Re: Expense Limitation Letter Agreement and Voluntary Expense Limitation Notice

Exhibit 99.(h).11

▇▇▇▇ ▇▇▇▇▇▇▇ Advisers, LLC

▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇

▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇

March 12, 2015

To the Trustees of

▇▇▇▇ ▇▇▇▇▇▇▇ Funds

▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇

▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇

Re:

Expense Limitation Letter Agreement and Voluntary Expense Limitation Notice

With reference to each of the Advisory Agreements entered into by and between ▇▇▇▇ ▇▇▇▇▇▇▇ Advisers, LLC (the “Adviser”) and each of the trusts listed in Appendix A to this letter (each, a “Trust” and collectively, the “Trusts”), on behalf of each of their respective series listed in Appendix A (each, a “Fund” and collectively, the “Funds”), we hereby notify you as follows:

1. The Adviser agrees to contractually waive its advisory fees or, to the extent necessary, reimburse other expenses of each Fund as set forth in Appendix B, Appendix C, Appendix D, Appendix E and Appendix F hereto.

2. The Adviser agrees to voluntarily waive its advisory fees or, to the extent necessary, reimburse other expenses of each Fund as set forth in Appendix G, Appendix H and Appendix I hereto.

3. We understand and intend that the Trusts will rely on this undertaking in overseeing the preparation and filing of Post-effective Amendments to the Registration Statement on Form N-1A for the Trusts and the Funds with the Securities and Exchange Commission, in accruing each Fund’s expenses for purposes of calculating its net and gross asset value per share, and for other purposes permitted under Form N-1A and/or the Investment Company Act of 1940, as amended, and we expressly permit the Trusts so to rely.

	Very truly yours,

	▇▇▇▇ ▇▇▇▇▇▇▇ ADVISERS, LLC

	By:	/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
		▇▇▇▇▇▇▇ ▇. ▇▇▇▇
		Chief Financial Officer

Agreed and Accepted
on behalf of each applicable Trust listed in Appendix A

By:	/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
	▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
	Chief Financial Officer

A copy of the document establishing each Trust is filed with the Secretary of The Commonwealth of Massachusetts. This Agreement is executed by the officer in his capacity as such and not as an individual and is not binding upon any of the Trustees, officers or shareholders of the Trusts individually but only upon the assets of the Funds.

APPENDIX A

TRUSTS and Funds

▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ TRUST

▇▇▇▇ ▇▇▇▇▇▇▇ Focused High Yield Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Global Conservative Absolute Return Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Global Short Duration Credit Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Government Income Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Investment Grade Bond Fund

▇▇▇▇ ▇▇▇▇▇▇▇ CALIFORNIA TAX-FREE INCOME FUND

▇▇▇▇ ▇▇▇▇▇▇▇ California Tax-Free Income Fund

▇▇▇▇ ▇▇▇▇▇▇▇ CAPITAL SERIES

▇▇▇▇ ▇▇▇▇▇▇▇ Classic Value Fund

▇▇▇▇ ▇▇▇▇▇▇▇ U.S. Global Leaders Growth Fund

▇▇▇▇ ▇▇▇▇▇▇▇ CURRENT INTEREST

▇▇▇▇ ▇▇▇▇▇▇▇ Money Market Fund

▇▇▇▇ ▇▇▇▇▇▇▇ INVESTMENT TRUST

▇▇▇▇ ▇▇▇▇▇▇▇ Balanced Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Disciplined Value International Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Emerging Markets Equity Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Enduring Equity Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Global Opportunities Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Large Cap Equity Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Seaport Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Small Cap Core Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Value Equity Fund

▇▇▇▇ ▇▇▇▇▇▇▇ INVESTMENT TRUST II

▇▇▇▇ ▇▇▇▇▇▇▇ Financial Industries Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Regional Bank Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Small Cap Equity Fund

▇▇▇▇ ▇▇▇▇▇▇▇ INVESTMENT TRUST III

▇▇▇▇ ▇▇▇▇▇▇▇ Greater China Opportunities Fund

▇▇▇▇ ▇▇▇▇▇▇▇ MUNICIPAL SECURITIES TRUST

▇▇▇▇ ▇▇▇▇▇▇▇ High Yield Municipal Bond Fund

▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Free Bond Fund

▇▇▇▇ ▇▇▇▇▇▇▇ SOVEREIGN BOND FUND

▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Fund

▇▇▇▇ ▇▇▇▇▇▇▇ STRATEGIC SERIES

▇▇▇▇ ▇▇▇▇▇▇▇ Income Fund

▇-▇

▇▇▇▇▇▇▇▇ ▇

Fund Level Contractual Limitation on Fund Level Expenses

For purposes of this Appendix:

The Adviser contractually agrees to reduce its management fee for the Fund or, if necessary, make payment to the Fund, in an amount equal to the amount by which the “Expenses” of the Fund exceed the percentage of average annual net assets (on an annualized basis) of the Fund as set forth in the table below. “Expenses” means all the expenses of the Fund, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (e) Rule 12b-1 fees, (f) transfer agent fees and service fees, (g) shareholder servicing fees, (h) acquired fund fees and expenses paid indirectly, and (i) short dividend expense.

“Expense Limit” means the percentage of a Fund’s average annual net assets (on an annualized basis) set forth below.

The current expense limitation agreement expires on the date specified, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time.

Fund

Limit on Fund Level
Expenses

Expiration Date of
Expense Limit

Disciplined Value International Fund

0.95%

2/29/2016

B-1

APPENDIX C

Class Level Contractual Total Operating Expense Limitations

For purposes of this Appendix:

“Expenses” means all the expenses of a class of shares of the Fund (including those expenses of the Fund attributable to such class) but excluding: (i) taxes; (ii) portfolio brokerage commissions; (iii) interest expense; (iv) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business; (v) acquired fund fees and expenses paid indirectly; (vi) short dividend expense; and (vii) fees under any agreements or plans of the Fund dealing with services for shareholders and others with beneficial interests in shares of the Fund.

“Expense Limit” means the percentage of average annual net assets (on an annualized basis) attributable to a class of shares of the Fund set forth below.

The Adviser contractually agrees to waive advisory fees or, if necessary, reimburse expenses or make payment to a specific class of shares of the Fund (up to the amount of the expenses relating solely to such class of shares), in an amount equal to the amount by which the Expenses of such class of shares exceed the Expense Limit for such class set forth in the table below. The current expense limitation agreements expire on the dates specified, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time.

The Expense Limit for the classes of shares of the Fund indicated below for the purposes of this Appendix shall be as follows:

	Classes										Expiration Date of Expense Limit
Fund	A	B	C	I	R1	R2	R3	R4	R5	R6
Emerging Markets Equity Fund	1.50%¹	N/A	2.20%¹	1.25%¹	N/A	1.60%¹	N/A	1.35%¹	N/A	N/A	2/28/2017¹
Enduring Equity Fund	N/A	N/A	2.60%	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	2/29/2016
Global ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	1.61%	N/A	N/A	N/A	N/A	2/29/2016
Greater China ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇	▇/▇	▇/▇	▇/▇	1.34%	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	2/29/2016

¹ At the March 10-12, 2015 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the fee waiver and/or expense reimbursement arrangements set forth above for Class A, Class C, Class I, Class R2 and Class R4 shares of Emerging Markets Equity Fund with an expiration date of February 28, 2017, effective as of the commencement of operations of the Fund’s Class A, Class C, Class I, Class R2 and Class R4 shares, as applicable.

C-1

	Classes										Expiration Date of Expense Limit
Fund	▇	▇	▇	▇	▇▇	▇▇	▇▇	▇▇	▇▇	▇▇
▇▇▇▇▇ ▇▇▇ Equity Fund	N/A	1.82%	1.82%	0.78%	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	2/29/2016
Value Equity Fund	1.45%	N/A	2.15%	1.15%	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	2/29/2016
Focused High Yield Fund	N/A	1.85%	N/A	0.72%	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	9/30/2015
Global Conservative Absolute Return Fund	1.50%	N/A	2.25%	1.19%	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	9/30/2015
Government Income Fund	0.98%	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	N/A	N/A	9/30/2015

C-2

APPENDIX D

Class Specific Contractual Expense Limitations

For purposes of this Appendix:

Except as noted, the Adviser contractually agrees to waive and/or reimburse all class-specific expenses for the share classes of the Fund listed in the table below, including Rule 12b-1 fees, transfer agency fees and service fees, shareholder servicing fees, blue-sky fees, and printing and postage fees, as applicable,* and other class-specific expenses (“Class Level Expenses”), to the extent they exceed the amount of average annual net assets (on an annualized basis) attributable to the class set forth in the table (the “Class Expense Waiver”).

The current expense limitation agreements expire on the dates specified, unless renewed by mutual agreement of the Fund and the Adviser based upon a determination that this is appropriate under the circumstances at that time.

*Blue-sky fees and printing and postage fees are applicable Class Level Expenses for the Class Expense Waiver of Global Conservative Absolute Return Fund. For each other Fund, blue-sky fees and printing and postage fees are treated as fund-level expenses in accordance with the Funds’ Amended and Restated Multiple Class Plan pursuant to Rule 18f-3. For Disciplined Value International Fund, the Adviser will contractually waive blue-sky fees and printing and postage fees to the extent applicable as part of the Class Expense Waiver until the expiration date listed below (the “Expiration Date”).

Fund	Classes A	B	C	I	R1	R2	R3	R4	R5	R6	Expiration Date of Expense Limit
Balanced Fund	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	0.00%	2/29/2016
Classic Value Fund	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	0.00%	2/29/2016
Disciplined Value International Fund	0.55%	N/A	1.25%	0.25%	N/A	0.60%	N/A	0.35%	N/A	0.00%	2/29/2016
Emerging Markets Equity Fund	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	N/A	N/A	0.00%¹	2/28/2017¹
Enduring Equity Fund	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	0.00%	2/29/2016
Global Opportunities Fund	N/A	N/A	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	0.00%	2/29/2016
Large Cap Equity Fund	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	0.00%	2/29/2016
Seaport Fund	N/A	N/A	1.25%	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	0.00%	2/29/2016
Small Cap Equity Fund	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	0.00%	2/29/2016

¹ At the March 10-12, 2015 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the fee waiver and/or expense reimbursement arrangement set forth above for Class R6 shares of Emerging Markets Equity Fund with an expiration date of February 28, 2017, effective as of the commencement of operations of the Fund’s Class R6 shares.

D-1

Fund	Classes A	B	C	I	R1	R2	R3	R4	R5	R6	Expiration Date of Expense Limit
U.S. Global Leaders Growth Fund	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	0.00%	2/29/2016
Value Equity Fund	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	0.00%	2/29/2016
Bond Fund	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	0.00%	9/30/2015
Global Conservative Absolute Return Fund	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	0.00%	9/30/2015
Income Fund	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	0.00%	9/30/2015
Investment Grade Bond Fund	N/A	N/A	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	0.00%	9/30/2016

D-2

APPENDIX E

Fund Level Contractual Limit on Other Expenses

For purposes of this Appendix:

The Adviser contractually agrees to reduce its management fee for the Fund or, if necessary, make payment to the Fund, in an amount equal to the amount by which the “Expenses” of the Fund exceed the percentage of average annual net assets (on an annualized basis) of the Fund as set forth in the table below. “Expenses” means all the expenses of the Fund, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (e) advisory fees, (f) Rule 12b-1 fees, (g) transfer agent fees and service fees, (h) shareholder servicing fees, (i) borrowing costs, (j) prime brokerage fees, (k) acquired fund fees and expenses paid indirectly, and (l) short dividend expense.

“Expense Limit” means the percentage of a Fund’s average annual net assets (on an annualized basis) set forth below.

Fund

Limit on Other

Expenses

Expiration Date of

Expense Limit

Greater China Opportunities Fund

0.30%¹

February 29, 2016¹

¹At the March 10-12, 2015 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board ratified, the fee waiver and/or expense reimbursement arrangement set forth above for Greater China Opportunities Fund with an expiration date of February 29, 2016, effective as of March 1, 2015.

E-1

APPENDIX F

Fund Level Contractual Investment Management Fee Waivers

The Adviser agrees to limit ▇▇▇▇ ▇▇▇▇▇▇▇ Money Market Fund’s management fee to a maximum annual rate of 0.40% of the Fund’s average daily net assets. The limitation will continue until at least July 31, 2016.*

* At the March 10-12, 2015 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the extension of the expiration date (to July 31, 2016) of the management fee limitation, effective upon the current expiration date of July 31, 2015.

The Adviser agrees to limit ▇▇▇▇ ▇▇▇▇▇▇▇ Government Income Fund’s management fee to a maximum annual rate of 0.53% of the Fund’s average daily net assets. The limitation will continue until at least September 30, 2015.**

** At the June 23-25, 2014 meeting of the Board of Trustees of the Trust, the Adviser notified the Board of, and the Board approved, the extension of the expiration date (to September 30, 2015) of the management fee limitation, effective upon the current expiration date of September 30, 2014.

The Adviser agrees to reduce ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Fund’s management fee by an annual rate of 0.05% of the Fund’s average daily net assets. The reduction will continue until at least September 30, 2016.*

* At the March 10-12, 2015 meeting of the Board of Trustees of the Trusts, the Adviser notified the Board of, and the Board approved, the management fee reduction with an expiration date of September 30, 2016.

F-1

APPENDIX G

Class Level Voluntary Total Operating Expense Limitations

For purposes of this Appendix:

“Expense Limit” means the percentage of average annual net assets (on an annualized basis) attributable to a class of shares of the Fund set forth below.

The Adviser voluntarily agrees to waive advisory fees or, if necessary, reimburse expenses or make payment to a specific class of shares of the Fund (up to the amount of the expenses relating solely to such class of shares), in an amount equal to the amount by which the Expenses of such class of shares exceed the Expense Limit for such class set forth in the table below.

The Expense Limit for the classes of shares of the Fund indicated below for the purposes of this Appendix shall be as follows:

	Classes										Expiration Date of Expense Limit*
Fund	▇	▇	▇	▇	▇▇	▇▇	▇▇	▇▇	▇▇	▇▇	Expiration Date of Expense Limit*
▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇ Fund	1.55%	N/A	2.25%	1.25%	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇
Global Short Duration Credit Fund	1.35%	N/A	N/A	1.04%	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇
Financial Industries Fund	N/A	2.15%	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	N/A
Small Cap Core Fund	1.50%	N/A	N/A	1.20%	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇	▇/▇

*These fee waivers and/or expense reimbursements are voluntary and may be amended or terminated at any time by the Adviser on notice to the Trust.

For ▇▇▇▇ ▇▇▇▇▇▇▇ Money Market Fund, the Adviser and its affiliates may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (Rule 12b-1) fees) and/or reimburse certain expenses to the extent necessary to assist the Fund in attempting to avoid a negative yield. In addition, the Adviser and its affiliates have voluntarily agreed to waive a portion of their fees (including, but not limited to, Rule 12b-1 fees) and/or reimburse certain expenses to the extent necessary to assist the fund in attempting to achieve a positive yield. These fee waivers and/or expense

G-1

reimbursements are voluntary and may be amended or terminated at any time by the Adviser on notice to the Trust.

G-2

APPENDIX H

Fund Level Voluntary Limit on Other Expenses

For purposes of this Appendix:

The Adviser voluntarily agrees to reduce its management fee for the Fund or, if necessary, make payment to the Fund, in an amount equal to the amount by which the “Expenses” of the Fund exceed the percentage of average annual net assets (on an annualized basis) of the Fund as set forth in the table below. “Expenses” means all the expenses of the Fund, excluding (a) taxes, (b) brokerage commissions, (c) interest expense, (d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund’s business, (e) advisory fees, (f) Rule 12b-1 fees, (g) transfer agent fees and service fees, (h) shareholder servicing fees, (i) blue sky fees and printing and postage fees,* (j) borrowing costs, (k) prime brokerage fees, (l) acquired fund fees and expenses paid indirectly, and (m) short dividend expense.

*Effective March 1, 2015 for Enduring Equity Fund and Seaport Fund and effective October 1, 2015 for Global Conservative Absolute Return Fund, blue sky fees and printing and postage fees will no longer be excluded from Expenses.

Fund	Limit on Other Expenses	Expiration Date of Expense Limit*
Enduring Equity Fund	0.25%
Global Conservative Absolute Return Fund	0.25%
Seaport Fund	0.25%

* These fee waivers and/or expense reimbursements are voluntary and may be amended or terminated at any time by the Adviser on notice to the Trust.

H-1

APPENDIX I

Fund Level Voluntary Investment Management Fee Waivers

None.

I-1

Re: Expense Limitation Letter Agreement and Voluntary Expense Limitation Notice

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