Exhibit 24(b)(8)(a)
CUSTODY ADMINISTRATION AND AGENCY AGREEMENT
This AGREEMENT, dated as of the 12th day of August, 1994 made by and
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between Xxxxxxxx International Funds, a Delaware Business Trust (the "Trust")
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operating as an open end management investment company registered under the
Investment Company Act of 1940, as amended, duly organized and existing under
the laws of the State of Delaware and Fund/Plan Services, Inc. ("Fund/Plan"), a
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corporation duly organized and existing under the laws of the State of Delaware
(collectively, the "Parties").
WITNESSETH THAT:
WHEREAS, the Trust is authorized by its Trust Instrument to issue separate
series of shares representing interests in separate investment portfolios (the
"Series"), which Series are identified on Schedule "B" attached hereto and which
Schedule "B" may be amended from time to time by mutual agreement of the Trust
and Fund/Plan; and
WHEREAS, the Trust desires to retain Fund/Plan to perform certain custody
administration services; and
WHEREAS, the Trust desires that Fund/Plan act as its agent for the specific
purpose of taking receipt of, and making payment for, custody services performed
on the Trust's behalf by Bank of New York pursuant to an agreement between Bank
of New York and the Trust; and
WHEREAS, Fund/Plan is willing to serve in such capacity and perform such
functions upon the terms and conditions set forth below;
NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein, the Parties hereto, intending to be legally bound, do hereby
agree as follows:
APPOINTMENT OF FUND/PLAN AS AGENT
Section 1. The Trust hereby appoints Fund/Plan as an agent of the Trust,
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and Fund/Plan hereby accepts such appointment, for the limited purpose of: (i)
accepting invoices charged to the Trust for custody services performed by Bank
of New York on the Trust's behalf, and (ii) remitting payment to Bank of New
York for such services performed in amounts as set forth in Schedule "A"
attached hereto.
CUSTODY ADMINISTRATION SERVICES
Section 2. As Custody Administrator, Fund/Plan shall:
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a) coordinate and process portfolio trades through client terminal links
with Bank of
Custody Administration and Agency Agreement between Xxxxxxxx International Funds
and Fund/Plan Services, Inc.
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November 25, 1996 Page 1 of 5 pages.
New York
b) input and verify portfolio trades
c) monitor pending and failed security trades
d) coordinate communications between brokers and banks to resolve any
operational problems
e) advise the Trust of any corporate action information, address and follow
up on any dividend or interest discrepancies
f) process the Trusts' expenses
g) interface with the accounting services provider and the transfer agent
to research and resolve Custody cash problems
h) provide daily and monthly reports
TERM and FEES
Section 3.
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(a) The term of this Agreement shall be for a period of three (3)
years, commencing on the date on which the Trust's registration statement is
declared effective with the U.S. Securities and Exchange Commission ("Effective
Date").
(b) The fee schedule set forth in Schedule "A" attached shall be
fixed for (2) years commencing on the Effective Date of this Agreement.
Thereafter, the fee schedule will be subject to annual review and adjustment.
(c) If a successor to any of Fund/Plan's duties or responsibilities
under this Agreement is designated by the Trust by written notice to Fund/Plan
in connection with the termination of this Agreement, Fund/Plan shall promptly
upon such termination and at the expense of the Trust, transfer all records and
shall cooperate in the transfer of such duties and responsibilities.
For the purpose of determining fees payable to Fund/Plan, the value of
Fund's net assets shall be computed at the times and in the manner specified in
Fund's then current Prospectus and Statement of Additional Information.
During the term of this Agreement, should the Trust seek services or
functions in addition to those stated, a written amendment to this Agreement
specifying the additional services and corresponding compensation shall be
executed by both Fund/Plan and the Trust.
Custody Administration and Agency Agreement between Xxxxxxxx International Funds
and Fund/Plan Services, Inc.
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November 25, 1996 Page 2 of 5 pages.
GENERAL PROVISIONS
Section 4.
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(a) Fund/Plan, its directors, officers, employees, shareholders and
agents shall only be liable for any error of judgment or mistake of law or for
any loss suffered by the Trust in connection with the performance of this
Agreement that results from willful misfeasance, bad faith, gross negligence or
reckless disregard on the part of Fund/Plan in the performance of its
obligations and duties under this Agreement.
(b) Any person, even though also a director, officer, employee,
shareholder or agent of Fund/Plan, who may be or become an officer, trustee,
employee, or agent of the Trust, shall be deemed, when rendering services to
such entity or acting on any business of the Trust, (other than services or
business in connection with Fund/Plan's duties hereunder), to be rendering such
services to or acting solely for the Trust and not as a director, officer,
employee, shareholder or agent of, or one under the control or direction of
Fund/Plan even though that person is being paid salary by Fund/Plan.
(c) Notwithstanding any other provision of this Agreement, the
Trust shall indemnify and hold harmless Fund/Plan, its directors, officers,
employees, shareholders and agents from and against any and all claims, demands,
expenses and liabilities (whether with or without basis in fact or law) of any
and every nature which Fund/Plan may sustain or incur or which may be asserted
against Fund/Plan by any person by reason of, or as a result of (i) any action
taken or omitted to be taken by Fund/Plan in good faith hereunder or (ii) any
action taken or omitted to be taken by Fund/Plan in connection with its
appointment under this agreement, which action or omission was taken in good
faith in reliance upon any law, act, regulation or interpretation of the same
even though the same may thereafter have been altered, changed, amended, or
repealed. Indemnification under this subparagraph, however, shall not apply to
actions or omissions of Fund/Plan or its directors, officers, employees,
shareholders, or agents in cases of its or their willful misfeasance, bad faith,
gross negligence or reckless disregard of its or their duties hereunder.
(d) Fund/Plan shall give written notice to the Trust within thirty
(30) business days of receipt by Fund/Plan of a written assertion or claim of
any threatened or pending legal proceeding which may be subject to this
indemnification. The failure to notify the Trust of such written assertion or
claim shall not, however, operate in any manner whatsoever to relieve the Trust
of any liability arising under this Section or otherwise, except to the extent
Custody Administration and Agency Agreement between Xxxxxxxx International Funds
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November 25, 1996 Page 3 of 5 pages.
that failure to give notice prejudices the Trust.
(e) For any legal proceeding giving rise to this indemnification,
the Trust shall be entitled to defend or prosecute any claim in the name of
Fund/Plan at its own expense and through counsel of its own choosing if it gives
written notice to Fund/Plan within thirty (30) business days of receiving notice
of such claim. Notwithstanding the foregoing, Fund/Plan may participate in the
litigation at its own expense through counsel of its own choosing. In the event
the Trust chooses to defend or prosecute such claim, the parties shall cooperate
in the defense or prosecution thereof and shall furnish such records and other
information as are reasonably necessary.
(f) The Trust shall not settle any claim under (d) and (e) above
without Fund/Plan's express written consent, which consent shall not be
unreasonably withheld. Fund/Plan shall not settle any such claim under (d) and
(e) above without the Trust's express written consent which likewise shall not
be unreasonably withheld.
Section 5. This Agreement may be amended from time to time by a
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supplemental agreement executed by the Trust and Fund/Plan.
Section 6. Except as otherwise provided in this Agreement, any notice or
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other communication required by or permitted to be given in connection with this
Agreement shall be in writing, and shall be delivered in person or sent by first
class mail, postage prepaid, to the respective parties as follows:
Xxxxxxxx International Funds: Fund/Plan:
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Xxxxxxxx International Funds Fund/Plan Services, Inc.
000 Xxxxxxxxxx Xx. Xxxxx 0000 0 Xxxx Xxx Xxxxxx
Xxx Xxxxxxxxx, XX 00000 Xxxxxxxxxxxx, XX 00000
Attention: G. Xxxx Xxxxxxxx, Attention: Xxxxxxx X. Xxxxx,
President President
Section 7. The Trust represents and warrants to Fund/Plan that the
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execution and delivery of this Agreement by the undersigned officers of the
Trust has been duly and validly authorized by resolution of the Board of
Trustees of the Trust.
Section 8. This Agreement may be executed in two or more counterparts,
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each of which when so executed shall be deemed to be an original, but such
counterparts shall together constitute but one and the same instrument.
Section 9. This Agreement shall extend to and shall be binding upon the
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Parties and their respective successors and assigns; provided, however, that
this Agreement shall not be
Custody Administration and Agency Agreement between Xxxxxxxx International Funds
and Fund/Plan Services, Inc.
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November 25, 1996 Page 4 of 5 pages.
assignable by the Trust without the written consent of Fund/Plan or by Fund/Plan
without the written consent of the Trust, authorized or approved by a resolution
of their respective Boards of Directors.
Section 10. This Agreement shall be governed by the laws of the
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Commonwealth of Pennsylvania and the venue of any action arising under this
Agreement shall be Xxxxxxxxxx County, Commonwealth of Pennsylvania.
Section 11. No provision of this Agreement may be amended or modified, in
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any manner except in writing, properly authorized and executed by Fund/Plan and
the Trust.
Section 12. If any part, term or provision of this Agreement is held by
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any court to be illegal, in conflict with any law or otherwise invalid, the
remaining portion or portions shall be considered severable and not be affected,
and the rights and obligations of the parties shall be construed and enforced as
if the Agreement did not contain the particular part, term or provision held to
be illegal or invalid provided that the basic Agreement is not thereby
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substantially impaired.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement,
consisting in its entirety of five type written pages, together with Schedules
"A" and "B" to be signed by their duly authorized officers, as of the day and
year first above written.
Xxxxxxxx International Funds Fund/Plan Services, Inc.
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/s/ G. Xxxx Xxxxxxxx /s/ Xxxxxxx X. Xxxxx
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By: G. Xxxx Xxxxxxxx, President By: Xxxxxxx X. Xxxxx, President
Custody Administration and Agency Agreement between Xxxxxxxx International Funds
and Fund/Plan Services, Inc.
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November 26, 1996 Page 5 of 5 pages.
Schedule "A"
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CUSTODY AGENCY AND ADMINISTRATION FEE SCHEDULE
FOR
XXXXXXXX INTERNATIONAL FUNDS
I. Custody of Fund Assets using Bank of New York
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A) Domestic Securities and ADRs (1/12/th/ payable monthly)
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.00065 On the First $ 10 Million of Average Net Assets
.00035 On the Next $ 20 Million of Average Net Assets
.00025 On the Next $ 20 Million of Average Net Assets
.000175 On the Next $ 50 Million of Average Net Assets
.00015 On the Next $150 Million of Average Net Assets
.000125 Over $250 Million of Average Net Assets
B) Custody Domestic Securities Transactions Charge
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Book Entry DTC, Federal Book Entry $14.00
NOW Accounts $ 5.00
Physical/Options/GNMA/RIC's $24.00
Mortgage Backed Securities - Principal Pay Down Per Pool $11.00
C) When Issued, Securities Lending, Index Futures:
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Should any of these investment vehicles require a separate segregated
custody account, a fee of $250 per account per month will apply.
D) Global Assets Schedule
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See Chart on following page(s).
Custody Administration and Agency Agreement between Xxxxxxxx International Funds
and Fund/Plan Services, Inc.
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November 25, 1996 Schedule "A"; Page 1
SCHEDULE "A"
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Countries *Safekeeping Charges Transaction Fee
(BASIS POINTS)
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Argentina 42 95
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Australia 5 75
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Austria 9 90
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Bangladesh 59 190
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Belgium (reg bds) 3.5 90
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Belgium (equities and Cpn bds) 5 90
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Brazil 64 90
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Canada 3 22
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Chile 89 105
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China 39 65
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Colombia 84 130
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Xxxxx Xxxxxxxx 00 00
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Xxxxxxx 4.5 110
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Euromarket 4 20
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Finland 17.50 75
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France 6 90
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Germany 3 40
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Greece 45.5 170
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Hong Kong 15 95
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Hungary 59 155
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India 64 **180
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Indonesia 18.5 145
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Ireland 4.5 55
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Israel 84 60
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Italy 14 65
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Japan (bonds) 5 15
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Japan (equities) 4 15
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Luxembourg 11 85
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Malaysia 20 145
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Mexico (bonds) 11 75
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Mexico (equities) 20 75
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Netherlands 9 17
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Custody Administration and Agency Agreement between Xxxxxxxx International Funds
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November 25, 1996 Schedule "A"; Page 2
SCHEDULE "A"
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Countries *Safekeeping Charges Transaction Fee
(BASIS POINTS) (U.S. Dollars)
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New Zealand 4.5 90
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Norway 3 90
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Pakistan 48 170
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Peru 84 195
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Philippines 19.5 145
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Poland 69 170
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Portugal 39 245
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Singapore 20 140
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South Africa 2.5 40
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South Korea 18 30
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Spain 9 35
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Sweden 4 65
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Switzerland 4.5 130
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Taiwan 22 140
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Thailand 20 90
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Turkey 37 105
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United Kingdom 4 40
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United Kingdom (gilts) 5 60
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Uruguay 64 90
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Venezuela 50.5 80
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* Fee expressed in basis points per annum is calculated based upon month end
market value.
** Transaction charge is per 10,000 shares or part thereof.
Global Network fee per month/per portfolio is $500.
Minimum charges imposed by Agent Banks/Local Administrators
Chile - USD 5,000 per annum
Colombia - USD 600 per month
All transaction fees - includes buys, sells, maturities or any security
movement.
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Custody Administration and Agency Agreement between Xxxxxxxx International Funds
and Fund/Plan Services, Inc.
November 25,1996 Schedule "A"; Page 3
SCHEDULE "A"
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MISCELLANEOUS FEES:
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Administrative fees incurred in certain local markets will be passed onto the
customer with a detailed description of the fees. Fees include income
collection, corporate action handling, funds transfer, special local taxes,
stamp duties, registration fees, messenger and courier services and other out-
of-pocket expenses.
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Custody Administration and Agency Agreement between Xxxxxxxx International Funds
and Fund/Plan Services, Inc.
November 25, 1996 Schedule "A"; Page 4
Schedule "B"
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Identification of Series
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Below are listed the "Series" to which services under this Agreement are to be
performed as of the execution date of this Agreement:
"Xxxxxxxx International Funds"
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1. Xxxxxxxx Pacific Tiger Fund
2. Xxxxxxxx Asian Convertible Securities Fund
3. Xxxxxxxx Korea Fund
This Schedule "B" may be amended from time to time by agreement of the Parties.
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Custody Administration and Agency Agreement between Xxxxxxxx International Fund
and Fund/Plan Services, Inc.
November 25, 1996 Schedule "B"
