Common use of COMPENSATION OF SMC Clause in Contracts

COMPENSATION OF SMC. (a) As compensation for the investment advisory services to be rendered by SMC to the Fund for each of the years this Agreement is in effect, the Fund shall pay SMC an annual fee equal to 0.75% of the Fund's average daily net assets. Such fee shall be calculated daily and payable monthly. If this Agreement shall be effective for only a portion of a year, then SMC's compensation for said year shall be prorated for such portion. For purposes of this Section 3, the value of the net assets of the Fund shall be computed in the same manner at the end of the business day as the value of such net assets is computed in connection with the determination of the net asset value of the Fund's shares as described in the Fund's prospectus.

COMPENSATION OF SMC. (a) As compensation for the investment advisory services to be rendered by SMC to the Fund for each of the years this Agreement is in effect, the Fund shall pay SMC an annual fee equal to 0.750.65% of the Fund's average daily net assets. Such fee shall be calculated daily and payable monthly. If this Agreement shall be effective for only a portion of a year, then SMC's compensation for said year shall be prorated for such portion. For purposes of this Section 3, the value of the net assets of the Fund shall be computed in the same manner at the end of the business day as the value of such net assets is computed in connection with the determination of the net asset value of the Fund's shares as described in the Fund's prospectus.