EXHIBIT 99-8(d)
LETTER AGREEMENT
October 27, 0000
Xxxxx Xxxxxx Bank and Trust Company
X.X. Xxx 0000
Xxxxxx, XX 00000
Dear Sirs:
Pursuant to Section 14 of the Custodian Contract between Xxxxx Xxxxxxx
Investment Company and State Street Bank and Trust Company, dated October 31,
1988, the Xxxxx Xxxxxxx Investment Company advises you that it is creating a new
fund to be named the Emerging Markets Fund (the "Fund") and that the Fund
desires for State Street Bank and Trust Company to serve as the Custodian with
respect to the Fund pursuant to the terms and conditions of the Custodian
Contract. The fees to be charged by the Administrator to the Fund in return for
its services are contained in the Custodian Fee Schedule--FRIC Emerging Markets
Fund.
Please indicate your acceptance to act as Custodian to the Emerging Markets Fund
by executing the acceptance copy of this letter agreement and returning it to
the undersigned.
Sincerely,
XXXXX XXXXXXX INVESTMENT COMPANY
By: /s/ Xxxxxx X. Xxxxx
-------------------------------
Xxxxxx X. Xxxxx
Director of Operations
Accepted this 28th day of October, 0000
XXXXX XXXXXX BANK AND TRUST COMPANY
By: /s/ X. Xxxxx
-------------------------------
Vice President
STATE STREET BANK AND TRUST COMPANY
CUSTODIAN FEE SCHEDULE
FRIC EMERGING MARKETS FUND
I. Custody, Portfolio and Fund Accounting Service - Maintain custody of fund
assets. Settle portfolio purchases and sales. Report buy and sell fails.
Determine and collect portfolio income. Make cash disbursements and report
cash transactions. Maintain investment ledgers, provide selected portfolio
transactions, position and income reports. Maintain general ledger and
capital stock accounts. Prepare daily trial balance. Calculate net asset
value daily. Provide selected general ledger reports.
The custody fee shown below is an annual charge, billed and payable
monthly, based on month end assets.
A. Portfolio Charge $1,500
B. Domestic Custody 2 Basis Points
D. Global Custody - Comprised of asset charges and transaction charges
GROUP I GROUP II GROUP III GROUP IV GROUP V
------- -------- --------- -------- -------
Euroclear Australia Indonesia Korea Argentina
Cedel Canada Italy Mexico Brazil
Japan Netherlands Austria Portugal Chile
Germany New Zealand Belgium Spain Greece
Switzerland Norway Sri Lanka Taiwan
Denmark Hong Kong Turkey Venezuela
France Finland Pakistan
Ireland Singapore India
Sweden Philippines Malaysia
United Kingdom Thailand
Asset Charge:
(in Basis Points)
*Group I *Group II *Group III *Group IV *Group V
-------- --------- ---------- --------- --------
First $50 Million 6 11 18 25 40
Next $50 Million 5 10 16 20 40
Over $100 Million 4 8 14 18 35
*Excludes: agent, depository and local auditing fees, stamp duties and
registration fees.
Transaction Charge:
*Group I *Group II *Group III *Group IV *Group V
-------- --------- ---------- --------- --------
$25 $40 $55 $60 $100
II. Portfolio Trades - For each line item processed
FRIC Money Market Trade $ 7.50
DTC or Fed Book Entry 18.00
New York Physical Settlements 20.00
Maturity Collections 8.00
PTC Purchase, Sale, Deposit or Withdrawal 20.00
All other trades 20.00
III. Options
Option charge for each option written or
closing contract, per issue, per broker $25.00
Option expiration charge, per issue, per broker 15.00
Option exercised charge, per issue, per broker 15.00
IV. Interest Rate Futures
Transactions -- no security movement $ 8.00
V. Dividend Charges (For items held at the Request
Of Traders over record date in street form) $50.00
VI. Pricing Fee
Per month for each composite quote $ 7.50
VII. Out-of-Pocket Expenses
A billing for the recovery of applicable out-of-pocket expenses will be
made as of the end of each month. Out-of-pocket expenses include, but are
not limited to the following:
Telephone
Wire Charges ($4.70 per wire in and $4.55 out)
Postage and Insurance
Courier Service
Duplicating
Legal Fees
Supplies Related to Fund Records
Rush Transfer -- $8.00 Each
Transfer Fees
Sub-custodian Charges (Out-of Pockets issued by Sub-custodians)
Price Waterhouse Audit Letter
Federal Reserve Fee for Return Check items over $2,500 - $4.25
GNMA Transfer - $15 each
PTC Deposit/Withdrawal for same day turnarounds - $50.00
XXXXX XXXXXXX INVESTMENT COMPANY STATE STREET BANK AND TRUST COMPANY
By: /s/ Xxxxxx X. Xxxxx By: /s/ X. Xxxxx
------------------------------- --------------------------------
Xxxxxx X. Xxxxx Vice President
Director - Operations 10/22/92
10/26/92
