FIRST AMENDMENT TO THE FUND ADMINISTRATION SERVICING AGREEMENT
Exhibit (h)(iii)(B)
FIRST AMENDMENT TO THE
FUND ADMINISTRATION SERVICING AGREEMENT
THIS FIRST AMENDMENT, dated as of the 16th day of August, 2010, to the Fund Administration Servicing Agreement dated as of February 24, 2010 (the “Fund Administration Agreement”), is entered into by and among DIREXION FUNDS, a Massachusetts business trust, DIREXION INSURANCE TRUST, a Massachusetts business trust (collectively referred to as the “Trust”), and U.S. BANCORP FUND SERVICES LLC, a Wisconsin limited liability company (“USBFS”).
RECITALS
WHEREAS, the Trust and USBFS have entered into a Fund Administration Agreement; and
WHEREAS, the Trust and USBFS desire to amend the fees of the Fund Administration Agreement; and
WHEREAS, Section 10 of the Fund Administration Agreement allows for its modification by a written instrument executed by both parties.
NOW, THEREFORE, the parties agree to amend the following:
Exhibit B is hereby superseded and replaced with Amended Exhibit B attached hereto.
Except to the extent amended hereby, the Fund Administration Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed by a duly authorized officer on one or more counterparts as of the day and year first written above.
DIREXION FUNDS | U.S. BANCORP FUND SERVICES, LLC | |||||||||
By: | /s/ Xxx X’Xxxxx |
By: | /s/ Xxxxxxx X. XxXxx |
|||||||
Name: | Xxx X’Xxxxx | Name: | Xxxxxxx X. XxXxx | |||||||
Title: | President | Title: | Executive Vice President |
DIREXION INSURANCE TRUST | ||
By: | /s/ Xxx X’Xxxxx | |
Name: | Xxx X’Xxxxx | |
Title: | President |
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Amended Exhibit B to the Fund Administration Servicing Agreement
Direxion Funds and Direxion Insurance Trust
Fee Schedule effective June 1, 2010
Annual Fee
Non Multiple-Class Funds*
bp and $ per Fund
Multiple Class Funds*
bp and $ for the first class of the Fund and $ for each additional class of the Fund
CCO Fees: $ per year per service line
Legal Services: $ annually
Diligent Board Books
Annual Fee (effective January 1, 2009)
· $ per year (includes 10 external users)
· $ per year per additional user
· $ implementation / setup fee
AIS
No additional fees for the Advisor Information Service (fees waived)
Gainskeeper - $ per fund per year
System charges
Clear Portfolio: $ /Qtr.
Performance Delivery (NAV, pre and post-tax returns) – FundStation - $ /Yr.
Plus out-of-pocket expense reimbursements, including but not limited to:
Postage
Programming
Stationery
Proxies
Retention of records
Special reports
Federal and state regulatory filing fees
Certain insurance premiums
Expenses from Board of Trustees meetings
Auditing and legal expenses
All other out-of-pocket expenses
* | Subject to annual CPI increase, Milwaukee MSA. |
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