Exhibit (d)(20)
ALLEGIANT FUNDS
FIRST AMENDMENT TO INVESTMENT ADVISORY AGREEMENT
This FIRST AMENDMENT TO INVESTMENT ADVISORY AGREEMENT (the "First
Amendment") dated as of September 28, 2005, by and between ALLEGIANT FUNDS, a
Massachusetts business trust, located in King of Prussia, Pennsylvania (the
"Trust") and ALLEGIANT ASSET MANAGEMENT COMPANY, located in Cleveland, Ohio (the
"Advisor").
The parties hereby agree that in the Advisory Agreement dated April 9,
1998, with respect to the Trust's International Equity, Small Cap Value, Small
Cap Growth, Equity Index, Real Return Advantage, Tax Managed Equity, Balanced
Allocation, and Ohio Municipal Money Market Funds (the "Investment Advisory
Agreement"):
1. NAMES OF THE PARTIES. All references to Armada Funds and National
City Bank in the Investment Advisory Agreement shall be deemed to refer to
Allegiant Funds and Allegiant Asset Management Company, respectively.
2. COMPENSATION. The first paragraph of Section 8 of the Investment
Advisory Agreement is amended and restated in its entirety to read as follows:
"8. COMPENSATION. For the services provided and the expenses assumed
pursuant to this Agreement, the Trust will pay the Adviser from the assets
belonging to the Funds and the Adviser will accept as full compensation
therefore fees, computed daily and paid monthly, at the following annual rates:
1.15% of the average daily net assets of the International Equity Fund; 1.00% of
the average daily net assets of each of the Small Cap Value Fund and the Small
Cap Growth Fund of $0 to less than $500 million; 0.95% of the average daily net
assets of each Fund of $500 to less than $1 billion; and 0.90% of the average
daily net assets of each fund of $1 billion and over; 0.35% of the average daily
net assets of each of the Equity Index Fund, the Real Return Advantage Funs and
the Ohio Municipal Money Market Fund; and 0.75% of the average daily net assets
of each of the Tax Managed Equity Fund and the Balanced Allocation Fund."
3. DEFINITIONS. Unless otherwise defined herein, all capitalized terms
used in this First Amendment shall have their respective defined meanings
ascribed to them in the Investment Advisory Agreement.
4. MISCELLANEOUS. Except to the extent expressly amended by this First
Amendment, the Investment Advisory Agreement shall remain unchanged and in full
force and effect. References therein to "this Agreement," "hereby," "herein,"
and the like shall be deemed to refer to the Investment Advisory Agreement, as
amended by this First Amendment. This First Amendment may be executed in two or
more counterparts, each of which shall be deemed an original, and all of which
together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to
be executed by their officers designated below as of the day and year first
above written.
ALLEGIANT FUNDS
BY: /s/ Xxxxxxx X. Xxxxxxx, Xx.
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Title: President and Chief Executive
Officer
ALLEGIANT ASSET
MANAGEMENT COMPANY
BY: /s/ Xxxxxx X. Xxxxx
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Title: Managing Director
