Letter Agreement

Exhibit (d)(3)(c)

Letter Agreement

August 27, 2013

Xxxxxxx Fund Services Company

0000 Xxxxxx Xxxxxx

00xx Xxxxx Xxxxxxx

Xxxxxxxxxx 00000

Re:  Administrative Agreement - Section 6.A Compensation of the Manager

This letter agreement amends the Amended and Restated Administrative Agreement, dated January 1, 2008, between Xxxxxxx Investment Funds (“RIF”) and Xxxxxxx Fund Services Company (“RFSC” or the “Manager”), as amended (the “Agreement”). In order to consolidate prior amendments to Section 6.A. of the Agreement, 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, listed below, the Manager shall receive from each of the Sub-Trusts, an annual management fee, accrued daily at the rate of 1/365th of the applicable management fee on each day and payable monthly. The applicable management fee will be based upon Xxxxxxx Investment Funds average daily net assets (not individual Sub-Trust daily net assets), whereby each tier of Xxxxxxx Investment Fund average daily net assets has a different basis point fee as set forth below.

Fee Schedule

Xxxxxxx Investment Funds Tiers of Average Daily Net Assets (in billions of USD)				Fee in Basis Points
First $25 ($0 to $25)					5.00
Next $10 (>$25 to $35)					4.75
Next $10 (>$35 to $45)					4.50
Next $10 (>$45 to $55)					4.00
Greater than $55					3.50

Sub-Trusts

Multi-Style Equity

Aggressive Equity

Non-U.S.

Core Bond

Global Real Estate Securities

Conservative Strategy

Moderate Strategy

Balanced Strategy

Growth Strategy

Equity Growth Strategy

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 SERVICES COMPANY

By:		/s/ Xxxxxx Xxxxxxxxx
		Xxxxxx Xxxxxxxxx
		President and Chief Executive Officer