SECOND AMENDMENT TO ADVISORY AGREEMENT

SECOND AMENDMENT TO ADVISORY AGREEMENT

This Second Amendment (“Amendment”) dated as of January 1, 2019 (the “Effective Date”) is made to the Advisory Agreement dated June 1, 2016, as amended (the “Agreement”), between XXXXXXX INVESTMENT COMPANY, a Massachusetts business trust hereinafter called the “Trust,” and XXXXXXX INVESTMENT MANAGEMENT, LLC, a Washington limited liability company hereinafter called the “Adviser.”

WHEREAS, the Trust and the Adviser desire to amend Exhibit A of the Agreement;

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, the parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

1. Exhibit A shall be replaced in its entirety with Exhibit A attached hereto.

2. Except as expressly amended by this Amendment, the provisions of the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, each of the parties hereto has caused this Second Amendment to the Advisory Agreement to be executed in its name and behalf by its duly authorized representative as of the date first written above.

XXXXXXX INVESTMENT COMPANY						XXXXXXX INVESTMENT MANAGEMENT, LLC
By:						By:
Name:		Xxxx Xxxxxxx				Name:		Xxxxx Xxxxxxx
Title:		Treasurer				Title:		Chairman, President and CEO

Exhibit A

Fund		Asset Level		Fee
U.S. Core Equity Fund		All assets			0.55	%
U.S. Defensive Equity Fund		All assets			0.55	%
U.S. Dynamic Equity Fund		First $1.0 billion			0.80	%
		Next $2.0 billion			0.76	%
		Next $3.0 billion			0.73	%
		In excess of $6.0 billion			0.71	%
U.S. Strategic Equity Fund		First $1.0 billion			0.75	%
		Next $2.0 billion			0.71	%
		Next $3.0 billion			0.68	%
		In excess of $6.0 billion			0.66	%
U.S. Mid Cap Equity Fund		First $1.0 billion			0.80	%
		Next $2.0 billion			0.76	%
		Next $3.0 billion			0.73	%
		In excess of $6.0 billion			0.71	%
U.S. Small Cap Equity Fund		All assets			0.70	%
International Developed Markets Fund		All assets			0.70	%
Global Equity Fund		First $1.0 billion			0.95	%
		Next $2.0 billion			0.91	%
		Next $3.0 billion			0.88	%
		In excess of $6.0 billion			0.86	%
Emerging Markets Fund		First $1.0 billion			1.15	%
		Next $2.0 billion			1.11	%
		Next $3.0 billion			1.08	%
		In excess of $6.0 billion			1.06	%
Tax-Managed U.S. Large Cap Fund		First $1.0 billion			0.70	%
		Next $2.0 billion			0.66	%
		Next $3.0 billion			0.63	%
		In excess of $6.0 billion			0.61	%
Tax-Managed U.S. Mid & Small Cap Fund		First $1.0 billion			0.98	%
		Next $2.0 billion			0.94	%
		Next $3.0 billion			0.91	%
		In excess of $6.0 billion			0.89	%
Tax-Managed International Equity Fund		First $1.0 billion			0.85	%
		Next $2.0 billion			0.81	%
		Next $3.0 billion			0.78	%
		In excess of $6.0 billion			0.76	%
Global Opportunistic Credit Fund		First $1.0 billion			1.00	%
		Next $2.0 billion			0.96	%
		Next $3.0 billion			0.93	%
		In excess of $6.0 billion			0.91	%
Unconstrained Total Return Fund		First $1.0 billion			1.00	%
		Next $2.0 billion			0.96	%
		Next $3.0 billion			0.93	%
		In excess of $6.0 billion			0.91	%

Amend. No. 2 – RIC Advisory Agreement

Strategic Bond Fund		First $1.0 billion			0.50	%
		Next $2.0 billion			0.46	%
		Next $3.0 billion			0.43	%
		In excess of $6.0 billion			0.41	%
Investment Grade Bond Fund		All assets			0.25	%
Short Duration Bond Fund		First $1.0 billion			0.45	%
		Next $2.0 billion			0.41	%
		Next $3.0 billion			0.38	%
		In excess of $6.0 billion			0.36	%
Tax-Exempt Bond Fund		All assets			0.30	%
Tax-Exempt High Yield Bond Fund		All assets			0.50	%
Commodity Strategies Fund		First $1.0 billion			1.25	%
		Next $2.0 billion			1.21	%
		Next $3.0 billion			1.18	%
		In excess of $6.0 billion			1.16	%
Global Infrastructure Fund		First $1.0 billion			1.25	%
		Next $2.0 billion			1.21	%
		Next $3.0 billion			1.18	%
		In excess of $6.0 billion			1.16	%
Global Real Estate Securities Fund		First $1.0 billion			0.80	%
		Next $2.0 billion			0.76	%
		Next $3.0 billion			0.73	%
		In excess of $6.0 billion			0.71	%
Multi-Strategy Income Fund		First $1.0 billion			0.75	%
		Next $2.0 billion			0.71	%
		Next $3.0 billion			0.68	%
		In excess of $6.0 billion			0.66	%
Multi-Asset Growth Strategy Fund		First $1.0 billion			0.85	%
		Next $2.0 billion			0.81	%
		Next $3.0 billion			0.78	%
		In excess of $6.0 billion			0.76	%
Strategic Call Overwriting Fund		All assets			0.80	%
Conservative Strategy Fund		All assets			0.20	%
Balanced Strategy Fund		All assets			0.20	%
Moderate Strategy Fund		All assets			0.20	%
Growth Strategy Fund		All assets			0.20	%
Equity Growth Strategy Fund		All assets			0.20	%
Multifactor U.S. Equity Fund		All assets			0.30	%
Multifactor International Equity Fund		All assets			0.45	%
Multifactor Bond Fund		All assets			0.15	%

Amend. No. 2 – RIC Advisory Agreement