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
1
(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.
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 activitives 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
2
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 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: /s/ XXXXX XXXX
--------------------------------------------
Xxxxx Xxxx
Attest:
/s/ XXXX XXXX
-----------------------------
Xxxx Xxxx
XXXXXX XXXXXXX XXXX XXXXXX SERVICES COMPANY
INC.
By: /s/ XXXXXX X. XXXXXXX
--------------------------------------------
Xxxxxx X. Xxxxxxx
Attest:
/s/ XXXXX XXXXXXXXXXX
-----------------------------
Xxxxx Xxxxxxxxxxx
3
SCHEDULE A
XXXXXX XXXXXXX FUNDS
AS AMENDED AS OF MAY 13, 2002
OPEN-END FUNDS
1. Active Assets California Tax-Free Trust
2. Active Assets Government Securities Trust
3. Active Assets Institutional Government Securities Trust
4. Active Assets Institutional Money Trust
5. Active Assets Money Trust
6. Active Assets Tax-Free Trust
7. Xxxxxx Xxxxxxx 21st Century Trend Fund
8. Xxxxxx Xxxxxxx Aggressive Equity Fund
9. Xxxxxx Xxxxxxx All Star Growth Fund
10. Xxxxxx Xxxxxxx American Opportunities Fund
11. Xxxxxx Xxxxxxx Balanced Growth Fund
12. Xxxxxx Xxxxxxx Balanced Income Fund
13. Xxxxxx Xxxxxxx Biotechnology Fund
14. Xxxxxx Xxxxxxx California Tax-Free Daily Income Trust
15. Xxxxxx Xxxxxxx California Tax-Free Income Fund
16. Xxxxxx Xxxxxxx Capital Growth Securities
17. Xxxxxx Xxxxxxx Capital Opportunities Trust
18. Xxxxxx Xxxxxxx Competitive Edge Fund, "BEST IDEAS" Portfolio
19. Xxxxxx Xxxxxxx Convertible Securities Trust
20. Xxxxxx Xxxxxxx Developing Growth Securities Trust
21. Xxxxxx Xxxxxxx Diversified Income Trust
22. Xxxxxx Xxxxxxx Dividend Growth Securities Inc.
23. Xxxxxx Xxxxxxx Equity Fund
24. Xxxxxx Xxxxxxx European Growth Fund Inc.
25. Xxxxxx Xxxxxxx Federal Securities Trust
26. Xxxxxx Xxxxxxx Financial Services Trust
27. Xxxxxx Xxxxxxx Fund of Funds
(i) Domestic Portfolio
(ii) International Portfolio
28. Xxxxxx Xxxxxxx Global Dividend Growth Securities
29. Xxxxxx Xxxxxxx Global Utilities Fund
30. Xxxxxx Xxxxxxx Growth Fund
31. Xxxxxx Xxxxxxx Hawaii Municipal Trust
32. Xxxxxx Xxxxxxx Health Sciences Trust
33. Xxxxxx Xxxxxxx High Yield Securities Inc.
34. Xxxxxx Xxxxxxx Income Builder Fund
35. Xxxxxx Xxxxxxx Information Fund
36. Xxxxxx Xxxxxxx Intermediate Income Securities
37. Xxxxxx Xxxxxxx International Fund
38. Xxxxxx Xxxxxxx International SmallCap Fund
39. Xxxxxx Xxxxxxx International Value Equity Fund
40. Xxxxxx Xxxxxxx Japan Fund
41. Xxxxxx Xxxxxxx KLD Social Index Fund
42. Xxxxxx Xxxxxxx Latin American Growth Fund
43. Xxxxxx Xxxxxxx Limited Duration Fund
44. Xxxxxx Xxxxxxx Limited Term Municipal Trust
45. Xxxxxx Xxxxxxx Liquid Asset Fund Inc.
46. Xxxxxx Xxxxxxx Market Leader Trust
47. Xxxxxx Xxxxxxx Mid-Cap Value Fund
48. Xxxxxx Xxxxxxx Multi-State Municipal Series Trust
49. Xxxxxx Xxxxxxx Nasdaq-100 Index Fund
50. Xxxxxx Xxxxxxx Natural Resource Development Securities Inc.
51. Xxxxxx Xxxxxxx New Discoveries Fund
A-1
52. Xxxxxx Xxxxxxx
New York Municipal Money Market Trust
53. Xxxxxx Xxxxxxx
New York Tax-Free Income Fund
54. Xxxxxx Xxxxxxx Next Generation Trust
55. Xxxxxx Xxxxxxx North American Government Income Trust
56. Xxxxxx Xxxxxxx Pacific Growth Fund Inc.
57. Xxxxxx Xxxxxxx Real Estate Fund
58. Xxxxxx Xxxxxxx Select Dimensions Investment Series
(i) American Opportunities Portfolio
(ii) Balanced Growth Portfolio
(iii) Capital Opportunities Portfolio
(iv) Developing Growth Portfolio
(v) Diversified Income Portfolio
(vi) Dividend Growth Portfolio
(vii) Emerging Markets Portfolio
(viii) Global Equity Portfolio
(ix) Growth Portfolio
(x) Money Market Portfolio
(xi) North American Government Securities Portfolio
(xii) Utilities Portfolio
(xiii) Value-Added Market Portfolio
59. Xxxxxx Xxxxxxx Select Municipal Reinvestment Fund
60. Xxxxxx Xxxxxxx Xxxxx-Term U.S. Treasury Trust
61. Xxxxxx Xxxxxxx Small Cap Growth Fund
62. Xxxxxx Xxxxxxx Small-Mid Special Value Fund
63. Xxxxxx Xxxxxxx Special Value Fund
64. Xxxxxx Xxxxxxx Strategist Fund
65. Xxxxxx Xxxxxxx S&P 500 Index Fund
66. Xxxxxx Xxxxxxx S&P 500 Select Fund
67. Xxxxxx Xxxxxxx Tax-Exempt Securities Trust
68. Xxxxxx Xxxxxxx Tax-Free Daily Income Trust
69. Xxxxxx Xxxxxxx Tax-Managed Growth Fund
70. Xxxxxx Xxxxxxx Technology Fund
71. Xxxxxx Xxxxxxx Total Market Index Fund
72. Xxxxxx Xxxxxxx Total Return Bond Fund
73. Xxxxxx Xxxxxxx Total Return Trust
74. Xxxxxx Xxxxxxx U.S. Government Money Market Trust
75. Xxxxxx Xxxxxxx U.S. Government Securities Trust
76. Xxxxxx Xxxxxxx Utilities Fund
77. Xxxxxx Xxxxxxx Value Fund
78. Xxxxxx Xxxxxxx Value-Added Market Series
79. Xxxxxx Xxxxxxx Variable Investment Series
(i) Aggressive Equity 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) Information Portfolio
(xi) Limited Duration Portfolio
(xii) Money Market Portfolio
(xiii) Pacific Growth Portfolio
(xiv) Quality Income Plus Portfolio
(xv) S&P 500 Index Portfolio
(xvi) Strategist Portfolio
(xvii) Utilities Portfolio
A-2
CLOSED-END FUNDS
80. Xxxxxx Xxxxxxx High Income Advantage Trust
81. Xxxxxx Xxxxxxx High Income Advantage Trust II
82. Xxxxxx Xxxxxxx High Income Advantage Trust III
83. Xxxxxx Xxxxxxx Income Securities Inc.
84. Xxxxxx Xxxxxxx Government Income Trust
85. Xxxxxx Xxxxxxx Insured Municipal Bond Trust
86. Xxxxxx Xxxxxxx Insured Municipal Trust
87. Xxxxxx Xxxxxxx Insured Municipal Income Trust
88. Xxxxxx Xxxxxxx California Insured Municipal Income Trust
89. Xxxxxx Xxxxxxx Insured Municipal Securities
90. Xxxxxx Xxxxxxx Insured California Municipal Securities
91. Xxxxxx Xxxxxxx Quality Municipal Investment Trust
92. Xxxxxx Xxxxxxx Quality Municipal Income Trust
93. Xxxxxx Xxxxxxx Quality Municipal Securities
94. Xxxxxx Xxxxxxx California Quality Municipal Securities
95. Xxxxxx Xxxxxxx
New York Quality Municipal Securities
A-3
SCHEDULE B
XXXXXX XXXXXXX SERVICES COMPANY INC.
SCHEDULE OF ADMINISTRATIVE FEES
AS AMENDED AS OF MAY 13, 2002
Monthly compensation calculated daily by applying the following annual rates
to a fund's daily net assets:
FIXED INCOME FUNDS
Xxxxxx Xxxxxxx Balanced Income Fund 0.060% of the portion of the daily net assets not
exceeding $500 million; and 0.0575% of the portion of
the daily net assets exceeding $500 million.
Xxxxxx Xxxxxxx California Tax-Free 0.055% of the portion of the daily net assets not
Income Fund 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 Convertible 0.060% of the portion of the daily net assets not
Securities Trust 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 Diversified Income 0.040% of the daily net assets.
Trust
Xxxxxx Xxxxxxx Federal Securities 0.055% of the portion of the daily net assets not
Trust 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 0.035% of the daily net assets.
Hawaii Municipal Trust
B-1
Xxxxxx Xxxxxxx 0.050% of the portion of the daily net assets not
High Yield Securities Inc. 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 Intermediate Income 0.060% of the portion of the daily net assets not
Securities 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 0.070% of the daily net assets.
Limited Duration Fund
Xxxxxx Xxxxxxx Limited Term 0.050% of the daily net assets.
Municipal Trust
Xxxxxx Xxxxxxx 0.035% of the daily net assets.
Multi-State Municipal
Series Trust
(4 Series)
Xxxxxx Xxxxxxx 0.055% of the portion of the daily net assets not
New York Tax-Free Income Fund exceeding $500 million; and 0.0525% of the portion of
the daily net assets exceeding $500 million.
Xxxxxx Xxxxxxx 0.039% of the portion of the daily net assets not
North American Government exceeding $3 billion; and 0.036% of the portion of the
Income Trust daily net assets exceeding $3 billion.
Xxxxxx Xxxxxxx Select Dimensions
Investment Series--
Diversified Income Portfolio 0.040% of the daily net assets.
North American Government 0.039% of the daily net assets.
Securities Portfolio
Xxxxxx Xxxxxxx Select Municipal 0.050% of the daily net assets.
Reinvestment Fund
Xxxxxx Xxxxxxx 0.035% of the daily net assets.
Short-Term U.S. Treasury Trust
B-2
Xxxxxx Xxxxxxx 0.050% of the portion of the daily net assets not
Tax-Exempt Securities Trust 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 $1.25
billion; 0.0325% of the portion of the daily net assets
exceeding $1.25 billion but not exceeding $2.5 billion;
and 0.030% of the portion of the daily net assets
exceeding $2.5 billion.
Xxxxxx Xxxxxxx 0.045% of the daily net assets.
Total Return Bond Fund
Xxxxxx Xxxxxxx 0.050% of the portion of the daily net assets not
U.S. Government Securities Trust 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
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.
Limited Duration Portfolio 0.045% of the daily net assets.
Quality Income Plus Portfolio 0.050% of the portion of the daily the net assets not
exceeding $500 million; and 0.045% of the portion of the
daily net assets exceeding $500 million.
EQUITY FUNDS
Xxxxxx Xxxxxxx 21st Century Trend 0.075% of the daily net assets.
Fund
Xxxxxx Xxxxxxx Aggressive Equity 0.075% of the portion of the daily net assets not
Fund exceeding $2 billion, and 0.725% of the portion of the
daily net assets exceeding $2 billion.
Xxxxxx Xxxxxxx 0.03% of the daily net assets.
All Star Growth Fund
B-3
Xxxxxx Xxxxxxx American 0.0625% of the portion of the daily net assets not
Opportunities Fund 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 Balanced Growth Fund 0.060% of the portion of the daily net assets not
exceeding $500 million; and 0.0575% of the portion of
the daily net assets exceeding $500 million.
Xxxxxx Xxxxxxx Biotechnology Fund 0.10% of the daily net assets.
Xxxxxx Xxxxxxx Capital Growth 0.065% of the portion of the daily net assets not
Securities exceeding $500 million; 0.055% of the portion of 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; and
0.0475% of the portion of the daily net assets exceeding
$1.5 billion.
Xxxxxx Xxxxxxx 0.045% of the portion of the daily net assets not
Capital Opportunities Trust exceeding $500 million; 0.0325% of the portion of the
daily net assets exceeding $500 million but not
exceeding $2 billion; 0.042% of the portion of the daily
net assets exceeding $2 billion but not exceeding
$3 billion; and 0.0405% of the portion of the daily net
assets exceeding $3 billion.
Xxxxxx Xxxxxxx Competitive Edge 0.065% of the portion of the daily net assets not
Fund, exceeding $1.5 billion; and 0.0625% of the portion of
"BEST IDEAS" Portfolio the daily net assets exceeding $1.5 billion.
Xxxxxx Xxxxxxx Developing Growth 0.050% of the portion of the daily net assets not
Securities Trust exceeding $500 million; and 0.0475% of the portion of
the daily net assets exceeding $500 million.
Xxxxxx Xxxxxxx Dividend Growth 0.0625% of the portion of the daily net assets not
Securities Inc. 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.
B-4
Xxxxxx Xxxxxxx Equity Fund 0.051% of the portion of the daily net assets not
exceeding $500 million; 0.0495% of the portion of the
daily net assets exceeding $500 million but not
exceeding $1 billion; and 0.048% of the portion of the
daily net assets exceeding $1 billion.
Xxxxxx Xxxxxxx European Growth Fund 0.057% of the portion of the daily net assets not
Inc. exceeding $500 million; 0.054% of the portion of the
daily net assets exceeding $500 million but not
exceeding $2 billion; 0.051% of the portion of the daily
net assets exceeding $2 billion but not exceeding
$3 billion; and 0.0495% of the portion of the daily net
assets exceeding $3 billion.
Xxxxxx Xxxxxxx Financial Services 0.075% of the portion of the daily net assets not
Trust exceeding $500 million; 0.0725% of the portion of the
daily net assets exceeding $500 million but not
exceeding $1.0 billion; and 0.070% of the portion of the
daily net assets exceeding $1.0 billion.
Xxxxxx Xxxxxxx Fund of Funds--
Domestic Portfolio None
International Portfolio None
Xxxxxx Xxxxxxx Global Dividend 0.075% of the portion of the daily net assets not
Growth Securities 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.
Xxxxxx Xxxxxxx 0.065% of the portion of the daily net assets not
Global Utilities Fund exceeding $500 million; 0.0625% of the portion of the
daily net assets exceeding $500 million but not
exceeding $1 billion; 0.060% of the portion of the daily
net assets exceeding $1 billion but not exceeding $1.5
billion; and 0.0575% of the portion of the daily net
assets exceeding $1.5 billion.
Xxxxxx Xxxxxxx 0.048% of the portion of daily net assets not exceeding
Growth Fund $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 0.10% of the portion of daily net assets not exceeding
Health Sciences Trust $500 million; 0.095% of the portion of daily net assets
exceeding $500 million but not exceeding $1 billion; and
0.0925% of the portion of the daily net assets exceeding
$1 billion.
Xxxxxx Xxxxxxx 0.075% of the portion of the net assets not exceeding
Income Builder Fund $500 million; and 0.0725% of the portion of daily net
assets exceeding $500 million.
B-5
Xxxxxx Xxxxxxx 0.075% of the portion of the daily net assets not
Information Fund exceeding $500 million; 0.0725% of the portion of the
daily net assets exceeding $500 million but not
exceeding $3 billion; and 0.070% of the portion of the
daily net assets exceeding $3 billion.
Xxxxxx Xxxxxxx International Fund 0.060% of the portion of the daily net assets not
exceeding $1 billion; and 0.057% of the portion of the
daily net assets exceeding $1 billion.
Xxxxxx Xxxxxxx International 0.069% of the daily net assets.
SmallCap Fund
Xxxxxx Xxxxxxx International Value 0.10% of the daily net assets.
Equity Fund
Xxxxxx Xxxxxxx 0.057% of the daily net assets.
Japan Fund
Xxxxxx Xxxxxxx KLD Social Index Fund 0.040% of the daily net assets.
Xxxxxx Xxxxxxx 0.075% of the portion of the daily net assets not
Latin American Growth Fund exceeding $500 million; and 0.0725% of the portion of
the daily net assets exceeding $500 million.
Xxxxxx Xxxxxxx 0.075% of the portion daily net assets not exceeding
Market Leader Trust $1 billion; and 0.0725% of the portion of the daily net
assets exceeding $1 billion.
Xxxxxx Xxxxxxx 0.080% of the daily net assets.
Mid-Cap Value Fund
Xxxxxx Xxxxxxx 0.040% of the daily net assets.
Nasdaq-100 Index Fund
Xxxxxx Xxxxxxx Natural Resource 0.0625% of the portion of the daily net assets not
Development Securities Inc. exceeding $250 million and 0.050% of the portion of the
daily net assets exceeding $250 million.
Xxxxxx Xxxxxxx 0.060% of the daily net assets.
New Discoveries Fund
Xxxxxx Xxxxxxx Next Generation Trust 0.075% of the daily net assets.
Xxxxxx Xxxxxxx 0.057% of the portion of the daily net assets not
Pacific Growth Fund Inc. exceeding $1 billion; 0.054% of the portion of the daily
net assets exceeding $1 billion but not exceeding $2
billion; and 0.051% of the portion of the daily net
assets exceeding $2 billion.
Xxxxxx Xxxxxxx 0.060% of the daily net assets.
Real Estate Fund
B-6
Xxxxxx Xxxxxxx Select Dimensions
Investment Series--
American Opportunities Portfolio 0.0625% of the portion of the daily net assets not
exceeding $500 million; 0.060% of the portion of the
daily net assets exceeding $500 million but not
exceeding $1 billion and 0.0575% of the portion of the
daily net assets exceeding $10 billion.
Balanced Growth Portfolio 0.065% of the daily net assets.
Capital Opportunities Portfolio 0.075% of the daily net assets.
Developing Growth Portfolio 0.050% of the daily net assets.
Dividend Growth Portfolio 0.0625% 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 $1 billion; and 0.0475% of the portion of the
daily net assets exceeding $1 billion.
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.
Utilities Portfolio 0.065% of the daily net assets.
Value-Added Market Portfolio 0.050% of the daily net assets.
Xxxxxx Xxxxxxx Small Cap Growth Fund 0.060% of the portion of the daily net assets not
exceeding $1.5 billion; and 0.057% of the portion of the
daily net assets exceeding $1.5 billion.
Xxxxxx Xxxxxxx Small-Mid Special 0.070% of the daily net assets.
Value Fund
Xxxxxx Xxxxxxx Special Value Fund 0.075% of the portion of the daily net assets not
exceeding $500 million; 0.0725% of the portion of daily
net assets exceeding $500 million but not exceeding
$1 billion; and 0.070% of the portion of the daily net
assets exceeding $1.0 billion.
Xxxxxx Xxxxxxx 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 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 0.040% of the portion of the daily net assets not
S&P 500 Index Fund exceeding $1.5 billion; 0.0375% of the portion of daily
net assets exceeding $1.5 billion but not exceeding
$3 billion; and 0.035% of the portion of daily net
assets exceeding $3 billion.
B-7
Xxxxxx Xxxxxxx 0.060% of the daily net assets.
S&P 500 Select Fund
Xxxxxx Xxxxxxx Tax-Managed Growth 0.05% of the daily net assets.
Fund
Xxxxxx Xxxxxxx 0.060% of the daily net assets.
Technology Fund
Xxxxxx Xxxxxxx 0.040% of the daily net assets.
Total Market Index Fund
Xxxxxx Xxxxxxx 0.045% of the portion of the daily net assets not
Total Return Trust exceeding $500 million; 0.0435% of the daily net assets
exceeding $500 million but not exceeding $1 billion; and
0.042% of the portion of the daily net assets exceeding
$1 billion.
Xxxxxx Xxxxxxx 0.065% of the portion of the daily net assets not
Utilities Fund 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 0.060% of the portion of the daily net assets not
Value Fund exceeding $1.0 billion; and 0.054% of the portion of the
daily net assets exceeding $1 billion.
Xxxxxx Xxxxxxx 0.050% of the portion of the daily net assets not
Value-Added Market Series exceeding $500 million; 0.45% of the portion of the
daily net assets 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 Variable Investment
Series--
Aggressive Equity Portfolio 0.075% of the daily net assets.
Capital Growth Portfolio 0.065% of the daily net assets.
Competitive Edge 0.065% of the daily net assets.
"Best Ideas" Portfolio
B-8
Dividend Growth Portfolio 0.0625% 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 $1 billion; 0.0475% of the portion of the
daily net assets exceeding $1.0 billion but not
exceeding $2.0 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.
Equity Portfolio 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
$2 billion; and 0.045% of the portion of the daily net
assets exceeding $2 billion.
European Growth Portfolio 0.057% of the portion of the daily net assets not
exceeding $500 million; and 0.054% of the portion of the
daily net assets exceeding $500 million.
Global Dividend Growth Portfolio 0.075% of the portion of the daily net assets not
exceeding $1 billion; and 0.0725% of the portion of
daily net assets exceeding $1 billion.
Income Builder Portfolio 0.075% of the daily net assets.
Information Portfolio 0.075% of the daily net assets.
Pacific Growth Portfolio 0.057% of the daily net assets.
S&P 500 Index Portfolio 0.040% of the daily net assets.
Strategist Portfolio 0.050% of the portion of the daily net assets not
exceeding $1.5 billion; and 0.0475% of the portion of
the daily net assets exceeding $1.5 billion.
Utilities Portfolio 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; and 0.0525% of the portion of the
daily net assets exceeding $1 billion.
B-9
MONEY MARKET FUNDS
Active Assets Trusts:
(1) Active Assets Tax-Free 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; 0.025% of the
portion of the daily net assets exceeding $3 billion but
not exceeding $15 billion; and 0.0249% of the portion of
the daily net assets exceeding $15 billion.
(2) Active Assets California 0.050% of the portion of the daily net assets not
Tax-Free Trust exceeding $500 million; 0.0425% of the portion of the
(3) Active Assets Government daily net assets exceeding $500 million but not
Securities Trust 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 million.
(4)
Active Assets Money 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; 0.025% of the portion of the daily net
assets exceeding $3 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; 0.0248% of the portion of the daily net
assets exceeding $17.5 billion but not exceeding
$25 billion; 0.0247% of the portion of the daily net
assets exceeding $25 billion but not exceeding
$30 billion; and 0.0246% of the portion of the daily net
assets exceeding $30 billion.
B-10
(5) Active Assets Institutional 0.015% of the daily net assets.
Government Securities Trust
(6) Active Assets Institutional 0.015% of the daily net assets.
Money Trust
Xxxxxx Xxxxxxx California Tax-Free 0.050% of the portion of the daily net assets not
Daily Income Trust 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 0.050% of the portion of the daily net assets not
Liquid Asset Fund Inc. 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; 0.0248% of the portion of the
daily net assets exceeding $17.5 billion but not
exceeding $25 billion; 0.0247% of the portion of the
daily net assets exceeding $25 billion but not exceeding
$30 billion; and 0.0246% of the portion of the daily net
assets exceeding $30 billion.
Xxxxxx Xxxxxxx 0.050% of the portion of the daily net assets not
New York Municipal Money exceeding $500 million; 0.0425% of the portion of the
Market Trust 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.
B-11
Xxxxxx Xxxxxxx Select Dimensions 0.050% of the daily net assets.
Investment Series--
Money Market Portfolio
Xxxxxx Xxxxxxx 0.050% of the portion of the daily net assets not
Tax-Free Daily Income Trust 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 U.S. Government Money 0.050% of the portion of the daily net assets not
Market Trust 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 Variable Investment 0.050% of the portion of the daily net assets not
Series--Money Market Portfolio exceeding $500 million; 0.0425% of the portion of the
daily net assets exceeding $500 million but not
exceeding $750 million; and 0.0375% of the portion of
the daily net assets exceeding $750 million.
Monthly compensation calculated weekly by applying the following annual
rates to a fund's weekly net assets:
CLOSED-END FUNDS
Xxxxxx Xxxxxxx Government Income 0.060% of the average weekly net assets.
Trust
Xxxxxx Xxxxxxx 0.075% of the portion of the average weekly net assets
High Income Advantage Trust 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.
B-12
Xxxxxx Xxxxxxx 0.075% of the portion of the average weekly net assets
High Income Advantage Trust II 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.
Xxxxxx Xxxxxxx 0.075% of the portion of the average weekly net assets
High Income Advantage Trust III 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 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.
Xxxxxx Xxxxxxx Income Securities 0.050% of the average weekly net assets.
Inc.
Xxxxxx Xxxxxxx Insured Municipal 0.035% of the average weekly net assets.
Bond Trust
Xxxxxx Xxxxxxx Insured Municipal 0.035% of the average weekly net assets.
Trust
Xxxxxx Xxxxxxx Insured Municipal 0.035% of the average weekly net assets.
Income Trust
Xxxxxx Xxxxxxx California Insured 0.035% of the average weekly net assets.
Municipal Income Trust
Xxxxxx Xxxxxxx Quality Municipal 0.035% of the average weekly net assets.
Investment Trust
Xxxxxx Xxxxxxx 0.035% of the average weekly net assets.
New York Quality Municipal
Securities
Xxxxxx Xxxxxxx Quality Municipal 0.035% of the average weekly net assets.
Income Trust
Xxxxxx Xxxxxxx Quality Municipal 0.035% of the average weekly net assets.
Securities
Xxxxxx Xxxxxxx California Quality 0.035% of the average weekly net assets.
Municipal Securities
Xxxxxx Xxxxxxx Insured Municipal 0.035% of the average weekly net assets.
Securities
Xxxxxx Xxxxxxx Insured California 0.035% of the average weekly net assets.
Municipal Securities
B-13
