1
Exhibit 8F
June 20, 1996
XXXXX TREASURY FUND
RE: ADMINISTRATION AND ACCOUNTING SERVICES FEES
Dear Sir/Madam:
This letter constitutes our agreement with respect to compensation to
be paid to PFPC Inc.("PFPC") under the terms of an Administration and Accounting
Services Agreement between PFPC and Xxxxx Treasury Fund ("you" or the "Fund")
dated June 20, 1996 (the "Agreement"). Pursuant to Paragraph 11 of that
Agreement, and in consideration of the services to be provided to each of the
Fund's investment portfolios listed on Exhibit A of the Agreement, as such
Exhibit A may be amended from time to time (each, a "Portfolio"), you will pay
PFPC the following:
1. An annual administration and accounting services fee, calculated
daily and payable monthly based upon the following: .10% of the first $200
million of average net assets; .075% of the next $200 million of average net
assets; .05% of the next $200 million of average net assets; and .03% of average
net assets in excess of $600 million.
2. PFPC's out-of-pocket expenses including, but not limited to,
overnight express charges, outside independent pricing service charges, and
travel expenses incurred for board meeting attendance.
3. A minimum monthly fee of $8,333 per Portfolio, exclusive of
out-of-pocket expenses. The minimum monthly fee for each Portfolio with respect
to such Portfolio's first year of operations, exclusive of out-of-pocket
expenses, shall be waived for start-up portfolios in accordance with the
following step-in schedule:
2
Month Number Minimum Monthly
(from start of operations) Fee Waivers
-------------------------- ---------------
1-2 100%
3 90%
4 80%
5 70%
6 60%
7 50%
8 40%
9 30%
10 20%
11 10%
12 0%
If during the next three years, PFPC is removed from the Agreement
referenced above, the Fund shall pay any costs of time and material associated
with the deconversion and PFPC will recoup 100% of the fees waived during the
first two years.
The fee for the period from the date hereof until the end of that year
shall be prorated according to the proportion which such period bears to the
full annual period.
If the foregoing accurately sets forth our agreement and you intend to
be legally bound thereby, please execute a copy of this letter and return it to
us.
Very truly yours,
PFPC INC.
By: /s/ XXXXXXX X. XXXXX
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Xxxxxxx X. Xxxxx
Executive Vice President
Accepted:
XXXXX TREASURY FUND
By: /s/ XXXX X. XXXXXXXXX
-------------------------
Xxxx X. Xxxxxxxxx
President
