EXHIBIT 8(a)(2)
BROWN BROTHERS, XXXXXXXX & CO.
00 Xxxx Xxxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx
October 26, 1970
Xxxxxxx Development Fund
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Schedule of Fees
Dear Sirs:
With reference to Section 21 of the Custodian Agreement between you and
Brown Brothers, Xxxxxxxx & Co. (the "Custodian") dated October 12, 1970, this is
to confirm that the quarterly fee of the Custodian will be calculated by
reference to the following schedule until further notice from the Custodian:
Average Assets Quarterly Fee as a Per
during Quarter Percentage of Such Assets
-------------- -------------------------
First $ 1,000,000 ..................... 0.050%
Next $29,000,000 ..................... 0.010%
Next $10,000,000 ..................... 0.009%
Next $10,000,000 ..................... 0.008%
Next $50,000,000 ..................... 0.007%
The Custodian agrees that until further notice from it the quarterly fee
otherwise payable to it under the above schedule will be reduced by an amount
equal to (a) 33 1/3%* of the brokerage commissions earned by the Custodian on
orders for the purchase and sale of portfolio securities placed by you with the
Custodian in the fiscal year of the Custodian in which such quarter falls, less
(b) the amount by which the fee for any prior quarter of such
* 1/2 as of July 1, 1978.
Xxxxxxx Development Fund -2- October 26, 1970
fiscal year may have been so reduced, provided that no such quarterly fee will
be reduced by more than 75%.
Very truly yours,
BROWN BROTHERS, XXXXXXXX & CO.
By /s/ [ILLEGIBLE]
--------------------------------------
The foregoing schedule and
agreement to reduce the fee
otherwise payable to the
Custodian is hereby agreed
to.
XXXXXXX DEVELOPMENT FUND
By /s/ Xxxxx X. Xxx
--------------------------
