HC Capital Trust Intermediate Term Municipal Bond Portfolio
Amendment No. 1 to the Portfolio Management Agreement
Amendment, made as of July 1, 2012, to the Portfolio Management Agreement
dated February 11, 2009 (the "Agreement") between the HC Capital Trust
(formerly known as the "Xxxxxx Xxxxxxxxx Trust"), an investment company
registered under the Investment Company Act of 1940 as an open-end, series,
management investment company, and Xxxxxxxx Mellon Asset Management Company,
LLC ("Portfolio Manager"). All capitalized terms used in this Amendment and
not defined herein shall have the same meaning ascribed to them in the
Agreement. Except as specifically set forth herein, all other provisions of
the Agreement shall remain in full force and effect.
WHEREAS, Xxxxxx Xxxxxxxxx & Co., LLC ("Xxxxxx Xxxxxxxxx" or "HCC") is a
registered investment adviser that serves as the primary investment adviser
to the Trust through its "HC Capital Solutions" operating division and
provides similar services to certain other investment advisory clients
("Other Xxxxxx Accounts"); and
WHEREAS, Portfolio Manager provides day-to-day portfolio management services
to the HC Capital Trust Intermediate Term Municipal Bond Portfolio
("Portfolio"), a separate series of the Trust, pursuant to the Agreement, as
well as to certain Other Xxxxxx Accounts pursuant to a Separately Managed
Account Agreement; and
WHEREAS, the Portfolio Manager has proposed to amend the Agreement in a manner
that will reduce the fee payable to the Portfolio Manager under certain
circumstances as more fully set forth herein, and the Trust has determined
that such amendment is in the interests of the shareholders of the Portfolio;
NOW, THEREFORE, it is hereby agreed that Section 4 of the Agreement will be
replaced in its entirety by the following:
4. Expenses and Compensation. Except for expenses specifically assumed or
agreed to be paid by the Portfolio Manager under this Agreement, the Portfolio
Manager shall not be liable for any expenses of the Portfolio or the Trust,
including, without limitation; (i) interest and taxes; (ii) brokerage
commissions and other costs in connection with the purchase and sale of
securities or other investment instruments with respect to the Portfolio; and
(iii) custodian fees and expenses. For its services under this Agreement, the
Portfolio shall pay to the Portfolio Manager a maximum annual fee of 0.20% of
the average daily net assets of the Account ("Maximum Fee").
(b) Subject to the foregoing, the actual fee that the Portfolio Manager shall
be entitled to receive from the Portfolio shall be calculated daily and payable
quarterly based on Average Quarterly Net Assets as defined below at the
following annual rates.
0.25% on assets up to $100 million;
0.15% on assets in excess of $100 million.
(c) For purposes of this Agreement:
(i) "Combined Assets" shall mean the sum of (i) the net assets of the Account;
and (ii) the net assets of each of those separately managed accounts advised by
Xxxxxx Xxxxxxxxx & Co. LLC for which Portfolio Manager provides day-to-day
portfolio management services (the "Other Xxxxxx Accounts").
(ii) "Average Quarterly Net Assets" shall mean the average of the average
daily net asset values of the Account during the calendar quarter and the
average of the month end market values of the Other Xxxxxx Accounts as of the
last trading day of each of the three months in the calendar quarter. It is
understood that the average daily net asset value of the Account shall be
calculated by the Trust in accordance with the policies of the Trust as set
forth in the Trust's prospectus as it may be amended from time to time
and that the net asset value of the Other Xxxxxx Accounts shall be calculated
by the Portfolio Manager unless otherwise expressly agreed in writing and that
income accruals and receivables shall be included in making such calculation.
(iii) The fee payable to Portfolio Manager shall be paid and billed in arrears
based on the Average Quarterly Net Assets during the preceding calendar quarter.
The fee payable shall be calculated by applying the annual rate, as set forth
in the fee schedule above, to the Average Quarterly Net Assets, and dividing by
four; and multiplying by a factor that is equal to the proportion that average
quarterly net assets of the Account bears to the Combined Assets.
(iv) For a calendar quarter in which this Agreement becomes effective or
terminates, the portion of the Portfolio Manager's fee due hereunder with
respect to the Account shall be prorated on the basis of the number of days
that the Agreement is in effect during the calendar quarter.
This Amendment may be executed in any number of counterparts by the parties
hereto (including facsimile transmission), each of which counterparts when so
executed shall constitute an original, but the counterparts when together shall
constitute the same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their respective duly authorized representatives as
of the date first above written.
HC CAPITAL TRUST
\s\ Xxxxxxx Xxxx
By: Xxxxxxx Xxxx
Title: Vice President and Treasurer
XXXXXXXX MELLON ASSET MANAGEMENT COMPANY, LLC
\s\ Xxxxxx X. Xxxxxxx
By: Xxxxxx X. Xxxxxxx
Title: CIO
