SEVENTH AMENDMENT TO ADMINISTRATIVE SERVICES AGREEMENT
Exhibit (h)(11)(iii)
SEVENTH AMENDMENT TO
ADMINISTRATIVE SERVICES AGREEMENT
This Amendment made as of July 1, 2008, by and between Natixis Asset Management Advisors, L.P. (“Natixis Advisors”) (formerly IXIS Asset Management Advisors, L.P.) and Natixis Funds Trust I, Natixis Funds Trust II, Natixis Funds Trust III, Natixis Funds Trust IV, Natixis Cash Management Trust, Xxxxxx Xxxxxx Funds I, Xxxxxx Xxxxxx Funds II, Gateway Trust and Xxxxxxxxxx International Series (collectively, the “Trusts”).
WHEREAS, Natixis Advisors and the Trusts are parties to an Administrative Services Agreement dated January 3, 2005, as amended November 1, 2005, January 1, 2006, July 1, 2007, September 17, 2007, February 1, 2008 and February 19, 2008 (together with the amendments, the “Agreement”), governing the terms and conditions under which Natixis Advisors provides certain administrative services to the series of the Trusts; and
WHEREAS, Natixis Advisors and the Trusts desire to amend Section 3(a) of the Agreement to implement a new few structure; and
WHEREAS, Natixis Advisors and the Trusts desire to amend Schedule A of the Agreement to reflect the removal of the Xxxxxx Xxxxxx Massachusetts Tax Free Income Fund and the Xxxxxx Xxxxxx Municipal Income Fund.
NOW THEREFORE, in consideration of the premises and covenants contained herein, Natixis Advisors and the Trusts hereby agree as follows:
| 1. | Section 3(a) of the Agreement is amended and restated as follows: |
| (a) | For the services provided hereunder, the Trusts shall pay Natixis Advisors the greater of the following: |
| (1) | an annual minimum fee of $10,000,000 payable in monthly installments; or |
| (2) | a monthly fee (accrued daily) based on the Trusts’ average daily net assets during the calendar month, such fee being calculated at the annualized rates set forth below: |
| Average Daily Net Assets |
Annualized Fee Rate As a % of Average Daily Net Assets |
||
| $0 - $15 billion |
0.0575 | % | |
| Next $15 billion |
0.0500 | % | |
| Next $30 billion |
0.0425 | % | |
| Over $60 billion |
0.0375 | % |
| (3) | In addition, each fund for the first twelve months of its operation is subject to an administration fee consisting of a new fund base fee of $75,000 plus $12,500 per class (if multiple classes) and an additional $75,000 fee for each multi-manager fund. The parties understand and agree that the annual minimum set forth in paragraph (3)(a)(1) above will be reviewed annually and the parties will agree to an appropriate adjustment taking into consideration new funds added and funds liquidated or merged out of existence during the year. |
| 2. | Schedule A of the Agreement is deleted in its entirety and replaced with Schedule A attached hereto. |
| 3. | Except as specifically superseded or modified herein, the terms and provisions of the Agreement shall continue to apply with full force and effect. |
| 4. | This Amendment may be executed in one or more counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. |
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IN WITNESS WHEREOF, each of the parties has caused this instrument to be executed as a sealed instrument in its name and behalf by its duly authorized representative as of the date first above written.
| NATIXIS ASSET MANAGEMENT ADVISORS, L.P. | ||
| By Natixis Distribution Corporation, its general partner | ||
| By: | /s/ Xxxxx X. Xxxxxx | |
| President and Chief Executive Officer | ||
| NATIXIS CASH MANAGEMENT TRUST XXXXXX XXXXXX FUNDS I XXXXXX XXXXXX FUNDS II GATEWAY TRUST XXXXXXXXXX INTERNATIONAL SERIES | ||
| By: | /s/ Xxxxxxx Xxxxxx | |
| Treasurer | ||
Schedule A
Trust Portfolios
As of: July 1, 2008
CGM Advisor Targeted Equity Fund
Xxxxxxxxxx International Fund
Natixis Income Diversified Portfolio
Natixis U.S. Diversified Portfolio
Xxxxxx Xxxxxx Core Plus Bond Fund
Xxxxxxx Xxxxxx Small Cap Value Fund
Westpeak 130/30 Growth Fund
Xxxxxx Associates Large Cap Value Fund
Natixis Funds Trust III
Xxxxxx Associates Focused Value Fund
Natixis Moderate Diversified Portfolio
Natixis Funds Trust IV
AEW Real Estate Fund
Natixis Cash Management Trust
Natixis Cash Management Trust – Money Market Series
Xxxxxx Xxxxxx Funds I
Xxxxxx Xxxxxx Bond Fund
Xxxxxx Xxxxxx Fixed Income Fund
Xxxxxx Xxxxxx Global Bond Fund
Xxxxxx Xxxxxx High Income Opportunities Fund*
Xxxxxx Xxxxxx Inflation Protected Securities Fund
Xxxxxx Xxxxxx Institutional High Income Fund
Xxxxxx Xxxxxx Intermediate Duration Fixed Income Fund
Xxxxxx Xxxxxx Investment Grade Fixed Income Fund
Xxxxxx Xxxxxx Securitized Asset Fund*
Xxxxxx Xxxxxx Small Cap Value Fund
| * | With respect to these Funds only, paragraph 3 of the Agreement is revised to provide that Natixis Advisors shall be entitled to reasonable compensation for its services and expenses as Administrator, but Xxxxxx, Xxxxxx & Company, L.P. (“Xxxxxx Xxxxxx), the adviser to the Funds, and not Xxxxxx Xxxxxx Funds I, shall be responsible for payment of such compensation and expenses relating to the Funds, as agreed upon by Xxxxxx Xxxxxx in separate Letter Agreements dated January 3, 2005 and July 1, 2005, respectively. |
Xxxxxx Xxxxxx Funds II
Xxxxxx Xxxxxx Mid Cap Growth Fund
Xxxxxx Xxxxxx Growth Fund
Xxxxxx Xxxxxx High Income Fund
Xxxxxx Xxxxxx Investment Grade Bond Fund
Xxxxxx Xxxxxx International Bond Fund
Xxxxxx Xxxxxx Limited Term Government and Agency Fund
Xxxxxx Xxxxxx Research Fund
Xxxxxx Xxxxxx Small Cap Growth Fund
Xxxxxx Xxxxxx Strategic Income Fund
Xxxxxx Xxxxxx Tax-Managed Equity Fund
Xxxxxx Xxxxxx Value Fund
Xxxxxx Xxxxxx Global Markets Fund
Xxxxxxxxxx International Series
Xxxxxxxxxx Emerging Markets Fund
Xxxxxxxxxx International Value Fund
Xxxxxxxxxx International Growth Fund
Xxxxxxxxxx International Core Fund
Xxxxxxxxxx All Countries Fund (not operational)
Gateway Trust
Gateway Fund
