INVESTMENT ADVISORY CONTRACT LETTER AGREEMENT Huntington Asset Advisors, Inc.
Exhibit
10 under Item 601/Reg. S-K
LETTER
AGREEMENT
Huntington
Asset Advisors, Inc.
00 Xxxxx
Xxxx Xxxxxx
Columbus,
OH 43287
July 29,
2009
The
Huntington Funds
00 Xxxxx
Xxxx Xxxxxx
Columbus,
OH 43287
Dear
Sirs:
Under the Investment Advisory Contract
between Huntington Asset Advisors, Inc. (the “Adviser”) and The Huntington Funds
(the “Trust”), dated June 23, 2006, as amended, the Adviser agrees to
contractually waive all or a portion of its investment advisory fee (based on
average daily net assets) which it is otherwise entitled to receive from the
Funds listed below (the “Funds”) and/or to reimburse certain operating expenses
of the Funds to the extent necessary in order to limit each Fund's total direct
and acquired fund annual operating expenses (exclusive of brokerage costs,
interest, taxes and dividends and extraordinary expenses) to not more than 1.90%
of each Fund's average daily net assets, for the period starting August 1, 2009
through July 31, 2010 (“Term Period”).
|
Huntington
Growth Allocation Fund
|
|
Huntington
Balanced Allocation Fund
|
|
Huntington
Conservative Allocation Fund
|
The Adviser shall be entitled to recoup
from a Fund any waived and/or reimbursed amounts for a period of up to three (3)
years from the date of the waiver and/or reimbursement provided such recoupment
does not cause a Fund’s expense ratio to exceed 1.90% of its average daily net
assets during the Term Period. The Adviser shall report to the Board
of Trustees on a quarterly basis any waived and/or reimbursed amounts and any
recoupment. The Adviser may elect in its discretion to terminate any fee waiver
or expense reimbursement for any period following the Term Period of this
Agreement, but no such termination shall affect the obligation (including the
amount of the obligation) of a Fund to repay amounts of waived fees or
reimbursed expenses with respect to periods prior to such
termination.
If the foregoing correctly sets forth
the agreement between the Trust and the Adviser, please so indicate by signing
and returning to the Trust the enclosed copy hereof. This may be
executed in counterpart.
Very
truly yours,
HUNTINGTON
ASSET ADVISORS, INC.
By: /s/ Xxx
Xxxx
Name: Xxx
Xxxx
Title: Chief
Compliance Officer
ACCEPTED:
THE
HUNTINGTON FUNDS
By: /s/ Xxxx
XxXxxxxx
Name: Xxxx
XxXxxxxx
Title: Vice
President
