EX-99.(H)(6) 12 dex99h6.txt FEE WAIVER Exhibit (h)(6) LOGO January 31, 2006 IXIS Advisor Funds Trust I IXIS Advisor Funds Trust II Loomis Sayles Funds I Loomis Sayles Funds II 399 Boylston Street Boston, MA 02116 Re: Fee Waiver/Expense Reimbursement Ladies and Gentlemen: Loomis, Sayles & Company, L.P. notifies you that it will waive its management fee (and, to the extent necessary, bear other expenses of the Funds listed below) through January 31, 2007 to the extent that expenses of each class of a Fund, exclusive of brokerage, interest, taxes and deferred organizational and extraordinary expenses, would exceed the following annual rates: Name of Fund Expense Cap ------------ ----------- February 1, 2006 through January 31, 2007: Loomis Sayles Aggressive Growth Fund 1.00% for Institutional class shares 1.25% for Retail class shares Loomis Sayles Bond Fund 0.75% for Institutional class shares 1.00% for Retail class shares 1.25% for Admin class shares Loomis Sayles Small Cap Growth Fund 1.00% for Institutional class shares 1.25% for Retail class shares Loomis Sayles Small Cap Value Fund 0.90% for Institutional class shares 1.15% for Retail class shares 1.40% for Admin class shares 1 Loomis Sayles Value Fund 0.85% for Institutional class shares Loomis Sayles Worldwide Fund 1.25% for Class A shares 2.00% for Class C shares 1.00% for Class Y shares Loomis Sayles Fixed Income Fund 0.65% for Institutional class shares Loomis Sayles Institutional High Income 0.75% for Institutional class Fund shares Loomis Sayles Investment Grade Fixed 0.55% for Institutional class Income Fund shares Loomis Sayles Tax-Managed Equity Fund 0.65% for Institutional class shares Loomis Sayles Global Bond Fund 0.75% for Institutional class shares 1.00% for Retail class shares Loomis Sayles Growth Fund 1.25% for Class A shares 2.00% for Class B shares 2.00% for Class C shares 0.85% for Class Y shares Loomis Sayles Research Fund 1.25% for Class A shares 2.00% for Class B shares 2.00% for Class C shares 0.85% for Class Y shares Loomis Sayles Investment Grade Bond Fund 0.95% for Class A shares 1.70% for Class B shares 1.70% for Class C shares 0.55% for Class Y shares 1.30% for Class J shares Loomis Sayles Strategic Income Fund 1.25% for Class A shares 2.00% for Class B shares 2.00% for Class C shares 1.00% for Class Y shares 2 Loomis Sayles Inflation Protected 0.40% for Institutional class Securities Fund shares Loomis Sayles Intermediate Duration 0.40% for Institutional class Fixed Income Fund shares Loomis Sayles High Income Fund 1.25% for Class A shares 2.00% for Class B shares 2.00% for Class C shares Loomis Sayles Massachusetts Tax Free 0.95% for Class A shares Income Fund* 1.70% for Class B shares Loomis Sayles Core Plus Bond Fund* 1.05% for Class A shares 1.80% for Class B shares 1.80% for Class C shares 0.80% for Class Y shares Loomis Sayles Limited Term 1.00% for Class A shares Government and Agency 1.75% for Class B shares 1.75% for Class C shares 0.75% for Class Y shares Loomis Sayles Municipal Income Fund 0.95% for Class A shares 1.70% for Class B shares -------- * The expense caps above account for advisory administration fees payable to IXIS Asset Management Advisors, L.P. Loomis, Sayles & Company, L.P. and IXIS Asset Management Advisors, L.P. have agreed to equally bear the waiver. 3 With respect to each Fund, Loomis, Sayles & Company, L.P. shall be permitted to recover expenses it has borne subsequent to the effective date of this agreement (whether through reduction of its management fee or otherwise) in later periods to the extent that a Fund's expenses fall below the annual rates set forth above. Provided, however, that a Fund is not obligated to pay any such deferred fees more than one year after the end of the fiscal year in which the fee was deferred. During the periods covered by this letter agreement, the expense cap arrangement set forth above for each of the Funds may only be modified by a majority vote of the "non-interested" Trustees of the Trusts affected. For purposes of determining any such waiver or expense reimbursement, expenses of the class of the Funds shall not reflect the application of balance credits made available by the Funds' custodian or arrangements under which broker-dealers that execute portfolio transactions for the Funds' agree to bear some portion of Fund expenses. We understand and intend that you will rely on this undertaking in preparing and filing the Registration Statements on Form N-1A for the above referenced Funds with the Securities and Exchange Commission, in accruing each Fund's expenses for purposes of calculating its net asset value per share and for other purposes permitted under Form N-1A and/or the Investment Company Act of 1940, as amended, and expressly permit you to do so. Loomis, Sayles & Company, L.P. By: /s/ Kevin Charleston ----------------------------- Name: Kevin Charleston Title: Chief Financial Officer 4