AMENDMENT NO. 1
TO THE
INVESTMENT SUB-ADVISORY AGREEMENT
BETWEEN
ADVANTUS CAPITAL MANAGEMENT, INC.
AND
▇▇▇▇▇▇▇▇▇ INVESTMENT COUNSEL, INC.
This amendment shall be effective May 1, 2000. This is an amendment to the
Investment Sub-Advisory Agreement dated March 1, 1995 ("Agreement") between
Advantus Capital Management, Inc. ("Advantus Capital") and ▇▇▇▇▇▇▇▇▇ Investment
Counsel, Inc. ("▇▇▇▇▇▇▇▇▇ Counsel"), with respect to the Advantus International
Balanced Fund, Inc. ("Fund").
The following schedule shall replace the schedule contained in the Agreement.
The amount of such annual fee, as applied to the average daily value of
the net assets of the Fund shall be as described in the schedule below:
ASSETS FEE
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On the first $25 million in assets 0.70%
On the next $25 million in assets 0.55%
On the next $50 million in assets 0.50%
On all assets exceeding $100 million 0.40%
Solely for the purpose of establishing the appropriate
breakpoints at which the Fund's subadvisory fee shall be calculated,
the Fund will benefit from the aggregation of the monthly market value
of any non-mutual fund account of Minnesota Life or any affiliate
thereof advised or subadvised by ▇▇▇▇▇▇▇▇▇ Counsel or any advisory
affiliate thereof as well as the average daily net assets of any U.S.
registered mutual fund advised by Advantus and sub-advised by ▇▇▇▇▇▇▇▇▇
Counsel or any advisory affiliate thereof. For fee-stacking purposes,
the asset classes so managed with the highest fee schedules shall be
counted first as assets of this Fund in order to determine this Fund's
appropriate starting breakpoint when the following conditions are
satisfied:
(i) Franklin Advisors, Inc., an affiliate of ▇▇▇▇▇▇▇▇▇
Counsel, provides other sub-advisory services to Advantus
Capital, beginning on or after February 15, 2000, covering
small company domestic equities in an amount in excess of $100
million; and (ii) Minnesota Life, the parent company of
Advantus Capital, offers as investment options in its
registered variable insurance contracts the ▇▇▇▇▇▇▇▇▇
Developing Markets Fund and any other two funds in the
Franklin/▇▇▇▇▇▇▇▇▇ Variable Insurance Products Fund.
IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date
first above written:
ADVANTUS CAPITAL MANAGEMENT, INC. ▇▇▇▇▇▇▇▇▇ INVESTMENT COUNSEL, INC.
By: By:
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Its: Its:
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