Expense Limitation 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 Listed Private Equity Plus Fund (the "Fund") pursuant to a Management Agreement dated as of April 25, 2007 (the “Agreement”).
Effective upon the commencement of operations of the Fund through June 30, 2008, we hereby contractually agree to waive management fees and/or reimburse the Fund for expenses it incurs, but only to the extent necessary to maintain the 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 expenses; and extraordinary expenses) at 1.99% for Class A average daily net assets and 2.74% for Class C average daily net assets for that period.
Any waiver or reimbursement by us is subject to repayment by the Fund 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, VISTA RESEARCH AND MANAGEMENT, LLC By: /s/ Print Name: Xxxxxx X. Xxxxxx Title: President & CEO |
Acceptance
The foregoing Agreement is hereby accepted.
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By: /s/ Print Name: Xxxxx Xxxxxxxx Title: Trustee |
