BUSINESS MANAGEMENT AGREEMENT BETWEEN
XXXXXXXXX INCOME TRUST AND
XXXXXXXXX GLOBAL INVESTORS, INC.
AGREEMENT as of April 1, 1993, between Xxxxxxxxx Income Trust,
a Massachusetts business trust which is a registered open-end investment company
(the "Trust") comprised of two series (Xxxxxxxxx Income Fund and Xxxxxxxxx Money
Fund) and any additional series that may be created in the future (the "Funds"),
and Xxxxxxxxx Global Investors, Inc. ("TGII").
In consideration of the mutual promises herein made, the
parties hereby agree as follows:
(1) TGII agrees, during the life of this Agreement, to
be responsible for:
(a) providing office space, telephone, office
equipment and supplies for the Trust;
(b) paying compensation of the Trust's officers for
services rendered as such;
(c) authorizing expenditures and approving bills for
payment on behalf of the Trust;
(d) supervising preparation of annual and semiannual
reports to Shareholders, notices of dividends,
capital gains distributions and tax credits, and
attending to routine correspondence and other
communications with individual Shareholders;
(e) daily pricing of the Funds' investment portfolios and
preparing and supervising publication of daily
quotations of the bid and asked prices of the Funds'
Shares, earnings reports and other financial data;
(f) monitoring relationships with organizations
serving the Trust, including custodians, transfer
agents and printers;
(g) providing trading desk facilities for the Funds;
(h) supervising compliance by the Trust with
recordkeeping requirements under the Investment
Company Act of 1940 (the "1940 Act") and the rules
and regulations thereunder, with state regulatory
requirements, maintenance of books and records for
the Trust (other than those maintained by the
custodian and transfer agent), preparing and
filing of tax reports other than the Trust's
income tax returns;
(i) monitoring the qualifications of tax deferred
retirement plans for the Trust; and
(j) providing executive, clerical and secretarial
personnel needed to carry out the above
responsibilities.
(2) The Trust agrees, during the life of this Agreement, to
pay to TGII as compensation for the foregoing a monthly fee equal on an annual
basis to 0.15% of the first $200 million of the aggregate average daily net
assets of the Funds during the month preceding each payment, reduced as follows:
on such net assets in excess of $200 million up to $700 million, a monthly fee
equal on an annual basis to 0.135%; on such net assets in excess of $700 million
up to $1.2 billion, a monthly fee equal on an annual basis to 0.1%; and on such
net assets in excess of $1.2 billion, a monthly fee equal on an annual basis to
0.075%.
(3) This Agreement shall remain in full force and effect
through December 31, 1993 and thereafter from year to year to the extent such
continuance is approved annually by the Board of Trustees of the Trust.
(4) This Agreement may be terminated by the Trust at any time
on sixty (60) days' written notice without payment of penalty, provided that
such termination by the Trust shall be directed or approved by the vote of a
majority of the Trustees of the Trust in office at the time or by the vote of a
majority of the outstanding voting securities of the Trust (as defined by the
1940 Act); and shall automatically and immediately terminate in the event of its
assignment (as defined by the 1940 Act).
(5) In the absence of willful misfeasance, bad faith or gross
negligence on the part of TGII, or of reckless disregard of its obligations
hereunder, TGII shall not be subject to liability for any act or omission in the
course of, or connected with, rendering services hereunder.
(6) It is understood and expressly stipulated that neither the
holders of Shares of the Trust nor any Trustee, officer, agent or employee of
the Trust shall be personally liable hereunder, nor shall any resort be had to
other private property for the satisfaction of any claim or obligation
hereunder, but the Trust only shall be liable.
IN WITNESS WHEREOF, the parties hereto have caused this
amended Agreement to be duly executed by their duly authorized
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officers and their respective corporate seals to be hereunto duly
affixed and attested.
XXXXXXXXX INCOME TRUST
By:/s/ XXXXXX X. XXXXXXXX
Xxxxxx X. XxXxxxxx
Vice President
ATTEST:
/s/ XXXXXX X. XXXXXXX
Xxxxxx X. Xxxxxxx
Secretary
XXXXXXXXX GLOBAL INVESTORS, INC.
By:/s/ XXXXXX X. XXXXXXXXXX
Xxxxxx X. Xxxxxxxxxx
President
ATTEST:
/s/ XXXXXXX X. MCGOWANGregory X. XxXxxxx
Secretary
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