Exhibit (h)(37)
▇▇▇▇▇▇▇▇-▇▇▇▇▇▇▇▇▇ Institutional Funds
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇
▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
May 15, 2004
▇▇▇▇▇▇▇▇-▇▇▇▇▇▇▇▇▇ Capital Management
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇
▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Ladies and Gentlemen:
This will confirm our agreement pursuant to which ▇▇▇▇▇▇▇▇-▇▇▇▇▇▇▇▇▇ Capital
Management (the "Adviser") will waive its fees and absorb other operating
expenses of the various series of the ▇▇▇▇▇▇▇▇-▇▇▇▇▇▇▇▇▇ Institutional Funds (to
the extent not paid for by directed brokerage and other offset arrangements) so
that total operating expenses (excluding taxes, interest, brokerage, the
expenses incurred from the creation and operation of the Mauritius entity and
extraordinary expenses) do not exceed the percentages set forth on the following
pages through March 31, 2005.
Very truly yours,
-----------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Assistant Secretary
AGREED:
▇▇▇▇▇▇▇▇-▇▇▇▇▇▇▇▇▇ Capital Management
By: ____________________________
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, ▇▇.
Deputy General Counsel
Fund Share Class Expense Limitation
U.S. Large Cap Select Growth I 1.12%
U.S. Large Cap Select Growth II 1.02%
U.S. Large Cap Select Growth III 0.92%
U.S. Large Cap Select Growth IV 0.82%
U.S. Large Cap Select Growth R 1.37%
U.S. Large Cap Value I 0.81%
U.S. Large Cap Value II 0.71%
U.S. Large Cap Value III 0.61%
U.S. Large Cap Value IV 0.56%
U.S. Large Cap Value R 1.06%
U.S. Equity Growth I 1.23%
U.S. Equity Growth II 1.18%
U.S. Equity Growth III 1.13%
U.S. Equity Growth IV 1.08%
U.S. Systematic ▇▇▇▇ Growth I 1.33%
U.S. Systematic ▇▇▇▇ Growth II 1.23%
U.S. Systematic ▇▇▇▇ Growth III 1.18%
U.S. Systematic ▇▇▇▇ Growth IV 1.13%
U.S. Systematic ▇▇▇▇ Growth R 1.58%
U.S Emerging Growth I 1.48%
U.S. Emerging Growth R 1.73%
U.S. Mini Cap Growth I 1.56%
U.S. Mini Cap Growth II 1.31%
U.S. High Yield Bond I 0.63%
U.S. High Yield Bond II 0.58%
U.S. High Yield Bond III 0.53%
U.S. High Yield Bond IV 0.48%
U.S. High Yield Bond R 0.88%
U.S. Convertible I 1.02%
U.S. Convertible II 0.92%
U.S. Convertible III 0.87%
U.S. Convertible IV 0.82%
U.S. Small Cap Value I 1.30%
U.S. Small Cap Value II 1.20%
U.S. Small Cap Value R 1.55%
International Growth I 1.41%
International Growth II 1.26%
International Growth III 1.16%
International Growth IV 1.01%
International Growth V 0.91%
International Growth R 1.66%
International Growth Opportunities I 1.56%
International Growth Opportunities II 1.41%
International Growth Opportunities III 1.36%
International Growth Opportunities IV 1.31%
International Growth Opportunities V 1.26%
Global Select I 1.16%
Fund Share Class Expense Limitation
Global Select II 1.11%
Global Select III 1.06%
Global Select IV 1.01%
Global Select R 1.41%
International Systematic I 1.39%
International Systematic II 1.24%
International Systematic III 1.14%
International Systematic IV 1.04%
International Systematic R 1.64%
Emerging Countries I 1.65%
Emerging Countries II 1.50%
Emerging Countries III 1.40%
Emerging Countries IV 1.30%
Emerging Countries V 1.25%
Emerging Countries R 1.90%
Emerging Markets Opportunities I 1.75%
Emerging Markets Opportunities II 1.60%
Emerging Markets Opportunities III 1.45%
Emerging Markets Opportunities IV 1.35%
Emerging Markets Opportunities R 2.00%