SERVICES AGREEMENT
AGREEMENT made as of the 17th day of April, 1995 by and between Xxxx Xxxxxx
InterCapital Inc., a Delaware corporation (herein referred to as
"InterCapital"), and Xxxx Xxxxxx Services Company Inc., a Delaware corporation
(herein referred to as "DWS").
WHEREAS, InterCapital 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 InterCapital 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, InterCapital desires to retain DWS to perform the administrative
services as described below; and
WHEREAS, DWS desires to be retained by InterCapital 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. DWS agrees to provide administrative services to each Fund as
hereinafter set forth. Without limiting the generality of the foregoing, DWS
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 InterCapital of available funds for investment, the
reconciliation of account information and balances among the Fund's custodian,
transfer agent and dividend disbursing agent and InterCapital, 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 InterCapital enters into an Investment Management
Agreement with another investment company, and wishes to retain DWS to perform
administrative services hereunder, it shall notify DWS in writing. If DWS is
willing to render such services, it shall notify InterCapital in writing,
whereupon such other Fund shall become a Fund as defined herein.
2. DWS 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 DWS shall be deemed to include officers of DWS and persons employed
or otherwise retained by DWS (including officers and employees of InterCapital,
with the consent of InterCapital) to furnish services, statistical and other
factual data, information with respect to technical and scientific developments,
and such other information, advice and assistance as DWS may desire. DWS 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, DWS shall surrender to InterCapital or to the Fund such of the
books and records so requested.
3. InterCapital will, from time to time, furnish or otherwise make
available to DWS such financial reports, proxy statements and other information
relating to the business and affairs of the Fund as DWS 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.
1
4. For the services to be rendered, the facilities furnished, and the
expenses assumed by DWS, InterCapital shall pay to DWS 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 DWS'
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 InterCapital 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 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. DWS 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 DWS,
and such clerical help and bookkeeping services as DWS shall reasonably require
in performing its duties hereunder.
7. DWS 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,
DWS 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 DWS 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 InterCapital, InterCapital shall retain ultimate responsibility for all
services to be performed hereunder by DWS. DWS shall indemnify InterCapital and
hold it harmless from any liability that InterCapital may incur arising out of
any act or failure to act by DWS 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, DWS, and in any person controlling,
controlled by or under common control with DWS, and that DWS and any person
controlling, controlled by or under common control with DWS may have an interest
in the Fund. It is also understood that DWS and any affiliated persons thereof
or any persons controlling, controlled by or under common control with DWS 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, 1995, 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 InterCapital 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.
2
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 of the day and year first above written in New York, New York.
XXXX XXXXXX INTERCAPITAL INC.
By:
------------------------------------
Attest:
--------------------------------
XXXX XXXXXX SERVICES COMPANY INC.
By:
------------------------------------
Attest:
--------------------------------
3
SCHEDULE A
XXXX XXXXXX FUNDS
AS AMENDED AS OF AUGUST 28, 1996
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 American Value Fund
6. Xxxx Xxxxxx Balanced Growth Fund
7. Xxxx Xxxxxx Balanced Income Fund
8. Xxxx Xxxxxx California Tax-Free Daily Income Trust
9. Xxxx Xxxxxx California Tax-Free Income Fund
10. Xxxx Xxxxxx Capital Appreciation Fund
11. Xxxx Xxxxxx Capital Growth Securities
12. Xxxx Xxxxxx Convertible Securities Trust
13. Xxxx Xxxxxx Developing Growth Securities Trust
14. Xxxx Xxxxxx Diversified Income Trust
15. Xxxx Xxxxxx Dividend Growth Securities Inc.
16. Xxxx Xxxxxx European Growth Fund Inc.
17. Xxxx Xxxxxx Federal Securities Trust
18. Xxxx Xxxxxx Global Asset Allocation Fund
19. Xxxx Xxxxxx Global Dividend Growth Securities
20. Xxxx Xxxxxx Global Short-Term Income Fund Inc.
21. Xxxx Xxxxxx Global Utilities Fund
22. Xxxx Xxxxxx Hawaii Municipal Trust
23. Xxxx Xxxxxx Health Sciences Trust
24. Xxxx Xxxxxx High Income Securities
25. Xxxx Xxxxxx High Yield Securities Inc.
26. Xxxx Xxxxxx Income Builder Fund
27. Xxxx Xxxxxx Information Fund
28. Xxxx Xxxxxx Intermediate Income Securities
29. Xxxx Xxxxxx Intermediate Term U.S. Treasury Trust
30. Xxxx Xxxxxx International SmallCap Fund
31. Xxxx Xxxxxx Japan Fund
32. Xxxx Xxxxxx Limited Term Municipal Trust
33. Xxxx Xxxxxx Liquid Asset Fund Inc.
34. Xxxx Xxxxxx Mid-Cap Growth Fund
35. Xxxx Xxxxxx Multi-State Municipal Series Trust
36. Xxxx Xxxxxx National Municipal Trust
37. Xxxx Xxxxxx Natural Resource Development Securities Inc.
38. Xxxx Xxxxxx New York Municipal Money Market Trust
39. Xxxx Xxxxxx New York Tax-Free Income Fund
40. Xxxx Xxxxxx Pacific Growth Fund Inc.
41. Xxxx Xxxxxx Precious Metals and Minerals Trust
42. Xxxx Xxxxxx Premier Income Trust
43. Xxxx Xxxxxx Retirement Series
44. Xxxx Xxxxxx Select Dimensions Investment Series
45. Xxxx Xxxxxx Select Municipal Reinvestment Fund
46. Xxxx Xxxxxx Short-Term Bond Fund
47. Xxxx Xxxxxx Short-Term U.S. Treasury Trust
48. Xxxx Xxxxxx Special Value Fund
49. Xxxx Xxxxxx Strategist Fund
50. Xxxx Xxxxxx Tax-Exempt Securities Trust
51. Xxxx Xxxxxx Tax-Free Daily Income Trust
52. Xxxx Xxxxxx U.S. Government Money Market Trust
53. Xxxx Xxxxxx U.S. Government Securities Trust
54. Xxxx Xxxxxx Utilities Fund
55. Xxxx Xxxxxx Value-Added Market Series
56. Xxxx Xxxxxx Variable Investment Series
57. Xxxx Xxxxxx World Wide Income Trust
58. Xxxx Xxxxxx World Wide Investment Trust
CLOSED-END FUNDS
59. High Income Advantage Trust
60. High Income Advantage Trust II
61. High Income Advantage Trust III
62. InterCapital Income Securities Inc.
63. Xxxx Xxxxxx Government Income Trust
64. InterCapital Insured Municipal Bond Trust
4
65. InterCapital Insured Municipal Trust
66. InterCapital Insured Municipal Income Trust
67. InterCapital California Insured Municipal Income Trust
68. InterCapital Insured Municipal Securities
69. InterCapital Insured California Municipal Securities
70. InterCapital Quality Municipal Investment Trust
71. InterCapital Quality Municipal Income Trust
72. InterCapital Quality Municipal Securities
73. InterCapital California Quality Municipal Securities
74. InterCapital New York Quality Municipal Securities
5
SCHEDULE B
XXXX XXXXXX SERVICES COMPANY INC.
SCHEDULE OF ADMINISTRATIVE FEES
AS AMENDED AS OF AUGUST 28, 1996
Monthly compensation calculated daily by applying the following annual
rates to a fund's net assets:
FIXED INCOME FUNDS
------------------
Xxxx Xxxxxx Balanced Income Fund 0.060% to the net assets.
Xxxx Xxxxxx California Tax-Free
Income Fund 0.055% of the portion of daily net
assets not exceeding $500 million;
0.0525% of the portion exceeding $500
million but not exceeding $750 million;
0.050% of the portion 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 daily net assets
exceeding $1.25 billion.
Xxxx Xxxxxx Convertible Securities
Securities Trust 0.060% of the portion of the daily net
assets not exceeding $750 million; .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.
Xxxx Xxxxxx Diversified
Income Trust 0.040% of the net assets.
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 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.
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.
Xxxx Xxxxxx Hawaii Municipal
Trust 0.035% to the net assets.
Xxxx Xxxxxx High Income
Securities 0.050% of the portion of daily net
assets not exceeding $500 million; and
0.0425% of the portion of daily net
assets exceeding $500 million.
B-1
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.
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.
Xxxx Xxxxxx Intermediate Term
U.S. Treasury Trust 0.035% to the net assets.
Xxxx Xxxxxx Limited Term
Municipal Trust 0.050% to the net assets.
Xxxx Xxxxxx Multi-State Municipal
Series Trust (10 Series) 0.035% to the net assets.
Xxxx Xxxxxx National
Municipal Trust 0.035% to the net assets.
Xxxx Xxxxxx New York Tax-Free
Income Fund 0.055% to the net assets not exceeding
$500 million and 0.0525% of the net
assets exceeding $500 million.
Xxxx Xxxxxx Premier
Income Trust 0.050% to the net assets.
Xxxx Xxxxxx Retirement Series--
Intermediate Income
Securities Series 0.065% to the net assets.
Xxxx Xxxxxx Retirement Series--
U.S. Government Securities Series 0.065% to the net assets.
Xxxx Xxxxxx Select Dimensions
Investment Series-North American
Government Securities Portfolio 0.039% to the net assets.
Xxxx Xxxxxx Short-Term
Bond Fund 0.070% to the net assets.
Xxxx Xxxxxx Short-Term U.S.
Treasury Trust 0.035% to the net assets.
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.
B-2
Xxxx Xxxxxx U.S. Government
Securities Trust 0.050% of the portion of such daily net
assets not exceeding $1 billion; 0.0475%
of the portion of such daily net assets
exceeding $1 billion but not exceeding
$1.5 billion; 0.045% of the portion of
such daily net assets exceeding $1.5
billion but not exceeding $2 billion;
0.0425% of the portion of such daily net
assets exceeding $2 billion but not
exceeding $2.5 billion; 0.040% of that
portion of such daily net assets
exceeding $2.5 billion but not exceeding
$5 billion; 0.0375% of that portion of
such daily net assets exceeding $5
billion but not exceeding $7.5 billion;
0.035% of that portion of such daily net
assets exceeding $7.5 billion but not
exceeding $10 billion; 0.0325% of that
portion of such daily net assets
exceeding $10 billion but not exceeding
$12.5 billion; and 0.030% of that
portion of such daily net assets
exceeding $12.5 billion.
Xxxx Xxxxxx Variable Investment
Series--High Yield Portfolio 0.050% to the net assets.
Xxxx Xxxxxx Variable Investment
Series--Quality Income Plus
Portfolio 0.050% to the net assets.
Xxxx Xxxxxx World Wide Income
Trust 0.075% 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 milliion; 0.040% of
the portion of the daily net assets
exceeding $750 million but not exceeding
$1 billion; and 0.030% of the daily net
assets exceeding $1 billion.
Xxxx Xxxxxx Select Municipal
Reinvestment Fund 0.050% to the net assets.
EQUITY FUNDS
------------
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 $2.5 billion; and 0.0475% of
the portion of daily net assets
exceeding $2.5 billion.
Xxxx Xxxxxx Balanced Growth Fund 0.060% to the net assets.
Xxxx Xxxxxx Capital
Appreciation Fund 0.075% to the net assets.
Xxxx Xxxxxx Capital Growth
Securities 0.065% to the portion of 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 exceeding $1
billion but not exceeding $1.5 billion;
and 0.0475% of the net assets exceeding
$1.5 billion.
Xxxx Xxxxxx Developing Growth
Securities Trust 0.050% of the portion of daily net
assets not exceeding $500 million; and
0.0475% of the portion of daily net
assets exceeding $500 million.
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 daily net
assets exceeding $250 million but not
exceeding $1 billion; 0.0475% of the
B-3
portion of daily net assets exceeding $1
billion but not exceeding $2 billion;
0.045% of the portion of daily net
assets exceeding $2 billion but not
exceeding $3 billion; 0.0425% of the
portion of daily net assets exceeding $3
billion but not exceeding $4 billion;
0.040% of the portion of 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; and 0.030% of the portion
of daily net assets exceeding $10
billion.
Xxxx Xxxxxx European Growth
Fund Inc. 0.060% of the portion of daily net
assets not exceeding $500 million; and
0.057% of the portion of daily net
assets exceeding $500 million.
Xxxx Xxxxxx Global Asset
Allocation Fund 0.040% to the net assets.
Xxxx Xxxxxx Global Dividend
Growth Securities 0.075% of the portion of daily net
assets not exceeding $1 billion; 0.0725%
of the portion of daily net assets
exceeding $1 billion but not exceeding
$1.5 billion; 0.070% of daily net assets
exceeding $1.5 billion but not exceeding
$2.5 billion; and 0.0675% of the portion
of daily net assets exceeding $2.5
billion.
Xxxx Xxxxxx Global Utilities Fund 0.065% to the net assets.
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.
Xxxx Xxxxxx Income
Builder Fund 0.075% to the net assets.
Xxxx Xxxxxx Information Fund 0.075% to the net assets.
Xxxx Xxxxxx International
SmallCap Fund 0.075% to the net assets.
Xxxx Xxxxxx Japan Fund 0.060% to the net assets.
Xxxx Xxxxxx Mid-Cap Growth Fund 0.075% to the net assets.
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.
Xxxx Xxxxxx Pacific Growth
Fund Inc. 0.060% of the portion of daily net
assets not exceeding $1 billion; and
0.057% of the portion of daily net
assets exceeding $1 billion.
Xxxx Xxxxxx Precious Metals
and Minerals Trust 0.080% to the net assets.
Xxxx Xxxxxx Retirement Series--
American Value Series 0.085% to the net assets.
B-4
Xxxx Xxxxxx Retirement Series--
Capital Growth Series 0.085% to the net assets.
Xxxx Xxxxxx Retirement Series--
Dividend Growth Series 0.075% to the net assets.
Xxxx Xxxxxx Retirement Series--
Global Equity Series 0.10% to the net assets.
Xxxx Xxxxxx Retirement Series--
Strategist Series 0.085% to the net assets.
Xxxx Xxxxxx Retirement Series--
Utilities Series 0.075% to the net assets.
Xxxx Xxxxxx Retirement Series--
Value Added Market Series 0.050% to the net assets.
Xxxx Xxxxxx Select Dimensions
Investment Series-
American Value Portfolio 0.0625% to the net assets.
Balanced Portfolio 0.045% to the net assets.
Core Equity Portfolio 0.051% to the net assets.
Developing Growth Portfolio 0.050% to the net assets.
Diversified Income Portfolio 0.040% to the net assets.
Dividend Growth Portfolio 0.0625% to the net assets.
Emerging Markets Portfolio 0.075% to the net assets.
Global Equity Portfolio 0.10% to the net assets.
Utilities Portfolio 0.065% to the net assets.
Value-Added Market Portfolio 0.050% to the net assets.
Xxxx Xxxxxx Special Value Fund 0.075% to the net assets.
Xxxx Xxxxxx Strategist Fund 0.060% of the portion of 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; and 0.0475% of the portion
of the daily net assets exceeding $1.5
billion.
Xxxx Xxxxxx Utilities Fund 0.065% of the portion of daily net
assets not exceeding $500 million;
0.055% of the portion exceeding $500
million but not exceeding $1 billion;
0.0525% of the portion exceeding $1
billion but not exceeding $1.5 billion;
0.050% of the portion exceeding $1.5
billion but not exceeding $2.5 billion;
0.0475% of the portion 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 portion
of daily net assets exceeding $5
billion.
Xxxx Xxxxxx Value-Added Market
Series 0.050% of the portion of daily net
assets not exceeding $500 million; 0.45%
of the portion of daily net assets
exceeding $500 million but not exceeding
$1 billion; and 0.0425% of the portion
of daily net assets exceeding $1
billion.
Xxxx Xxxxxx Variable Investment
Series--Capital Growth Portfolio 0.065% to the net assets.
B-5
Xxxx Xxxxxx Variable Investment
Series--Dividend Growth Portfolio 0.0625% of the portion of daily net
assets not exceeding $500 million; and
0.050% of the portion of daily net
assets exceeding $500 million but not
exceeding $1 billion; and 0.0475% of the
portion of daily net assets exceeding $1
billion.
Xxxx Xxxxxx Variable Investment
Series--Equity Portfolio 0.050% to the net assets of the portion
of daily net assets not exceeding $1
billion; and 0.0475% of the portion of
daily net assets exceeding $1 billion.
Xxxx Xxxxxx Variable Investment
Series--European Growth Portfolio 0.060% to the net assets.
Xxxx Xxxxxx Variable Investment
Series--Strategist Portfolio 0.050% to the net assets.
Xxxx Xxxxxx Variable Investment
Series--Utilities Portfolio 0.065% of the portion of daily net
assets exceeding $500 million and 0.055%
of the portion of daily net assets
exceeding $500 million.
Xxxx Xxxxxx World Wide
Investment Trust 0.055% of the portion of daily net
assets not exceeding $500 million; and
0.05225% of the portion of 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.
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; 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 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;
B-6
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.
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 net assets.
Xxxx Xxxxxx Retirement Series--
U.S. Government Money
Market Series 0.050% of the net assets.
Xxxx Xxxxxx Select Dimensions
Investment Series--
Money Market Portfolio 0.050% to the net assets.
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 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 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
B-7
$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 Variable Investment
Series--Money Market Portfolio 0.050% to the net assets.
-- Monthly compensation calculated weekly by applying the following annual rates
to the weekly net assets.
CLOSED-END FUNDS
----------------
Xxxx Xxxxxx Government Income
Trust 0.060% to 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 $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% to the average weekly net assets.
InterCapital Insured Municipal
Bond Trust 0.035% to the average weekly net assets.
InterCapital Insured Municipal
Trust 0.035% to the average weekly net assets.
InterCapital Insured Municipal
Income Trust 0.035% to the average weekly net assets.
B-8
InterCapital California Insured
Municipal Income Trust 0.035% to the average weekly net assets.
InterCapital Quality Municipal
Investment Trust 0.035% to the average weekly net assets.
InterCapital New York Quality
Municipal Securities 0.035% to the average weekly net assets.
InterCapital Quality Municipal
Income Trust 0.035% to the average weekly net assets.
InterCapital Quality Municipal
Securities 0.035% to the average weekly net assets.
InterCapital California Quality
Municipal Securities 0.035% to the average weekly net assets.
InterCapital Insured Municipal
Securities 0.035% to the average weekly net assets.
InterCapital Insured California
Municipal Securities 0.035% to the average weekly net assets.
B-9
