1
SERVICES AGREEMENT
AGREEMENT made as of the 17th day of April, 1995, and amended as of June
22, 1998, by and between Xxxxxx Xxxxxxx Xxxx Xxxxxx Advisors Inc., a Delaware
corporation (herein referred to as "MSDW Advisors"), and Xxxxxx Xxxxxxx Xxxx
Xxxxxx Services Company Inc., a Delaware corporation (herein referred to as
"MSDW Services").
WHEREAS, MSDW Advisors has entered into separate agreements (each such
agreement being herein referred to as an "Investment Management Agreement") with
certain investment companies as set forth on Schedule A (each such investment
company being herein referred to as a "Fund" and, collectively, as the "Funds")
pursuant to which MSDW Advisors is to perform, or supervise the performance of,
among other services, administrative services for the Funds (and, in the case of
Funds with multiple portfolios, the Series or Portfolios of the Funds (such
Series and Portfolio being herein individually referred to as "a Series" and,
collectively, as "the Series"));
WHEREAS, MSDW Advisors desires to retain MSDW Services to perform the
administrative services as described below; and
WHEREAS, MSDW Services desires to be retained by MSDW Advisors to perform
such administrative services:
NOW, THEREFORE, in consideration of the mutual covenants and agreements of
the parties hereto as herein set forth, the parties covenant and agree as
follows:
1. MSDW Services agrees to provide administrative services to each Fund as
hereinafter set forth. Without limiting the generality of the foregoing, MSDW
Services shall (i) administer the Fund's business affairs and supervise the
overall day-to-day operations of the Fund (other than rendering investment
advice); (ii) provide the Fund with full administrative services, including the
maintenance of certain books and records, such as journals, ledger accounts and
other records required under the Investment Company Act of 1940, as amended (the
"Act"), the notification to the Fund and MSDW Advisors of available funds for
investment, the reconciliation of account information and balances among the
Fund's custodian, transfer agent and dividend disbursing agent and MSDW
Advisors, and the calculation of the net asset value of the Fund's shares; (iii)
provide the Fund with the services of persons competent to perform such
supervisory, administrative and clerical functions as are necessary to provide
effective operation of the Fund; (iv) oversee the performance of administrative
and professional services rendered to the Fund by others, including its
custodian, transfer agent and dividend disbursing agent, as well as accounting,
auditing and other services; (v) provide the Fund with adequate general office
space and facilities; (vi) assist in the preparation and the printing of the
periodic updating of the Fund's registration statement and prospectus (and, in
the case of an open-end Fund, the statement of additional information), tax
returns, proxy statements, and reports to its shareholders and the Securities
and Exchange Commission; and (vii) monitor the compliance of the Fund's
investment policies and restrictions.
In the event that MSDW Advisors enters into an Investment Management
Agreement with another investment company, and wishes to retain MSDW Services to
perform administrative services hereunder, it shall notify MSDW Services in
writing. If MSDW Services is willing to render such services, it shall notify
MSDW Advisors in writing, whereupon such other Fund shall become a Fund as
defined herein.
2. MSDW Services shall, at its own expense, maintain such staff and employ
or retain such personnel and consult with such other persons as it shall from
time to time determine to be necessary or useful to the performance of its
obligations under this Agreement. Without limiting the generality of the
foregoing, the staff and personnel of MSDW Services shall be deemed to include
officers of MSDW Services and persons employed or otherwise retained by MSDW
Services (including officers and employees of MSDW Advisors, with the consent of
MSDW Advisors) to furnish services, statistical and other factual data,
information with respect to technical and scientific developments, and such
other information, advice and assistance as MSDW Services may desire. MSDW
Services shall maintain each Fund's records and books of account (other than
those maintained by the Fund's transfer agent, registrar, custodian and other
agencies). All such books and records so maintained shall be the property of the
Fund and, upon request therefor, MSDW Services shall surrender to MSDW Advisors
or to the Fund such of the books and records so requested.
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3. MSDW Advisors will, from time to time, furnish or otherwise make
available to MSDW Services such financial reports, proxy statements and other
information relating to the business and affairs of the Fund as MSDW Services
may reasonably require in order to discharge its duties and obligations to the
Fund under this Agreement or to comply with any applicable law and regulation or
request of the Board of Directors/Trustees of the Fund.
4. For the services to be rendered, the facilities furnished, and the
expenses assumed by MSDW Services, MSDW Advisors shall pay to MSDW Services
monthly compensation calculated daily (in the case of an open-end Fund) or
weekly (in the case of a closed-end Fund) by applying the annual rate or rates
set forth on Schedule B to the net assets of each Fund. Except as hereinafter
set forth, (i) in the case of an open-end Fund, compensation under this
Agreement shall be calculated by applying 1/365th of the annual rate or rates to
the Fund's or the Series' daily net assets determined as of the close of
business on that day or the last previous business day and (ii) in the case of a
closed-end Fund, compensation under this Agreement shall be calculated by
applying the annual rate or rates to the Fund's average weekly net assets
determined as of the close of the last business day of each week. If this
Agreement becomes effective subsequent to the first day of a month or shall
terminate before the last day of a month, compensation for that part of the
month this Agreement is in effect shall be prorated in a manner consistent with
the calculation of the fees as set forth on Schedule B. Subject to the
provisions of paragraph 5 hereof, payment of MSDW Services' compensation for the
preceding month shall be made as promptly as possible after completion of the
computations contemplated by paragraph 5 hereof.
5. In the event the operating expenses of any open-end Fund and/or any
Series thereof, or of InterCapital Income Securities Inc., including amounts
payable to MSDW Advisors pursuant to the Investment Management Agreement, for
any fiscal year ending on a date on which this Agreement is in effect, exceed
the expense limitations applicable to the Fund and/or any Series thereof imposed
by state securities laws or regulations thereunder, as such limitations may be
raised or lowered from time to time, or, in the case of InterCapital Income
Securities Inc. or Xxxxxx Xxxxxxx Xxxx Xxxxxx Variable Investment Series or any
Series thereof, the expense limitation specified in the Fund's Investment
Management Agreement, the fee payable hereunder shall be reduced on a pro rata
basis in the same proportion as the fee payable by the Fund under the Investment
Management Agreement is reduced.
6. MSDW Services shall bear the cost of rendering the administrative
services to be performed by it under this Agreement, and shall, at its own
expense, pay the compensation of the officers and employees, if any, of the Fund
employed by MSDW Services, and such clerical help and bookkeeping services as
MSDW Services shall reasonably require in performing its duties hereunder.
7. MSDW Services will use its best efforts in the performance of
administrative activities on behalf of each Fund, but in the absence of willful
misfeasance, bad faith, gross negligence or reckless disregard of its
obligations hereunder, MSDW Services shall not be liable to the Fund or any of
its investors for any error of judgment or mistake of law or for any act or
omission by MSDW Services or for any losses sustained by the Fund or its
investors. It is understood that, subject to the terms and conditions of the
Investment Management Agreement between each Fund and MSDW Advisors, MSDW
Advisors shall retain ultimate responsibility for all services to be performed
hereunder by MSDW Services. MSDW Services shall indemnify MSDW Advisors and hold
it harmless from any liability that MSDW Advisors may incur arising out of any
act or failure to act by MSDW Services in carrying out its responsibilities
hereunder.
8. It is understood that any of the shareholders, Directors/Trustees,
officers and employees of the Fund may be a shareholder, director, officer or
employee of, or be otherwise interested in, MSDW Services, and in any person
controlling, controlled by or under common control with MSDW Services, and that
MSDW Services and any person controlling, controlled by or under common control
with MSDW Services may have an interest in the Fund. It is also understood that
MSDW Services and any affiliated persons thereof or any persons controlling,
controlled by or under common control with MSDW Services have and may have
advisory, management, administration service or other contracts with other
organizations and persons, and may have other interests and businesses, and
further may
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purchase, sell or trade any securities or commodities for their own accounts or
for the account of others for whom they may be acting.
9. This Agreement shall continue until April 30, 1999, and thereafter shall
continue automatically for successive periods of one year unless terminated by
either party by written notice delivered to the other party within 30 days of
the expiration of the then-existing period. Notwithstanding the foregoing, this
Agreement may be terminated at any time, by either party on 30 days' written
notice delivered to the other party. In the event that the Investment Management
Agreement between any Fund and MSDW Advisors is terminated, this Agreement will
automatically terminate with respect to such Fund.
10. This Agreement may be amended or modified by the parties in any manner
by written agreement executed by each of the parties hereto.
11. This Agreement may be assigned by either party with the written consent
of the other party.
12. This Agreement shall be construed and interpreted in accordance with
the laws of the State of New York.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement, as amended, on June 22, 1998 in New York, New York.
XXXXXX XXXXXXX XXXX XXXXXX
ADVISORS INC.
By:
------------------------------------
Attest:
--------------------------------------
XXXXXX XXXXXXX XXXX XXXXXX SERVICES
COMPANY INC.
By:
------------------------------------
Attest:
--------------------------------------
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SCHEDULE A
XXXXXX XXXXXXX XXXX XXXXXX FUNDS
AS AMENDED AS OF JULY 22, 1998
OPEN-END FUNDS
1. Active Assets California Tax-Free Trust
2. Active Assets Government Securities Trust
3. Active Assets Money Trust
4. Active Assets Tax-Free Trust
5. Xxxx Xxxxxx Retirement Series
6. Xxxxxx Xxxxxxx Xxxx Xxxxxx American Value Fund
7. Xxxxxx Xxxxxxx Xxxx Xxxxxx Balanced Growth Fund
8. Xxxxxx Xxxxxxx Xxxx Xxxxxx Balanced Income Fund
Xxxxxx Xxxxxxx Xxxx Xxxxxx California Tax-Free Daily Income
9. Trust
10. Xxxxxx Xxxxxxx Xxxx Xxxxxx California Tax-Free Income Fund
11. Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital Appreciation Fund
12. Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital Growth Securities
Xxxxxx Xxxxxxx Xxxx Xxxxxx Competitive Edge Fund, "Best
13. Ideas" Portfolio
14. Xxxxxx Xxxxxxx Xxxx Xxxxxx Convertible Securities Trust
Xxxxxx Xxxxxxx Xxxx Xxxxxx Developing Growth Securities
15. Trust
16. Xxxxxx Xxxxxxx Xxxx Xxxxxx Diversified Income Trust
17. Xxxxxx Xxxxxxx Xxxx Xxxxxx Dividend Growth Securities Inc.
18. Xxxxxx Xxxxxxx Xxxx Xxxxxx Equity Fund
19. Xxxxxx Xxxxxxx Xxxx Xxxxxx European Growth Fund Inc.
20. Xxxxxx Xxxxxxx Xxxx Xxxxxx Federal Securities Trust
21. Xxxxxx Xxxxxxx Xxxx Xxxxxx Financial Services Trust
22. Xxxxxx Xxxxxxx Xxxx Xxxxxx Fund of Funds
(i) Domestic Portfolio
(ii) International Portfolio
23. Xxxxxx Xxxxxxx Xxxx Xxxxxx Global Dividend Growth Securities
Xxxxxx Xxxxxxx Xxxx Xxxxxx Global Short-Term Income Fund
24. Inc.
25. Xxxxxx Xxxxxxx Xxxx Xxxxxx Global Utilities Fund
26. Xxxxxx Xxxxxxx Xxxx Xxxxxx Growth Fund
27. Xxxxxx Xxxxxxx Xxxx Xxxxxx Hawaii Municipal Trust
28. Xxxxxx Xxxxxxx Xxxx Xxxxxx Health Sciences Trust
29. Xxxxxx Xxxxxxx Xxxx Xxxxxx High Yield Securities Inc.
30. Xxxxxx Xxxxxxx Xxxx Xxxxxx Income Builder Fund
31. Xxxxxx Xxxxxxx Xxxx Xxxxxx Information Fund
32. Xxxxxx Xxxxxxx Xxxx Xxxxxx Intermediate Income Securities
Xxxxxx Xxxxxxx Xxxx Xxxxxx Intermediate Term U.S. Treasury
33. Trust
34. Xxxxxx Xxxxxxx Xxxx Xxxxxx International SmallCap Fund
35. Xxxxxx Xxxxxxx Xxxx Xxxxxx Japan Fund
36. Xxxxxx Xxxxxxx Xxxx Xxxxxx Limited Term Municipal Trust
37. Xxxxxx Xxxxxxx Xxxx Xxxxxx Liquid Asset Fund Inc.
38. Xxxxxx Xxxxxxx Xxxx Xxxxxx Market Leader Trust
Xxxxxx Xxxxxxx Xxxx Xxxxxx Mid-Cap Dividend Growth
39. Securities
40. Xxxxxx Xxxxxxx Xxxx Xxxxxx Mid-Cap Growth Fund
Xxxxxx Xxxxxxx Xxxx Xxxxxx Multi-State Municipal Series
41. Trust
Xxxxxx Xxxxxxx Xxxx Xxxxxx Natural Resource Development
42. Securities Inc.
Xxxxxx Xxxxxxx Xxxx Xxxxxx New York Municipal Money Market
43. Trust
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44. Xxxxxx Xxxxxxx Xxxx Xxxxxx New York Tax-Free Income Fund
45. Xxxxxx Xxxxxxx Xxxx Xxxxxx Pacific Growth Fund Inc.
46. Xxxxxx Xxxxxxx Xxxx Xxxxxx Xxxxxxxx Metals and Minerals Trust
47. Xxxxxx Xxxxxxx Xxxx Xxxxxx Select Dimensions Investment Series
(i) American Value Portfolio
(ii) Balanced Growth Portfolio
(iii) Developing Growth Portfolio
(iv) Diversified Income Portfolio
(v) Dividend Growth Portfolio
(vi) Emerging Markets Portfolio
(vii) Global Equity Portfolio
(viii) Growth Portfolio
(ix) Mid-Cap Growth Portfolio
(x) Money Market Portfolio
(xi) North American Government Securities Portfolio
(xii) Utilities Portfolio
(xiii) Value-Added Market Portfolio
Xxxxxx Xxxxxxx Xxxx Xxxxxx Select Municipal Reinvestment
48. Fund
Xxxxxx Xxxxxxx Xxxx Xxxxxx U.S. Government Money Market
49. Trust
50. Xxxxxx Xxxxxxx Xxxx Xxxxxx Utilities Fund
51. Xxxxxx Xxxxxxx Xxxx Xxxxxx Short-Term Bond Fund
52. Xxxxxx Xxxxxxx Xxxx Xxxxxx Short-Term U.S. Treasury Trust
53. Xxxxxx Xxxxxxx Xxxx Xxxxxx Special Value Fund
54. Xxxxxx Xxxxxxx Xxxx Xxxxxx Strategist Fund
55. Xxxxxx Xxxxxxx Xxxx Xxxxxx S&P 500 Index Fund
56. Xxxxxx Xxxxxxx Xxxx Xxxxxx S&P 500 Select Fund
57. Xxxxxx Xxxxxxx Xxxx Xxxxxx Tax-Exempt Securities Trust
58. Xxxxxx Xxxxxxx Xxxx Xxxxxx Tax-Free Daily Income Trust
59. Xxxxxx Xxxxxxx Xxxx Xxxxxx U.S. Government Securities Trust
60. Xxxxxx Xxxxxxx Xxxx Xxxxxx Value Fund
61. Xxxxxx Xxxxxxx Xxxx Xxxxxx Value-Added Market Series
62. Xxxxxx Xxxxxxx Xxxx Xxxxxx Variable Investment Series
(i) Capital Appreciation Portfolio
(ii) Capital Growth Portfolio
(iii) Competitive Edge "Best Ideas" Portfolio
(iv) Dividend Growth Portfolio
(v) Equity Portfolio
(vi) European Growth Portfolio
(vii) Global Dividend Growth Portfolio
(viii) High Yield Portfolio
(ix) Income Builder Portfolio
(x) Money Market Portfolio
(xi) Quality Income Plus Portfolio
(xii) Pacific Growth Portfolio
(xiii) S&P 500 Index Portfolio
(xiv) Strategist Portfolio
(xv) Utilities Portfolio
63. Xxxxxx Xxxxxxx Xxxx Xxxxxx World Wide Income Trust
64. Xxxxxx Xxxxxxx Xxxx Xxxxxx Worldwide High Income Fund
65. Xxxx Xxxxxx Global Asset Allocation Fund
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CLOSED-END FUNDS
64. High Income Advantage Trust
65. High Income Advantage Trust II
66. High Income Advantage Trust III
67. InterCapital Income Securities Inc.
68. Xxxx Xxxxxx Government Income Trust
69. InterCapital Insured Municipal Bond Trust
70. InterCapital Insured Municipal Trust
71. InterCapital Insured Municipal Income Trust
72. InterCapital California Insured Municipal Income Trust
73. InterCapital Insured Municipal Securities
74. InterCapital Insured California Municipal Securities
75. InterCapital Quality Municipal Investment Trust
76. InterCapital Quality Municipal Income Trust
77. InterCapital Quality Municipal Securities
78. InterCapital California Quality Municipal Securities
79. InterCapital New York Quality Municipal Securities
A-3
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SCHEDULE B
XXXXXX XXXXXXX XXXX XXXXXX SERVICES COMPANY INC.
SCHEDULE OF ADMINISTRATIVE FEES
AS AMENDED AS OF JULY 22, 1998
Monthly compensation calculated daily by applying the following annual
rates to a fund's daily net assets:
FIXED INCOME FUNDS
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Balanced
Income Fund 0.060% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
California Tax-Free Income
Fund 0.055% of the portion of the daily net assets
not exceeding $500 million; 0.0525% of the
portion of the daily net assets exceeding
$500 million but not exceeding $750 million;
0.050% of the portion of the daily net assets
exceeding $750 million but not exceeding $1
billion; 0.0475% of the portion of the daily
net assets exceeding $1 billion but not
exceeding $1.25 billion; and 0.045% of the
portion of the daily net assets exceeding
$1.25 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Convertible Securities Trust 0.060% of the portion of the daily net assets
not exceeding $750 million; 0.055% of the
portion of the daily net assets exceeding
$750 million but not exceeding $1 billion;
0.050% of the portion of the daily net assets
of the exceeding $1 billion but not exceeding
$1.5 billion; 0.0475% of the portion of the
daily net assets exceeding $1.5 billion but
not exceeding $2 billion; 0.045% of the
portion of the daily net assets exceeding $2
billion but not exceeding $3 billion; and
0.0425% of the portion of the daily net
assets exceeding $3 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Diversified Income Trust 0.040% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Federal
Securities Trust 0.055% of the portion of the daily net assets
not exceeding $1 billion; 0.0525% of the
portion of the daily net assets exceeding $1
billion but not exceeding $1.5 billion;
0.050% of the portion of the daily net assets
exceeding $1.5 billion but not exceeding $2
billion; 0.0475% of the portion of the daily
net assets exceeding $2 billion but not
exceeding $2.5 billion; 0.045% of the portion
of the daily net assets exceeding $2.5
billion but not exceeding $5 billion; 0.0425%
of the portion of the daily net assets
exceeding $5 billion but not exceeding $7.5
billion; 0.040% of the portion of the daily
net assets exceeding $7.5 billion but not
exceeding $10 billion; 0.0375% of the portion
of the daily net assets exceeding $10 billion
but not exceeding $12.5 billion; and 0.035%
of the portion of the daily net assets
exceeding $12.5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Global
Short-Term Income Fund Inc. 0.055% of the portion of the daily net assets
not exceeding $500 million; and 0.050% of the
portion of the daily net assets exceeding
$500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Hawaii
Municipal Trust 0.035% of the daily net assets.
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Xxxxxx Xxxxxxx Xxxx Xxxxxx High
Yield Securities Inc. 0.050% of the portion of the daily net assets
not exceeding $500 million; 0.0425% of the
portion of the daily net assets exceeding
$500 million but not exceeding $750 million;
0.0375% of the portion of the daily net
assets exceeding $750 million but not
exceeding $1 billion; 0.035% of the portion
of the daily net assets exceeding $1 billion
but not exceeding $2 billion; 0.0325% of the
portion of the daily net assets exceeding $2
billion but not exceeding $3 billion; and
0.030% of the portion of daily net assets
exceeding $3 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Intermediate Income
Securities 0.060% of the portion of the daily net assets
not exceeding $500 million; 0.050% of the
portion of the daily net assets exceeding
$500 million but not exceeding $750 million;
0.040% of the portion of the daily net assets
exceeding $750 million but not exceeding $1
billion; and 0.030% of the portion of the
daily net assets exceeding $1 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Intermediate Term
U.S. Treasury Trust 0.035% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Limited
Term Municipal Trust 0.050% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Multi-State Municipal Series
Trust
(10 Series) 0.035% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx New
York
Tax-Free Income Fund 0.055% of the portion of the daily net assets
not exceeding $500 million; and 0.0525% of
the portion of the daily net assets exceeding
$500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Retirement
Series -- Intermediate
Income Securities Series 0.065% of the daily net assets.
U.S. Government Securities
Series 0.065% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Select
Dimensions Investment
Series --
North American Government
Securities Portfolio 0.039% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Select
Municipal Reinvestment Fund 0.050% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Short-Term Bond Fund 0.070% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Short-Term U.S. Treasury
Trust 0.035% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Tax-Exempt Securities Trust 0.050% of the portion of the daily net assets
not exceeding $500 million; 0.0425% of the
portion of the daily net assets exceeding
$500 million but not exceeding $750 million;
0.0375% of the portion of the daily net
assets exceeding $750 million but not
exceeding $1 billion; and 0.035% of the
portion of the daily net assets exceeding $1
billion but not exceeding $1.25 billion;
.0325% of the portion of the daily net assets
exceeding $1.25 billion.
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Xxxxxx Xxxxxxx Xxxx Xxxxxx
U.S. Government Securities
Trust 0.050% of the portion of the daily net assets
not exceeding $1 billion; 0.0475% of the
portion of the daily net assets exceeding $1
billion but not exceeding $1.5 billion;
0.045% of the portion of the daily net assets
exceeding $1.5 billion but not exceeding $2
billion; 0.0425% of the portion of the daily
net assets exceeding $2 billion but not
exceeding $2.5 billion; 0.040% of the portion
of the daily net assets exceeding $2.5
billion but not exceeding $5 billion; 0.0375%
of the portion of the daily net assets
exceeding $5 billion but not exceeding $7.5
billion; 0.035% of the portion of the daily
net assets exceeding $7.5 billion but not
exceeding $10 billion; 0.0325% of the portion
of the daily net assets exceeding $10 billion
but not exceeding $12.5 billion; and 0.030%
of the portion of the daily net assets
exceeding $12.5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Variable
Investment Series --
High Yield Portfolio 0.050% of the portion of the daily net assets
not exceeding $500 million; and 0.0425% of
the daily net assets exceeding $500 million.
Quality Income Plus Portfolio 0.050% of the portion of the daily the net
assets up to $500 million; and 0.045% of the
portion of the daily net assets exceeds $500
million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
World
Wide Income Trust 0.075% of the portion of the daily net assets
up to $250 million; 0.060% of the portion of
the daily net assets exceeding $250 million
but not exceeding $500 million; 0.050% of the
portion of the daily net assets of the
exceeding $500 million but not exceeding $750
million; 0.040% of the portion of the daily
net assets exceeding $750 million but not
exceeding $1 billion; and 0.030% of the
portion of the daily net assets exceeding $1
billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Worldwide High Income Fund 0.060% of the daily net assets.
EQUITY FUNDS
Xxxxxx Xxxxxxx Xxxx Xxxxxx
American
Value Fund 0.0625% of the portion of the daily net
assets not exceeding $250 million; 0.050% of
the portion of the daily net assets exceeding
$250 million but not exceeding $2.25 billion;
0.0475% of the portion of the daily net
assets exceeding $2.25 billion but not
exceeding $3.5 billion; 0.0450% of the
portion of the daily net assets exceeding 3.5
billion but not exceeding 4.5 billion; and
0.0425% of the portion of the daily net
assets exceeding $4.5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Balanced
Growth Fund 0.060% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Capital
Appreciation Fund 0.075% of the portion of the daily net assets
not exceeding $500 million; and 0.0725% of
the portion of the daily net assets exceeding
$500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Capital
Growth Securities 0.065% of the portion of the daily net assets
not exceeding $500 million; 0.055% of the
portion exceeding $500 million but not
exceeding $1 billion; 0.050% of the portion
of the daily net assets exceeding $1 billion
but not exceeding $1.5 billion;
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and 0.0475% of the portion of the daily net
assets exceeding $1.5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Competitive Edge Fund,
"Best Ideas" Portfolio 0.065% of the portion of the daily net assets
not exceeding $1.5 billion; and 0.0625% of
the portion of the daily net assets exceeding
$1.5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Developing Growth Securities
Trust 0.050% of the portion of the daily net assets
not exceeding $500 million; and 0.0475% of
the portion of the daily net assets exceeding
$500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Dividend
Growth Securities Inc. 0.0625% of the portion of the daily net
assets not exceeding $250 million; 0.050% of
the portion of the daily net assets exceeding
$250 million but not exceeding $1 billion;
0.0475% of the portion of the daily net
assets exceeding $1 billion but not exceeding
$2 billion; 0.045% of the portion of the
daily net assets exceeding $2 billion but not
exceeding $3 billion; 0.0425% of the portion
of the daily net assets exceeding $3 billion
but not exceeding $4 billion; 0.040% of the
portion of the daily net assets exceeding $4
billion but not exceeding $5 billion; 0.0375%
of the portion of the daily net assets
exceeding $5 billion but not exceeding $6
billion; 0.035% of the portion of the daily
net assets exceeding $6 billion but not
exceeding $8 billion; 0.0325% of the portion
of the daily net assets exceeding $8 billion
but not exceeding $10 billion; 0.030% of the
portion of the daily net assets exceeding $10
billion but not exceeding $15 billion; and
0.0275% of the portion of the daily net
assets exceeding $15 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Equity Fund 0.051% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
European Growth Fund Inc. 0.060% of the portion of the daily net assets
not exceeding $500 million; 0.057% of the
portion of the daily net assets exceeding
$500 million but not exceeding $2 billion;
and 0.054% of the portion of the daily net
assets exceeding $2 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Financial Services Trust 0.075% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx Fund
of Funds --
Domestic Portfolio
None
International Portfolio None
Xxxx Xxxxxx Global Asset
Allocation
Fund 0.070% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Global
Dividend Growth Securities 0.075% of the portion of the daily net assets
not exceeding $1 billion; 0.0725% of the
portion of the daily net assets exceeding $1
billion but not exceeding $1.5 billion;
0.070% of the portion of the daily net assets
exceeding $1.5 billion but not exceeding $2.5
billion; 0.0675% of the portion of the daily
net assets exceeding $2.5 billion but not
exceeding $3.5 billion; 0.0650% of the
portion of the daily net assets exceeding
$3.5 billion but not exceeding $4.5 billion;
and 0.0625% of the portion of the daily net
assets exceeding $4.5 billion.
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Xxxxxx Xxxxxxx Xxxx Xxxxxx
Global
Utilities Fund 0.065% of the portion of the daily net assets
not exceeding $500 million; and 0.0625% of
the portion of the daily net assets exceeding
$500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Growth Fund 0.048% of the portion of daily net assets not
exceeding $750 million; 0.045% of the portion
of daily net assets exceeding $750 million
but not exceeding $1.5 billion; and 0.042% of
the portion of daily net assets exceeding
$1.5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Health
Sciences Trust 0.10% of the portion of daily net assets not
exceeding $500 million; and 0.095% of the
portion of daily net assets exceeding $500
million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Income
Builder Fund 0.075% of the portion of the net assets not
exceeding $500 million; and 0.0725% of the
portion of daily net assets exceeding $500
million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Information Fund 0.075% of the portion of the daily net assets
not exceeding $500 million; and 0.0725% of
the portion of the daily net assets exceeding
$500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
International SmallCap Fund 0.075% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Japan Fund 0.060% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Market
Leader Trust 0.075% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Mid-Cap
Dividend Growth Securities 0.075 of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Mid-Cap
Growth Fund 0.075% of the portion of the daily net assets
not exceeding $500 million; and 0.0725% of
the portion of the daily net assets exceeding
$500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Natural
Resource Development
Securities
Inc. 0.0625% of the portion of the daily net
assets not exceeding $250 million and 0.050%
of the portion of the daily net assets
exceeding $250 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Pacific
Growth Fund Inc. 0.060% of the portion of the daily net assets
not exceeding $1 billion; 0.057% of the
portion of the daily net assets exceeding $1
billion but not exceeding $2 billion; and
0.054% of the portion of the daily net assets
exceeding $2 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Xxxxxxxx
Metals and Minerals Trust 0.080% of the daily net assets.
Xxxx Xxxxxx Retirement
Series --
American Value Series
0.085% of the daily net assets.
Capital Growth Series 0.085% of the daily net assets.
Dividend Growth Series 0.075% of the daily net assets.
Global Equity Series 0.10% of the daily net assets.
Strategist Series 0.085% of the daily net assets.
Utilities Series 0.075% of the daily net assets.
B-5
12
Value Added Market Series 0.050% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Select
Dimensions Investment
Series --
American Value Portfolio 0.0625% of the daily net assets.
Balanced Growth Portfolio 0.065% of the daily net assets.
Developing Growth Portfolio 0.050% of the daily net assets.
Diversified Income Portfolio 0.040% of the daily net assets.
Dividend Growth Portfolio 0.0625% of the portion of the daily net
assets not exceeding $500 million; and 0.050%
of the portion of the daily net assets
exceeding $500 million.
Emerging Markets Portfolio 0.075% of the daily net assets.
Global Equity Portfolio 0.10% of the daily net assets.
Growth Portfolio 0.048% of the daily net assets.
Mid-Cap Growth Portfolio 0.075% of the daily net assets
Utilities Portfolio 0.065% of the daily net assets.
Value-Added Market Portfolio 0.050% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Special
Value Fund 0.075% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Strategist Fund 0.060% of the portion of the daily net assets
not exceeding $500 million; 0.055% of the
portion of the daily net assets exceeding
$500 million but not exceeding $1 billion;
0.050% of the portion of the daily net assets
exceeding $1 billion but not exceeding $1.5
billion; 0.0475% of the portion of the daily
net assets exceeding $1.5 billion but not
exceeding $2.0 billion; and 0.045% of the
portion of the daily net assets exceeding
$2.0 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx S&P
500
Index Fund 0.040% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx S&P
500
Select Fund 0.060% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Utilities Fund 0.065% of the portion of the daily net assets
not exceeding $500 million; 0.055% of the
portion of the daily net assets exceeding
$500 million but not exceeding $1 billion;
0.0525% of the portion of the daily net
assets exceeding $1 billion but not exceeding
$1.5 billion; 0.050% of the portion of the
daily net assets exceeding $1.5 billion but
not exceeding $2.5 billion; 0.0475% of the
portion of the daily net assets exceeding
$2.5 billion but not exceeding $3.5 billion;
0.045% of the portion of the daily net assets
exceeding $3.5 but not exceeding $5 billion;
and 0.0425% of the daily net assets exceeding
$5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Value Fund 0.10% of the daily net asset.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Value-Added Market Series 0.050% of the portion of the daily net assets
not exceeding $500 million; 0.45% of the
portion of the daily net assets
B-6
13
exceeding $500 million but not exceeding $1
billion; 0.0425% of the portion of the daily
net assets exceeding $1.0 billion but not
exceeding $2.0 billion; and 0.040% of the
portion of the daily net assets exceeding $2
billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Variable
Investment Series --
Capital Appreciation
Portfolio
0.075% of the daily net assets.
Capital Growth Portfolio 0.065% of the daily net assets.
Competitive Edge "Best Ideas"
Portfolio 0.065% of the daily net assets.
Dividend Growth Portfolio 0.0625% of the portion of the daily net
assets not exceeding $500 million; and 0.050%
of the portion of the daily net assets
exceeding $500 million but not exceeding $1
billion; 0.0475% of the portion of the daily
net assets exceeding $1.0 billion but not
exceeding $2.0 billion; and 0.045% of the
portion of the daily net assets exceeding $2
billion.
Equity Portfolio 0.050% of the net assets of the portion of
the daily net assets not exceeding $1
billion; and 0.0475% of the portion of the
daily net assets exceeding $1 billion.
European Growth Portfolio 0.060% of the portion of the daily net assets
not exceeding $500 million; and 0.057% of the
portion of the daily net assets exceeding
$500 million.
Income Builder Portfolio 0.075% of the daily net assets.
S&P 500 Index Portfolio 0.040% of the daily net assets.
Strategist Portfolio 0.050% of the daily net assets.
Utilities Portfolio 0.065% of the portion of the daily net assets
not exceeding $500 million and 0.055% of the
portion of the daily net assets exceeding
$500 million.
MONEY MARKET FUNDS
Active Assets Trusts:
(1) Active Assets Money Trust
(2) Active Assets Tax-Free
Trust
(3) Active Assets California
Tax-Free Trust
(4) Active Assets Government
Securities Trust
0.050% of the portion of the daily net assets
not exceeding $500 million; 0.0425% of the
portion of the daily net assets exceeding
$500 million but not exceeding $750 million;
0.0375% of the portion of the daily net
assets exceeding $750 million but not
exceeding $1 billion; 0.035% of the portion
of the daily net assets exceeding $1 billion
but not exceeding $1.5 billion; 0.0325% of
the portion of the daily net assets exceeding
$1.5 billion but not exceeding $2 billion;
0.030% of the portion of the daily net assets
exceeding $2 billion but not exceeding $2.5
billion; 0.0275% of the portion of the daily
net assets exceeding $2.5 billion but not
exceeding $3 billion; and 0.025% of the
portion of the daily net assets exceeding $3
billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
California Tax-Free Daily
Income Trust 0.050% of the portion of the daily net assets
not exceeding $500 million; 0.0425% of the
portion of the daily net assets exceeding
$500 million but not exceeding $750 million;
B-7
14
0.0375% of the portion of the daily net
assets exceeding $750 million but not
exceeding $1 billion; 0.035% of the portion
of the daily net assets exceeding $1 billion
but not exceeding $1.5 billion; 0.0325% of
the portion of the daily net assets exceeding
$1.5 billion but not exceeding $2 billion;
0.030% of the portion of the daily net assets
exceeding $2 billion but not exceeding $2.5
billion; 0.0275% of the portion of the daily
net assets exceeding $2.5 billion but not
exceeding $3 billion; and 0.025% of the
portion of the daily net assets exceeding $3
billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Liquid
Asset Fund Inc. 0.050% of the portion of the daily net assets
not exceeding $500 million; 0.0425% of the
portion of the daily net assets exceeding
$500 million but not exceeding $750 million;
0.0375% of the portion of the daily net
assets exceeding $750 million but not
exceeding $1 billion; 0.035% of the portion
of the daily net assets exceeding $1 billion
but not exceeding $1.35 billion; 0.0325% of
the portion of the daily net assets exceeding
$1.35 billion but not exceeding $1.75
billion; 0.030% of the portion of the daily
net assets exceeding $1.75 billion but not
exceeding $2.15 billion; 0.0275% of the
portion of the daily net assets exceeding
$2.15 billion but not exceeding $2.5 billion;
0.025% of the portion of the daily net assets
exceeding $2.5 billion but not exceeding $15
billion; 0.0249% of the portion of the daily
net assets exceeding $15 billion but not
exceeding $17.5 billion; and 0.0248% of the
portion of the daily net assets exceeding
$17.5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx New
York
Municipal Money Market Trust 0.050% of the portion of the daily net assets
not exceeding $500 million; 0.0425% of the
portion of the daily net assets exceeding
$500 million but not exceeding $750 million;
0.0375% of the portion of the daily net
assets exceeding $750 million but not
exceeding $1 billion; 0.035% of the portion
of the daily net assets exceeding $1 billion
but not exceeding $1.5 billion; 0.0325% of
the portion of the daily net assets exceeding
$1.5 billion but not exceeding $2 billion;
0.030% of the portion of the daily net assets
exceeding $2 billion but not exceeding $2.5
billion; 0.0275% of the portion of the daily
net assets exceeding $2.5 billion but not
exceeding $3 billion; and 0.025% of the
portion of the daily net assets exceeding $3
billion.
Xxxx Xxxxxx Retirement
Series --
Liquid Asset Series
0.050% of the daily net assets.
U.S. Government Money
Market Series
0.050% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Select
Dimensions Investment
Series --
Money Market Portfolio 0.050% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Tax-Free
Daily Income Trust 0.050% of the portion of the daily net assets
not exceeding $500 million; 0.0425% of the
portion of the daily net assets exceeding
$500 million but not exceeding $750 million;
0.0375% of the portion of the daily net
assets exceeding $750 million but not
exceeding $1 billion; 0.035% of the por-
B-8
15
tion of the daily net assets exceeding $1
billion but not exceeding $1.5 billion;
0.0325% of the portion of the daily net
assets exceeding $1.5 billion but not
exceeding $2 billion; 0.030% of the portion
of the daily net assets exceeding $2 billion
but not exceeding $2.5 billion; 0.0275% of
the portion of the daily net assets exceeding
$2.5 billion but not exceeding $3 billion;
and 0.025% of the portion of the daily net
assets exceeding $3 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
U.S. Government Money
Market Trust 0.050% of the portion of the daily net assets
not exceeding $500 million; 0.0425% of the
portion of the daily net assets exceeding
$500 million but not exceeding $750 million;
0.0375% of the portion of the daily net
assets exceeding $750 million but not
exceeding $1 billion; 0.035% of the portion
of the daily net assets exceeding $1 billion
but not exceeding $1.5 billion; 0.0325% of
the portion of the daily net assets exceeding
$1.5 billion but not exceeding $2 billion;
0.030% of the portion of the daily net assets
exceeding $2 billion but not exceeding $2.5
billion; 0.0275% of the portion of the daily
net assets exceeding $2.5 billion but not
exceeding $3 billion; and 0.025% of the
portion of the daily net assets exceeding $3
billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Variable
Investment Series --
Money Market Portfolio 0.050% of the daily net assets.
Monthly compensation calculated weekly by applying the following annual
rates to a fund's weekly net assets:
CLOSED-END FUNDS
Xxxx Xxxxxx Government Income
Trust 0.060% of the average weekly net assets.
High Income Advantage Trust 0.075% of the portion of the average weekly
net assets not exceeding $250 million; 0.060%
of the portion of average weekly net assets
exceeding $250 million and not exceeding $500
million; 0.050% of the portion of average
weekly net assets exceeding $500 million and
not exceeding $750 million; 0.040% of the
portion of average weekly net assets
exceeding $750 million and not exceeding $1
billion; and 0.030% of the portion of average
weekly net assets exceeding $1 billion.
High Income Advantage Trust II 0.075% of the portion of the average weekly
net assets not exceeding $250 million; 0.060%
of the portion of average weekly net assets
exceeding $250 million and not exceeding $500
million; 0.050% of the portion of average
weekly net assets exceeding $500 million and
not exceeding $750 million; 0.040% of the
portion of average weekly net assets
exceeding $750 million and not exceeding $1
billion; and 0.030% of the portion of average
weekly net assets exceeding $1 billion.
High Income Advantage Trust III 0.075% of the portion of the average weekly
net assets not exceeding $250 million; 0.060%
of the portion of average weekly net assets
exceeding $250 million and not exceeding
B-9
16
$500 million; 0.050% of the portion of
average weekly net assets exceeding $500
million and not exceeding $750 million;
0.040% of the portion of the average weekly
net assets exceeding $750 million and not
exceeding $1 billion; and 0.030% of the
portion of average weekly net assets
exceeding $1 billion.
InterCapital Income Securities
Inc. 0.050% of the average weekly net assets.
InterCapital Insured Municipal
Bond Trust 0.035% of the average weekly net assets.
InterCapital Insured Municipal
Trust 0.035% of the average weekly net assets.
InterCapital Insured Municipal
Income Trust 0.035% of the average weekly net assets.
InterCapital California Insured
Municipal Income Trust 0.035% of the average weekly net assets.
InterCapital Quality Municipal
Investment Trust 0.035% of the average weekly net assets.
InterCapital New York Quality
Municipal Securities 0.035% of the average weekly net assets.
InterCapital Quality Municipal
Income Trust 0.035% of the average weekly net assets.
InterCapital Quality Municipal
Securities 0.035% of the average weekly net assets.
InterCapital California Quality
Municipal Securities 0.035% of the average weekly net assets.
InterCapital Insured Municipal
Securities 0.035% of the average weekly net assets.
InterCapital Insured California
Municipal Securities 0.035% of the average weekly net assets.
B-10
