President and President and
Chief Operating Officer Chief Operating Officer
Agreed to this 26th day of April 2006:
ATLAS ADVISERS, INC.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
-------------------------------------
▇▇▇▇▇▇ ▇▇▇▇▇▇▇
Senior Vice President