Letter Agreement
Letter Agreement
To:
000 Xxxxxxxxxxxxx Xxxx
Building A, 2nd Floor
Willow Grove, PA 19090
Dear Board Members:
You have engaged us to act as the sole investment adviser to the Catalyst High Income Fund, Catalyst Total Return Income Fund and Catalyst Rising Dividend Income Fund (the "Funds") pursuant to a Management Agreement dated as of May 12, 2008 (the “Agreement”).
Effective upon the commencement of operations of the Funds through June 30, 2011, we hereby contractually agree to waive management fees and/or reimburse the Funds for expenses it incurs, but only to the extent necessary to maintain each Fund’s total annual operating expenses (excluding brokerage costs; borrowing costs such as (a) interest and (b) dividends on securities sold short; taxes; underlying fund fees and extraordinary expenses) at 1.45% for Class A average daily net assets and 2.20% for Class C average daily net assets for that period with respect to the Catalyst High Income Fund and at 1.55% for Class A average daily net assets and 2.30% for Class C average daily net assets for that period with respect to the Catalyst Total Return Income Fund and Catalyst Rising Dividend Income Fund.
Any waiver or reimbursement by us is subject to repayment by the Funds within the three fiscal years following the fiscal year in which the expenses occurred, if the Fund is able to make the repayment without exceeding its current expense limitations and the repayment is approved by the Board of Trustees.
Very truly yours, CATALYST CAPITAL ADVISORS LLC By: /s/ Xxxxx Xxxxxxxx Xxxxx Xxxxxxxx, Managing Member |
Acceptance
The foregoing Agreement is hereby accepted.
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By: /s/ Xxxxxxxxxxx Xxxx Xxxxxxxxxxx Xxxx, President |
