EXHIBIT (h)(1)(b)
AMENDMENT NO. 2 DATED JULY 1, 2004, TO THE MUTUAL FUNDS SERVICE
AGREEMENT DATED JULY 1, 2002, BETWEEN MLIG VARIABLE INSURANCE TRUST
AND X.X. XXXXXX INVESTOR SERVICES CO. ("AGREEMENT")
This Amendment reflects revised fees for the Trust set forth below. Schedule A
is hereby replaced in its entirety. The Agreement is unchanged with respect to
any other provision.
SCHEDULE A
FEES AND EXPENSES
FUND ADMINISTRATION, ACCOUNTING AND COMPLIANCE FEES
The following fees shall remain in effect for at least 1 year from the date of
effectiveness of this Amendment.
A. For the services rendered under this Agreement, the Fund shall pay
to the Administrator an a fee at the rate specified in the following
schedule:
0.12 of 1% on the first $1 billion in average daily net assets of
the Trust, plus
0.10 of 1% on average daily net assets in excess of $1 billion up to
$2 billion; plus
0.075 of 1% of the average daily net assets of the Trust in excess
of $2 billion.
B. In addition, each Portfolio will also pay a fixed fee based upon
that Portfolio's assets as of July 1, 2004 and July 1 of each
successive 1 year period that the Agreement is in effect according
to the schedule set forth below, such fee to be determined on that
date and accrued monthly going forward.
Up to $2,000,000 $5,000
Above $2,000,000 through $10,000,000 $10,000
Above $10,000,000 $18,000
C. The annual sum of $165,000 for Regulatory Services.
D. The foregoing calculations are based on the average daily net assets
of the Trust and each of its Portfolios. The fees will be computed,
billed and payable monthly.
E. Approved and documented out-of-pocket expenses will be computed,
billed and payable monthly.
MLIG VARIABLE INSURANCE TRUST
By: /s/ Xxxxxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxxxxxx
President and Trustee
ATTEST:
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X.X. XXXXXX INVESTOR SERVICES CO.
By: /s/ Xxxxxxxx X. Xxxxx
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Xxxxxxxx X. Xxxxx
President and Chief Executive Officer
ATTEST:
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