SUPPLEMENT
TO
INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT
This Supplement, made this 4th day of April, 1988, by and between
Xxxxx Xxxxxxx Investment Trust Inc., a Minnesota corporation (the "Fund"), and
Piper Capital Management Incorporated, a Delaware corporation (the "Adviser").
WHEREAS, the Fund has entered into an Investment Advisory and
Management Agreement with the Adviser dated February 19, 1987 (the "Original
Agreement") whereby the Fund engaged the Adviser to act as investment adviser
for, and to manage the affairs, business and investment of the assets of, five
portfolios of the Fund, designated Value Fund, Sector Performance Fund, Balanced
Fund, Government Income Fund and Money Market Fund portfolios.
WHEREAS, pursuant to a resolution of the Board of Directors of the
Fund, five additional portfolios of the Fund have been formed, which portfolios
have been designated U.S. Government Money Market Fund, Tax-Exempt Money Market
Fund, Institutional Investors Income Fund, National Tax-Exempt Fund and
Minnesota Tax-Exempt Fund portfolios.
NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual covenants contained herein, the parties hereto agree as follows:
1. All of the terms, provisions, covenants and agreements set forth
in the Original Agreement with respect to Value Fund, Sector Performance Fund,
Balanced Fund, Government Income Fund and Money Market Fund portfolios shall
apply to U.S. Government Money Market Fund, Tax-Exempt Money Market Fund,
Institutional Investors Income Fund, National Tax-Exempt Fund and Minnesota Tax-
Exempt Fund portfolios as well, provided that the following table sets forth the
fees to be paid pursuant to Section 2 of the Original Agreement with respect to
U.S. Government Money Market Fund, Tax-Exempt Money Market Fund, Institutional
Investors Income Fund, National Tax-Exempt Fund and Minnesota Tax-Exempt Fund
portfolios.
Per
Annum Average Net Asset Values
Monthly Rate Rate of the Portfolio
------------ ---- ----------------
National Tax-Exempt 1/12 of .50% .50% On the first $250,000,000
Fund and Minnesota 1/12 of .45% .45% On the next $250,000,000
Tax-Exempt Fund 1/12 of .40% .40% On average net assets over
portfolios $500,000,000
U.S. Government 1/12 of .50% .50% On the first $500,000,000
Money Market Fund 1/12 of .425% .425% On the next $250,000,000
and Tax-Exempt 1/12 of .375% .375% On the next $250,000,000
Money Market Fund 1/12 of .35% .35% On the next $500,000,000
portfolios 1/12 of .325% .325% On the next $500,000,000
1/12 of .30% .30% On the next $500,000,000
1/12 of .275% .275% On average net assets over
$2,500,000,000
Institutional 1/12 of .30% .308 On the first $100,000,000
Investors 1/12 of .25% .25% On the next $150,000,000
Income Fund 1/12 of .20% .20% On average net assets over
portfolio $250,000,000
2. The effective date of this Supplement shall be April 4, 1988.
IN WITNESS WHEREOF, the Fund and the Adviser have caused this
Supplement to be executed by their duly authorized officers as of the day and
year first above written.
XXXXX XXXXXXX INVESTMENT
TRUST INC.
By /s/ Xxxxxx X. Xxxxxx
---------------------------------
Its President
---------------------------
PIPER CAPITAL MANAGEMENT
INCORPORATED
By /s/ Xxxxxx X. Xxxxxx
---------------------------------
Its President
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