Expense Limitation Agreement
To: Mutual Fund & Variable Insurance Trust
00000 Xxxxxx Xxxxxx
Xxxxx, XX 00000
Dear Board Members:
You have engaged Xxxxxx Tactical Management, LLC (‘Xxxxxx”) to act as the sole investment adviser to the Xxxxxx Funds listed on Exhibit A (each a “Fund” and together the “Funds”) pursuant to a Management Agreement dated as of December 15, 2017 (the “Agreement”) as amended.
Xxxxxx hereby contractually agrees to waive management fees and/or reimburse the Funds for expenses they incur, 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 expenses; and extraordinary expenses) at the percentage of average daily net assets and term as stated in Exhibit A for each Fund.
This agreement shall remain in effect for a Fund until at least the date set forth on Exhibit A, unless terminated sooner as provided herein, and shall continue in effect for successive twelve-month periods, provided that such continuance is specifically approved by a majority of the Trustees of the Mutual Fund & Variable Insurance Trust (the “Trust”). This agreement may only be terminated by the Fund's Board of Trustees on 60 days’ written notice to Xxxxxx and upon the termination of the Management Agreement between the Trust and Xxxxxx.
Any waiver or reimbursement by us is subject to repayment by the applicable Fund for a period of three years following such waiver or reimbursement, if such recoupment can be achieved within the lesser of the expense limitation in place at the time of waiver/reimbursement and the expense limitation in place at the time of recapture.
Dated: March 15, 2018
Very truly yours,
XXXXXX TACTICAL MANAGEMENT, LLC
By: /s/ Xxxxxxx Xxxxxx Name, Title: Xxxxxxx Xxxxxx, CEO/CIO
|
The foregoing Agreement is hereby accepted.
MUTUAL FUND & VARIABLE INSURANCE TRUST
By: /s/ Xxxxx Xxxxxxxx Name, Title: Xxxxx Xxxxxxxx, President |
Exhibit A
Fund | Percent of Net Assets | Term |
Trend Aggregation Dividend and Income Fund Class A, C and Institutional Class Shares |
Class A – 1.75% Class C – 2.50% Institutional Class – 1.50% Class T Shares – 1.75%
|
4/30/19 |
Trend Aggregation Growth Fund Class A, C and Institutional Class Shares |
Class A – 1.75% Class C – 2.50% Institutional Class – 1.50% Class T Shares – 1.75% |
4/30/19 |