EXHIBIT 9(b)(i)
February 2, 1998
THE XXXXXX SQUARE STRATEGIC FIXED INCOME FUND
RE: ADMINISTRATION AND ACCOUNTING SERVICES FEES
Dear Sir/Madam:
This letter constitutes our agreement with respect to compensation to be
paid to PFPC Inc. ("PFPC") under the terms of an Administration and Accounting
Services Agreement dated February 2, 1998 between PFPC and The Xxxxxx Square
Strategic Fixed Income Fund (the "Fund"), as amended from time to time (the
"Agreement"). Pursuant to paragraph 11 of the Agreement, and in consideration of
the services to be provided, the Fund will pay PFPC an annual administration and
accounting fee, to be calculated daily and paid monthly. The Fund will also
reimburse PFPC for its out-of-pocket expenses reasonably incurred on its behalf,
including, but not limited to postage, telephone, telex, overnight express
charges, outside independent pricing service charges, and travel expenses
incurred for board meeting attendance.
The annual administrative and accounting services fee will be an asset
based fee of .10% of each Portfolio's first $1 billion of average daily net
assets; .075% of each Portfolio's next $500 million of average daily net assets;
.05% of each Portfolio's next $500 million of average daily net assets; and
.035% of each Portfolio's average daily net assets in excess of $2 billion. Such
fees are exclusive of out-of-pocket expenses and shall be calculated daily and
paid monthly.
Any fee or out-of-pocket expenses not paid within 30 days of the date of
the original invoice will be charged a late payment fee of 1% per month until
payment of the fees are received by PFPC.
The fee for the period from the date hereof until the end of the year
shall be prorated according to the proportion which such period bears to the
full annual period.
If the foregoing accurately sets forth our agreement and you intend to be
legally bound thereby, please execute a copy of this letter and return it to us.
Very truly yours,
PFPC INC.
By: /s/ X. Xxxxxxx Xxxxxxx
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Title: Chairman
Agreed and Accepted:
THE XXXXXX SQUARE STRATEGIC FIXED INCOME FUND
By: /s/ Xxxxxx X. Xxxxxxxx
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Title: President
