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SECOND AMENDMENT TO
INVESTMENT ADVISORY AGREEMENT
The Amendment to Investment Advisory Agreement is made as of the 1st
day of November, 1996 by and between The Achievement Funds Trust, a
Massachusetts business trust (the "Trust"), and First Security Investment
Management, Inc. (the "Adviser").
WHEREAS, the Trust and the Adviser entered into an Investment Advisory
Agreement as of February 1, 1989 (The "Advisory Agreement") with respect to the
provision of investment advisory services by the Adviser to the Trust's three
then existing portfolios (the "Current Portfolios");
WHEREAS, the Trust and the Adviser Now desire to amend the Advisory
Agreement to include one new portfolio.,
NOW THEREFORE, in consideration of the premises and mutual covenants
herein contained, it is agreed between the parties hereto as follows.
1. ADDITION OF CERTAIN PORTFOLIOS. The definition of Portfolios as
used in the Advisory agreement shall be amended effective on the date hereof to
include a newly created investment portfolio of the Trust: Municipal Bond Fund.
2. COMPENSATION. The first paragraph of Section 8 COMPENSATION of
the Advisory Agreement is hereby deleted in its entirety and replaced with the
following paragraph:
"For the services provided and the expense assumed pursuant to the
Agreement, effective as of the date hereof, the Trust will pay to the Adviser
and the Adviser will accept as full compensation therefor, subject to the
provisions of paragraph 6 above, a fee, computed daily and paid monthly (in
arrears), at the annual rates for each Portfolio as set forth.
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PORTFOLIO MAXIMUM FEE (AS PERCENTAGE OF NET ASSETS)
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Equity Fund .74%
Balanced Fund .74%
Short-Term Bond Fund .60%
Intermediate Term Bond .60%
Idaho Tax Free Bond .60%
Short-Term Municipal Bond .60%
Municipal Bond .60%
3. EFFECT OF AMENDMENT. Except as expressly set forth herein, the
Advisory Agreement shall remain in full force and effect and shall not be
amended in any way.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to
be executed by their officers designated below as of the day and year first
above written.
THE ACHIEVEMENT FUNDS TRUST
By: /s/ Xxxxxxx X. Xxxxxxx
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Title: Vice President
FIRST SECURITY INVESTMENT
MANAGEMENTS, INC.
BY: /S/ Xxxxxxxx X. Xxxxxx
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Title; President & CEO
