Letter Agreement
Letter Agreement
To:
Pinnacle Fund Management, Inc.
000 X. XxXxxxx Xxxxxx, Xxxxx 000
Chicago, IL 60610
Dear Board Members:
You have engaged us to act as the sole investment adviser to the RiverNorth Core Opportunity Fund (the “Fund”) pursuant to a Management Agreement dated as of __________, 2006 (the “Agreement”).
Effective upon the commencement of operations of the Fund through September 30, 2007, we hereby contractually agree to waive management fees and/or reimburse the Fund for expenses it incurs, but only to the extent necessary to limit the Fund’s total annual operating expenses (excluding brokerage fees and commissions; borrowing costs such as (a) interest and (b) dividends on securities sold short; taxes; indirect expenses incurred by the underlying funds in which the Fund invests; and extraordinary expenses), including amortized offering costs, at 1.95% of the 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, Pinnacle Fund Management, Inc. By: Print Name: Title: |
Acceptance
The foregoing Agreement is hereby accepted.
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By: Xxxxxxx Xxxxxx, President |
