April 29, 2014
April 29, 2014
Xxxxxxx Xxxxx & Company, L.L.C.
000 Xxxx Xxxxx Xxxxxx
Chicago, IL 60606
| Re: | Management Agreement with Xxxxxxx Xxxxx Funds dated |
December 15, 1999 (the “Management Agreement”)
Ladies and Gentlemen:
Pursuant to Section 7 of the Management Agreement, Xxxxxxx Xxxxx & Company, L.L.C. proposes to amend the Management Agreement to reduce the management fee effective May 1, 2014 as follows:
(A) for the Large Cap Growth Fund, from 0.80% of average daily net assets to 0.70% of average daily net assets;
(B) for the Large Cap Value Fund, from 0.80% of average daily net assets to 0.70% of average daily net assets;
(C) for the International Equity Fund, from 1.10% of the first $250 million of average daily net assets, plus 1.00% of average daily net assets over $250 million to 1.00% of the first $250 million of average daily net assets, plus 0.90% of average daily net assets over $250 million; and
(D) for the Institutional International Equity Fund, from 1.00% of the first $500 million of average daily net assets, plus 0.95% of the next $500 million of average daily net assets, plus 0.90% of average daily net assets over $1 billion to 0.90% of the first $500 million of average daily net assets, plus 0.85% of the next $500 million of average daily net assets, plus 0.80% of average daily net assets over $1 billion.
Attached hereto is amended Appendix A to the Management Agreement to reflect the appropriate management fees for the Large Cap Growth Fund, the Large Cap Value Fund, the International Equity Fund and the Institutional International Equity Fund.
By signing below Xxxxxxx Xxxxx & Company, L.L.C. acknowledges that this amendment to the Management Agreement may be enforced against it.
| XXXXXXX XXXXX FUNDS | ||
| By: | /s/ Xxxxxxx X. Xxxxxxxxx | |
| Name: | Xxxxxxx X. Xxxxxxxxx | |
| Title: | Treasurer | |
Accepted this 29th day of April, 2014.
| XXXXXXX XXXXX & COMPANY, L.L.C. | ||
| By: | /s/ Xxx X. Xxxxxx | |
| Name: | Xxx X. Xxxxxx | |
| Title: | Partner | |
APPENDIX A
MANAGEMENT FEES
Xxxxxxx Xxxxx Growth Fund:
.75% of average daily net assets
Xxxxxxx Xxxxx Large Cap Growth Fund:
.70% of average daily net assets
Xxxxxxx Xxxxx Small Cap Growth Fund:
1.10% of average daily net assets
Xxxxxxx Xxxxx International Growth Fund:
1.10% of the first $250 million of average daily net assets; plus
1.00% of the next $4.75 billion of average daily net assets; plus
0.95% of the next $5 billion of average daily net assets; plus
0.925% of the next $5 billion of average daily net assets; plus
0.90% of the average daily net assets over $15 billion
Xxxxxxx Xxxxx Small Cap Value Fund:
1.10% of average daily net assets
Xxxxxxx Xxxxx Income Fund:
.25% of the first $250 million of average daily net assets; plus
.20% of average daily net assets over $250 million; plus
5.00% of the gross income earned by the Portfolio
Xxxxxxx Xxxxx Ready Reserves Fund:
.275% of the first $250 million of average daily net assets; plus
.250% of the next $250 million of average daily net assets; plus
.225% of the next $2,000 million of average daily net assets; plus
.200% of the average daily net assets over $2,500 million
Xxxxxxx Xxxxx Institutional International Growth Fund:
1.00% of the first $500 million of average daily net assets; plus
0.95% of the next $500 million of average daily net assets; plus
0.90% of the next $1.5 billion of average daily net assets; plus
0.875% of the next $2.5 billion of average daily net assets; plus
0.85% of the next $5 billion of average daily net assets; plus
0.825% of the next $5 billion of average daily net assets; plus
0.80% of the average daily net assets over $15 billion
Xxxxxxx Xxxxx Small-Mid Cap Growth Fund:
1.00% of average daily net assets
Xxxxxxx Xxxxx International Equity Fund:
1.00% of the first $250 million of average daily net assets; plus
0.90% of the average daily net assets over $250 million
Xxxxxxx Xxxxx Institutional International Equity Fund:
0.90% of the first $500 million of average daily net assets; plus
0.85% of the next $500 million of average daily net assets; plus
0.80% of the average daily net assets over $1 billion
Xxxxxxx Xxxxx Emerging Markets Growth Fund:
1.10% of average daily net assets
Xxxxxxx Xxxxx International Small Cap Growth Fund:
1.00% of average daily net assets
Xxxxxxx Xxxxx Mid Cap Growth Fund:
0.95% of average daily net assets
Xxxxxxx Xxxxx Xxxx Fund:
0.30% of average daily net assets
Xxxxxxx Xxxxx Global Leaders Fund:
1.00% of average daily net assets
Xxxxxxx Xxxxx Emerging Markets Leaders Fund:
1.10% of average daily net assets
Xxxxxxx Xxxxx Low Duration Fund:
0.30% of average daily net assets
Xxxxxxx Xxxxx Mid Cap Value Fund:
0.95% of average daily net assets
Xxxxxxx Xxxxx Large Cap Value Fund:
0.70% of average daily net assets
Xxxxxxx Xxxxx Emerging Markets Small Cap Growth Fund:
1.10% of average daily net assets
Xxxxxxx Xxxxx Xxxxx Allocation Fund:
0.80% of average daily net assets
Xxxxxxx Xxxxx Xxxxx-Mid Cap Value Fund:
1.00% of average daily net assets
Xxxxxxx Xxxxx Commodity Strategy Long/Short Fund:
1.20% of average daily net assets
Xxxxxxx Xxxxx International Leaders Fund:
0.95% of average daily net assets
Xxxxxxx Xxxxx Global Small Cap Growth Fund:
1.00% of average daily net assets
