EXHIBIT (k)(2)
FUND ACCOUNTING AGREEMENT
THIS AGREEMENT, dated May 31, 1997, by and between the parties set
forth in Schedule A hereto (designated collectively hereafter as the "Funds")
and XXX XXXXXX AMERICAN CAPITAL INVESTMENT ADVISORY CORP., a Delaware
corporation ("Advisory Corp.").
W I T N E S S E T H:
WHEREAS, each of the Funds is registered as a management investment
company under the Investment Company Act of 1940, as amended (the "1940 Act");
and
WHEREAS, Advisory Corp. has the capability of providing certain
accounting services to the Funds; and
WHEREAS, each desires to utilized Advisory Corp. in the provision of
such accounting services; and
WHEREAS, Advisory Corp. intends to maintain its staff in order to
accommodate the provision of all such services.
NOW THEREFORE, in consideration of the premises and the mutual
covenants spelled out herein, it is agreed between the parties hereto as
follows:
1. Appointment of Advisory Corp.. As agent, Advisory Corp. shall provide
each of the Funds the accounting services ("Accounting Services") as set forth
in Paragraph 2 of this Agreement. Advisory Corp. accepts such appointment and
agrees to furnish the Accounting Services in return for the compensation
provided in Paragraph 3 of this Agreement.
2. Accounting Services to be Provided. Advisory Corp. will provide to each
respective Fund accounting related services in connection with the maintenance
of the financial records of such Fund, including without limitation: (i)
maintenance of the general ledger and other financial books and records; (ii)
processing of portfolio transactions; (iii) coordination of the valuation of
portfolio securities; (iv) calculation of the Fund's net asset value; (v)
coordination of financial and regulatory reporting; (vi) preparation of
financial reports for each Fund's Board of Trustees; (vii) coordination of tax
and financial compliance issues; (viii) the establishment and maintenance of
accounting policies; (ix) recommendations with respect to dividend policies; (x)
preparation of each Fund's financial reports and other accounting and tax
related notice information to shareholders; and (xi) the assimilation and
interpretation of accounting data for meaningful management review. Advisory
Corp. shall provide accurate maintenance of each Fund's financial books and
records as required by the applicable securities statutes and regulations, and
shall hire persons (collectively the "Accounting Service Group") as needed to
provide such Accounting Services.
3. Expenses and Reimbursements. Advisory Corp. shall be reimbursed by the
Funds for all costs and services incurred in connection with the provision of
the aforementioned Accounting Services ("Accounting Service Expenses"),
including but not limited to all salary and related benefits paid to the
personnel of the Accounting Service Group, overhead and expenses related to
office space and related equipment and out-of-pocket expenses.
The Accounting Services Expenses will be paid by Advisory Corp. and
reimbursed by the Funds. Advisory Corp. will tender to each Fund a monthly
invoice as of the last business day of each month which shall certify the total
support service expenses expended. Except as provided herein, Advisory
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Corp. will receive no other compensation in connection with Accounting Services
rendered in accordance with this Agreement.
4. Payment for Accounting Service Expenses Among the Funds. As to one
quarter (25%) of the Accounting Service Expenses incurred under the Agreement,
the expense shall be allocated between all Funds based on the number of classes
of shares of beneficial interest that each respective Fund has issued. As to the
remaining three quarters (75%) of the Accounting Service Expenses incurred under
the Agreement, the expense shall be allocated between all Funds based on their
relative net assets. For purposes of determining the percentage of expenses to
be allocated to any Fund, the liquidation preference of any preferred shares
issued by any such Fund shall not be considered a liability of such Fund for the
purposes of calculating relative net assets of such Fund.
5. Maintenance of Records. All records maintained by Advisory Corp. in
connection with the performance of its duties under this Agreement will remain
the property of each respective Fund and will be preserved by Advisory Corp. for
the periods prescribed in Section 31 of the 1940 Act and the rules thereunder or
such other applicable rules that may be adopted from time to time under the act.
In the event of termination of the Agreement, such records will be promptly
delivered to the respective Funds. Such records may be inspected by the
respective Funds at reasonable times.
6. Liability of Advisory Corp. Advisory Corp. shall not be liable to any
Fund for any action taken or thing done by it or its agents or contractors on
behalf of the fund in carrying out the terms and provisions of the Agreement if
done in good faith and without gross negligence or misconduct on the part of
Advisory Corp., its agents or contractors.
7. Indemnification By Funds. Each Fund will indemnify and hold Advisory
Corp. harmless from all lost, cost, damage and expense, including reasonable
expenses for legal counsel, incurred by Advisory Corp. resulting from: (a) any
claim, demand, action or suit in connection with Advisory Corp.'s acceptance of
this Agreement; (b) any action or omission by Advisory Corp. in the performance
of its duties hereunder; (c) Advisory Corp.'s acting upon instructions believed
by it to have been executed by a duly authorized officer of the Fund; or (d)
Advisory Corp.'s acting upon information provided by the Fund in form and under
policies agreed to by Advisory Corp. and the Fund. Advisory Corp. shall not be
entitled to such indemnification in respect of actions or omissions constituting
gross negligence or willful misconduct of Advisory Corp. or its agents or
contractors. Prior to confessing any claim against it which may be subject to
this indemnification, Advisory Corp. shall give the Fund reasonable opportunity
to defend against said claim in its own name or in the name of Advisory Corp.
8. Indemnification By Advisory Corp. Advisory Corp. will indemnify and
hold harmless each Fund from all loss, cost, damage and expense, including
reasonable expenses for legal counsel, incurred by the Fund resulting from any
claim, demand, action or suit arising out of Advisory Corp.'s failure to comply
with the terms of this Agreement or which arises out of the gross negligence or
willful misconduct of Advisory Corp. or its agents or contractors; provided that
such negligence or misconduct is not attributable to the Funds, their agents or
contractors. Prior to confessing any claim against it which may be subject to
this indemnification, the Fund shall give Advisory Corp. reasonable opportunity
to defend against said claim in its own name or in the name of such Fund.
9. Further Assurances. Each party agrees to perform such further acts and
execute such further documents as are necessary to effectuate the purposes
hereof.
10. Dual Interests. It is understood that some person or persons may be
directors, trustees, officers or shareholders of both the Funds and Advisory
Corp. (including Advisory Corp.'s affiliates), and that the existence of any
such dual interest shall not affect the validity hereof or of any transactions
hereunder except as otherwise provided by a specific provision of applicable
law.
11. Execution, Amendment and Termination. The term of this Agreement shall
begin as of the date first above written, and unless sooner terminated as herein
provided, this Agreement shall remain in
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effect through May, 1998, and thereafter from year to year, if such continuation
is specifically approved at least annually by the Board of Trustees of each
Fund, including a majority of the independent Trustees of each Fund. This
Agreement may be modified or amended from time to time by mutual agreement
between the parties hereto and may be terminated after May, 1998, by at least
sixty (60) days' written notice given by one party to the others. Upon
termination hereof, each Fund shall pay to Advisory Corp. such compensation as
may be due as of the date of such termination and shall likewise reimburse
Advisory Corp. for its costs, expenses and disbursements payable under this
Agreement to such date. This Agreement may be amended in the future to include
as additional parties to the Agreement other investment companies for with
Advisory Corp., any subsidiary or affiliate serves as investment advisor or
distributor if such amendment is approved by the President of each Fund.
12. Assignment. Any interest of Advisory Corp. under this Agreement shall
not be assigned or transferred, either voluntarily or involuntarily, by
operation of law or otherwise, without the prior written consent of the Funds.
This Agreement shall automatically and immediately terminate in the event of its
assignment without the prior written consent of the Funds.
13. Notice. Any notice under this Agreement shall be in writing, addressed
and delivered or sent by registered or certified mail, postage prepaid, to the
other party at such address as such other party may designate for the receipt of
such notices. Until further notice to the other parties, it is agreed that for
this purpose the address of each Fund is Xxx Xxxxxxxx Xxxxx, Xxxxxxxx Xxxxxxx,
Xxxxxxxx 00000, Attention: President and that of Advisory Corp. for this purpose
is Xxx Xxxxxxxx Xxxxx, Xxxxxxxx Xxxxxxx, Xxxxxxxx 00000, Attention: President.
14. Personal Liability. As provided for in the Agreement and Declaration of
Trust of the various Funds, under which the Funds are organized as
unincorporated trusts, the shareholders, trustees, officers, employees and other
agents of the Fund shall not personally be found by or liable for the matters
set forth hereto, nor shall resort be had to their private property for the
satisfaction of any obligation or claim hereunder.
15. Interpretative Provisions. In connection with the operation of this
Agreement, Advisory Corp. and the Funds may agree from time to time on such
provisions interpretative of or in addition to the provisions of this Agreement
as may in their joint opinion be consistent with the general tenor of this
Agreement.
16. State Law. This Agreement shall be construed and enforced in accordance
with and governed by the laws of the State of Illinois.
17. Captions. The captions in this Agreement are included for convenience
of reference only and in no way define or limit any of the provisions hereof or
otherwise affect their construction or effect.
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IN WITNESS WHEREOF, the parties have caused this amended and restated
Agreement to be executed as of the day and year first above written.
ALL OF THE PARTIES SET FORTH IN SCHEDULE A
By: /s/ Xxxxxx X. Xxxxxx
------------------------------------
Xxxxxx X. Xxxxxx, Vice President
XXX XXXXXX AMERICAN CAPITAL INVESTMENT ADVISORY CORP.
By: /s/ Xxxxxx X. XxXxxxxxx
------------------------------------
Xxxxxx X. XxXxxxxxx, President
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SCHEDULE A
I. FUNDS ADVISED BY XXX XXXXXX AMERICAN CAPITAL INVESTMENT ADVISORY CORP.
("INVESTMENT ADVISORY CORP.") (COLLECTIVELY, THE "FORMER XXX XXXXXX FUNDS"):
CLOSED END FUNDS
Xxx Xxxxxx American Capital Municipal Income Trust
Xxx Xxxxxx American Capital California Municipal Trust
Xxx Xxxxxx American Capital High Income Trust
Xxx Xxxxxx American Capital High Income Trust II
Xxx Xxxxxx American Capital Investment Grade Municipal Trust
Xxx Xxxxxx American Capital Municipal Trust
Xxx Xxxxxx American Capital California Quality Municipal Trust
Xxx Xxxxxx American Capital Florida Quality Municipal Trust
Xxx Xxxxxx American Capital New York Quality Municipal Trust
Xxx Xxxxxx American Capital Ohio Quality Municipal Trust
Xxx Xxxxxx American Capital Pennsylvania Quality Municipal Trust
Xxx Xxxxxx American Capital Trust For Insured Municipals
Xxx Xxxxxx American Capital Trust For Investment Grade Municipals
Xxx Xxxxxx American Capital Trust For Investment Grade California Municipals
Xxx Xxxxxx American Capital Trust For Investment Grade Florida Municipals
Xxx Xxxxxx American Capital Trust For Investment Grade New Jersey Municipals
Xxx Xxxxxx American Capital Trust For Investment Grade New York Municipals
Xxx Xxxxxx American Capital Trust For Investment Grade Pennsylvania Municipals
Xxx Xxxxxx American Capital Municipal Opportunity Trust
Xxx Xxxxxx American Capital Advantage Municipal Income Trust
Xxx Xxxxxx American Capital Advantage Pennsylvania Municipal Income Trust
Xxx Xxxxxx American Capital Strategic Sector Municipal Trust
Xxx Xxxxxx American Capital Value Municipal Income Trust
Xxx Xxxxxx American Capital California Value Municipal Income Trust
Xxx Xxxxxx American Capital Massachusetts Value Municipal Income Trust
Xxx Xxxxxx American Capital New Jersey Value Municipal Income Trust
Xxx Xxxxxx American Capital New York Value Municipal Income Trust
Xxx Xxxxxx American Capital Ohio Value Municipal Income Trust
Xxx Xxxxxx American Capital Pennsylvania Value Municipal Income Trust
Xxx Xxxxxx American Capital Municipal Opportunity Trust II
Xxx Xxxxxx American Capital Florida Municipal Opportunity Trust
Xxx Xxxxxx American Capital Advantage Municipal Income Trust II
Xxx Xxxxxx American Capital Select Sector Municipal Trust
INSTITUTIONAL FUNDS
II. FUNDS ADVISED BY XXX XXXXXX AMERICAN CAPITAL MANAGEMENT, INC. ("MANAGEMENT,
INC.") (COLLECTIVELY, THE "FORMER XXX XXXXXX FUNDS"):
The Explorer Institutional Trust
on behalf of its series
Explorer Institutional Active Core Fund
Explorer Institutional Limited Duration Fund
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OPEN END FUNDS
III. FUNDS ADVISED BY XXX XXXXXX AMERICAN CAPITAL ASSET MANAGEMENT, INC.
("ASSET MANAGEMENT, INC.") (COLLECTIVELY, THE "FORMER AMERICAN CAPITAL FUNDS"):
Xxx Xxxxxx American Capital Xxxxxxxx Fund ("Xxxxxxxx Fund")
Xxx Xxxxxx American Capital Corporate Bond Fund ("Corporate Bond Fund")
Xxx Xxxxxx American Capital Emerging Growth Fund ("Emerging Growth Fund")
Xxx Xxxxxx American Capital Enterprise Fund ("Enterprise Fund")
Xxx Xxxxxx American Capital Equity Income Fund ("Equity Income Fund")
Xxx Xxxxxx American Capital Global Managed Assets Fund ("Global Managed Assets
Funds")
Xxx Xxxxxx American Capital Government Securities Fund ("Government Securities
Fund")
Xxx Xxxxxx American Capital Government Target Fund ("Government Target Fund")
Xxx Xxxxxx American Capital Growth and Income Fund ("Growth and Income Fund")
Xxx Xxxxxx American Capital Harbor Fund ("Harbor Fund")
Xxx Xxxxxx American Capital High Income Corporate Bond Fund ("High Income
Corporate Bond Fund")
Xxx Xxxxxx American Capital Life Investment Trust ("Life Investment Trust" or
"LIT") on behalf of its Series
Enterprise Portfolio ("LIT Enterprise Portfolio")
Domestic Income Portfolio ("LIT Domestic Income Portfolio")
Emerging Growth Portfolio ("LIT Emerging Growth Portfolio")
Government Portfolio ("LIT Government Portfolio")
Asset Allocation Portfolio ("LIT Asset Allocation Portfolio")
Money Market Portfolio ("LIT Money Market Portfolio")
Real Estate Securities Portfolio ("LIT Real Estate Securities Portfolio")
Growth and Income Portfolio ("LIT Growth and Income Portfolio")
Xxx Xxxxxx American Capital Limited Maturity Government Fund ("Limited Maturity
Government Fund")
Xxx Xxxxxx American Capital Pace Fund ("Pace Fund")
Xxx Xxxxxx American Capital Real Estate Securities Fund ("Real Estate Securities
Fund")
Xxx Xxxxxx American Capital Reserve Fund ("Reserve Fund")
Xxx Xxxxxx American Capital Small Capitalization Fund ("Small Capitalization
Fund")
Xxx Xxxxxx American Capital Tax-Exempt Trust ("Tax-Exempt Trust")
on behalf of its Series
Xxx Xxxxxx American Capital High Yield Municipal Fund ("High Yield Municipal
Fund")
Xxx Xxxxxx American Capital U.S. Government Trust for Income ("U.S. Government
Trust for Income")
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IV. FUNDS ADVISED BY XXX XXXXXX AMERICAN CAPITAL INVESTMENT ADVISORY CORP.
("INVESTMENT ADVISORY CORP.") (COLLECTIVELY, THE "FORMER XXX XXXXXX FUNDS"):
Xxx Xxxxxx American Capital U.S. Government Trust ("U.S. Government Trust")
on behalf of its series
Xxx Xxxxxx American Capital U.S. Government Fund ("U.S. Government Fund")
Xxx Xxxxxx American Capital Tax Free Trust ("Tax Free Trust")
on behalf of its series
Xxx Xxxxxx American Capital Insured Tax Free Income Fund ("Insured Tax Free
Income Fund")
Xxx Xxxxxx American Capital Tax Free High Income Fund ("Tax Free High Income
Fund")
Xxx Xxxxxx American Capital California Insured Tax Free Fund ("California
Insured Tax Free Fund")
Xxx Xxxxxx American Capital Municipal Income Fund ("Municipal Income Fund")
Xxx Xxxxxx American Capital Intermediate Term Municipal Income Fund
(Intermediate Term Municipal Income Fund")
Xxx Xxxxxx American Capital Florida Insured Tax Free Income Fund ("Florida
Insured Tax Free Income Fund")
Xxx Xxxxxx American Capital New Jersey Tax Free Income Fund ("New Jersey Tax
Free Income Fund")
Xxx Xxxxxx American Capital New York Tax Free Income Fund ("New York Tax Free
Income Fund")
Xxx Xxxxxx American Capital California Tax Free Income Fund ("California Tax
Free Income Fund")
Xxx Xxxxxx American Capital Michigan Tax Free Income Fund ("Michigan Tax Free
Income Fund")
Xxx Xxxxxx American Capital Missouri Tax Free Income Fund ("Missouri Tax Free
Income Fund")
Xxx Xxxxxx American Capital Ohio Tax Free Income Fund ("Ohio Tax Free Income
Fund")
Xxx Xxxxxx American Capital Trust ("VKAC Trust")
Xxx Xxxxxx American Capital High Yield Fund ("High Yield Fund")
Xxx Xxxxxx American Capital Short-Term Global Income Fund ("Short-Term Global
Income Fund")
Xxx Xxxxxx American Capital Strategic Income Fund ("Strategic Income Fund")
Xxx Xxxxxx American Capital Equity Trust ("Equity Trust")
on behalf of its series
Xxx Xxxxxx American Capital Utility Fund ("Utility Fund")
Xxx Xxxxxx American Capital Growth Fund ("Growth Fund")
Xxx Xxxxxx American Capital Value Fund ("Value Fund")
Xxx Xxxxxx American Capital Great American Companies Fund ("Great American
Companies Fund")
Xxx Xxxxxx American Capital Prospector Fund ("Prospector Fund")
Xxx Xxxxxx American Capital Aggressive Growth Fund ("Aggressive Growth Fund")
Xxx Xxxxxx American Capital Foreign Securities Fund ("Foreign Securities Fund")
Xxx Xxxxxx American Capital Pennsylvania Tax Free Income Fund ("Pennsylvania Tax
Free Income Fund")
Xxx Xxxxxx American Capital Tax Free Money Fund ("Tax Free Money Fund")
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AMENDMENT NUMBER SIX
TO THE
FUND ACCOUNTING AGREEMENT
THIS AMENDMENT NUMBER SIX, dated May 31, 2000, to the Fund Accounting
Agreement dated May 31, 1997 (the "Agreement") by and between the parties set
forth in Schedule A, attached hereto and incorporated by reference and Xxx
Xxxxxx Investment Advisory Corp., a Delaware corporation ("Advisory Corp.").
W I T N E S S E T H
WHEREAS, the Funds wish to amend the current Fund Accounting Agreement
in accordance with the terms set forth by the Boards of Trustees/Directors of
the Xxx Xxxxxx Open End Funds at a Meeting held on April 17, 2000 and the Boards
of Trustees of the Xxx Xxxxxx Closed End Funds at a Meeting held on May 30,
2000;
NOW, THEREFORE, in consideration of the promises and mutual covenants
spelled out in the Agreement and herein, it is hereby agreed that the Agreement
be amended to add Section 13 and renumber the remaining Sections of the
Agreement as follows:
13. Delegation of Accounting Services. Advisory Corp. may delegate
the provision of all or a portion of the Advisory Services contemplated
herein to such other parties as may be approved by the Board of each
Fund. In the event of any such delegation, the Funds shall reimburse
Advisory Corp. for expense related to those Accounting Services
provided by Advisory Corp., and shall pay such sub-accounting agents
such compensation as may be agreed from time to time by the Funds and
the sub-accounting agent. In the event of such delegation, Advisory
Corp. shall oversee the activities of such sub-accounting agent on
behalf of the Funds.
14. Notice. Any notice under this Agreement shall be in writing,
addressed and delivered or sent by registered or certified mail,
postage prepaid, to the other party at such address as such other party
may designate for the receipt of such notices. Until further notice to
the other parties, it is agreed that for this purpose the address of
each Fund is Xxx Xxxxxxxx Xxxxx, Xxxxxxxx Xxxxxxx, Xxxxxxxx 00000,
Attention: President and that of Advisory Corp. for this purpose is Xxx
Xxxxxxxx Xxxxx, Xxxxxxxx Xxxxxxx, Xxxxxxxx 00000, Attention: President.
15. Personal Liability. As provided for in the Agreement and
Declaration of Trust of the various Funds, under which the Funds are
organized as unincorporated trusts, the shareholders, trustees,
officers, employees and other agents of the Fund shall not personally
be found by or liable for the matters set forth hereto, nor shall
resort be had to their private property for the satisfaction of any
obligation or claim hereunder.
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16. Interpretative Provisions. In connection with the operation of
this Agreement, Advisory Corp. and the Funds may agree from time to
time on such provisions interpretative of or in addition to the
provisions of this Agreement as may in their joint opinion be
consistent with the general tenor of this Agreement.
17. State Law. This Agreement shall be construed and enforced in
accordance with and governed by the laws of the State of Illinois.
18. Captions. The captions in this Agreement are included for
convenience of reference only and in no way define or limit any of the
provisions hereof or otherwise affect their construction or effect.
IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the day and year first above written.
ALL OF THE PARTIES SET FORTH IN SCHEDULE A
By: /s/ A. Xxxxxx Xxxxx III
----------------------------------
A. Xxxxxx Xxxxx III
Vice President and Secretary
XXX XXXXXX INVESTMENT ADVISORY CORP.
By: /s/ Xxxx X. Xxxxxxxx
----------------------------------
Xxxx X. Xxxxxxxx
Senior Vice President
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SCHEDULE A
I. FUNDS ADVISED BY XXX XXXXXX INVESTMENT ADVISORY CORP. ("INVESTMENT
ADVISORY CORP.") (COLLECTIVELY, THE "INVESTMENT ADVISORY CORP. FUNDS")
CLOSED END FUNDS
Xxx Xxxxxx Municipal Income Trust
Xxx Xxxxxx California Municipal Trust
Xxx Xxxxxx High Income Trust
Xxx Xxxxxx High Income Trust II
Xxx Xxxxxx Investment Grade Municipal Trust
Xxx Xxxxxx Municipal Trust
Xxx Xxxxxx California Quality Municipal Trust
Xxx Xxxxxx Florida Quality Municipal Trust
Xxx Xxxxxx New York Quality Municipal Trust
Xxx Xxxxxx Ohio Quality Municipal Trust
Xxx Xxxxxx Pennsylvania Quality Municipal Trust
Xxx Xxxxxx Trust For Insured Municipals
Xxx Xxxxxx Trust For Investment Grade Municipals
Xxx Xxxxxx Trust For Investment Grade California Municipals
Xxx Xxxxxx Trust For Investment Grade Florida Municipals
Xxx Xxxxxx Trust For Investment Grade New Jersey Municipals
Xxx Xxxxxx Trust For Investment Grade New York Municipals
Xxx Xxxxxx Trust For Investment Grade Pennsylvania Municipals
Xxx Xxxxxx Municipal Opportunity Trust
Xxx Xxxxxx Advantage Municipal Income Trust
Xxx Xxxxxx Advantage Pennsylvania Municipal Income Trust
Xxx Xxxxxx Strategic Sector Municipal Trust
Xxx Xxxxxx Value Municipal Income Trust
Xxx Xxxxxx California Value Municipal Income Trust
Xxx Xxxxxx Massachusetts Value Municipal Income Trust
Xxx Xxxxxx New Jersey Value Municipal Income Trust
Xxx Xxxxxx New York Value Municipal Income Trust
Xxx Xxxxxx Ohio Value Municipal Income Trust
Xxx Xxxxxx Pennsylvania Value Municipal Income Trust
Xxx Xxxxxx Municipal Opportunity Trust II
Xxx Xxxxxx Florida Municipal Opportunity Trust
Xxx Xxxxxx Advantage Municipal Income Trust II
Xxx Xxxxxx Select Sector Municipal Trust
OPEN END FUNDS
Xxx Xxxxxx U.S. Government Trust ("U.S. Government Trust") on behalf of
its series
Xxx Xxxxxx U.S. Government Fund ("U.S. Government Fund")
Xxx Xxxxxx Tax Free Trust ("Tax Free Trust")
on behalf of its series
Xxx Xxxxxx Insured Tax Free Income Fund ("Insured Tax Free Income
Fund")
Xxx Xxxxxx Tax Free High Income Fund ("Tax Free High Income Fund")
Xxx Xxxxxx California Insured Tax Free Fund ("California Insured
Tax Free Fund")
Xxx Xxxxxx Municipal Income Fund ("Municipal Income Fund")
Xxx Xxxxxx Intermediate Term Municipal Income Fund (Intermediate
Term Municipal Income Fund")
Xxx Xxxxxx Florida Insured Tax Free Income Fund ("Florida Insured
Tax Free Income Fund")
Xxx Xxxxxx New York Tax Free Income Fund ("New York Tax Free Income
Fund")
Xxx Xxxxxx California Municipal Income Fund ("California Municipal
Income Fund")
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Xxx Xxxxxx Michigan Tax Free Income Fund ("Michigan Tax Free Income
Fund")
Xxx Xxxxxx Missouri Tax Free Income Fund ("Missouri Tax Free Income
Fund")
Xxx Xxxxxx Ohio Tax Free Income Fund ("Ohio Tax Free Income Fund")
Xxx Xxxxxx Trust ("VK Trust")
on behalf of its series
Xxx Xxxxxx High Yield Fund ("High Yield Fund")
Xxx Xxxxxx Strategic Income Fund ("Strategic Income Fund")
Xxx Xxxxxx Managed Short Term Income Fund ("Managed Short Term
Income Fund")
Xxx Xxxxxx Equity Trust ("Equity Trust")
on behalf of its series
Xxx Xxxxxx Utility Fund ("Utility Fund")
Xxx Xxxxxx Growth Fund ("Growth Fund")
Xxx Xxxxxx Aggressive Growth Fund ("Aggressive Growth Fund")
Xxx Xxxxxx Small Cap Value Fund ("Small Cap Value Fund")
Xxx Xxxxxx Small Company Growth Fund ("Small Company Growth Fund")
Xxx Xxxxxx Select Growth Fund ("Select Growth Fund")
Xxx Xxxxxx Small Cap Growth Fund ("Small Cap Growth Fund")
Xxx Xxxxxx Equity Trust II ("Equity Trust II")
on behalf of its Series
Xxx Xxxxxx Tax Managed Equity Growth Fund
Xxx Xxxxxx Pennsylvania Tax Free Income Fund ("Pennsylvania Tax Free
Income Fund")
Xxx Xxxxxx Tax Free Money Fund ("Tax Free Money Fund")
II. FUNDS ADVISED BY XXX XXXXXX ASSET MANAGEMENT INC. (COLLECTIVELY, THE
"ASSET MANAGEMENT FUNDS")
Xxx Xxxxxx Xxxxxxxx Fund ("Xxxxxxxx Fund")
Xxx Xxxxxx Corporate Bond Fund ("Corporate Bond Fund")
Xxx Xxxxxx Emerging Growth Fund ("Emerging Growth Fund")
Xxx Xxxxxx Enterprise Fund ("Enterprise Fund")
Xxx Xxxxxx Equity Income Fund ("Equity Income Fund")
Xxx Xxxxxx Global Managed Assets Fund ("Global Managed Assets Funds")
Xxx Xxxxxx Government Securities Fund ("Government Securities Fund")
Xxx Xxxxxx Growth and Income Fund ("Growth and Income Fund")
Xxx Xxxxxx Harbor Fund ("Harbor Fund")
Xxx Xxxxxx High Income Corporate Bond Fund ("High Income Corporate Bond
Fund")
Xxx Xxxxxx Life Investment Trust ("Life Investment Trust" or "LIT")
on behalf of its Series
Enterprise Portfolio ("LIT Enterprise Portfolio")
Domestic Income Portfolio ("LIT Domestic Income Portfolio")
Emerging Growth Portfolio ("LIT Emerging Growth Portfolio")
Global Equity Portfolio ("LIT Global Equity Portfolio")
Government Portfolio ("LIT Government Portfolio")
Asset Allocation Portfolio ("LIT Asset Allocation Portfolio")
Money Market Portfolio ("LIT Money Market Portfolio")
Xxxxxx Xxxxxxx Real Estate Securities Portfolio ("LIT Xxxxxx Xxxxxxx
Real Estate Securities Portfolio")
Growth and Income Portfolio ("LIT Growth and Income Portfolio")
Strategic Stock Portfolio ("LIT Strategic Stock Portfolio")
Xxxxxxxx Portfolio ("LIT Xxxxxxxx Portfolio")
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Xxx Xxxxxx Limited Maturity Government Fund ("Limited Maturity
Government Fund")
Xxx Xxxxxx Xxxx Fund ("Pace Fund")
Xxx Xxxxxx Real Estate Securities Fund ("Real Estate Securities Fund")
Xxx Xxxxxx Reserve Fund ("Reserve Fund")
Xxx Xxxxxx Tax-Exempt Trust ("Tax-Exempt Trust")
on behalf of its Series
Xxx Xxxxxx High Yield Municipal Fund ("High Yield Municipal Fund")
Xxx Xxxxxx Equity Trust II ("Equity Trust II")
on behalf of its Series
Xxx Xxxxxx Technology Fund
Xxx Xxxxxx U.S. Government Trust for Income ("U.S. Government Trust for
Income")
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AMENDMENT NUMBER SEVENTEEN
TO THE
FUND ACCOUNTING AGREEMENT
THIS AMENDMENT NUMBER SEVENTEEN, dated April 17, 2007, to the Fund
Accounting Agreement dated May 31, 1997 (the "Agreement") by and between the
parties set forth in Schedule A, attached hereto and incorporated by reference
and Xxx Xxxxxx Asset Management, a Delaware statutory trust ("Asset
Management").
W I T N E S S E T H
WHEREAS, the following parties, each being an open-end management
investment company as that term is defined in the Investment Company Act of
1940, as amended, wish to become parties to the Agreement:
Xxx Xxxxxx Dynamic Credit Opportunities Fund
WHEREAS, the original parties desire to add the aforementioned
additional entities as a party to the Agreement;
NOW, THEREFORE, in consideration of the promises and mutual covenants
spelled out in the Agreement and herein, it is hereby agreed that Schedule A of
the Agreement be amended to add the party mentioned above as party to the
Agreement.
IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the day and year first above written.
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ALL OF THE PARTIES SET FORTH IN SCHEDULE A
By: /s/ Xxxxx X. Xxxxxxx
----------------------------------
Xxxxx X. Xxxxxxx
Chief Financial Officer and Treasurer
XXX XXXXXX ASSET MANAGEMENT
By: /s/ Xxxxxx X. Xxxx, III
---------------------------------------
Xxxxxx X. Xxxx, III
Managing Director, Chief Operating Officer
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SCHEDULE A
CLOSED END FUNDS
Xxx Xxxxxx High Income Trust II
Xxx Xxxxxx Municipal Trust
Xxx Xxxxxx Ohio Quality Municipal Trust
Xxx Xxxxxx Trust For Insured Municipals
Xxx Xxxxxx Trust For Investment Grade Municipals
Xxx Xxxxxx Trust For Investment Grade New Jersey Municipals
Xxx Xxxxxx Trust For Investment Grade New York Municipals
Xxx Xxxxxx Trust For Investment Grade Florida Municipals
Xxx Xxxxxx Municipal Opportunity Trust
Xxx Xxxxxx California Value Municipal Income Trust
Xxx Xxxxxx Massachusetts Value Municipal Income Trust
Xxx Xxxxxx Pennsylvania Value Municipal Income Trust
Xxx Xxxxxx Advantage Municipal Income Trust II
Xxx Xxxxxx Select Sector Municipal Trust
Xxx Xxxxxx Dynamic Credit Opportunities Fund
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OPEN END FUNDS
Xxx Xxxxxx Xxxxxxxx Fund
Xxx Xxxxxx Corporate Bond Fund
Xxx Xxxxxx Strategic Growth Fund
Xxx Xxxxxx Enterprise Fund
Xxx Xxxxxx Equity and Income Fund
Xxx Xxxxxx Government Securities Fund
Xxx Xxxxxx Growth and Income Fund
Xxx Xxxxxx Harbor Fund
Xxx Xxxxxx High Yield Fund
Xxx Xxxxxx Life Investment Trust
on behalf of its Series
Aggressive Growth Portfolio
Xxxxxxxx Portfolio
Strategic Growth Portfolio
Enterprise Portfolio
Government Portfolio
Growth and Income Portfolio
Money Market Portfolio
Xxx Xxxxxx Limited Duration Fund
Xxx Xxxxxx Pace Fund
Xxx Xxxxxx Real Estate Securities Fund
Xxx Xxxxxx Reserve Fund
Xxx Xxxxxx Tax-Exempt Trust
on behalf of its Series
Xxx Xxxxxx High Yield Municipal Fund
Xxx Xxxxxx Equity Trust II
on behalf of its Series
Xxx Xxxxxx Technology Fund
Xxx Xxxxxx International Advantage Fund
Xxx Xxxxxx American Franchise Fund
Xxx Xxxxxx International Growth Fund
Xxx Xxxxxx Equity Premium Income Fund
Xxx Xxxxxx U.S. Government Trust
on behalf of its series
Xxx Xxxxxx U.S. Mortgage Fund
Xxx Xxxxxx Tax Free Trust
on behalf of its series
Xxx Xxxxxx California Insured Tax Free Fund
Xxx Xxxxxx Insured Tax Free Income Fund
Xxx Xxxxxx Intermediate Term Municipal Income Fund
Xxx Xxxxxx Municipal Income Fund
Xxx Xxxxxx New York Tax Free Income Fund
Xxx Xxxxxx Strategic Municipal Income Fund
Xxx Xxxxxx California Municipal Income Fund**
Xxx Xxxxxx American Capital Michigan Tax Free Income Fund**
Xxx Xxxxxx American Capital Missouri Tax Free Income Fund**
Xxx Xxxxxx American Capital Ohio Tax Free Income Fund**
4
Xxx Xxxxxx Trust
on behalf of its series
Xxx Xxxxxx Core Plus Fixed Income Fund
Xxx Xxxxxx Managed Short Term Income Fund**
Xxx Xxxxxx Equity Trust
on behalf of its series
Xxx Xxxxxx Aggressive Growth Fund
Xxx Xxxxxx Asset Allocation Conservative Fund
Xxx Xxxxxx Asset Allocation Moderate Fund
Xxx Xxxxxx Asset Allocation Growth Fund
Xxx Xxxxxx Disciplined Small Cap Value Fund**
Xxx Xxxxxx Leaders Fund
Xxx Xxxxxx Mid Cap Growth Fund
Xxx Xxxxxx Select Growth Fund
Xxx Xxxxxx Small Cap Growth Fund
Xxx Xxxxxx Small Cap Value Fund
Xxx Xxxxxx Small Company Growth Fund**
Xxx Xxxxxx Utility Fund
Xxx Xxxxxx Value Opportunities Fund
Xxx Xxxxxx Pennsylvania Tax Free Income Fund
Xxx Xxxxxx Tax Free Money Fund
Xxx Xxxxxx Series Fund, Inc.
on behalf of its series
Xxx Xxxxxx American Value Fund
Xxx Xxxxxx Emerging Markets Debt Fund**
Xxx Xxxxxx Emerging Markets Fund
Xxx Xxxxxx Equity Growth Fund
Xxx Xxxxxx Global Equity Allocation Fund
Xxx Xxxxxx Global Franchise Fund
Xxx Xxxxxx Global Value Equity Fund
Xxx Xxxxxx Growth and Income Fund II**
**This Fund does not have investment operations as of the date first set forth
above.
5
