April 27, 2018
Exhibit (d)(xxiii)
April 27, 2018
Xxxxxxx Xxxxx Investment Management, LLC
000 Xxxxx Xxxxxxxxx Xxxxx
Chicago, IL 60606
| Re: | Management Agreement with Xxxxxxx Xxxxx Funds dated |
December 15, 1999 (the “Management Agreement”)
Ladies and Gentlemen:
Pursuant to Section 7 of the Management Agreement, Xxxxxxx Xxxxx Investment Management, LLC proposes to amend the Management Agreement to reduce the management fee effective May 1, 2018 as follows:
(A) for the Global Leaders Fund, from 1.00% of average daily net assets to 0.95% of average daily net assets;
(B) for the International Leaders Fund, from 0.95% of average daily net assets to 0.90% of average daily net assets; and
(C) for the International Developed Plus Fund, from 1.00% of the first $250 million of average daily net assets, plus 0.90% of average daily net assets over $250 million, to 0.90% of average daily net assets.
Attached hereto is amended Appendix A to the Management Agreement to reflect the appropriate management fees for the Global Leaders Fund, International Leaders Fund, and International Developed Plus Fund.
By signing below Xxxxxxx Xxxxx Investment Management, LLC acknowledges that this amendment to the Management Agreement may be enforced against it.
| XXXXXXX XXXXX FUNDS | ||
| By: | /s/ Xxxxxxx X. Xxxxxxxxx | |
| Name: | Xxxxxxx X. Xxxxxxxxx | |
| Title: | Treasurer | |
| Accepted this 27th day of April, 2018. | ||
| XXXXXXX XXXXX INVESTMENT MANAGEMENT, LLC | ||
| By: | /s/ Xxx Xxxxxx | |
| Name: | Xxx Xxxxxx | |
| Title: | Chief Financial Officer | |
APPENDIX A
MANAGEMENT FEES
Xxxxxxx Xxxxx Growth Fund:
.75% of average daily net assets
Xxxxxxx Xxxxx Large Cap Growth Fund:
.70% of average daily net assets
Xxxxxxx Xxxxx Small Cap Growth Fund:
1.10% of average daily net assets
Xxxxxxx Xxxxx International Growth Fund:
1.10% of the first $250 million of average daily net assets; plus
1.00% of the next $2.25 billion of average daily net assets; plus
0.975% of the next $2.5 billion of average daily net assets; plus
0.95% of the next $5 billion of average daily net assets; plus
0.925% of the next $5 billion of average daily net assets; plus
0.90% of the average daily net assets over $15 billion
Xxxxxxx Xxxxx Small Cap Value Fund:
1.10% of average daily net assets
Xxxxxxx Xxxxx Income Fund:
.25% of the first $250 million of average daily net assets; plus
.20% of average daily net assets over $250 million; plus
5.00% of the gross income earned by the Fund
Xxxxxxx Xxxxx Institutional International Growth Fund:
1.00% of the first $500 million of average daily net assets; plus
0.95% of the next $500 million of average daily net assets; plus
0.90% of the next $1.5 billion of average daily net assets; plus
0.875% of the next $2.5 billion of average daily net assets; plus
0.85% of the next $5 billion of average daily net assets; plus
0.825% of the next $5 billion of average daily net assets; plus
0.80% of the average daily net assets over $15 billion
Xxxxxxx Xxxxx Small-Mid Cap Growth Fund:
1.00% of average daily net assets
Xxxxxxx Xxxxx International Developed Plus Fund:
0.90% of average daily net assets
Xxxxxxx Xxxxx Institutional International Developed Plus Fund:
0.90% of the first $500 million of average daily net assets; plus
0.85% of the next $500 million of average daily net assets; plus
0.80% of the average daily net assets over $1 billion
Xxxxxxx Xxxxx Emerging Markets Growth Fund:
1.10% of average daily net assets
Xxxxxxx Xxxxx International Small Cap Growth Fund:
1.00% of average daily net assets
Xxxxxxx Xxxxx Mid Cap Growth Fund:
0.95% of average daily net assets
Xxxxxxx Xxxxx Xxxx Fund:
0.30% of average daily net assets
Xxxxxxx Xxxxx Global Leaders Fund:
0.95% of average daily net assets
Xxxxxxx Xxxxx Emerging Markets Leaders Fund:
1.10% of average daily net assets
Xxxxxxx Xxxxx Low Duration Fund:
0.30% of average daily net assets
Xxxxxxx Xxxxx Emerging Markets Small Cap Growth Fund:
1.10% of average daily net assets
Xxxxxxx Xxxxx Xxxxx Allocation Fund:
0.80% of average daily net assets
Xxxxxxx Xxxxx Xxxxx-Mid Cap Value Fund:
1.00% of average daily net assets
Xxxxxxx Xxxxx International Leaders Fund:
0.90% of average daily net assets
