Letter Agreement
April 24, 2012
Xx. Xxxxxx Xxxxxxxxx
President and Chief Executive Officer
Xxxxxxx Fund Services Company
0000 Xxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, Xxxxxxxxxx 00000
Re: Administrative Agreement - Section 6.A Compensation of the Manager
This letter agreement, to be effective July 1, 2012, amends the Administrative Agreement, dated January 1, 2008, between Xxxxxxx Investment Funds (“RIF”) and Xxxxxxx Fund Services Company (“RFSC” or the “Manager”), as amended (the “Agreement”). Effective July 1, 2012, RIF and RFSC desire to amend and restate Section 6.A of the Agreement as follows:
6. Compensation of the Manager.
A. | As consideration for the Manager’s services to the Sub-Trusts, the Manager shall receive from each of the Sub-Trusts an annual management fee, accrued daily at the rate of 1/365th of the applicable management fee on each day and payable monthly. The applicable management fee will be based upon Xxxxxxx Investment Funds average daily net assets (not individual Sub-Trust daily net assets), whereby each tier of Xxxxxxx Investment Funds average daily net assets has a different basis point fee as set forth below. |
Fee Schedule |
||||
Xxxxxxx Investment Funds |
Fee in Basis Points | |||
First $25 ($0 to $25) |
5.00 | |||
Next $10 (>$25 to $35) |
4.75 | |||
Next $10 (>$35 to $45) |
4.50 | |||
Next $10 (>$45 to $55) |
4.00 | |||
Greater than $55 |
3.50 |
If this agreement is acceptable to you, please sign below to indicate your acceptance and agreement.
Sincerely,
XXXXXXX INVESTMENT FUNDS
By: | /s/ Xxxx X. Xxxxxxx | |
Xxxx X. Xxxxxxx | ||
Treasurer and Chief Accounting Officer | ||
Accepted and Agreed: | ||
XXXXXXX FUND SERVICES COMPANY | ||
By: | /s/ Xxxxxx Xxxxxxxxx | |
Xxxxxx Xxxxxxxxx | ||
President and Chief Executive Officer |