ASSUMPTION AGREEMENT
AGREEMENT made as of May 1, 2017 between Principal Management Corporation (“PMC”) and Credit Suisse Asset Management, LLC (the “Sub-Advisor”).
WHEREAS, Principal Funds, Inc. is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”);
WHEREAS, PMC has been appointed as investment advisor to every series of Principal Funds, Inc. (each a “Fund” and together, the “Funds”) pursuant to an Amended and Restated Management Agreement dated September 14, 2016, as amended (the “Investment Advisory Agreement”);
WHEREAS, PMC has entered into a Sub-Advisory Agreement with the Sub-Advisor dated July 1, 2015, as amended (the “Sub-Advisory Agreement”), pursuant to which the Sub-Advisor serves as investment sub-advisor to certain of the Funds;
WHEREAS, PMC will merge with and into Principal Global Investors, LLC (“PGI”) on or about May 1, 2017 (the foregoing referred to as the “Merger”);
WHEREAS, in connection with the Merger, PGI has agreed to assume PMC’s responsibilities with respect to the Funds pursuant to the Investment Advisory Agreement;
WHEREAS, in conjunction with its assumption of PMC’s rights and responsibilities under the Investment Advisor Agreement, PGI desires to assume PMC’s rights and responsibilities under the Sub-Advisory Agreement;
NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:
1.PGI shall assume all rights and responsibilities of PMC under the Sub-Advisory Agreement upon the completion of the Merger.
2. The parties hereby agree that this Assumption Agreement shall be attached to and made a part of the Sub-Advisory Agreement.
[Signature Page Follows]
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.
PRINCIPAL MANAGEMENT CORPORATION | ||
By: | /s/ Xxxx Xxxxxx | |
Name: Xxxx Xxxxxx | ||
Title: Counsel | ||
By: | /s/ Xxxxxxxx Xxxxx | |
Name: Xxxxxxxx Xxxxx | ||
Title: Counsel |
CREDIT SUISSE ASSET MANAGEMENT, LLC | ||
By: | /s/ Xxxxxx Xxxxx | |
(Authorized Officer) | ||
Name: Xxxxxx Xxxxx | ||
Title: Managing Director |