EXHIBIT (f)(1)
[First Tennessee Advisory Services Letterhead]
May 29, 2003
Xx. Xxxxxxx Xxxxxxx
Chairman
First Funds
000 00xx Xxxxxx, Xxxxx 0000
Xxxxxx, Xxxxxxxx 00000
Re: FIRST FUNDS (THE "TRUST")
By our execution of this letter agreement (the "Agreement") First Tennessee
Advisory Services, a department of First Tennessee Bank National Association
("FTB") agrees that in order to reduce expenses of certain of the Trust's
portfolios, it will waive a portion of the advisory fees as follows for the
fiscal year ending June 30, 2004:
CONTRACTUAL ADVISORY NET
PORTFOLIO ADVISORY FEE FEE WAIVER ADVISORY FEE
--------------------------------------------------------------------------------------------
Bond .55% .25% .30%
Intermediate Bond .50% .20% .30%
FTB acknowledges that it will not be entitled to collect on or make a claim for
waived fees at any time in the future. FTB agrees to continue such waivers for
the applicable Portfolios at least through the end of the fiscal year (June 30,
2004).
FIRST TENNESSEE ADVISORY SERVICES, a department of
First Tennessee Bank National Association
By: /s/ Xxxxx Xxxxx
Name: Xxxxx Xxxxx
Title: Senior Vice President & Manager
Wealth Management Product Development & Support
Your signature below acknowledges
Acceptance of this Agreement:
By: /s/ Xxxxx X. Xxxxxx
Name: Xxxxx X. Xxxxxx
Title: Secretary,
First Funds
