EXHIBIT 9(a)(i)
February 2, 1998
THE XXXXXX SQUARE MULTI-MANAGER FUND
RE: TRANSFER AGENCY SERVICES FEES
-----------------------------
Dear Sir/Madam:
This letter constitutes our agreement with respect to compensation
to be paid to PFPC Inc. ("PFPC") for services provided under the terms of a
Transfer Agency Services Agreement dated February 2, 1998 between Xxxxxx Square
Multi-Manager Fund ("you" or the "Fund") and PFPC (the "Agreement"). Pursuant to
paragraph 11 of the Agreement, and in consideration of the services to be
provided to the Fund, you will pay PFPC certain fees and reimburse PFPC for its
out-of-pocket expenses incurred on its behalf, as follows:
1) Account Fee:
Annual, Semi-Annual, Quarterly Dividend: $10.00 per account per annum
Monthly Dividend: $15.00 per account per annum
Daily Accrual Dividend: $18.00 per account per annum
Inactive Account: $ .30 per account per month
Fees shall be calculated and paid monthly based on one-twelfth (1/12th) of
the annual fee. An inactive account is defined as having a zero balance with
no dividend payable. Inactive accounts are purged annually after year-end
tax reporting.
2) Transaction Charges:
Master/Omnibus Account: $ 1.00 per purchase/redemption
Telephone/Wire Orders: $ 4.00 per purchase/redemption
New Account Opening: $ 3.50 per account (paper)
12b-1 Calculation: $ .25 per account, per cycle
IRA/Qualified Plan Processing: $ 10.00 per Social Security Number, per annum
$ 2.50 per distribution
$ 25.00 per transfer in or transfer out
Checkwriting $ 1.85 per account with checkwriting per annum
$ .10 per check transaction (non-return of checks)
$ .50 per check transaction (return of checks)
3) Minimum Base Fee:
Retail - $2,500 for each portfolio/class; excluding transaction charges and
out-of-pocket expenses.
Institutional - .03% of average daily net assets for each portfolio with
Account Fees waived.
Any fee or out-of-pocket expenses not paid within 30 days of the date of
the original invoice will be charged a late payment fee of 1% per month until
payment of the fees are received by PFPC.
The fee for the period from the date hereof until the end of the 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/ X. Xxxxxxx Xxxxxxx
---------------------------
Title: Chairman
---------------------------
Agreed and Accepted:
RODNEY SQUARE MULTI-MANAGER FUND
By: /s/ Xxxxxx X. Xxxxxxxxx
Xxxxx: President
---------------------------
