HANCOCK HORIZON TREASURY SECURITIES MONEY MARKET FUND
HANCOCK HORIZON TAX EXEMPT MONEY MARKET FUND
HANCOCK HORIZON STRATEGIC INCOME BOND FUND
HANCOCK HORIZON GROWTH AND INCOME FUND
HANCOCK HORIZON GROWTH FUND
SCHEDULE DATED MAY 31, 2000
AS AMENDED NOVEMBER 13, 2000
TO THE ADMINISTRATION AGREEMENT
DATED JANUARY 28, 1993
AS AMENDED AND RESTATED MAY 17, 1994
BETWEEN
THE ARBOR FUND
AND
SEI FUND RESOURCES
Fees: Pursuant to Article 6, Section A, the Trust shall pay the Administrator
compensation for services rendered to the Hancock Horizon Funds (the
"Portfolios") at an annual rate, which is calculated daily and paid monthly,
according to the following schedule:
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FEE (AS A PERCENTAGE OF AGGREGATE AGGREGATE TRUST ASSETS
AVERAGE ANNUAL ASSETS)
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0.15% First $100 million
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0.125% next $250 million
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0.10% next $400 million
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0.08% over $750 million
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The foregoing fee is subject to an annual minimum as follows:
The Trust's cumulative minimum annual fee for the initial four
Portfolios:
$250,000 in the first year, broken down as follows:
*$200,000 in the first 6 months (calculated on an
annualized basis)
$300,000 in the next 6 months (calculated on an
annualized basis) $300,000 in the second year
$400,000 in years three, four and five
* Minimums during the first 6 months of this
Agreement will accrue each month, and, if not paid
monthly, the total amount due for the 6 months will
be paid in full in the 7th month.
A maximum of five new Portfolios (in addition to the original
four as noted above) may be opened and applied to the
cumulative pricing model during the original five year term.
The following sets forth the cumulative minimum annual fee for
the Trust for the specified number of Portfolios:
<TABLE>
<CAPTION>
Year 1 Year 2 Year 3 and After
<S> <C> <C> <C> <C>
5 Portfolios $350,000 $400,000 $500,000
6 Portfolios $475,000 $525,000 $625,000
7 Portfolios $625,000 $675,000 $775,000
8 Portfolios $800,000 $850,000 $950,000
9 Portfolios $1,000,000 $1,050,000 $1,150,000
</TABLE>
For the tenth Portfolio and each Portfolio opened thereafter,
the Trust will pay a minimum fee of $75,000 per Portfolio in
addition to the cumulative minimum set forth above.
The minimum annual fee for each additional class of Shares of
a Portfolio established after the initial three (3) classes of
Shares per Portfolio is $10,000.
The Trust will be separately charged $6 per call for each
incoming and outgoing investor service call. Further, if the
Trust opens a Portfolio or a class directed toward retail
investors, the Trust will use the Administrator's Voice
Response Unit at the then-prevailing fee.
Term: This Agreement shall become effective on May 31, 2000 and shall
remain in effect for an Initial Term of five (5) years from such date and,
thereafter, for successive Renewal Terms of three (3) years each,
unless and until this Agreement is terminated by providing at least
ninety (90) days notice prior to the date of expiration. In the event
of a material breach of this Agreement by either party, the non-
breaching party shall notify the breaching party in writing of such
breach and upon receipt of such notice, the breaching party shall have
45 days to remedy the breach or the non-breaching party may immediately
terminate this Agreement.
