Exhibit 8 (b)
December 27, 1978
Institutional Liquid Assets
Suite 8700
000 X. Xxxxxx Xxxxx
Xxxxxxx, Xxxxxxxx 00000
Gentlemen:
Reference is made to the Custodian Agreement (the "Custodian
Agreement") of even date between Institutional Liquid Assets ("XXX") and State
Street Bank and Trust Company ("State Street"). Particular reference is made to
(S)11 of the Custodian Agreement which provides that XXX shall pay to State
Street, as custodian, the compensation and expense reimbursement set forth in
the schedule of even date therewith delivered by State Street to XXX (the
"Initial Schedule") until a different compensation and expense reimbursement
schedule shall be agreed upon in writing between the parties. Term used herein
which are defined in the Custodian Agreement have the same meaning herein as in
the Custodian Agreement.
This letter constitutes the Initial Schedule and the compensation and
expense reimbursement thereunder is set forth below:
A. Basic Fee
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Percent of Average
Prime Obligations Portfolio Daily Net Assets
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First $20 million of average 1/20th of 1%
daily net assets
Next $80 million of average 1/40th of 1%
daily net assets
Average daily net assets in 1/100th of 1%
excess of $80 million
Each Additional Portfolio Fee
------------------------- ---
First $100 million of average
daily net assets $18,000 (flat fee)
Average daily net assets in excess 1/100th of 1% of
of $100 million average daily net assets
The Basic Fee is an annual fee which will be billed and payable monthly. If the
total number of portfolios exceeds 4, the Basic Fee with respect to the
Portfolios in excess of 4 will be negotiated between the parties.
B. Transaction Fee For Portfolio Trades
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Transaction Fee
----------- ---
Repurchase Agreements with State Street $ 5.00
All other trades
Nonbook entry $12.00
Book entry $10.00
C. Wire Fees
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Type of Wire Fee
------------ ---
Wire Out $2.00
Wire In $1.50
D. Balance Credit Against The Foregoing Fees
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A balance credit will be applied monthly against the above fees equal to
83-1/3% of the 90 day Treasury Bill rate in effect on the last Monday of each
month, adjusted to a monthly basis, times the average collected balance for the
month in question in all accounts maintained under or pursuant to the Custodian
Agreement.
E. Out-of-Pocket Expenses Reimbursable by XXX
XXX will reimburse State Street monthly for the following out-of-pocket
expenses incurred by State Street during such month in the performance of its
duties under the Custodian Agreement:
telephone;
postage;
courier fees of independent courier services;
office supplies used in maintaining ILA's records;
and
duplicating.
STATE STREET BANK AND TRUST COMPANY
By Signature illegible
_________________________________
as its_____________________________
Accepted and agreed to:
INSTITUTIONAL LIQUID ASSETS
By /s/ Xxxxxx X. Xxxxxxx
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as its President
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