SERVICES AGREEMENT
AGREEMENT made as of the 17th day of April, 1995, and amended as of June
22, 1998, by and between Xxxxxx Xxxxxxx Xxxx Xxxxxx Advisors Inc., a Delaware
corporation (herein referred to as "MSDW Advisors"), and Xxxxxx Xxxxxxx Xxxx
Xxxxxx Services Company Inc., a Delaware corporation (herein referred to as
"MSDW Services").
WHEREAS, MSDW Advisors has entered into separate agreements (each such
agreement being herein referred to as an "Investment Management Agreement")
with certain investment companies as set forth on Schedule A (each such
investment company being herein referred to as a "Fund" and, collectively, as
the "Funds") pursuant to which MSDW Advisors is to perform, or supervise the
performance of, among other services, administrative services for the Funds
(and, in the case of Funds with multiple portfolios, the Series or Portfolios
of the Funds (such Series and Portfolio being herein individually referred to
as "a Series" and, collectively, as "the Series"));
WHEREAS, MSDW Advisors desires to retain MSDW Services to perform the
administrative services as described below; and
WHEREAS, MSDW Services desires to be retained by MSDW Advisors to
perform such administrative services:
Now, therefore, in consideration of the mutual covenants and agreements
of the parties hereto as herein set forth, the parties covenant and agree as
follows:
1. MSDW Services agrees to provide administrative services to each Fund
as hereinafter set forth. Without limiting the generality of the foregoing,
MSDW Services shall (i) administer the Fund's business affairs and supervise
the overall day-to-day operations of the Fund (other than rendering
investment advice); (ii) provide the Fund with full administrative services,
including the maintenance of certain books and records, such as journals,
ledger accounts and other records required under the Investment Company Act
of 1940, as amended (the "Act"), the notification to the Fund and MSDW
Advisors of available funds for investment, the reconciliation of account
information and balances among the Fund's custodian, transfer agent and
dividend disbursing agent and MSDW Advisors, and the calculation of the net
asset value of the Fund's shares; (iii) provide the Fund with the services of
persons competent to perform such supervisory, administrative and clerical
functions as are necessary to provide effective operation of the Fund; (iv)
oversee the performance of administrative and professional services rendered
to the Fund by others, including its custodian, transfer agent and dividend
disbursing agent, as well as accounting, auditing and other services; (v)
provide the Fund with adequate general office space and facilities; (vi)
assist in the preparation and the printing of the periodic updating of the
Fund's registration statement and prospectus (and, in the case of an open-end
Fund, the statement of additional information), tax returns, proxy
statements, and reports to its shareholders and the Securities and Exchange
Commission; and (vii) monitor the compliance of the Fund's investment
policies and restrictions.
In the event that MSDW Advisors enters into an Investment Management
Agreement with another investment company, and wishes to retain MSDW Services
to perform administrative services hereunder, it shall notify MSDW Services
in writing. If MSDW Services is willing to render such services, it shall
notify MSDW Advisors in writing, whereupon such other Fund shall become a
Fund as defined herein.
2. MSDW Services shall, at its own expense, maintain such staff and
employ or retain such personnel and consult with such other persons as it
shall from time to time determine to be necessary or useful to the
performance of its obligations under this Agreement. Without limiting the
generality of the foregoing, the staff and personnel of MSDW Services shall
be deemed to include officers of MSDW Services and persons employed or
otherwise retained by MSDW Services (including officers and employees of MSDW
Advisors, with the consent of MSDW Advisors) to furnish services, statistical
and other factual data, information with respect to technical and scientific
developments, and such other information, advice and assistance as MSDW
Services may desire. MSDW Services shall maintain each Fund's records and
books of account (other than those maintained by the Fund's transfer agent,
registrar, custodian and other agencies). All such books and records so
maintained shall be the property of the Fund and, upon request therefor, MSDW
Services shall surrender to MSDW Advisors or to the Fund such of the books
and records so requested.
1
C65500
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 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.
2
9. This Agreement shall continue until April 30, 1999, and thereafter
shall continue automatically for successive periods of one year unless
terminated by either party by written notice delivered to the other party
within 30 days of the expiration of the then-existing period. Notwithstanding
the foregoing, this Agreement may be terminated at any time, by either party
on 30 days' written notice delivered to the other party. In the event that
the Investment Management Agreement between any Fund and MSDW Advisors is
terminated, this Agreement will automatically terminate with respect to such
Fund.
10. This Agreement may be amended or modified by the parties in any
manner by written agreement executed by each of the parties hereto.
11. This Agreement may be assigned by either party with the written
consent of the other party.
12. This Agreement shall be construed and interpreted in accordance with
the laws of the State of New York.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement, as amended, on June 22, 1998 in New York, New York.
XXXXXX XXXXXXX XXXX XXXXXX ADVISORS INC.
By:
-------------------------------
Attest:
---------------------------
XXXXXX XXXXXXX XXXX XXXXXX SERVICES
COMPANY INC.
By:
-------------------------------
Attest:
---------------------------
3
SCHEDULE A
XXXX XXXXXX FUNDS
AS AMENDED AS OF JUNE 22, 1998
OPEN-END FUNDS
1. Active Assets California Tax-Free Trust
2. Active Assets Government Securities Trust
3. Active Assets Money Trust
4. Active Assets Tax-Free Trust
5. Xxxx Xxxxxx Retirement Series
6. Xxxxxx Xxxxxxx Xxxx Xxxxxx American Value Fund
7. Xxxxxx Xxxxxxx Xxxx Xxxxxx Balanced Growth Fund
8. Xxxxxx Xxxxxxx Xxxx Xxxxxx Balanced Income Fund
9. Xxxxxx Xxxxxxx Xxxx Xxxxxx California Tax-Free Daily Income Trust
10. Xxxxxx Xxxxxxx Xxxx Xxxxxx California Tax-Free Income Fund
11. Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital Appreciation Fund
12. Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital Growth Securities
13. Xxxxxx Xxxxxxx Xxxx Xxxxxx Competitive Edge Fund,
"BEST IDEAS" Portfolio
14. Xxxxxx Xxxxxxx Xxxx Xxxxxx Convertible Securities Trust
15. Xxxxxx Xxxxxxx Xxxx Xxxxxx Developing Growth Securities Trust
16. Xxxxxx Xxxxxxx Xxxx Xxxxxx Diversified Income Trust
17. Xxxxxx Xxxxxxx Xxxx Xxxxxx Dividend Growth Securities Inc.
18. Xxxxxx Xxxxxxx Xxxx Xxxxxx Equity Fund
19. Xxxxxx Xxxxxxx Xxxx Xxxxxx European Growth Fund Inc.
20. Xxxxxx Xxxxxxx Xxxx Xxxxxx Federal Securities Trust
21. Xxxxxx Xxxxxxx Xxxx Xxxxxx Financial Services Trust
22. Xxxxxx Xxxxxxx Xxxx Xxxxxx Fund of Funds
(i) Domestic Portfolio
(ii) International Portfolio
23. Xxxxxx Xxxxxxx Xxxx Xxxxxx Global Dividend Growth Securities
24. Xxxxxx Xxxxxxx Xxxx Xxxxxx Global Short-Term Income Fund Inc.
25. Xxxxxx Xxxxxxx Xxxx Xxxxxx Global Utilities Fund
26. Xxxxxx Xxxxxxx Xxxx Xxxxxx Growth Fund
27. Xxxxxx Xxxxxxx Xxxx Xxxxxx Hawaii Municipal Trust
28. Xxxxxx Xxxxxxx Xxxx Xxxxxx Health Sciences Trust
29. Xxxxxx Xxxxxxx Xxxx Xxxxxx High Yield Securities Inc.
30. Xxxxxx Xxxxxxx Xxxx Xxxxxx Income Builder Fund
31. Xxxxxx Xxxxxxx Xxxx Xxxxxx Information Fund
32. Xxxxxx Xxxxxxx Xxxx Xxxxxx Intermediate Income Securities
33. Xxxxxx Xxxxxxx Xxxx Xxxxxx Intermediate Term U.S. Treasury Trust
34. Xxxxxx Xxxxxxx Xxxx Xxxxxx International SmallCap Fund
35. Xxxxxx Xxxxxxx Xxxx Xxxxxx Japan Fund
36. Xxxxxx Xxxxxxx Xxxx Xxxxxx Limited Term Municipal Trust
37. Xxxxxx Xxxxxxx Xxxx Xxxxxx Liquid Asset Fund Inc.
38. Xxxxxx Xxxxxxx Xxxx Xxxxxx Market Leader Trust
39. Xxxxxx Xxxxxxx Xxxx Xxxxxx Mid-Cap Dividend Growth Securities
40. Xxxxxx Xxxxxxx Xxxx Xxxxxx Mid-Cap Growth Fund
41. Xxxxxx Xxxxxxx Xxxx Xxxxxx Multi-State Municipal Series Trust
42. Xxxxxx Xxxxxxx Xxxx Xxxxxx Natural Resource Development
Securities Inc.
43. Xxxxxx Xxxxxxx Xxxx Xxxxxx New York Municipal Money Market Trust
44. Xxxxxx Xxxxxxx Xxxx Xxxxxx New York Tax-Free Income Fund
45. Xxxxxx Xxxxxxx Xxxx Xxxxxx Pacific Growth Fund Inc.
46. Xxxxxx Xxxxxxx Xxxx Xxxxxx Xxxxxxxx Metals and Minerals Trust
47. Xxxxxx Xxxxxxx Xxxx Xxxxxx Select Dimensions Investment Series
(i) American Value Portfolio
(ii) Balanced Growth Portfolio
(iii) Developing Growth Portfolio
(iv) Diversified Income Portfolio
(v) Dividend Growth Portfolio
(vi) Emerging Markets Portfolio
(vii) Global Equity Portfolio
(viii) Growth Portfolio
(ix) Mid-Cap Growth Portfolio
(x) Money Market Portfolio
(xi) North American Government Securities Portfolio
(xii) Utilities Portfolio
(xiii) Value-Added Market Portfolio
48. Xxxxxx Xxxxxxx Xxxx Xxxxxx Select Municipal Reinvestment Fund
49. Xxxxxx Xxxxxxx Xxxx Xxxxxx U.S. Government Money Market Trust
50. Xxxxxx Xxxxxxx Xxxx Xxxxxx Utilities Fund
A-1
51. Xxxxxx Xxxxxxx Xxxx Xxxxxx Short-Term Bond Fund
52. Xxxxxx Xxxxxxx Xxxx Xxxxxx Short-Term U.S. Treasury Trust
53. Xxxxxx Xxxxxxx Xxxx Xxxxxx Special Value Fund
54. Xxxxxx Xxxxxxx Xxxx Xxxxxx Strategist Fund
55. Xxxxxx Xxxxxxx Xxxx Xxxxxx S&P 500 Index Fund
56. Xxxxxx Xxxxxxx Xxxx Xxxxxx Tax-Exempt Securities Trust
57. Xxxxxx Xxxxxxx Xxxx Xxxxxx Tax-Free Daily Income Trust
58. Xxxxxx Xxxxxxx Xxxx Xxxxxx U.S. Government Securities Trust
59. Xxxxxx Xxxxxxx Xxxx Xxxxxx Value-Added Market Series
60. Xxxxxx Xxxxxxx Xxxx Xxxxxx Variable Investment Series
(i) Capital Appreciation Portfolio
(ii) Capital Growth Portfolio
(iii) Competitive Edge "Best Ideas" Portfolio
(iv) Dividend Growth Portfolio
(v) Equity Portfolio
(vi) European Growth Portfolio
(vii) Global Dividend Growth Portfolio
(viii) High Yield Portfolio
(ix) Income Builder Portfolio
(x) Money Market Portfolio
(xi) Quality Income Plus Portfolio
(xii) Pacific Growth Portfolio
(xiii) S&P 500 Index Portfolio
(xiv) Strategist Portfolio
(xv) Utilities Portfolio
61. Xxxxxx Xxxxxxx Xxxx Xxxxxx World Wide Income Trust
62. Xxxxxx Xxxxxxx Xxxx Xxxxxx Worldwide High Income Fund
63. Xxxx Xxxxxx Global Asset Allocation Fund
CLOSED-END FUNDS
64. High Income Advantage Trust
65. High Income Advantage Trust II
66. High Income Advantage Trust III
67. InterCapital Income Securities Inc.
68. Xxxx Xxxxxx Government Income Trust
69. InterCapital Insured Municipal Bond Trust
70. InterCapital Insured Municipal Trust
71. InterCapital Insured Municipal Income Trust
72. InterCapital California Insured Municipal Income Trust
73. InterCapital Insured Municipal Securities
74. InterCapital Insured California Municipal Securities
75. InterCapital Quality Municipal Investment Trust
76. InterCapital Quality Municipal Income Trust
77. InterCapital Quality Municipal Securities
78. InterCapital California Quality Municipal Securities
79. InterCapital New York Quality Municipal Securities
A-2
SCHEDULE B
XXXXXX XXXXXXX XXXX XXXXXX SERVICES COMPANY INC.
SCHEDULE OF ADMINISTRATIVE FEES
AS AMENDED AS OF JUNE 22, 1998
Monthly compensation calculated daily by applying the following annual
rates to a fund's daily net assets:
FIXED INCOME FUNDS
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.060% of the daily net assets.
Balanced Income Fund
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.055% of the portion of the daily net assets not exceeding
California Tax-Free Income Fund $500 million; 0.0525% of the portion of the daily net assets
exceeding $500 million but not exceeding $750 million; 0.050%
of the portion of the daily net assets exceeding $750 million
but not exceeding $1 billion; 0.0475% of the portion of the
daily net assets exceeding $1 billion but not exceeding $1.25
billion; and 0.045% of the portion of the daily net assets
exceeding $1.25 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.060% of the portion of the daily net assets not exceeding
Convertible Securities Trust $750 million; 0.055% of the portion of the daily net assets
exceeding $750 million but not exceeding $1 billion; 0.050% of
the portion of the daily net assets of the exceeding $1 billion
but not exceeding $1.5 billion; 0.0475% of the portion of the
daily net assets exceeding $1.5 billion but not exceeding
$2 billion; 0.045% of the portion of the daily net assets
exceeding $2 billion but not exceeding $3 billion; and 0.0425%
of the portion of the daily net assets exceeding $3 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.040% of the daily net assets.Diversified Income Trust
Xxxxxx Xxxxxxx Xxxx Xxxxxx Federal 0.055% of the portion of the daily net assets not exceeding
Securities Trust $1 billion; 0.0525% of the portion of the daily net assets
exceeding $1 billion but not exceeding $1.5 billion; 0.050% of
the portion of the daily net assets exceeding $1.5 billion but
not exceeding $2 billion; 0.0475% of the portion of the daily
net assets exceeding $2 billion but not exceeding $2.5 billion;
0.045% of the portion of the daily net assets exceeding $2.5
billion but not exceeding $5 billion; 0.0425% of the portion of
the daily net assets exceeding $5 billion but not exceeding $7.5
billion; 0.040% of the portion of the daily net assets exceeding
$7.5 billion but not exceeding $10 billion; 0.0375% of the
portion of the daily net assets exceeding $10 billion but not
exceeding $12.5 billion; and 0.035% of the portion of the daily
net assets exceeding $12.5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx Global 0.055% of the portion of the daily net assets not exceeding
Short-Term Income Fund Inc. $500 million; and 0.050% of the portion of the daily net assets
exceeding $500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx Hawaii 0.035% of the daily net assets.
Municipal Trust
B-1
Xxxxxx Xxxxxxx Xxxx Xxxxxx High 0.050% of the portion of the daily net assets not exceeding
Yield Securities Inc. $500 million; 0.0425% of the portion of the daily net assets
exceeding $500 million but not exceeding $750 million; 0.0375%
of the portion of the daily net assets exceeding $750 million
but not exceeding $1 billion; 0.035% of the portion of the daily
net assets exceeding $1 billion but not exceeding $2 billion;
0.0325% of the portion of the daily net assets exceeding $2
billion but not exceeding $3 billion; and 0.030% of the portion
of daily net assets exceeding $3 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.060% of the portion of the daily net assets not exceeding
Intermediate Income Securities $500 million; 0.050% of the portion of the daily net assets
exceeding $500 million but not exceeding $750 million; 0.040%
of the portion of the daily net assets exceeding $750 million
but not exceeding $1 billion; and 0.030% of the portion of the
daily net assets exceeding $1 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.035% of the daily net assets.
Intermediate Term
U.S. Treasury Trust
Xxxxxx Xxxxxxx Xxxx Xxxxxx Limited 0.050% of the daily net assets.
Term Municipal Trust
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.035% of the daily net assets.
Multi-State Municipal Series Trust
(10 Series)
Xxxxxx Xxxxxxx Xxxx Xxxxxx New 0.055% of the portion of the daily net assets not exceeding
York Tax-Free Income Fund $500 million; and 0.0525% of the portion of the daily net assets
exceeding $500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.065% of the daily net assets.
Retirement Series- Intermediate
Income Securities Series
U.S. Government Securities Series 0.065% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx Select 0.039% of the daily net assets.
Dimensions Investment
Series--North American
Government Securities Portfolio
Xxxxxx Xxxxxxx Xxxx Xxxxxx Select 0.050% of the daily net assets.
Municipal Reinvestment Fund
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.070% of the daily net assets.
Short-Term Bond Fund
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.035% of the daily net assets.
Short-Term U.S. Treasury Trust
B-2
Xxxxxx Xxxxxxx ean Xxxxxx 0.050% of the portion of the daily net assets not exceeding
Tax-Exempt Securities Trust $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.
Xxxxxx Xxxxxxx Xxxx Xxxxxx U.S. 0.050% of the portion of the daily net assets not exceeding $1
Government Securities Trust billion; 0.0475% of the portion of the daily net assets exceeding
$1 billion but not exceeding $1.5 billion; 0.045% of the portion
of the daily net assets exceeding $1.5 billion but not exceeding
$2 billion; 0.0425% of the portion of the daily net assets
exceeding $2 billion but not exceeding $2.5 billion; 0.040% of
the portion of the daily net assets exceeding $2.5 billion but
not exceeding $5 billion; 0.0375% of the portion of the daily
net assets exceeding $5 billion but not exceeding $7.5 billion;
0.035% of the portion of the daily net assets exceeding $7.5
billion but not exceeding $10 billion; 0.0325% of the portion of
the daily net assets exceeding $10 billion but not exceeding
$12.5 billion; and 0.030% of the portion of the daily net assets
exceeding $12.5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Variable Investment Series-
High Yield Portfolio 0.050% of the portion of the daily net assets not exceeding
$500 million; and 0.0425% of the daily net assets exceeding
$500 million.
Quality Income Plus Portfolio 0.050% of the portion of the daily the net assets up to $500
million; and 0.045% of the portion of the daily net assets
exceeds $500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx World 0.075% of the portion of the daily net assets up to $250 million;
Wide Income Trust 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 portion of the daily net assets exceeding $1
billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.060% of the daily net assets.
Worldwide High Income Fund
EQUITY FUNDS
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.0625% of the portion of the daily net assets not exceeding
American Value Fund $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.
B-3
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.060% of the daily net assets.
Balanced Growth Fund
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital 0.075% of the portion of the daily net assets not exceeding
Appreciation Fund $500 million; and 0.0725% of the portion of the daily net assets
exceeding $500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx Capital 0.065% of the portion of the daily net assets not exceeding
Growth Securities $500 million; 0.055% of the portion exceeding $500 million but
not exceeding $1 billion; 0.050% of the portion of the daily net
assets exceeding $1 billion but not exceeding $1.5 billion; and
0.0475% of the portion of the daily net assets exceeding $1.5
billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.050% of the portion of the daily net assets not exceeding
Developing Growth Securities $500 million; and 0.0475% of the portion of the daily net assets
Trust exceeding $500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.0625% of the portion of the daily net assets not exceeding
Dividend Growth Securities Inc. $250 million; 0.050% of the portion of the daily net assets
exceeding $250 million but not exceeding $1 billion; 0.0475% of
the portion of the daily net assets exceeding $1 billion but not
exceeding $2 billion; 0.045% of the portion of the daily net
assets exceeding $2 billion but not exceeding $3 billion;
0.0425% of the portion of the daily net assets exceeding $3
billion but not exceeding $4 billion; 0.040% of the portion of
the daily net assets exceeding $4 billion but not exceeding $5
billion; 0.0375% of the portion of the daily net assets exceeding
$5 billion but not exceeding $6 billion; 0.035% of the portion of
the daily net assets exceeding $6 billion but not exceeding $8
billion; 0.0325% of the portion of the daily net assets exceeding
$8 billion but not exceeding $10 billion; 0.030% of the portion
of the daily net assets exceeding $10 billion but not exceeding
$15 billion; and 0.0275% of the portion of the daily net assets
exceeding $15 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.060% of the portion of the daily net assets not exceeding
European Growth Fund Inc. $500 million; 0.057% of the portion of the daily net assets
exceeding $500 million but not exceeding $2 billion; and
0.054% of the portion of the daily net assets exceeding $2
billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.075% of the daily net assets.
Financial Services Trust
Xxxxxx Xxxxxxx Xxxx Xxxxxx Fund
of Funds-
Domestic Portfolio None
International Portfolio None
Xxxx Xxxxxx Global Asset 0.070% of the daily net assets.
Allocation Fund
B-4
Xxxxxx Xxxxxxx Xxxx Xxxxxx Global 0.075% of the portion of the daily net assets not exceeding$1
Dividend Growth Securities 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 Xxxx Xxxxxx Global 0.065% of the portion of the daily net assets not exceeding
Utilities Fund $500 million; and 0.0625% of the portion of the daily net assets
exceeding $500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx Health 0.10% of the portion of daily net assets not exceeding $500
Sciences Trust million; and 0.095% of the portion of daily net assets exceeding
$500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx Income 0.075% of the portion of the net assets not exceeding $500
Builder Fund million; and 0.0725% of the portion of daily net assets
exceeding $500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.075% of the portion of the daily net assets not exceeding
Information Fund $500 million; and 0.0725% of the portion of the daily net assets
exceeding $500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.075% of the daily net assets.
International SmallCap Fund
Xxxxxx Xxxxxxx Xxxx Xxxxxx Japan 0.060% of the daily net assets.
Fund
Xxxxxx Xxxxxxx Xxxx Xxxxxx Market 0.075% of the daily net assets.
Leader Trust
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.075% of the portion of the daily net assets not exceeding
Mid-Cap Growth Fund $500 million; and 0.0725% of the portion of the daily net assets
exceeding $500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx Natural 0.0625% of the portion of the daily net assets not exceeding
Resource Development Securities $250 million and 0.050% of the portion of the daily net assets
Inc. exceeding $250 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx Pacific 0.060% of the portion of the daily net assets not exceeding $1
Growth Fund Inc. billion; 0.057% of the portion of the daily net assets exceeding
$1 billion but not exceeding $2 billion; and 0.054% of the
portion of the daily net assets exceeding $2 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.080% of the daily net assets.
Precious Metals and Minerals Trust
Xxxx Xxxxxx Retirement Series-
American Value Series 0.085% of the daily net assets.
Capital Growth Series 0.085% of the daily net assets.
Dividend Growth Series 0.075% of the daily net assets.
Global Equity Series 0.10% of the daily net assets.
Strategist Series 0.085% of the daily net assets.
Utilities Series 0.075% of the daily net assets.
Value Added Market Series 0.050% of the daily net assets.
B-5
Xxxxxx Xxxxxxx Xxxx Xxxxxx Select
Dimensions Investment Series--
American Value Portfolio 0.0625% of the daily net assets.
Balanced Growth Portfolio 0.065% of the daily net assets.
Developing Growth Portfolio 0.050% of the daily net assets.
Diversified Income Portfolio 0.040% of the daily net assets.
Dividend Growth Portfolio 0.0625% of the portion of the daily net assets not exceeding
$500 million; and 0.050% of the portion of the daily net assets
exceeding $500 million.
Emerging Markets Portfolio 0.075% of the daily net assets.
Global Equity Portfolio 0.10% of the daily net assets.
Growth Portfolio 0.048% of the daily net assets.
Mid-Cap Growth Portfolio 0.075% of the daily net assets
Utilities Portfolio 0.065% of the daily net assets.
Value-Added Market Portfolio 0.050% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx Special 0.075% of the daily net assets.
Value Fund
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.060% of the portion of the daily net assets not exceeding
Strategist Fund $500 million; 0.055% of the portion of the daily net assets
exceeding $500 million but not exceeding $1 billion; 0.050% of
the portion of the daily net assets exceeding $1 billion but not
exceeding $1.5 billion; 0.0475% of the portion of the daily net
assets exceeding $1.5 billion but not exceeding $2.0 billion; and
0.045% of the portion of the daily net assets exceeding $2.0
billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.040% of the daily net assets.
S&P 500 Index Fund
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.065% of the portion of the daily net assets not exceeding
Utilities Fund $500 million; 0.055% of the portion of the daily net assets
exceeding $500 million but not exceeding $1 billion; 0.0525% of
the portion of the daily net assets exceeding $1 billion but not
exceeding $1.5 billion; 0.050% of the portion of the daily net
assets exceeding $1.5 billion but not exceeding $2.5 billion;
0.0475% of the portion of the daily net assets exceeding $2.5
billion but not exceeding $3.5 billion; 0.045% of the portion of
the daily net assets exceeding $3.5 but not exceeding $5 billion;
and 0.0425% of the daily net assets exceeding $5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.050% of the portion of the daily net assets not exceeding
Value-Added Market Series $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 Xxxx Xxxxxx
Variable Investment Series-
Capital Appreciation Portfolio 0.075% of the daily net assets.
Capital Growth Portfolio 0.065% of the daily net assets.
Competitive Edge "Best Ideas" 0.065% of the daily net assets.
Portfolio
B-6
Dividend Growth Portfolio 0.0625% of the portion of the daily net assets not exceeding
$500 million; and 0.050% of the portion of the daily net assets
exceeding $500 million but not exceeding $1 billion; 0.0475% of
the portion of the daily net assets exceeding $1.0 billion but
not exceeding $2.0 billion; and 0.045% of the portion of the
daily net assets exceeding $2 billion.
Equity Portfolio 0.050% of the net assets of the portion of the daily net assets
not exceeding $1 billion; and 0.0475% of the portion of the
daily net assets exceeding $1 billion.
European Growth Portfolio 0.060% of the portion of the daily net assets not exceeding
$500 million; and 0.057% of the portion of the daily net assets
exceeding $500 million.
Income Builder Portfolio 0.075% of the daily net assets.
S&P 500 Index Portfolio 0.040% of the daily net assets.
Strategist Portfolio 0.050% of the daily net assets.
Utilities Portfolio 0.065% of the portion of the daily net assets not exceeding
$500 million and 0.055% of the portion of the daily net assets
exceeding $500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.065% of the portion of the daily net assets not exceeding $1.5
Competitive Edge Fund, "Best billion; and 0.0625% of the portion of the daily net assets
Ideas" Portfolio exceeding $1.5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.051% of the daily net assets.
Equity Fund
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.048% of the portion of daily net assets not exceeding $750
Growth Fund million; 0.045% of the portion of daily net assets exceeding
$750 million but not exceeding $1.5 billion; and 0.042% of the
portion of daily net assets exceeding $1.5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.075 of the daily net assets.
Mid-Cap Dividend Growth Fund
MONEY MARKET FUNDS
Active Assets Trusts: 0.050% of the portion of the daily net assets not exceeding
(1) Active Assets Money Trust $500 million; 0.0425% of the portion of the daily net assets
(2) Active Assets Tax-Free Trust exceeding $500 million but not exceeding $750 million; 0.0375%
(3) Active Assets California of the portion of the daily net assets exceeding $750 million
Tax-Free Trust but not exceeding $1 billion; 0.035% of the portion of the daily
(4) Active Assets Government net assets exceeding $1 billion but not exceeding $1.5 billion;
Securities Trust 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-7
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.050% of the portion of the daily net assets not exceeding
California Tax-Free Daily $500 million; 0.0425% of the portion of the daily net assets
Income Trust 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 $2.5 billion but not exceeding $3
billion; and 0.025% of the portion of the daily net assets
exceeding $3 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx Liquid 0.050% of the portion of the daily net assets not exceeding
Asset Fund Inc. $500 million; 0.0425% of the portion of the daily net assets
exceeding $500 million but not exceeding $750 million; 0.0375%
of the portion of the daily net assets exceeding $750 million
but not exceeding $1 billion; 0.035% of the portion of the daily
net assets exceeding $1 billion but not exceeding $1.35 billion;
0.0325% of the portion of the daily net assets exceeding $1.35
billion but not exceeding $1.75 billion; 0.030% of the portion of
the daily net assets exceeding $1.75 billion but not exceeding
$2.15 billion; 0.0275% of the portion of the daily net assets
exceeding $2.15 billion but not exceeding $2.5 billion; 0.025%of
the portion of the daily net assets exceeding $2.5 billion but
not exceeding $15 billion; 0.0249% of the portion of the daily
net assets exceeding $15 billion but not exceeding $17.5 billion;
and 0.0248% of the portion of the daily net assets exceeding
$17.5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx New 0.050% of the portion of the daily net assets not exceeding
York Municipal Money $500 million; 0.0425% of the portion of the daily net assets
Market Trust exceeding $500 million but not exceeding $750 million; 0.0375%
of the portion of the daily net assets exceeding $750 million
but not exceeding $1 billion; 0.035% of the portion of the daily
net assets exceeding $1 billion but not exceeding $1.5 billion;
0.0325% of the portion of the daily net assets exceeding $1.5
billion but not exceeding $2 billion; 0.030% of the portion of
the daily net assets exceeding $2 billion but not exceeding $2.5
billion; 0.0275% of the portion of the daily net assets exceeding
$2.5 billion but not exceeding $3 billion; and 0.025% of the
portion of the daily net assets exceeding $3 billion.
Xxxx Xxxxxx Retirement Series-
Liquid Asset Series 0.050% of the daily net assets.
U.S. Government Money 0.050% of the daily net assets.
Market Series
Xxxxxx Xxxxxxx Xxxx Xxxxxx Select
Dimensions Investment Series-
Money Market Portfolio 0.050% of the daily net assets.
B-8
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.050% of the portion of the daily net assets not exceeding
Tax-Free Daily Income Trust $500 million; 0.0425% of the portion of the daily net assets
exceeding $500 million but not exceeding $750 million; 0.0375%
of the portion of the daily net assets exceeding $750 million
but not exceeding $1 billion; 0.035% of the portion of the daily
net assets exceeding $1 billion but not exceeding $1.5 billion;
0.0325% of the portion of the daily net assets exceeding $1.5
billion but not exceeding $2 billion; 0.030% of the portion of
the daily net assets exceeding $2 billion but not exceeding $2.5
billion; 0.0275% of the portion of the daily net assets exceeding
$2.5 billion but not exceeding $3 billion; and 0.025% of the
portion of the daily net assets exceeding $3 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx U.S. 0.050% of the portion of the daily net assets not exceeding
Government Money Market Trust $500 million; 0.0425% of the portion of the daily net assets
exceeding $500 million but not exceeding $750 million; 0.0375%
of the portion of the daily net assets exceeding $750 million
but not exceeding $1 billion; 0.035% of the portion of the daily
net assets exceeding $1 billion but not exceeding $1.5 billion;
0.0325% of the portion of the daily net assets exceeding $1.5
billion but not exceeding $2 billion; 0.030% of the portion of
the daily net assets exceeding $2 billion but not exceeding $2.5
billion; 0.0275% of the portion of the daily net assets exceeding
$2.5 billion but not exceeding $3 billion; and 0.025% of the
portion of the daily net assets exceeding $3 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx 0.050% of the daily net assets.
Variable Investment Series-
Money Market Portfolio
Monthly compensation calculated weekly by applying the following annual
rates to a fund's weekly net assets:
CLOSED-END FUNDS
Xxxx Xxxxxx Government 0.060% of the average weekly net assets.
IncomeTrust
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.
B-9
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% of the average weekly net assets.
InterCapital Insured Municipal 0.035% of the average weekly net assets.
Bond Trust
InterCapital Insured Municipal Trust 0.035% of the average weekly net assets.
InterCapital Insured Municipal 0.035% of the average weekly net assets.
Income Trust
InterCapital California Insured 0.035% of the average weekly net assets.
Municipal Income Trust
InterCapital Quality Municipal 0.035% of the average weekly net assets.
Investment Trust
InterCapital New York Quality 0.035% of the average weekly net assets.
Municipal Securities
InterCapital Quality Municipal 0.035% of the average weekly net assets.
Income Trust
InterCapital Quality Municipal 0.035% of the average weekly net assets.
Securities
InterCapital California Quality 0.035% of the average weekly net assets.
Municipal Securities
InterCapital Insured Municipal 0.035% of the average weekly net assets.
Securities
InterCapital Insured California 0.035% of the average weekly net assets.
Municipal Securities
B-10
