Effective as of October 1, 2008
THE XXXXXX FUNDS
RE: AMENDED AND RESTATED CUSTODIAN SERVICES FEES
Dear Sir/Madam:
This amended and restated letter, effective as of October 1, 2008,
constitutes the agreement with respect to compensation to be paid to PFPC Trust
Company ("PFPC Trust") under the terms of a Custodian Services Agreement dated
July 15, 2002 (as amended from time to time) (the "Agreement") between PFPC
Trust and The Xxxxxx Funds (the "Fund") for services provided on behalf of the
Fund's portfolios as listed on Exhibit A thereto (each a "Portfolio"). This
amended and restated letter supercedes all previous letters with respect to the
custodian services fees set forth herein. Pursuant to Paragraph 12 of the
Agreement, and in consideration of the services to be provided to the Fund's
Portfolios, the Fund will pay PFPC Trust certain fees and compensate PFPC Trust
for its out-of-pocket and other charges as follows:
ASSET BASED FEES FOR U.S. SECURITIES:
The following fee will be calculated daily based upon the Portfolios'
total gross assets and payable monthly:
.0025% of the Portfolios' total gross assets.
TRANSACTION CHARGES FOR U.S. SECURITIES:
A transaction includes buys, sells, calls, puts, maturities, free
deliveries, free receipts, exercised or expired options, opened or closed short
sales and the movement for each piece of underlying collateral for a repurchase
agreement, etc.
DTC/Fed book entry $ 5.00
Paydowns $ 4.00
Physical certificate $20.00
Options contract $30.00
Futures margin variation $10.00
Short sale $15.00
Trade revision/cancellation $15.00
Manual transactions $30.00
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FEES AND TRANSACTION CHARGES FOR NON-U.S. SECURITIES:
Fees and expenses relating to foreign custody, including without
limitation market specific asset based fees and transaction fees, are attached
hereto as Schedule A. The fees and expenses set forth in Schedule A are in
addition to the other fees and expenses set forth in this letter and may be
changed by PFPC Trust upon notice to the Fund.
OUT-OF-POCKET AND OTHER CHARGES:
PFPC Trust's out-of-pocket and other charges, include, but are not
limited to, overnight express charges, data transmissions, telecommunications,
reproduction, deconversion costs, segregated account and feeder charges ($100
per account), international proxy services related to meetings/notifications and
voting, tax processing and filing fees, special taxes, SWIFT charges, the Fund's
portion of the cost of independent compliance reviews and all other
miscellaneous fees incurred on behalf of the Fund.
LIMITATION OF LIABILITY:
PFPC Trust hereby expressly agrees that the obligations pursuant to the
Agreement of a particular Portfolio and of the Fund with respect to that
Portfolio shall be limited solely to the assets of that Portfolio, and PFPC
Trust shall not seek satisfaction of any such obligation from any other
Portfolio, the shareholders of any Portfolio, the Trustees, officers, employees
or agents of the Fund, or any of them.
MISCELLANEOUS:
With respect to any daily net overdrawn cash balances for a Portfolio,
a monthly charge shall be payable by the Portfolio based on 125% of the average
federal funds rate for that month.
PFPC Trust will sweep any net excess cash balances of a Portfolio daily
into an investment vehicle or other instrument designated in writing by the
Fund, so long as the vehicle or instrument is acceptable to PFPC Trust. Such
investment vehicle or instrument may be offered by an affiliate of PFPC Trust or
by a PFPC Trust client and PFPC Trust may receive compensation therefrom. PFPC
Trust will credit the Portfolio with such sweep earnings on a monthly basis
(less .25% of assets swept as a service fee to PFPC Trust).
PFPC Trust shall be entitled to deduct its fees and charges from the
applicable Portfolio's account monthly when due, provided that PFPC Trust shall
promptly account for such fees and charges to the Fund. Adjustments to such fees
and charges (if any) will be made in the next monthly payment period.
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The fee for the period from the day of the year this fee letter is
entered into until the end of that 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 TRUST COMPANY
By: /s/ XXXXXX X. XXXXX XXX
----------------------------------
Name: Xxxxxx X. Xxxxx XXX
Title: Vice President and Senior Director
Agreed and Accepted:
THE XXXXXX FUNDS
By: /s/ XXXXX X. XXXXXXX
--------------------------
Name: Xxxxx X. XxXxxxx
Title: Vice President, Secretary and Chief Compliance Officer
3
SCHEDULE A
ASSET-BASED FEE ON
AVERAGE GROSS ASSETS FOR NON TRANSACTION CHARGES FOR NON
U.S. SECURITIES U.S. SECURITIES
(BASIS POINTS) (USD)
------------------------------------------------- -------------------------------- --------------------------------
Argentina 20 55
------------------------------------------------- -------------------------------- --------------------------------
Australia 2.5 45
------------------------------------------------- -------------------------------- --------------------------------
Austria 3 45
------------------------------------------------- -------------------------------- --------------------------------
Bahrain 35 110
------------------------------------------------- -------------------------------- --------------------------------
Bangladesh 45 115
------------------------------------------------- -------------------------------- --------------------------------
Belgium 3 45
------------------------------------------------- -------------------------------- --------------------------------
Bermuda 45 90
------------------------------------------------- -------------------------------- --------------------------------
Bosnia 50 160
------------------------------------------------- -------------------------------- --------------------------------
Botswana 45 115
------------------------------------------------- -------------------------------- --------------------------------
Brazil - includes local administration 20 55
------------------------------------------------- -------------------------------- --------------------------------
Bulgaria 40 115
------------------------------------------------- -------------------------------- --------------------------------
Canada 2 20
------------------------------------------------- -------------------------------- --------------------------------
Chile - not including local admin. 20 70
------------------------------------------------- -------------------------------- --------------------------------
China 20 80
------------------------------------------------- -------------------------------- --------------------------------
Colombia - not including local admin. 30 100
------------------------------------------------- -------------------------------- --------------------------------
Costa Rica 45 80
------------------------------------------------- -------------------------------- --------------------------------
Croatia 30 80
------------------------------------------------- -------------------------------- --------------------------------
Cyprus 6 25
------------------------------------------------- -------------------------------- --------------------------------
Czech Republic 45 90
------------------------------------------------- -------------------------------- --------------------------------
Denmark 2.5 45
------------------------------------------------- -------------------------------- --------------------------------
Dubai 40 150
------------------------------------------------- -------------------------------- --------------------------------
Ecuador 40 100
------------------------------------------------- -------------------------------- --------------------------------
Egypt 40 100
------------------------------------------------- -------------------------------- --------------------------------
Estonia 35 50
------------------------------------------------- -------------------------------- --------------------------------
Euroclear/Cedel 2 20
------------------------------------------------- -------------------------------- --------------------------------
Finland 3 45
------------------------------------------------- -------------------------------- --------------------------------
France 2 30
------------------------------------------------- -------------------------------- --------------------------------
Germany 2 30
------------------------------------------------- -------------------------------- --------------------------------
Ghana 50 125
------------------------------------------------- -------------------------------- --------------------------------
Greece 20 55
------------------------------------------------- -------------------------------- --------------------------------
Hong Kong 4 50
------------------------------------------------- -------------------------------- --------------------------------
Hungary 30 80
------------------------------------------------- -------------------------------- --------------------------------
4
ASSET-BASED FEE ON
AVERAGE GROSS ASSETS FOR NON TRANSACTION CHARGES FOR NON
U.S. SECURITIES U.S. SECURITIES
(BASIS POINTS) (USD)
------------------------------------------------- -------------------------------- --------------------------------
Iceland 4 20
------------------------------------------------- -------------------------------- --------------------------------
India 30 85
------------------------------------------------- -------------------------------- --------------------------------
Indonesia 15 60
------------------------------------------------- -------------------------------- --------------------------------
Ireland 2 30
------------------------------------------------- -------------------------------- --------------------------------
Israel 15 45
------------------------------------------------- -------------------------------- --------------------------------
Italy 2.5 35
------------------------------------------------- -------------------------------- --------------------------------
Japan 2.5 30
------------------------------------------------- -------------------------------- --------------------------------
Jordan 40 100
------------------------------------------------- -------------------------------- --------------------------------
Kazakhstan 45 160
------------------------------------------------- -------------------------------- --------------------------------
Kenya 45 125
------------------------------------------------- -------------------------------- --------------------------------
Korea 12.5 55
------------------------------------------------- -------------------------------- --------------------------------
Latvia 45 45
------------------------------------------------- -------------------------------- --------------------------------
Lebanon 45 170
------------------------------------------------- -------------------------------- --------------------------------
Lithuania 25 40
------------------------------------------------- -------------------------------- --------------------------------
Malaysia 10 55
------------------------------------------------- -------------------------------- --------------------------------
Malta 25 80
------------------------------------------------- -------------------------------- --------------------------------
Mauritius 40 115
------------------------------------------------- -------------------------------- --------------------------------
Mexico 5 30
------------------------------------------------- -------------------------------- --------------------------------
Morocco 40 85
------------------------------------------------- -------------------------------- --------------------------------
Namibia 65 185
------------------------------------------------- -------------------------------- --------------------------------
Netherlands 2.5 30
------------------------------------------------- -------------------------------- --------------------------------
New Zealand 3 45
------------------------------------------------- -------------------------------- --------------------------------
Nigeria 45 125
------------------------------------------------- -------------------------------- --------------------------------
Norway 3 40
------------------------------------------------- -------------------------------- --------------------------------
Oman 45 160
------------------------------------------------- -------------------------------- --------------------------------
Pakistan 30 80
------------------------------------------------- -------------------------------- --------------------------------
Palestine 40 135
------------------------------------------------- -------------------------------- --------------------------------
Peru 40 85
------------------------------------------------- -------------------------------- --------------------------------
Philippines 12 55
------------------------------------------------- -------------------------------- --------------------------------
Poland 30 50
------------------------------------------------- -------------------------------- --------------------------------
Portugal 10 50
------------------------------------------------- -------------------------------- --------------------------------
Quatar 40 125
------------------------------------------------- -------------------------------- --------------------------------
Romania 40 80
------------------------------------------------- -------------------------------- --------------------------------
Russia (Min Fin Bds only) 45 70
------------------------------------------------- -------------------------------- --------------------------------
Russian Equities 50 70
------------------------------------------------- -------------------------------- --------------------------------
Saudi Arabia 45 150
------------------------------------------------- -------------------------------- --------------------------------
5
ASSET-BASED FEE ON
AVERAGE GROSS ASSETS FOR NON TRANSACTION CHARGES FOR NON
U.S. SECURITIES U.S. SECURITIES
(BASIS POINTS) (USD)
------------------------------------------------- -------------------------------- --------------------------------
Serbia 50 155
------------------------------------------------- -------------------------------- --------------------------------
Singapore 5 60
------------------------------------------------- -------------------------------- --------------------------------
Slovakia 30 85
------------------------------------------------- -------------------------------- --------------------------------
Slovenia 40 90
------------------------------------------------- -------------------------------- --------------------------------
South Africa 4 35
------------------------------------------------- -------------------------------- --------------------------------
Spain 5 50
------------------------------------------------- -------------------------------- --------------------------------
Sri Lanka 25 70
------------------------------------------------- -------------------------------- --------------------------------
Sweden 3 40
------------------------------------------------- -------------------------------- --------------------------------
Switzerland 2.5 35
------------------------------------------------- -------------------------------- --------------------------------
Taiwan 20 80
------------------------------------------------- -------------------------------- --------------------------------
Thailand 10 50
------------------------------------------------- -------------------------------- --------------------------------
Tunisia 50 40
------------------------------------------------- -------------------------------- --------------------------------
Turkey 20 50
------------------------------------------------- -------------------------------- --------------------------------
United Kingdom 2 20
------------------------------------------------- -------------------------------- --------------------------------
Uruguay 30 80
------------------------------------------------- -------------------------------- --------------------------------
Venezuela 40 100
------------------------------------------------- -------------------------------- --------------------------------
Vietnam 30 75
------------------------------------------------- -------------------------------- --------------------------------
Zambia 75 225
------------------------------------------------- -------------------------------- --------------------------------
Zimbabwe 45 125
------------------------------------------------- -------------------------------- --------------------------------
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