Exhibit No. EX-99.d.2
Academy Asset Management, LLC
Mellon Bank Center, Suite 3930
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
[_____________], 2007
Board of Trustees, Academy Funds Trust
Mellon Bank Center, Suite ▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Re: Expense Limitations
Gentlemen:
By our execution of this letter agreement (the "Agreement"), intending to
be legally bound hereby, Academy Asset Management, LLC (the "Advisor"), agrees
that in order to improve the performance of the Academy Core Equity Fund and the
Academy Select Opportunities Fund (each a "Fund" and collectively, the "Funds"),
both series of the Academy Funds Trust, the Advisor shall, from
[______________], 2007 through [_____________], 2008, waive all or a portion of
its investment advisory fees or pay certain Fund expenses (excluding any 12b-1
plan expenses, taxes, interest, brokerage fees, certain insurance costs and
extraordinary expenses) in an aggregate amount equal to the amount by which the
Fund's total operating expenses (excluding any 12b-1 plan expenses, taxes,
interest, brokerage fees, certain insurance costs and extraordinary expenses)
exceeds the amounts indicated below:
Fund Expense Limitation
Academy Core Equity Fund 2.00%
Academy Select Opportunities Fund 2.00%
Academy Asset Management, LLC
By: _________________________
Name:
Title:
Your signature below acknowledges
acceptance of this Agreement:
Academy Funds Trust
By: _________________________
Name:
Title:
Date: