EXHIBIT (h)(4)
OMNIBUS FEE AGREEMENT
THIS AGREEMENT is made as of this 1st day of August, 2004, by and
between ASSET MANAGEMENT FUND (the "Trust"), a Delaware statutory trust having
its principal place of business at 000 Xxxx Xxxxxx Xxxxxx, Xxxxxxx Xxxxxxxx
00000, and BISYS FUND SERVICES OHIO, INC. ("BISYS"), an Ohio corporation having
its principal place of business at 0000 Xxxxxxx Xxxx, Xxxxxxxx, Xxxx 00000.
WHEREAS, the Trust is an open-end management investment company
registered under the Investment Company Act of 1940, as amended (the "1940
Act");
WHEREAS, the Trust and BISYS are entering into an Administration
Agreement dated as of August 1, 2004, a Fund Accounting Agreement dated as of
August 1, 2004, and a Transfer Agency Agreement dated as of August 1, 2004,
concerning the provision of administration, fund accounting and transfer agency
services, respectively, for the investment portfolios of the Trust (individually
referred to herein as a "Fund" and collectively as the "Funds"); and
WHEREAS, the parties desire to set forth the compensation payable to
BISYS by the Trust under the Administration Agreement, Fund Accounting Agreement
and Transfer Agency Agreement (collectively the "Service Agreements") in a
separate written document.
NOW, THEREFORE in consideration of the mutual premises and covenants
herein set forth, the parties agree as follows:
1. The parties have agreed that a single integrated fee shall be paid
by the Trust as compensation to BISYS for such services performed under the
Service Agreements. The aggregate amount of the compensation due and payable to
BISYS for such services is set forth in Schedule A hereto. Such compensation
shall be payable during the term of the Service Agreements. In addition to the
foregoing, BISYS shall be reimbursed for certain out-of-pocket expenses and
miscellaneous fees and charges, as more fully set forth in the Service
Agreements.
This Agreement shall be governed by, and its provisions shall be
construed in accordance with, the laws of the State of Ohio.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
fully executed as of the day and year first written above.
ASSET MANAGEMENT FUND
By: /s/ Xxxxxx X. Xxxxxxx, Xx.
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Title: President
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BISYS FUND SERVICES OHIO, INC.
By: /s/ Xxxx Xxxxxxx
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Title: President
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2
SCHEDULE A
TO THE OMNIBUS FEE AGREEMENT
DATED THIS 1ST DAY OF AUGUST, 2004
BETWEEN
ASSET MANAGEMENT FUND
AND
BISYS FUND SERVICES OHIO, INC.
FEES
1. ASSET-BASED FEES
Subject to the annual minimum fee set forth below, the Company shall
pay to BISYS on the first business day of each month, or at such time(s) as
BISYS shall request and the parties hereto shall agree, a fee computed daily at
the annual rate of:
Three one-hundredths of one percent (.03%) of each Fund's
average daily net assets up to and including $1 billion;
Two one-hundredths of one percent (.02%) of the next $1
billion of each Fund's average daily net assets; and
One one-hundredth of one percent (.01%) of each Fund's average
daily net assets in excess of $2 billion.
2. ANNUAL MINIMUM FEE
The asset-based fees set forth above shall be subject to a minimum
annual fee for the Trust in the amount of $393,200.
3. PER ACCOUNT FEES
BISYS shall also be entitled to receive a $15.00 per account per Fund
annual processing fee.
For these purposes, the following categories constitute an open account
on the BISYS system in any one month: open account with balance, open account
with zero balance, open account with negative balance and closed account with
activity. Closed accounts with no activity in the month are considered a closed
account for billing purposes.
A-1
4. OUT OF POCKET EXPENSES AND MISCELLANEOUS CHARGES
The out of pocket expenses and miscellaneous services fees and charges
provided for under the Service Agreements are not included in the above fees and
shall also be payable to BISYS in accordance with the provisions of the Service
Agreements.
A-2
