INVESTMENT SUB-ADVISORY AGREEMENT
AGREEMENT made as of the
4th
day of May, 2009, by and among Xxxxxxxxx Xxxxxx Fixed Income LLC, a Delaware
limited liability company with principal offices located at 000 Xxxxx XxXxxxx
Xxxxxx, Xxxxx 0000, Xxxxxxx, XX 00000 (the “Sub-Advisor”), and Envestnet
Asset Management, Inc. a Delaware corporation located at 00 X Xxxxxx Xxxxx,
Xxxxx 0000 Xxxxxxx, XX 00000 (the “Advisor”).
WHEREAS, Trust for
Professional Managers, a Delaware statutory trust located at 000 X. Xxxxxxxx
Xxxxxx, Xxxxxxxxx XX 00000 (the “Trust”), is an open-end
management investment company registered under the Investment Company Act of
1940, as amended (the “1940
Act”); and
WHEREAS, the PMC Core Fixed
Income Fund (the “Fund”)
is a separate series of the Trust having separate assets and
liabilities;
WHEREAS, the Advisor and the
Sub-Advisor are each engaged in the business of rendering investment advice;
and
WHEREAS, the Advisor and
Sub-Advisor are each registered as investment advisors under the Investment
Advisers Act of 1940, as amended (the “Advisers Act”);
and
WHEREAS, the Trust on behalf
of the Fund has retained the Advisor to render investment management services to
the Fund pursuant to an Investment Advisory Agreement dated as of June
26, 2007 (the “Investment Advisory Agreement”); and
WHEREAS, the Investment
Advisory Agreement allows the Advisor to delegate certain of its
responsibilities under the Investment Advisory Agreement to others;
and
WHEREAS, the Advisor seeks to
delegate certain of its responsibilities under the Investment Advisory Agreement
to the Sub-Advisor pursuant to this Investment Sub-Advisory Agreement (the
“Agreement”).
NOW, THEREFORE, WITNESSETH:
That it is agreed among the parties hereto as follows:
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1.
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APPOINTMENT
OF SUB-ADVISOR.
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(a)
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Acceptance. The
Sub-Advisor is hereby appointed and the Sub-Advisor hereby accepts the
appointment, on the terms herein set forth and for the compensation herein
provided, to act as investment adviser to that portion of the Fund’s
portfolio designated by the Advisor (the
“Portfolio”).
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(b)
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Independent
Contractor. The Sub-Advisor shall for all purposes
herein be deemed to be an independent contractor and shall, unless
otherwise expressly provided or authorized, have no authority to act for
or be deemed an agent of the Fund.
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(c)
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The Sub-Advisor’s
Representations. The Sub-Advisor represents, warrants
and agrees that it has all requisite power and authority to enter into and
perform its obligations under this Agreement, and has taken all necessary
corporate action to authorize its execution, delivery and performance of
this Agreement.
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The
Sub-Advisor represents, warrants and agrees that it is registered as an adviser
under the Advisers Act. The Sub-Advisor will promptly notify the
Advisor of the occurrence of any event that would disqualify the Sub-Advisor
from serving as an investment adviser of an investment company pursuant to
Section 9(a) of the 1940 Act or otherwise.
The
Sub-Advisor has adopted a written code of ethics complying with the requirements
of Rule 17j-1 under the 1940 Act and, if it has not already done so, will
provide the Advisor and the Trust with a copy of such code of
ethics. On at least an annual basis, the Sub-Advisor will comply with
the reporting requirements of Rule 17j-1, which may include (i) certifying to
the Advisor that the Sub-Advisor and its access persons have complied with the
Sub-Advisor’s code of ethics with respect to the Portfolio, and (ii) identifying
any material violations which have occurred with respect to the
Portfolio. Upon reasonable notice from and the reasonable request of
the Advisor, the Sub-Advisor shall permit the Advisor, its employees and its
agent to examine the reports required to be made by the Sub-Advisor pursuant to
Rule 17j-1 and all other records relevant to the Sub-Advisor’s code of
ethics.
The
Sub-Advisor has adopted and implemented written policies and procedures, as
required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed
to prevent violations of federal securities laws by the Sub-Advisor, its
employees, officers, and agents. Upon reasonable notice to and
reasonable request, the Sub-Advisor shall provide the Advisor with access to the
records relating to such policies and procedures as they relate to the
Portfolio. The Sub-Advisor will also provide, at the reasonable
request of the Advisor, periodic certifications, in a form reasonably acceptable
to the Advisor, attesting to such written policies and procedures.
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(d)
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The Advisor’s
Representations. The Advisor represents, warrants and
agrees that it has all requisite power and authority to enter into and
perform its obligations under this Agreement, and has taken all necessary
corporate action to authorize its execution, delivery and performance of
this Agreement.
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The
Advisor further represents, warrants and agrees that it has the authority under
the Investment Advisory Agreement to appoint the Sub-Advisor.
The
Advisor further represents and warrants that it has received a copy of
Part II of the Sub-Advisor’s Form ADV at least 48 hours prior to entering into
this Agreement.
The
Advisor further represents and warrants that the Fund is either (i) excluded
from the definition of the term “pool” under Section 4.5 of the General
Regulations under the Commodity Exchange Act (“Rule 4.5”), or (ii) a qualifying
entity under Rule 4.5(b) for which a notice of eligibility has been
filed.
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The
Advisor has provided the Sub-Advisor with the Fund’s most current prospectus and
statement of additional information contained in the Trust’s registration
statement (collectively, the “Prospectus”) and the Trust’s
Code of Ethics and instructions, policies and directions of the Trustees
pertaining to the Advisor and the Fund, as in effect from time to
time. The Advisor shall promptly furnish to the Sub-Advisor copies of
all material amendments or supplements to the foregoing documents.
The
Advisor will provide timely information to the Sub-Advisor regarding such
matters as inflows to and outflows from the Fund and the cash requirements of,
and cash available for investment in, the Fund.
The
Advisor will timely provide the Sub-Advisor with copies of monthly accounting
statements for the Fund, and such other information as may be reasonably
necessary or appropriate in order for the Sub-Advisor to perform its
responsibilities hereunder.
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(e)
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Plenary authority of
the Board of Trustees. The Sub-Advisor and Advisor
both acknowledge that the Fund is a mutual fund that operates as a series
of the Trust under the authority of the Trust’s Board of Trustees (the
“Board of Trustees”).
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2.
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PROVISION
OF INVESTMENT SUB-ADVISORY
SERVICES.
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Within
the framework of the fundamental policies, investment objectives, and investment
restrictions of the Fund, and subject to the supervision and review of the
Advisor and the Board of Trustees, the Sub-Advisor shall have the sole and
exclusive responsibility for the making of all investment decisions for the
Portfolio, including purchase, retention and disposition of securities, in
accordance with the Fund’s investment objectives, policies and restrictions as
stated in the Prospectus. The Sub-Advisor shall have authority to
exercise any right, including the right to vote incident to any securities or
any property held in the Portfolio, and to issue instructions to the Custodian
for such purposes. Notwithstanding the foregoing, the Sub-Advisor
shall not be obligated to take any action or render advice involving legal
action on the Fund’s behalf with respect to assets in the Portfolio that become
subject to any legal notices or proceedings, including securities class actions
and bankruptcies. The Trust and Fund retain the right to proceed
directly as a security holder against the issuer of any security in the
Portfolio.
As of the
date of this Agreement approximately 33% of the Fund’s investable assets will be
allocated to the Portfolio, and on each business day during the term of this
Agreement the same percentage of the net cash derived from purchases, or
required for redemptions, of Fund shares will normally be added to or withdrawn
from the Portfolio; provided, however, that the Advisor has the right at any
time to reallocate the portion of the Fund’s assets allocated to the Portfolio
pursuant to this Agreement if the Advisor deems such reallocation
appropriate.
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For the
purpose of complying with Rule 10f-3(a)(6)(ii), Rule 12d3-1(c)(3)(ii), Rule
17a-10(a)(2) and Rule 17e-1(d)(2) under the 1940 Act, the Sub-Advisor hereby
agrees that: (i) with respect to transactions in securities or other
assets for a PMC Fund, it will not consult with any other sub-advisor to the
Fund, or with any sub-advisor that is principal underwriter for the Fund or an
affiliated person of such principal underwriter; (ii) with respect to
transactions in securities or other assets for a PMC Fund, it will not consult
with any sub-advisor to a separate series of the Trust for which the Advisor
serves as investment advisor (a “PMC Fund”), or with any sub-advisor to a PMC
Fund that is a principal underwriter to a PMC Fund or an affiliated person of
such principal underwriter; and (iii) its responsibility in providing investment
advisory services to the Fund shall be limited solely to that portion of the
Fund’s portfolio designated by the Advisor.
The
Sub-Advisor will, at its own expense:
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(a)
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advise
the Advisor in connection with investment policy decisions to be made by
it regarding the Fund and, upon request, furnish the Advisor with
research, economic and statistical data in connection with the Portfolio’s
investments and Fund’s investment
policies;
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(b)
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submit
such reports and information as the Advisor or the Fund may reasonably
request to assist the Fund’s custodian (the “Custodian”), administrator or
fund accounting agent, in its or their determination of the market value
of securities held in the
Portfolio;
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(c)
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place
orders for purchases and sales of portfolio investments for the
Fund;
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(d)
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give
instructions to the Custodian concerning the delivery of securities and
transfer of cash for the Fund;
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(e)
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maintain
and preserve the records relating to its activities hereunder required by
applicable law to be maintained and preserved by the Sub-Advisor, and the
Sub-Advisor hereby agrees that all records which it maintains for the Fund
are the property of the Fund and further agrees to surrender promptly to
the Fund copies of any such records upon the Fund’s
request;
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(f)
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as
soon as practicable after the close of business each day but no later than
11:00 a.m. Eastern time the following business day, provide the Custodian
with copies of trade tickets for each transaction effected for the Fund,
provide copies to the Advisor upon request, and promptly forward to the
Custodian copies of all brokerage or dealer
confirmations;
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(g)
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as
soon as practicable following the end of each calendar month, provide the
Advisor with written statements showing all transactions effected for the
Fund during the month, a summary listing all investments held in the Fund
as of the last day of the month, and such other information as the Advisor
may reasonably request in connection with any accounting services that the
Advisor or its agents provide for the Fund. Advisor
acknowledges that Sub-Advisor and Custodian or the Fund’s accounting agent
may use different pricing vendors, which may result in valuation
discrepancies;
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(h)
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absent
specific instructions to the contrary provided to it by the Advisor, and
subject to its receipt of all necessary voting materials, vote all proxies
with respect to investments of the Fund in accordance with the
Sub-Advisor’s proxy voting policy as most recently provided to the
Advisor. The Sub-Advisor shall use its good faith judgment in a
manner which it reasonably believes best serves the interests of the
Fund’s shareholders to vote or abstain from voting all proxies solicited
by or with respect to the issuers of securities in the
Portfolio. The Sub-Advisor’s obligations in the previous
sentence are contingent upon its timely receipt of such proxy solicitation
materials, which the Advisor shall cause to be forwarded to the
Sub-Advisor. The Sub-Advisor further agrees that it will
provide the Board of Trustees, as the Board may reasonably request, with a
written report of the proxies voted during the most recent 12-month period
or such other period as the Board may designate, in a format that shall
comply with the 1940 Act. Upon reasonable request, the
Sub-Advisor shall provide the Advisor with all proxy voting records
relating to the Portfolio, including but not limited to those required by
Form N-PX. Upon request of the Advisor, the Sub-Advisor will
also provide an annual certification, in a form reasonably acceptable to
the Advisor, attesting to the accuracy and completeness of such proxy
voting records;
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(i)
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inform
the Advisor and the Board of Trustees of material changes in investment
strategy or tactics or the portfolio manager(s) for the
Portfolio;
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(j)
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furnish
to the Board of Trustees such information as may reasonably be necessary
in order for such Trustees to evaluate this Agreement or any proposed
amendments hereto for the purpose of casting a vote pursuant to Section 7
hereof;
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(k)
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notify
the Advisor of any material changes in its ownership within a reasonable
time prior to such changes; provided that such notice shall not be given
if doing so would be a violation of law or regulation by the Sub-Advisor
or its affiliates; and
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(l)
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provide
reasonable assistance to the Trust in connection with the Trust’s
compliance with the Xxxxxxxx-Xxxxx Act and the rules and regulations
promulgated by the Securities and Exchange Commission thereunder, and Rule
38a-1 of the 1940 Act. Such assistance shall include, but not
be limited to, (i) certifying periodically, upon the reasonable request of
the Trust, that it is in compliance with all applicable “federal
securities laws,” as required by Rule 38a-1(e)(1) under the 1940 Act, and
Rule 206(4)-7 under the Advisers Act; (ii) facilitating and cooperating
with third-party audits arranged by the Trust to evaluate the
effectiveness of it compliance controls; and (iii) providing the Trust’s
chief compliance officer with direct access to its compliance personnel;
(iv) providing the Trust’s chief compliance officer with periodic reports;
and (v) promptly providing special reports to the Trust’s chief compliance
officer in the event of compliance
problems.
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3.
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ALLOCATION
OF EXPENSES.
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Each
party to this Agreement shall bear the costs and expenses of performing its
obligations hereunder. In this regard, the Advisor specifically
agrees that the Fund shall assume the expense of:
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(a)
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brokerage
commissions for transactions in the portfolio investments of the Fund and
similar fees and charges for the acquisition, disposition, lending or
borrowing of such portfolio
investments;
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(b)
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custodian
fees and expenses;
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(c)
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all
taxes, including issuance and transfer taxes, and reserves for taxes
payable by the Fund to federal, state or other government agencies;
and
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(d)
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interest
payable on any Fund
borrowings.
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The
Sub-Advisor specifically agrees that with respect to the operation of the Fund,
the Sub-Advisor shall be responsible for providing the personnel, office space
and equipment reasonably necessary to provide investment advisory services to
the Fund. In order to minimize the need and expense on Advisor of convening a
special Board of Trustees meeting, Sub-Advisor agrees that, to the extent
reasonably practical or as permitted by law or regulation, Sub-Advisor will
provide Advisor sufficient notice of any material changes to the ownership of
Sub-Advisor or the portfolio manager(s) to the Portfolio, so that such issues
may be considered by the Board of Trustees during its regularly scheduled
quarterly meetings. Nothing in this Agreement shall alter the allocation of
expenses and costs agreed upon between the Fund and the Advisor in the
Investment Advisory Agreement or any other agreement to which they are
parties.
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4.
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SUB-ADVISORY
FEES.
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For all
of the services rendered with respect to the Fund as herein provided, the
Advisor shall pay to the Sub-Advisor a fee (for the payment of which the Fund
shall have no obligation or liability), based on the Current Net Assets of the
Portfolio (as defined below), as set forth in Schedule A attached hereto and
made a part hereof. Such fee shall be accrued daily and payable
quarterly, as soon as practicable after the last day of each calendar
quarter. In the case of termination of this Agreement with respect to
the Fund during any calendar month, the fee with respect to such Portfolio
accrued to, but excluding, the date of termination shall be paid promptly
following such termination. For purposes of computing the amount of
advisory fee accrued for any day, “Current Net Assets” shall mean the
Portfolio’s net assets as of the most recent preceding day for which the Fund’s
net assets were computed.
5. PORTFOLIO
TRANSACTIONS.
In
connection with the investment and reinvestment of the assets of the Portfolio,
the Sub-Advisor is authorized to select the brokers or dealers that will execute
purchase and sale transactions for the Portfolio and to use all reasonable
efforts to seek to obtain the best available price and most favorable execution
with respect to all such purchases and sales of portfolio securities for said
Portfolio. The Sub-Advisor shall maintain records adequate to
demonstrate compliance with the requirements of this section. Subject
to the policies as the Board of Trustees may determine and consistent with
Section 28(e) of the Securities Exchange Act of 1934, as amended, the
Sub-Advisor shall have the right to follow a policy of selecting brokers who
furnish brokerage and research services to the Fund or to the Sub-Advisor, and
who charge a higher commission rate to the Fund than may result when allocating
brokerage solely on the basis of seeking the most favorable price and
execution. The Sub-Advisor shall determine in good faith that such
higher cost was reasonable in relation to the value of the brokerage and
research services provided and shall make reasonable reports regarding such
determination and description of the products and services obtained if so
requested by the Fund.
6
The
Advisor authorizes and empowers the Sub-Advisor to direct the Custodian to open
and maintain brokerage accounts for securities and other property, including
financial and commodity futures and commodities and options thereon (all such
accounts hereinafter called “brokerage accounts”) for and in the name of the
Fund and to execute for the Fund as its agent and attorney-in-fact standard
customer agreements with such broker or brokers as the Sub-Advisor shall select
as provided above. The Sub-Advisor may, using such of the securities
and other property in the Fund as the Sub-Advisor deems necessary or desirable,
direct the Custodian to deposit for the Fund original and maintenance brokerage
and margin deposits and otherwise direct payments of cash, cash equivalents and
securities and other property into such brokerage accounts and to such brokers
as the Sub-Advisor deems desirable or appropriate. The Sub-Advisor
shall cause all securities and other property purchased or sold for the Fund to
be settled at the place of business of the Custodian or as the Custodian shall
direct. All securities and other property of the Fund shall remain in
the direct or indirect custody of the Custodian. The Sub-Advisor
shall notify the Custodian as soon as practicable of the necessary information
to enable the Custodian to effect such purchases and sales.
The
Sub-Advisor further shall have the authority to instruct the Custodian (i) to
pay cash for securities and other property delivered to the Custodian for the
Fund, (ii) to deliver securities and other property against payment for the
Fund, and (iii) to transfer assets and funds to such brokerage accounts as the
Sub-Advisor may designate, all consistent with the powers, authorities and
limitations set forth herein. The Sub-Advisor shall not have
authority to cause the Custodian to deliver securities and other property, or
pay cash to the Sub-Advisor except as expressly provided herein.
6. LIABILITY;
STANDARD OF CARE.
The
Sub-Advisor, its affiliates, agents and employees, shall be indemnified by the
Advisor against all liabilities, losses or claims (including reasonable expenses
arising out of defending such liabilities, losses or claims):
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(a)
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arising
from the Fund’s or the Advisor’s directions to the Sub-Advisor or
Custodian, or brokers, dealers or others with respect to the making,
retention or sale of any investment or reinvestment hereunder;
or
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(b)
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arising
from the acts or omissions of the Advisor, the Custodian or the Fund,
their respective affiliates, agents or
employees;
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except
for any such liability or loss which is due to the gross negligence, willful
misconduct, or lack of good faith of the Sub-Advisor, its affiliates, agents and
employees, or the Sub-Advisor’s reckless disregard of its duties and
obligations. The Sub-Advisor shall also be without liability
hereunder for any action taken or omitted by it in good faith and without gross
negligence.
The
Sub-Advisor shall comply with all applicable laws and regulations in the
discharge of its duties under this Agreement; shall comply with the investment
policies, guidelines and restrictions of the Fund; shall act at all times in the
best interests of the Fund; and shall discharge its duties with the care, skill,
prudence and diligence under the circumstances then prevailing that a prudent
person acting in a like capacity and familiar with such matters would use in the
conduct of a similar enterprise.
The
Sub-Advisor shall not be deemed by virtue of this Agreement to have made any
representation or warranty that any level of investment performance or level of
investment results will be achieved.
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7.
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TERM
AND TERMINATION OF THIS AGREEMENT; NO
ASSIGNMENT
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(a) This
Agreement shall go into effect as to the Fund at the time the Fund commences
operations pursuant to an effective amendment to the Trust’s Registration
Statement under the Securities Act of 1933, as amended, and shall remain in
effect for two years from the date hereof, unless sooner terminated as
hereinafter provided. This Agreement shall continue in effect
thereafter for additional periods not exceeding one (l) year so long as such
continuation is approved for the Fund at least annually by (i) the Board of
Trustees or by the vote of a majority of the outstanding voting securities of
the Fund and (ii) the vote of a majority of the Trustees of the Trust who are
not parties to this Agreement nor interested persons thereof, cast in person at
a meeting called for the purpose of voting on such approval. The terms “majority
of the outstanding voting securities” and “interested persons” shall have the
meanings as set forth in the 1940 Act;
(b) This
Agreement may be terminated by the Trust on behalf of the Fund at any time
without payment of any penalty, by the Board of Trustees, by the Advisor, or by
vote of a majority of the outstanding voting securities of the Fund without the
payment of any penalties, upon sixty (60) days’ written notice to the
Sub-Advisor, and by the Sub-Advisor upon sixty (60) days’ written notice to the
Fund and the Advisor. In the event of a termination, the Sub-Advisor
shall cooperate in the orderly transfer of the Fund’s affairs and, at the
request of the Board of Trustees or the Advisor, transfer any and all books and
records of the Fund maintained by the Sub-Advisor on behalf of the
Fund;
(c) This
Agreement shall terminate automatically in the event of any transfer or
assignment thereof, as defined in the 1940 Act; and
(d) This
Agreement will also terminate in the event that the Investment Advisory
Agreement is terminated.
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8. SERVICES
NOT EXCLUSIVE.
The
services of the Sub-Advisor to the Fund are not to be deemed exclusive and it
shall be free to render similar services to others so long as its services
hereunder are not impaired thereby. It is specifically understood
that directors, officers and employees of the Sub-Advisor and of its
subsidiaries and affiliates may continue to engage in providing portfolio
management services and advice to other investment advisory
clients.
9. AGGREGATION
OF ORDERS.
Nothing
in this Agreement shall preclude the combination of orders for the sale or
purchase of securities of the Portfolio with those for other accounts managed by
the Sub-Advisor or its affiliates. When a security proposed to be
purchased or sold for the Portfolio is also to be purchased or sold for other
accounts managed by the Sub-Advisor at the same time, the Sub-Advisor may
aggregate such orders and shall allocate such purchases or sales on a pro-rata,
rotating or other equitable basis so as to avoid any one account being
systematically preferred over any other account.
10. NO
BORROWING.
The
Sub-Advisor agrees that neither it nor any of its officers or employees shall
borrow from the Fund or pledge or use the Fund's assets in connection with any
borrowing not directly for the Fund's benefit. For this prohibition against
borrowing not directly for the Fund’s benefit, failure to pay any amount due and
payable to the Fund for a period of more than thirty (30) days shall constitute
a borrowing. The foregoing shall not be construed as barring Sub-Advisor from
investments that are consistent with the investment guidelines described in the
Fund Prospectus and Statement of Additional Information.
11. AMENDMENT.
No
provision of this Agreement may be changed, waived, discharged or terminated
orally, but only by an instrument in writing signed by all parties.
12. NONPUBLIC PERSONAL
INFORMATION.
Notwithstanding
any provision herein to the contrary and except if disclosure is required by law
or regulation or court order or requested by a regulatory authority, the
Sub-Advisor hereto agrees on behalf of itself and its directors, trustees,
shareholders, officers, and employees (1) to treat confidentially and as
proprietary information of the Fund (a) all records and other information
relative to the Fund’s prior, present, or potential shareholders (and clients of
said shareholders) and (b) any Nonpublic Personal Information, as defined under
Section 248.3(t) of Regulation S-P (“Regulation S-P”), promulgated under the
Xxxxx-Xxxxx-Xxxxxx Act (the “G-L-B Act”), and (2) except after prior
notification to and approval in writing by the Trust, not to use such records
and information for any purpose other than the performance of its
responsibilities and duties hereunder, or as otherwise permitted by Regulation
S-P or the G-L-B Act, and if in compliance therewith, the privacy policies
adopted by the Trust and communicated in writing to the
Sub-Advisor.
9
13. ANTI-MONEY LAUNDERING
COMPLIANCE.
The
Sub-Advisor acknowledges that, in compliance with the Bank Secrecy Act, as
amended, the USA PATRIOT Act, and any implementing regulations thereunder
(together, “AML Laws”), the Trust has adopted an Anti-Money Laundering
Policy. The Sub-Advisor agrees to comply with the Trust’s Anti-Money
Laundering Policy and the AML Laws, as the same may apply to the Sub-Advisor,
now and in the future. The Sub-Advisor further agrees to provide to
the Trust and/or the Fund’s administrator such reports, certifications and
contractual assurances as may be reasonably requested by the Trust. The Trust
may disclose information regarding the Sub-Advisor to governmental and/or
regulatory or self-regulatory authorities to the extent required by applicable
law or regulation and may file reports with such authorities as may be required
by applicable law or regulation.
14. NOTICES.
Notices
and other communications required or permitted under this Agreement shall be in
writing, shall be deemed to be effectively delivered when actually received, and
may be delivered by US mail (first class, postage prepaid), by facsimile
transmission, by hand or by commercial overnight delivery service, addressed as
follows:
ADVISOR:
Envestnet
Asset Management, Inc.
00 X
Xxxxxx Xxxxx
Xxxxx
0000
Xxxxxxx,
XX 00000
Attn: General Counsel
SUB-ADVISOR:
Xxxxxxxxx
Xxxxxx Fixed Income LLC
000 Xxxxx
XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx,
XX 00000
Attn: Xxxxx Xxxxx
On behalf of the PMC Core Fixed Income
Fund
000 Xxxx Xxxxxxxx Xxxxxx, 0xx
Xxxxx
Xxxxxxxxx, XX 00000
Attn: Xxxxxx X. Spearo
15. GOVERNING
LAW.
This
Agreement shall be governed by, and construed in accordance with, the laws of
the State of Wisconsin without giving effect to the conflict of laws principles
thereof; provided that nothing herein shall be construed to preempt, or to be
inconsistent with, any federal law, regulation or rule, including the 1940 Act
and the Advisers Act and any rules and regulations promulgated
thereunder.
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16. ASSIGNMENT.
This
Agreement may not be assigned by any party, either in whole or in part, without
the prior written consent of each other party.
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17.
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MULTIPLE
ORIGINALS.
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This
Agreement may be executed on two or more counterparts, each of which when so
executed shall be deemed to be an original, but such counterparts shall together
constitute but one and the same instrument.
IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed as of the day first set
forth above.
ENVESTNET
ASSET MANAGEMENT, INC.
By: /s/ Xxxxxxx
Xxxxxx
Name: Xxxxxxx
Xxxxxx
Title: Chief
Investment Officer
XXXXXXXXX
XXXXXX FIXED INCOME LLC
By: /s/ Xxxx
Xxxxx
Name: Xxxx
Xxxxx
Title: Senior
Vice President
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SCHEDULE
A
FEES
Series of Trust for
Professional
Managers Annual Fee
Rate
PMC Core
Fixed Income Fund
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First
$100 million
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30
b.p.
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Next
$150 million
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25
b.p.
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Excess
of $250 million
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20
b.p.
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12
