Compensation of the Sub. Adviser (a) Non-State Farm LifePath Funds: For the services to be rendered, the facilities to be furnished and the payments to be made, as provided herein, the parties hereto agree that the Adviser shall pay to the Sub-Adviser for each of the Trust's fiscal quarters within three business days of the last day of each such quarter a fee equal to the following percentages of the applicable Sub-Advised Fund's average daily net assets during the quarter: Sub-Advised Fund Fee State Farm S&P 500 Index Fund 0.03% on the first $500 million, 0.02% on the next $250 million, and 0.01% for average daily net assets above $750 million. State Farm Small Cap Index Fund 0.05% on the first $150 million, and 0.03% on any assets over $150 million. State Farm International Index Fund 0.06% on the first $150 million, and 0.04% on any assets over $150 million In determining the application of these breakpoints to the State Farm S&P 500 Index Fund, the assets of the State Farm S&P 500 Index Fund shall be combined with the assets of the Large Cap Equity Index Fund of State Farm Variable Product Trust so long as the Sub-Adviser remains the sub-adviser to each fund. If the fee for the S&P 500 Index Fund calculated pursuant to the above schedule for the fiscal quarter of the Trust is less than $25,000, the Adviser shall pay the Sub-Adviser a fee of $25,000 for the fiscal quarter in lieu of the sub-advisory fee calculated pursuant to the above schedule. In determining the application of these breakpoints to the State Farm Small Cap Index Fund, the assets of the State Farm Small Cap Index Fund shall be combined with the assets of the Small Cap Equity Index Fund of State Farm Variable Product Trust so long as the Sub-Adviser remains the sub-adviser to each fund. In determining the application of these breakpoints to the State Farm International Index Fund, the assets of the State Farm International Index Fund shall be combined with the assets of the International Equity Index Fund of State Farm Variable Product Trust so long as the Sub-Adviser remains the sub-adviser to each fund.
Appears in 1 contract
Samples: Investment Sub Advisory Agreement (State Farm Mutual Fund Trust)
Compensation of the Sub. Adviser
(a) Non-State Farm LifePath Funds: For the services to be rendered, the facilities to be furnished and the payments to be made, as provided herein, the parties hereto agree that the Adviser shall pay to the Sub-Adviser for each of the Trust's ’s fiscal quarters within three business days of the last day end of each such quarter a fee equal to the following percentages of the applicable Sub-Advised Index Fund's ’s average daily net assets during the quarter: Sub-Advised Fund Fee State Farm S&P 500 Large Cap Equity Index Fund 0.03% on the first $500 million, 0.02% on the next $250 million, and 0.01% for average daily net assets above $750 million. State Farm Small Cap Equity Index Fund 0.05% on the first $150 million, and 0.03% on any assets over $150 million. State Farm International Equity Index Fund 0.06% on the first $150 million, and 0.04% on any assets over $150 million In determining the application of these breakpoints to the State Farm S&P 500 Large Cap Equity Index Fund, the assets of the Large Cap Equity Index Fund shall be combined with the assets of the State Farm S&P 500 Index Fund shall be combined with the assets of the Large Cap Equity Index Fund of State Farm Variable Product Mutual Fund Trust so long as the Sub-Adviser remains the sub-adviser to each fund. If the fee for the S&P 500 Large Cap Equity Index Fund calculated pursuant to the above schedule for the fiscal quarter of the Trust is less than $25,000, the Adviser shall pay the Sub-Adviser a fee of $25,000 for the fiscal quarter in lieu of the sub-advisory fee calculated pursuant to the above schedule. In determining the application of these breakpoints to the State Farm Small Cap Equity Index Fund, the assets of the Small Cap Equity Index Fund shall be combined with the assets of the State Farm Small Cap Index Fund shall be combined with the assets of the Small Cap Equity Index Fund of State Farm Variable Product Mutual Fund Trust so long as the Sub-Adviser remains the sub-adviser to each fund. In determining the application of these breakpoints to the State Farm International Equity Index Fund, the assets of the State Farm International Equity Index Fund shall be combined with the assets of the State Farm International Equity Index Fund of State Farm Variable Product Mutual Fund Trust so long as the Sub-Adviser remains the sub-adviser to each fund.
(b) The Adviser shall be responsible for payment of, and the Sub-Adviser agrees that it shall have no claim against the Trust or any Index Fund respecting, the Sub-Adviser’s compensation under this agreement.
(c) During the term of this agreement, the Sub-Adviser will bear all expenses incurred by it in connection with its services under this agreement. The Sub-Adviser shall not be responsible for any expenses incurred by the Trust, the Index Funds or the Adviser.
3.2 For the quarter and year in which this agreement becomes effective or terminates there shall be a proration on the basis of the number of days that the agreement is in effect during the quarter and year respectively.
3.3 If, pursuant to the Trust’s Registration Statement and Declaration of Trust, the net asset value is not required to be determined on any particular business day, then for the purpose of the foregoing computations, the net asset value of a share as last determined shall be deemed to be the net asset value of a share as of the close of business on that day.
3.4 In connection with purchases or sales of portfolio securities for the account of the Index Funds, neither the Sub-Adviser nor any officer, director, shareholder or other affiliate of the Sub-Adviser shall: (i) act as agent and accept any compensation other than its compensation provided for in this agreement, except in the course of such person’s business as an underwriter or broker; or (ii) act as broker and accept any commission, fee, or other remuneration in excess of the limits prescribed in the 1940 Act and the rules promulgated thereunder.
Appears in 1 contract
Samples: Investment Sub Advisory Agreement (State Farm Variable Product Trust)
Compensation of the Sub. Adviser
(a) Non-State Farm LifePath Funds: For the services to be rendered, the facilities to be furnished and the payments to be made, as provided herein, the parties hereto agree that the Adviser shall pay to the Sub-Adviser for each of the Trust's ’s fiscal quarters within three business days of the last day end of each such quarter quarter:
(i) with respect to the S&P 500 Variable Trust Index (also known as the Large Cap Equity Index Fund), a fee equal to the following percentages of the applicable Sub-Advised Fund's S&P 500 Variable Trust Index’s average daily net assets during the such quarter: Sub-Advised Fund Fee State Farm S&P 500 Index Fund 0.03% on the first $500 million, 0.02% on the next $250 million, and 0.01% for average daily net assets above $750 million. State Farm Small Cap Index Fund 0.05% on the first $150 million, and 0.03% on any assets over $150 million. State Farm International Index Fund 0.06% on the first $150 million, and 0.04% on any assets over $150 million In determining the application of these breakpoints to the State Farm S&P 500 Index Fund, the assets of the State Farm S&P 500 Index Fund shall be combined with the assets of the Large Cap Equity Index Fund of State Farm Variable Product Trust and so long as the Sub-Adviser remains the sub-adviser to each fund, the assets of the S&P 500 Variable Trust Index shall be combined with the assets of the S&P 500 Index Fund of State Farm Mutual Fund Trust. If the fee for the S&P 500 Variable Trust Index Fund calculated pursuant to the above schedule for the fiscal quarter of the Trust is less than $25,000, the Adviser shall pay the Sub-Adviser a fee of $25,000 for the fiscal quarter in lieu of the sub-advisory fee calculated pursuant to the above this schedule. In determining the application of these breakpoints ;
(ii) with respect to the State Farm Small Cap Variable Trust Index Fund, the assets of the State Farm Small Cap Index Fund shall be combined with the assets of (also known as the Small Cap Equity Index Fund Fund), a fee equal to 0.10% of State Farm the Small Cap Variable Product Trust so long Index’s average daily net assets during such quarter; and
(iii) with respect to the International Variable Trust Index (also known as the International Equity Index Fund), a fee equal to 0.10% of the International Variable Trust Index’s average daily net assets during such quarter.
(b) The Adviser shall be responsible for payment of, and the Sub-Adviser remains agrees that it shall have no claim against the sub-adviser to each fund. In determining the application of these breakpoints to the State Farm International Trust or any Index FundFund respecting, the assets Sub-Adviser’s compensation under this agreement.
(c) During the term of the State Farm International Index Fund shall be combined with the assets of the International Equity Index Fund of State Farm Variable Product Trust so long as this agreement, the Sub-Adviser remains will bear all expenses incurred by it in connection with its services under this agreement. The Sub-Adviser shall not be responsible for any expenses incurred by the subTrust, the Index Funds or the Adviser.
3.2 For the quarter and year in which this agreement becomes effective or terminates there shall be a proration on the basis of the number of days that the agreement is in effect during the quarter and year respectively.
3.3 If, pursuant to the Trust’s Registration Statement and Declaration of Trust, the net asset value is not required to be determined on any particular business day, then for the purpose of the foregoing computations, the net asset value of a share as last determined shall be deemed to be the net asset value of a share as of the close of business on that day.
3.4 In connection with purchases or sales of portfolio securities for the account of the Index Funds, neither the Sub-adviser to each fundAdviser nor any officer, director, shareholder or other affiliate of the Sub-Adviser shall: (i) act as agent and accept any compensation other than its compensation provided for in this agreement, except in the course of such person’s business as an underwriter or broker; or (ii) act as broker and accept any commission, fee, or other remuneration in excess of the limits prescribed in the 1940 Act and the rules promulgated thereunder.
Appears in 1 contract
Samples: Investment Sub Advisory Agreement (State Farm Variable Product Trust)
Compensation of the Sub. Adviser
(a) Non-State Farm LifePath Funds: For the services to be rendered, the facilities to be furnished and the payments to be made, as provided herein, the parties hereto agree that the Adviser shall pay to the Sub-Adviser for each of the Trust's ’s fiscal quarters within three business days of on the last day of each such quarter quarter:
(i) with respect to the S&P 500 Variable Trust Index (also known as the Large Cap Equity Index Fund), a fee equal to the following percentages 0.05% of the applicable Sub-Advised Fund's S&P 500 Variable Trust Index’s average daily net assets during such quarter;
(ii) with respect to the quarter: Sub-Advised Fund Fee State Farm S&P 500 Index Fund 0.03% on the first $500 million, 0.02% on the next $250 million, and 0.01% for average daily net assets above $750 million. State Farm Small Cap Variable Trust Index Fund 0.05% on the first $150 million, and 0.03% on any assets over $150 million. State Farm International Index Fund 0.06% on the first $150 million, and 0.04% on any assets over $150 million In determining the application of these breakpoints to the State Farm S&P 500 Index Fund, the assets of the State Farm S&P 500 Index Fund shall be combined with the assets of the Large Cap Equity Index Fund of State Farm Variable Product Trust so long (also known as the Sub-Adviser remains the sub-adviser to each fund. If the fee for the S&P 500 Index Fund calculated pursuant to the above schedule for the fiscal quarter of the Trust is less than $25,000, the Adviser shall pay the Sub-Adviser a fee of $25,000 for the fiscal quarter in lieu of the sub-advisory fee calculated pursuant to the above schedule. In determining the application of these breakpoints to the State Farm Small Cap Index Fund, the assets of the State Farm Small Cap Index Fund shall be combined with the assets of the Small Cap Equity Index Fund Fund), a fee equal to 0.10% of State Farm the Small Cap Variable Product Trust so long Index’s average daily net assets during such quarter; and
(iii) with respect to the International Variable Trust Index (also known as the International Equity Index Fund), a fee equal to 0.10% of the International Variable Trust Index’s average daily net assets during such quarter.
(b) The Adviser shall be responsible for payment of, and the Sub-Adviser remains agrees that it shall have no claim against the sub-adviser to each fund. In determining the application of these breakpoints to the State Farm International Trust or any Index FundFund respecting, the assets Sub-Adviser’s compensation under this agreement.
(c) During the term of the State Farm International Index Fund shall be combined with the assets of the International Equity Index Fund of State Farm Variable Product Trust so long as this agreement, the Sub-Adviser remains will bear all expenses incurred by it in connection with its services under this agreement. The Sub-Adviser shall not be responsible for any expenses incurred by the subTrust, the Index Funds or the Adviser.
3.2 For the quarter and year in which this agreement becomes effective or terminates there shall be a proration on the basis of the number of days that the agreement is in effect during the quarter and year respectively.
3.3 If, pursuant to the Trust’s Registration Statement and Declaration of Trust, the net asset value is not required to be determined on any particular business day, then for the purpose of the foregoing computations, the net asset value of a share as last determined shall be deemed to be the net asset value of a share as of the close of business on that day.
3.4 In connection with purchases or sales of portfolio securities for the account of the Index Funds, neither the Sub-adviser to each fundAdviser nor any officer, director, shareholder or other affiliate of the Sub-Adviser shall: (i) act as agent and accept any compensation other than its compensation provided for in this agreement, except in the course of such person’s business as an underwriter or broker; or (ii) act as broker and accept any commission, fee, or other remuneration in excess of the limits prescribed in the 1940 Act and the rules promulgated thereunder.
Appears in 1 contract
Samples: Investment Sub Advisory Agreement (State Farm Variable Product Trust)