CALCULATION OF THE PERFORMANCE ADJUSTMENT Sample Clauses

CALCULATION OF THE PERFORMANCE ADJUSTMENT. The Performance Adjustment for each fiscal quarter of the Fund shall be calculated by multiplying the appropriate Adjustment Percentage (shown below) to the Annual Percentage Rate Schedule applied to the average of the month-end net assets of the Fund over the previous 36 months, and dividing the result by four. The Adjustment Percentage for each fiscal quarter of the Fund shall be determined by applying the following Performance Adjustment Schedule to the cumulative performance of the BG Portfolio relative to the Morgan Stanley Capital International Europe, Austxxxxxxan, Xxx East Index (the "Index") over the rolling 36-month period applicable to such fiscal quarter. (See Fee Example #1 in Appendix.) -------------------------------------------------------------------------------- PERFORMANCE ADJUSTMENT SCHEDULE -------------------------------------------------------------------------------- CUMULATIVE PERFORMANCE OF BG PORTFOLIO VS. ADJUSTMENT PERCENTAGE INDEX OVER APPLICABLE 36-MONTH PERIOD -------------------------------------------------------------------------------- Less than -9% -50% -------------------------------------------------------------------------------- From -9% up to and including 0% Linear decrease from -50% to 0% -------------------------------------------------------------------------------- Greater than 0% and up to and including +9% Linear increase from 0% to +50% -------------------------------------------------------------------------------- More than +9% +50% --------------------------------------------------------------------------------

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CALCULATION OF THE PERFORMANCE ADJUSTMENT. The Performance Adjustment for each fiscal quarter of the Fund shall be calculated by multiplying the appropriate Adjustment Percentage (shown below) to the Annual Percentage Rate applied to the average of the month-end net assets of the WB Portfolio over the previous 60 months, and dividing the result by four. The Adjustment Percentage for each fiscal quarter of the WB Portfolio shall be determined by applying the following Performance Adjustment Schedule to the cumulative performance of the WB Portfolio relative to the Russell 1000 Growth Index (xxx "Xndex") over the rolling 60-month period applicable to such fiscal quarter. (See Fee Example #1.) --------------------------------------------------------------------------- PERFORMANCE ADJUSTMENT SCHEDULE --------------------------------------------------------------------------- ---------------------------------------- ---------------------------------- CUMULATIVE PERFORMANCE OF WB PORTFOLIO VS. ADJUSTMENT PERCENTAGE INDEX OVER APPLICABLE 60-MONTH PERIOD ---------------------------------------- ---------------------------------- ---------------------------------------- ---------------------------------- More than +20% +67% ---------------------------------------- ---------------------------------- ---------------------------------------- ---------------------------------- Greater than 0% up to and including +20% Linear increase between 0% to +67% ---------------------------------------- ---------------------------------- ---------------------------------------- ---------------------------------- From -20% up to and including 0% Linear decrease between -67% to 0% ---------------------------------------- ---------------------------------- ---------------------------------------- ---------------------------------- Less than -20% -67% ---------------------------------------- ----------------------------------

CALCULATION OF THE PERFORMANCE ADJUSTMENT. Each month, the rate of any positive Performance Adjustment shall be equal to 0.75% multiplied by the ratio of the number of percentage points by which the investment performance of Series Z (the "Investment Performance") exceeds the investment record (the "Investment Record") of the Standard & Poor's 500 Composite Stock Price Index (the "Index") over the twelve-month period ending on the last day of that month (the "Measuring Period") as compared to 15 percentage points. For example, if the Investment Performance of Series Z was 6.6% and the Investment Record of the Index was 0%, the ratio would be 6.6 to 15, or 0.44, times 0.75%, for an upward Performance Adjustment rate of 0.33%. Similarly, the rate of any negative Performance Adjustment shall be equal to 0.75% multiplied by the ratio of the number of percentage points by which the Investment Performance of the Series is less than the Investment Record of the Index over the Measuring Period as compared to 15 percentage points. For example, if the Investment Performance of the Series was -10.0% and the Investment Record of the Index was 0%, the ratio would be 10 to 15, or 0.667, times 0.75%, for a downward Performance Adjustment rate of 0.50%. After the rate of the Performance Adjustment has been determined as described above, the Management Company will determine the dollar amount of such Performance Adjustment by multiplying the Performance Adjustment rate by the average daily net assets of the Series during the Measuring Period and dividing that number by the number of days in the Measuring Period and then multiplying that amount by the number of days in the current month. The dollar amount of the Total Fee then equals the dollar amount of the Base Fee as adjusted by the dollar amount of the Performance Adjustment. Each month, the maximum or minimum Performance Adjustment shall be equal to 1/12th of 0.75% of the average daily net assets of Series Z during the Measuring Period (subject to minor accounting adjustments to account for the specific number of days in the month) when the Investment Performance of Series Z is superior or inferior to the Investment Record of the Index by 15 percentage points or more over the Measuring Period. The maximum Total Fee payable to the Management Company in any month is then equal to 1/12th of 2.00% of Series Z's average daily net assets over that month (i.e., the Base Fee), plus 1/12th of 0.75% of Series Z's average daily net assets over the Measuring Period (i.e., ...

CALCULATION OF THE PERFORMANCE ADJUSTMENT. If the average daily net assets of the Fund remain constant during a 36-month performance measurement period, current net assets will be the same as average net assets over the performance measurement period and the maximum Performance Adjustment will be equivalent to 0.15% of current net assets. When current net assets vary from average net assets over the 36-month performance measurement period, the Performance Adjustment, as a percentage of current assets, may vary significantly, including at a rate more or less than 0.15%, depending upon whether the net assets of the Fund had been increasing or decreasing (and the amount of such increase or decrease) during the performance measurement period. Note that if net assets for the Fund were increasing during the performance measurement period, the total performance fee paid, measured in dollars, would be more than if the Fund had not increased its net assets during the performance measurement period.

CALCULATION OF THE PERFORMANCE ADJUSTMENT. The Base Fee, as provided above, will be increased or decreased by applying a Performance Fee Adjustment (the "Adjustment") based on the cumulative investment performance of the Granahan Portfolio over a trailing 36-month period relative to that of the Russell 2500 Growth Index (xxx "Xxdex") over the same period. The Adjustment applies as follows: Performance Adjustment Schedule Cumulative 36-Month Performance of Granahan Portfolio Adjuxxxxxx Xercentage* vs. Index Over Applicable 36-Month Period *For purposes of the Adjustment calculation, the Base Fee is calculated by applying the quarterly rate against the average month-end net assets of the Granahan Portfolio over the xxxx xxriod for which the performance is measured.

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