AMENDMENT NO. 1
TO THE
INVESTMENT SUB-ADVISORY AGREEMENT
BETWEEN
ADVANTUS CAPITAL MANAGEMENT, INC.
AND
XXXXXXXXX INVESTMENT COUNSEL, INC.
This amendment shall be effective May 1, 2000. This is an amendment to the
Investment Sub-Advisory Agreement dated May 1, 1997 ("Agreement") between
Advantus Capital Management, Inc. ("Advantus Capital") and Xxxxxxxxx Investment
Counsel, Inc. ("Xxxxxxxxx Counsel"), with respect to the Advantus Series Fund,
Inc.- International Stock Portfolio, ("the Portfolio").
The following schedule shall replace the schedule contained in the Agreement.
The amount of such annual fee, as applied to the average daily value of
the net assets of the Portfolio shall be as described in the schedule
below:
Assets Fee
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On the first $10 million in assets 0.70%
On the next $15 million in assets 0.65%
On the next $25 million in assets 0.55%
On the next $50 million in assets 0.50%
On all assets exceeding $100 million 0.40%
Solely for the purpose of establishing the appropriate breakpoints
at which the Portfolio's subadvisory fee shall be calculated, the Portfolio
will benefit from the aggregation of the monthly market value of any
non-mutual fund account of Minnesota Life or any affiliate thereof advised or
subadvised by Xxxxxxxxx Counsel or any advisory affiliate thereof as well as
the average daily net assets of any U.S. registered mutual fund advised by
Advantus and sub-advised by Xxxxxxxxx Counsel or any advisory affiliate. For
fee-stacking purposes, the asset classes so managed with the highest fee
schedules shall be counted first as assets of this Portfolio in order to
determine this Portfolio's appropriate starting breakpoint when the following
conditions are satisfied:
(i) Franklin Advisors, Inc., an affiliate of Xxxxxxxxx
Counsel, provides other sub-advisory services to Advantus
Capital, beginning on or after February 15, 2000, covering
small company domestic equities in an amount in excess of $100
million; and
(ii) Minnesota Life, the parent company of
Advantus Capital, offers as investment options in its
registered variable insurance contracts the Xxxxxxxxx
Developing Markets Fund and any other two funds in the
Franklin/Xxxxxxxxx Variable Insurance Products Fund.
IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date
first above written:
ADVANTUS CAPITAL MANAGEMENT, INC. XXXXXXXXX INVESTMENT COUNSEL, INC.
By: By:
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Its: Its:
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