Letter Agreement
Letter Agreement
July 1, 2011
Xx. Xxxxxx Xxxxxxxxx
President and Chief Executive Officer
Xxxxxxx Fund. Services Company 0000
Xxxxxx Xxxxxx, 00xx Xxxxx Xxxxxxx,
Xxxxxxxxxx 00000
Re: Amended and Restated Administrative Agreement - Section 6.A Manager Compensation
This letter agreement amends the Amended and Restated Administrative Agreement (the “Agreement”) dated January 1, 2008 between Xxxxxxx Investment Funds (“RIF”) and Xxxxxxx Fund Services Company (“RFSC” or the “Manager”). RIF and RFSC desire to amend and restate Section 6.A of the Agreement as follows:
6. Compensation of the Manager.
| A. | As consideration for the Manager’s services to the Sub-Trusts, the Manager shall receive from each of the Sub-Trusts an annual management fee, accrued daily at the rate of 11365th of the applicable management fee and payable on the last day of each month, of the following percentages of each Sub-Trust’s average daily net assets during the month, based on the following fee schedule: |
Fee Schedule*
Category 1
| Fee in Basis Points | Minimum AUM | Maximum AUM | ||
| 5.00 |
$0.0 | $2.5 | ||
| 4.75 |
$2.5 | $5.0 | ||
| 4.50 |
$5.0 | $7.5 | ||
| 4.25 |
$7.5 | $10.0 | ||
| 4.00 |
$10.0 | $12.5 | ||
| 3.75 |
$12.5 | $15.0 | ||
| 3.50 |
$15.0 | $15.0+ | ||
| Category 2 | ||||
| 5.00 |
$0.0 | $5.0 | ||
| 4.75 |
$5.0 | $10.0 | ||
| 4.50 |
$10.0 | $15.0 | ||
| 4.25 |
$15.0 | $20.0 | ||
| 4.00 |
$20.0 | $25.0 | ||
| 3.75 |
$25.0 | $30.0 | ||
| 3.50 |
$30.0 | $30.0+ | ||
| Category 3 | ||||
| 0.00 |
All Asset Levels | All Asset Levels | ||
| *Dollar amounts for breakpoints in billions of USD. | ||||
Category 1 consists of the following Sub-Trusts:
Xxxxxxx Moderate Strategy Fund
Xxxxxxx Balanced Strategy Fund
Xxxxxxx Growth Strategy Fund
Xxxxxxx Equity Growth Strategy Fund
Xxxxxxx Multi-Style Equity Fund
Xxxxxxx Aggressive Equity Fund
Category 2 consists of the following Sub-Trusts:
Xxxxxxx Real Estate Securities Fund
Xxxxxxx Non-U.S. Fund
Xxxxxxx Core Bond Fund.
If this agreement is acceptable to you, please sign below to indicate your acceptance and agreement.
Sincerely,
| XXXXXXX INVESTMENT FUNDS | ||
| By: |
/s/ Xxxx X. Xxxxxxx | |
| Xxxx X. Xxxxxxx | ||
| Treasurer and Chief Accounting Officer | ||
Accepted and Agreed:
| XXXXXXX FUND SERIVES COMPANY | ||
| By: |
/s/ Xxxxxx Xxxxxxxxx | |
| Xxxxxx Xxxxxxxxx | ||
| President and Chief Executive Officer | ||
