EXHIBIT 23(h)(vii)
EXPENSE LIMITATION/REIMBURSEMENT AGREEMENT
THIS AGREEMENT is entered into as of the 18th day of June 2008,
between PIEDMONT INVESTMENT ADVISORS, LLC (the "Adviser") and FUNDVANTAGE TRUST
(the "Trust"), on behalf of Corverus Strategic Equity Fund (the "Fund").
WHEREAS, the Adviser desires to contractually agree to reduce its
advisory fee and/or reimburse certain of the Fund's operating expenses to ensure
that the Fund's total operating expenses, excluding taxes, distribution fees,
shareholder service fees, transfer agency fees, interest, extraordinary items,
and brokerage commissions, do not exceed the levels described below.
NOW, THEREFORE, the parties agree as follows:
FEE REDUCTION/REIMBURSEMENT. The Adviser agrees that from the
commencement of the operations of the Fund through April 30, 2011, it will
reduce its compensation and/or reimburse certain expenses for the Fund, to the
extent necessary to ensure that the Fund's total operating expenses, excluding
taxes, any class-specific expenses (such as distribution fees, shareholder
service fees, or transfer agency fees), interest, extraordinary items, "Acquired
Fund fees and expenses" and brokerage commissions, do not exceed, 1.00% (on an
annual basis) of the Fund's average daily net assets.
FEE RECOVERY. The Adviser shall be entitled to recover, subject to
approval by the Board of Trustees of the Trust, such amounts for a period of up
to three (3) years from the year in which the Adviser reduced its compensation
and/or assumed expenses for the Fund.
TERM. This Agreement shall terminate on April 30, 2011, or at an
earlier date upon the discretion of the Board of Trustees of the Trust, unless
extended, terminated, modified or revised by the mutual agreement of the
parties, as provided for in writing.
Executed as of the date first set forth above.
PIEDMONT INVESTMENT ADVISORS, LLC
By: /s/ Sumali Sanyal
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Name: Sumali Sanyal
Title: Executive Vice President
FUNDVANTAGE TRUST, on behalf of the Funds
By: /s/ ▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇ ▇▇▇▇▇
Title: President
