THIRD AMENDMENT TO INVESTMENT ADVISORY AGREEMENT BY AND BETWEEN SECURIAN FUNDS TRUST AND SECURIAN ASSET MANAGEMENT, INC.
THIRD AMENDMENT TO
BY AND BETWEEN
AND
SECURIAN ASSET MANAGEMENT, INC.
THIS THIRD AMENDMENT TO INVESTMENT ADVISORY AGREEMENT (the “Amendment”), is entered into as of May 3, 2023, and effective as of June 1, 2023 (the “Effective Date”), by and between SECURIAN FUNDS TRUST, a Delaware statutory trust (the “Trust”), and SECURIAN ASSET MANAGEMENT, INC., a Minnesota corporation, (the “Adviser”). All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Advisory Agreement (as defined below).
RECITALS
WHEREAS, The Trust and Adviser are party to that certain Investment Advisory Agreement, dated as of May 1, 2012, as thereafter modified, including by that certain First Amendment to the Investment Advisory Agreement, dated as of May 1, 2019, and that certain Second Amendment to the Investment Advisory Agreement dated as of February 1, 2021 (collectively, the “Advisory Agreement”), pursuant to which the Adviser provides investment advisory services to each series of the Trust (each a “Fund”), including the SFT X. Xxxx Price Value Fund and the SFT Wellington Core Equity Fund.
WHEREAS, The Trust and Adviser mutually desire to amend certain provisions of the Advisory Agreement, as specifically set forth below.
WHEREAS, Pursuant to Section 10 of the Advisory Agreement, the Advisory Agreement may be amended upon approval by the vote of a majority of (x) the outstanding voting securities of a Fund, and (y) the trustees of the Trust who are not interested persons of any party to the Advisory Agreement, cast in person at a meeting called for the purpose of voting on such approval. Notwithstanding the foregoing, the Agreement may be amended without shareholder approval to the extent such is permitted under then-current regulatory interpretations of the Investment Company Act of 1940 (the “1940 Act”).
NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Trust and Adviser agree as follows:
1. Incorporation of Recitals. Each of the above recitals is true and correct and are incorporated herein by reference.
2. Compensation for Services. As of the Effective Date, Schedule A to the Advisory Agreement is deleted in its entirety and replaced with Schedule A attached to this Amendment.
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3. Authorization. The Trust and Adviser each represent and warrant that the execution and delivery of this Amendment is within its corporate power, has been duly authorized by all necessary corporate action, and constitutes a valid and legally binding agreement enforceable against it in accordance with its terms.
4. Limited Effect. Except as set forth herein, the remaining terms and conditions of the Agreement are hereby ratified and confirmed, are in full force and effect, and shall not otherwise be affected by this Amendment.
5. Captions. The captions in this Amendment are for convenience of reference only and shall not defined or limit the provisions thereof.
6. Severability. If any provision of this Amendment shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Amendment (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder of the Advisory Agreement or this Amendment.
7. Counterparts; Electronic Execution. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original copy, and which together shall constitute one and the same instrument binding upon all parties hereto, notwithstanding that all of such parties may not have executed the same counterpart. The parties each acknowledge and agree that electronic signature via DocuSign shall constitute an original signature and shall be fully valid and binding upon such party. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or other electronic method of transmission, including without limitation DocuSign, shall be equally as effective as delivery of an original executed counterpart of this Amendment.
[Signature page follows]
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IN WITNESS WHEREOF, the Trust and Adviser have caused this Amendment to be duly executed and delivered by their respective authorized officers as of the day and year first above written.
TRUST: | ADVISER: | |||||
SECURIAN FUNDS TRUST, a Delaware statutory trust | SECURIAN ASSET MANAGEMENT, INC., a Minnesota corporation | |||||
By: | /s/ Xxxxx X. Xxxxxxxxxx |
By: | /s/ Xxxxxxx X. Xxxxxxxx | |||
Xxxxx X. Xxxxxxxxxx | Xxxxxxx X. Xxxxxxxx | |||||
Title: | Vice President & Treasurer | Title: | President |
[Signature page to Third Amendment to Investment Advisory Agreement, by and between Securian Funds Trust and Securian Asset Management, Inc., dated May 3, 2023, and effective June 1, 2023]
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Schedule A
(as amended May 3, 2023, to be effective as of June 1, 2023)
to
dated May 1, 2012
As compensation for the services to be rendered and the charges and expenses to be assumed and paid by the Adviser, effective as of June 1, 2023, each Fund shall pay the Adviser an annual fee based on the average daily net asset value of the respective Fund in accordance with Section 3 of the Investment Advisory Agreement and the following schedule:
Fund |
Annual Rate of Fees | |
SFT Core Bond Fund | 0.40% of the first $750 million of assets | |
0.35% of assets exceeding $750 million | ||
SFT Government Money Market Fund | 0.25% of the first $750 million of assets | |
0.20% of assets exceeding $750 million | ||
SFT Index 500 Fund | 0.15% of the first $1 billion of assets | |
0.10% of assets exceeding $1 billion | ||
SFT International Bond Fund | 0.60% of the first $300 million of assets | |
0.575% of the next $200 million of assets | ||
0.55% of the next $500 million of assets | ||
0.50% of assets exceeding $1 billion | ||
SFT Index 400 Mid-Cap Fund | 0.15% of the first $1 billion of assets | |
0.10% of assets exceeding $1 billion | ||
SFT Real Estate Securities Fund | 0.70% of the first $300 million of assets | |
0.675% of the next $200 million of assets | ||
0.65% of the next $500 million of assets | ||
0.60% of assets exceeding $1 billion | ||
SFT Balanced Stabilization Fund | 0.55% of the first $750 million of assets | |
0.50% of assets exceeding $750 million | ||
SFT Equity Stabilization Fund | 0.55% of the first $750 million of assets | |
0.50% of assets exceeding $750 million | ||
SFT IvySM Growth Fund | 0.67% of the first $300 million of assets | |
0.625% of the next $200 million of assets | ||
0.60% of the next $500 million of assets | ||
0.50% of assets exceeding $1 billion | ||
SFT IvySM Small Cap Growth Fund | 0.85% of the first $300 million of assets | |
0.80% of the next $200 million of assets | ||
0.75% of the next $500 million of assets | ||
0.70% of assets exceeding $1 billion | ||
SFT Wellington Core Equity Fund | 0.55% of the first $300 million of assets | |
0.525% of the next $200 million of assets | ||
0.50% of the next $500 million of assets | ||
0.45% of assets exceeding $1 billion | ||
SFT X. Xxxx Price Value Fund | 0.57% of the first $300 million of assets | |
0.55% of the next $200 million of assets | ||
0.525% of the next $500 million of assets | ||
0.50% of assets exceeding $1 billion |
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