TRANSITION RULE FOR CALCULATING ADVISER'S COMPENSATION. The Adjustment will not be fully operable until the close of the quarter ending September 30, 2003. Until that time, the following transition rules will apply:
TRANSITION RULE FOR CALCULATING ADVISER'S COMPENSATION. The Adjustment will not be fully operable until the close of the quarter ending December 31, 2003. Until that time, the following transition rules will apply:
TRANSITION RULE FOR CALCULATING ADVISER'S COMPENSATION. The Adjustment Amount will not be fully incorporated into the determination of the Adjusted Fee until the close of the quarter ending July 31, 2005. Until that date, the following transition rules will apply:
TRANSITION RULE FOR CALCULATING ADVISER'S COMPENSATION. The Benchmark will not be fully operable as the sole performance index used to determine the Adviser's Adjustment until the quarter ending February 28, 2003. Until that date, the Adviser's Adjustment will be determined by linking the investment performance of the Benchmark and that of the "Prior Benchmark," 65% of which will comprise of the Stock Index and 35% of which will comprise of the Xxxxxx Brothers Long-Term Corporate AA or Better Bond Index (the "Prior Bond Index") as follows:
TRANSITION RULE FOR CALCULATING ADVISER'S COMPENSATION. The Index will not be fully operable as the sole performance index used to determine the Adviser's Adjustment until the quarter ending June 30, 2003. Until that date, the Adviser's Adjustment will be determined by linking the investment performance of the Index and that of the Small Company Growth Fund Stock Index (the "Prior Index") as follows.
TRANSITION RULE FOR CALCULATING ADVISER'S COMPENSATION. The Performance Fee Adjustment will not be fully operable until June 1, 2002. Until that time, the following transition rules will apply:
TRANSITION RULE FOR CALCULATING ADVISER'S COMPENSATION. The Index will not be fully operable as the sole performance index used to determine the Adviser's Adjustment until August 1, 2002. Until that date, the following transition rules will apply:
TRANSITION RULE FOR CALCULATING ADVISER'S COMPENSATION. The Benchmark will not be fully operable as the sole performance index used to determine the Adviser's Adjustment until the quarter ending December 31, 2004. Until that date, the Adviser's Adjustment will be determined by linking the investment performance of the Benchmark and that of the following measures: o Benchmark 1: 65% Lehman Brothers Long-Terx Xxxporate AA or Better Bond Index; 26.25% Standard and Poor's/Barra Value Index; 4.375% Standard and Poor's Utilities Index; and 4.375% Standard and Poor's Telephone Index . o Benchmark 2: 65% Lehman Brothers Credit A xx Xxtter Bond Index; 26.25% Standard and Poor's/Barra Value Index; 4.375% Standard and Poor's Utilities Index; and 4.375% Standard and Poor's Telephone Index.
TRANSITION RULE FOR CALCULATING ADVISER'S COMPENSATION. The Performance Fee Adjustment will not be fully operable until the quarter ending December 31, 2002. Until that time, the following transition rules will apply:
TRANSITION RULE FOR CALCULATING ADVISER'S COMPENSATION. The Adjustment will not be fully operable until the close of the quarter ending August 31, 2004. Until that time, the following transition rules will apply: (A) JUNE 22, 2001 THROUGH AUGUST 30, 2002. The Adviser's compensation will be the Basic Fee. No Adjustment will apply during this period. (B) AUGUST 31, 2002 THROUGH AUGUST 31, 2004. Beginning August 31, 2002, the Adjustment will take effect on a progressive basis with regards to the number of months elapsed between August 31, 2001 and the close of the quarter for which the Adviser's fee is being computed. During this period, the Adjustment will be calculated using cumulative performance of the Alliance Portfolio and the Index from August 31, 2001 through the end of the applicable quarter. For these purposes, the endpoints and size of the range over which a positive or negative Adjustment applies and the corresponding maximum fee adjustment amount will be multiplied by a fractional time-elapsed adjustment. The fraction will equal the number of months elapsed since August 31, 2001, divided by thirty-six. Example: Assume that Adviser's compensation is being calculated for the quarter ended November 30, 2003, and that the cumulative performance of the Alliance Portfolio versus the Index for the applicable period is + 3%. In this case, an Adjustment of 12.5% would apply. This would be calculated as [(a / c)(18.75%)], where a equals the percentage amount by which the performance of the Alliance Portfolio has exceeded the baseline percentage for the linear adjustment and c equals the size of the adjusted range (as measured from zero) over which the linear adjustment applies. The size of the adjusted range is determined as [(27/36) x 6%]= 4.5%. The value of "a/c" is 3% divided by 4.5% = 67%. Similarly, 18.75% is determined as [(27/36) x (25%)]. (Note that this example reflects rounding. In practice, calculations will be extended to the eighth decimal point.) (C) ON AND AFTER AUGUST 31, 2004. Commencing August 31, 2004, the Adjustment will be fully operable.
