EXHIBIT 9
SERVICES AGREEMENT
AGREEMENT made as of the 17th day of April, 1995 by and between ▇▇▇▇ ▇▇▇▇▇▇
InterCapital Inc., a Delaware corporation (herein referred to as
"InterCapital"), and ▇▇▇▇ ▇▇▇▇▇▇ 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 ▇▇▇▇ ▇▇▇▇▇▇ 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.
▇▇▇▇ ▇▇▇▇▇▇ INTERCAPITAL INC.
By:
...............................
Attest:
.......................................
▇▇▇▇ ▇▇▇▇▇▇ SERVICES COMPANY INC.
By:
...............................
Attest:
.......................................
3
SCHEDULE A
▇▇▇▇ ▇▇▇▇▇▇ FUNDS
AS AMENDED AS OF OCTOBER 25, 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. ▇▇▇▇ ▇▇▇▇▇▇ American Value Fund
6. ▇▇▇▇ ▇▇▇▇▇▇ Balanced Growth Fund
7. ▇▇▇▇ ▇▇▇▇▇▇ Balanced Income Fund
8. ▇▇▇▇ ▇▇▇▇▇▇ California Tax-Free Daily Income Trust
9. ▇▇▇▇ ▇▇▇▇▇▇ California Tax-Free Income Fund
10. ▇▇▇▇ ▇▇▇▇▇▇ Capital Appreciation Fund
11. ▇▇▇▇ ▇▇▇▇▇▇ Capital Growth Securities
12. ▇▇▇▇ ▇▇▇▇▇▇ Convertible Securities Trust
13. ▇▇▇▇ ▇▇▇▇▇▇ Developing Growth Securities Trust
14. ▇▇▇▇ ▇▇▇▇▇▇ Diversified Income Trust
15. ▇▇▇▇ ▇▇▇▇▇▇ Dividend Growth Securities Inc.
16. ▇▇▇▇ ▇▇▇▇▇▇ European Growth Fund Inc.
17. ▇▇▇▇ ▇▇▇▇▇▇ Federal Securities Trust
18. ▇▇▇▇ ▇▇▇▇▇▇ Global Asset Allocation Fund
19. ▇▇▇▇ ▇▇▇▇▇▇ Global Dividend Growth Securities
20. ▇▇▇▇ ▇▇▇▇▇▇ Global Short-Term Income Fund Inc.
21. ▇▇▇▇ ▇▇▇▇▇▇ Global Utilities Fund
22. ▇▇▇▇ ▇▇▇▇▇▇ Hawaii Municipal Trust
23. ▇▇▇▇ ▇▇▇▇▇▇ Health Sciences Trust
24. ▇▇▇▇ ▇▇▇▇▇▇ High Income Securities
25. ▇▇▇▇ ▇▇▇▇▇▇ High Yield Securities Inc.
26. ▇▇▇▇ ▇▇▇▇▇▇ Income Builder Fund
27. ▇▇▇▇ ▇▇▇▇▇▇ Information Fund
28. ▇▇▇▇ ▇▇▇▇▇▇ Intermediate Income Securities
29. ▇▇▇▇ ▇▇▇▇▇▇ Intermediate Term U.S. Treasury Trust
30. ▇▇▇▇ ▇▇▇▇▇▇ International SmallCap Fund
31. ▇▇▇▇ ▇▇▇▇▇▇ Japan Fund
32. ▇▇▇▇ ▇▇▇▇▇▇ Limited Term Municipal Trust
33. ▇▇▇▇ ▇▇▇▇▇▇ Liquid Asset Fund Inc.
34. ▇▇▇▇ ▇▇▇▇▇▇ Mid-Cap Growth Fund
35. ▇▇▇▇ ▇▇▇▇▇▇ Multi-State Municipal Series Trust
36. ▇▇▇▇ ▇▇▇▇▇▇ National Municipal Trust
37. ▇▇▇▇ ▇▇▇▇▇▇ Natural Resource Development Securities Inc.
38. ▇▇▇▇ ▇▇▇▇▇▇ New York Municipal Money Market Trust
39. ▇▇▇▇ ▇▇▇▇▇▇ New York Tax-Free Income Fund
40. ▇▇▇▇ ▇▇▇▇▇▇ Pacific Growth Fund Inc.
41. ▇▇▇▇ ▇▇▇▇▇▇ Precious Metals and Minerals Trust
42. ▇▇▇▇ ▇▇▇▇▇▇ Premier Income Trust
43. ▇▇▇▇ ▇▇▇▇▇▇ Retirement Series
44. ▇▇▇▇ ▇▇▇▇▇▇ Select Dimensions Investment Series
(i) American Value Portfolio
(ii) Balanced Portfolio
(iii) Core Equity Portfolio
(iv) Developing Growth Portfolio
(v) Diversified Income Portfolio
(vi) Dividend Growth Portfolio
(vii) Emerging Markets Portfolio
(viii) Global Equity Portfolio
(ix) Mid-Cap Growth Portfolio
(x) Money Market Portfolio
(xi) North American Government Securities Portfolio
(xii) Utilities Portfolio
(xiii) Value-Added Market Portfolio
45. ▇▇▇▇ ▇▇▇▇▇▇ Select Municipal Reinvestment Fund
46. ▇▇▇▇ ▇▇▇▇▇▇ Short-Term Bond Fund
47. ▇▇▇▇ ▇▇▇▇▇▇ Short-Term U.S. Treasury Trust
48. ▇▇▇▇ ▇▇▇▇▇▇ Special Value Fund
49. ▇▇▇▇ ▇▇▇▇▇▇ Strategist Fund
50. ▇▇▇▇ ▇▇▇▇▇▇ Tax-Exempt Securities Trust
51. ▇▇▇▇ ▇▇▇▇▇▇ Tax-Free Daily Income Trust
52. ▇▇▇▇ ▇▇▇▇▇▇ U.S. Government Money Market Trust
A-1
53. ▇▇▇▇ ▇▇▇▇▇▇ U.S. Government Securities Trust
54. ▇▇▇▇ ▇▇▇▇▇▇ Utilities Fund
55. ▇▇▇▇ ▇▇▇▇▇▇ Value-Added Market Series
56. ▇▇▇▇ ▇▇▇▇▇▇ Variable Investment Series
(i) Capital Appreciation Portfolio
(ii) Capital Growth Portfolio
(iii) Dividend Growth Portfolio
(iv) Equity Portfolio
(v) European Growth Portfolio
(vi) Global Dividend Growth Portfolio
(vii) High Yield Portfolio
(viii) Income Builder Portfolio
(ix) Money Market Portfolio
(x) Quality Income Plus Portfolio
(xi) Pacific Growth Portfolio
(xii) Strategist Portfolio
(xiii) Utilities Portfolio
57. ▇▇▇▇ ▇▇▇▇▇▇ World Wide Income Trust
58. ▇▇▇▇ ▇▇▇▇▇▇ 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. ▇▇▇▇ ▇▇▇▇▇▇ Government Income Trust
64. InterCapital Insured Municipal Bond Trust
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
A-2
SCHEDULE B
▇▇▇▇ ▇▇▇▇▇▇ SERVICES COMPANY INC.
SCHEDULE OF ADMINISTRATIVE FEES
AS AMENDED AS OF MAY 1, 1997
Monthly compensation calculated daily by applying the following annual rates
to a fund's net assets:
FIXED INCOME FUNDS
------------------
▇▇▇▇ ▇▇▇▇▇▇ Balanced Income Fund 0.060% to the net assets.
▇▇▇▇ ▇▇▇▇▇▇ California Tax-Free 0.055% of the portion of the daily
Income Fund net assets not exceeding $500 million;
0.0525% of the portion of the daily
net assets exceeding $500 million but
not exceeding $750 million; 0.050% of
the portion of the daily net assets
exceeding $750 million but not
exceeding $1 billion; 0.0475% of the
portion of the daily net assets
exceeding $1 billion but not
exceeding $1.25 billion; and 0.045%
of the portion of the daily net
assets exceeding $1.25 billion.
▇▇▇▇ ▇▇▇▇▇▇ Convertible Securities 0.060% of the portion of the daily net
Securities Trust 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.
▇▇▇▇ ▇▇▇▇▇▇ Diversified 0.040% of the net assets.
Income Trust
▇▇▇▇ ▇▇▇▇▇▇ Federal Securities 0.055% of the portion of the daily net
Trust assets not exceeding $1 billion;
0.0525% of the portion of the daily
net assets exceeding $1 billion but
not exceeding $1.5 billion; 0.050% of
the portion of the daily net assets
exceeding $1.5 billion but not
exceeding $2 billion; 0.0475% of the
portion of the daily net assets
exceeding $2 billion but not
exceeding $2.5 billion; 0.045% of the
portion of the daily net assets
exceeding $2.5 billion but not
exceeding $5 billion; 0.0425% of the
portion of the daily net assets
exceeding $5 billion but not
exceeding $7.5 billion; 0.040% of the
portion of the daily net assets
exceeding $7.5 billion but not
exceeding $10 billion; 0.0375% of the
portion of the daily net assets
exceeding $10 billion but not
exceeding $12.5 billion; and 0.035%
of the portion of the daily net
assets exceeding $12.5 billion.
▇▇▇▇ ▇▇▇▇▇▇ Global Short-Term 0.055% of the portion of the daily net
Income Fund Inc. assets not exceeding $500 million; and
0.050% of the portion of the daily net
assets exceeding $500 million.
▇▇▇▇ ▇▇▇▇▇▇ Hawaii Municipal 0.035% to the net assets.
Trust
▇▇▇▇ ▇▇▇▇▇▇ High Income 0.050% of the portion of the daily
Securities net assets not exceeding $500
million; and 0.0425% of the portion
of the daily net assets exceeding
$500 million.
B-1
▇▇▇▇ ▇▇▇▇▇▇ High Yield 0.050% of the portion of the daily net
Securities Inc. 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 the daily
net assets exceeding $3 billion.
▇▇▇▇ ▇▇▇▇▇▇ Intermediate 0.060% of the portion of the daily net
Income Securities 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.
▇▇▇▇ ▇▇▇▇▇▇ Intermediate Term 0.035% to the net assets.
U.S. Treasury Trust
▇▇▇▇ ▇▇▇▇▇▇ Limited Term 0.050% to the net assets.
Municipal Trust
▇▇▇▇ ▇▇▇▇▇▇ Multi-State Municipal 0.035% to the net assets.
Series Trust (10 Series)
▇▇▇▇ ▇▇▇▇▇▇ National 0.035% to the net assets.
Municipal Trust
▇▇▇▇ ▇▇▇▇▇▇ New York Tax-Free 0.055% of the portion of the
Income Fund daily net assets not exceeding
$500 million; and 0.0525% of the
portion of the daily net assets
exceeding $500 million.
▇▇▇▇ ▇▇▇▇▇▇ Premier 0.050% to the net assets.
Income Trust
▇▇▇▇ ▇▇▇▇▇▇ Retirement Series- 0.065% to the net assets.
Intermediate Income Securities
Series
▇▇▇▇ ▇▇▇▇▇▇ Retirement Series- 0.065% to the net assets.
U.S. Government Securities
Series
▇▇▇▇ ▇▇▇▇▇▇ Select Dimensions 0.039% to the net assets.
Investment Series-North American
Government Securities Portfolio
▇▇▇▇ ▇▇▇▇▇▇ Short-Term 0.070% to the net assets.
Bond Fund
▇▇▇▇ ▇▇▇▇▇▇ Short-Term U.S. 0.035% to the net assets.
Treasury Trust
▇▇▇▇ ▇▇▇▇▇▇ Tax-Exempt 0.050% of the portion of the daily net
Securities Trust 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
▇▇▇▇ ▇▇▇▇▇▇ U.S. Government 0.050% of the portion of the daily
Securities Trust net assets not exceeding $1 billion;
0.0475% of the portion of the daily
net assets exceeding $1 billion but
not exceeding $1.5 billion; 0.045% of
the portion of the daily net assets
exceeding $1.5 billion but not
exceeding $2 billion; 0.0425% of the
portion of the daily net assets
exceeding $2 billion but not
exceeding $2.5 billion; 0.040% of
the portion of the daily net assets
exceeding $2.5 billion but not
exceeding $5 billion; 0.0375% of the
portion of the daily net assets
exceeding $5 billion but not
exceeding $7.5 billion; 0.035% of
the portion of the daily net assets
exceeding $7.5 billion but not
exceeding $10 billion; 0.0325% of
the portion of the daily net assets
exceeding $10 billion but not
exceeding $12.5 billion; and 0.030%
of the portion of the daily net
assets exceeding $12.5 billion.
▇▇▇▇ ▇▇▇▇▇▇ Variable Investment 0.050% to the net assets.
Series-High Yield Portfolio
▇▇▇▇ ▇▇▇▇▇▇ Variable Investment 0.050% to the net assets.
Series-Quality Income Plus
Portfolio
▇▇▇▇ ▇▇▇▇▇▇ World Wide Income 0.075% of the daily net assets up to
Trust $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.
▇▇▇▇ ▇▇▇▇▇▇ Select Municipal 0.050% to the net assets.
Reinvestment Fund
EQUITY FUNDS
------------
▇▇▇▇ ▇▇▇▇▇▇ American Value 0.0625% of the portion of the daily
Fund net assets not exceeding $250 million;
0.050% of the portion of the daily net
assets exceeding $250 million but not
exceeding $2.25 billion; 0.0475% of
the portion of the daily net assets
exceeding $2.25 billion but not
exceeding $3.5 billion; and 0.0450%
of the portion of daily net assets
exceeding $3.5 billion; and 0.0450% of
the portion of daily net assets
exceeding $3.5 billion.
▇▇▇▇ ▇▇▇▇▇▇ Balanced Growth Fund 0.060% to the net assets.
▇▇▇▇ ▇▇▇▇▇▇ Capital Appreciation 0.075% of the portion of the daily net
Fund assets not exceeding $500 million;
0.0725% of the portion of the daily
net assets exceeding $500 million.
▇▇▇▇ ▇▇▇▇▇▇ Capital Growth 0.065% to the portion of the daily
Securities 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 daily net assets exceeding
$1.5 billion.
▇▇▇▇ ▇▇▇▇▇▇ Developing Growth 0.050% of the portion of the daily
Securities Trust net assets not exceeding $500
million; and 0.0475% of the portion
of the daily net assets exceeding
$500 million.
B-3
▇▇▇▇ ▇▇▇▇▇▇ Dividend Growth 0.0625% of the portion of the daily
Securities Inc. net assets not exceeding $250 million;
0.050% of the portion of the daily
net assets exceeding $250 million
but not exceeding $1 billion; 0.0475%
of the portion of the daily net assets
exceeding $1 billion but not
exceeding $2 billion; 0.045% of the
portion of the daily net assets
exceeding $2 billion but not exceeding
$3 billion; 0.0425% of the portion of
the daily net assets exceeding $3
billion but not exceeding $4 billion;
0.040% of the portion of the daily net
assets exceeding $4 billion but not
exceeding $5 billion; 0.0375% of the
portion of the daily net assets
exceeding $5 billion but not
exceeding $6 billion; 0.035% of the
portion of the daily net assets
exceeding $6 billion but not
exceeding $8 billion; 0.0325% of the
portion of the daily net assets
exceeding $8 billion but not
exceeding $10 billion; 0.030% of
the portion of the daily net assets
exceeding $10 billion but not
exceeding $15 billion; and 0.0275%
of the portion of the daily net assets
exceeding $15 billion.
▇▇▇▇ ▇▇▇▇▇▇ European Growth 0.10% of the portion of the daily net
Fund Inc. assets not exceeding $500 million;
0.095% of the portion of the daily net
assets exceeding $500 million but not
exceeding $2 billion; and 0.090%
of the portion of the daily net
assets exceeding $2 billion.
▇▇▇▇ ▇▇▇▇▇▇ Global Asset Allocation 0.040% to the net assets.
Fund
▇▇▇▇ ▇▇▇▇▇▇ Global Dividend 0.075% of the portion of the daily net
Growth Securities assets not exceeding $1 billion;
0.0725% of the portion of the daily
net assets exceeding $1 billion but
not exceeding $1.5 billion; 0.070% of
the portion of the daily net assets
exceeding $1.5 billion but not
exceeding $2.5 billion; and 0.0675%
of the portion of the daily net
assets exceeding $2.5 billion but not
exceeding $3.5 billion; and 0.065% of
the portion of the daily net assets
exceeding $3.5 billion.
▇▇▇▇ ▇▇▇▇▇▇ Global Utilities Fund 0.065% of the portion of the daily net
assets not exceeding $500 million; and
0.0625% of the portion of the daily
net assets exceeding $500 million.
▇▇▇▇ ▇▇▇▇▇▇ 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.
▇▇▇▇ ▇▇▇▇▇▇ Income 0.075% of the portion of daily net
Builder Fund assets not exceeding $500 million;
and 0.0725% of the portion of daily
net assets exceeding $500 million but
not exceeding $1 billion.
▇▇▇▇ ▇▇▇▇▇▇ Information Fund 0.075% of the portion of daily net
assets not exceeding $500 million; and
0.0725% of the portion of the daily
net assets exceeding $500 million.
▇▇▇▇ ▇▇▇▇▇▇ International 0.075% to the net assets.
SmallCap Fund
▇▇▇▇ ▇▇▇▇▇▇ Japan Fund 0.060% to the net assets.
▇▇▇▇ ▇▇▇▇▇▇ Mid-Cap Growth Fund 0.075% of the portion of the daily net
assets not exceeding $500 million; and
0.0725% of the portion of the daily
net assets exceeding $500 million.
B-4
▇▇▇▇ ▇▇▇▇▇▇ Natural Resource 0.0625% of the portion of the daily
Development Securities Inc. net assets not exceeding $250 million
and 0.050% of the portion of the daily
net assets exceeding $250 million.
▇▇▇▇ ▇▇▇▇▇▇ Pacific Growth 0.10% of the portion of the daily net
Fund Inc. assets not exceeding $1 billion;
0.095% of the portion of the daily net
assets exceeding $1 billion but not
exceeding $2 billion; 0.090% of the
portion of the daily net assets
exceeding $2 billion.
▇▇▇▇ ▇▇▇▇▇▇ Precious Metals 0.080% to the net assets.
and Minerals Trust
▇▇▇▇ ▇▇▇▇▇▇ Retirement Series- 0.085% to the net assets.
American Value Series
▇▇▇▇ ▇▇▇▇▇▇ Retirement Series- 0.085% to the net assets.
Capital Growth Series
▇▇▇▇ ▇▇▇▇▇▇ Retirement Series- 0.075% to the net assets.
Dividend Growth Series
▇▇▇▇ ▇▇▇▇▇▇ Retirement Series- 0.10% to the net assets.
Global Equity Series
▇▇▇▇ ▇▇▇▇▇▇ Retirement Series- 0.085% to the net assets.
Strategist Series
▇▇▇▇ ▇▇▇▇▇▇ Retirement Series- 0.075% to the net assets.
Utilities Series
▇▇▇▇ ▇▇▇▇▇▇ Retirement Series- 0.050% to the net assets.
Value Added Market Series
▇▇▇▇ ▇▇▇▇▇▇ 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.
Mid-Cap Growth Portfolio 0.075% to the net assets
Utilities Portfolio 0.065% to the net assets.
Value-Added Market Portfolio 0.050% to the net assets.
▇▇▇▇ ▇▇▇▇▇▇ Special Value Fund 0.075% to the net assets.
▇▇▇▇ ▇▇▇▇▇▇ 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; and 0.0475%
of the portion of the daily net
assets exceeding $1.5 billion.
▇▇▇▇ ▇▇▇▇▇▇ Utilities Fund 0.065% of the portion of the daily net
assets not exceeding $500 million;
0.055% of the portion of the daily net
assets exceeding $500 million but not
exceeding $1 billion; 0.0525% of the
portion of the daily net assets
exceeding $1 billion but not
exceeding $1.5 billion; 0.050% of the
portion of the daily net
B-5
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 portion
of the daily net assets exceeding $5
billion.
▇▇▇▇ ▇▇▇▇▇▇ Value-Added Market 0.050% of the portion of daily net
Series assets not exceeding $500 million;
0.45% of the portion of the daily net
assets exceeding $500 million but not
exceeding $1 billion; and 0.0425% of
the portion of the daily net assets
exceeding $1 billion.
▇▇▇▇ ▇▇▇▇▇▇ Variable Investment 0.075% to the net assets.
Series-Capital Appreciation Portfolio
▇▇▇▇ ▇▇▇▇▇▇ Variable Investment 0.065% to the net assets.
Series-Capital Growth Portfolio
▇▇▇▇ ▇▇▇▇▇▇ Variable Investment 0.0625% of the portion of the daily
Series-Dividend Growth Portfolio 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; and 0.0475%
of the portion of the daily net
assets exceeding $1 billion.
▇▇▇▇ ▇▇▇▇▇▇ Variable Investment 0.050% of the portion of the daily
Series-Equity Portfolio net assets not exceeding $1 billion;
and 0.0475% of the portion of the
daily net assets exceeding $1 billion.
▇▇▇▇ ▇▇▇▇▇▇ Variable Investment 0.060% to the net assets.
Series-European Growth Portfolio
▇▇▇▇ ▇▇▇▇▇▇ Variable Investment 0.075% to the net assets.
Series-Income Builder Portfolio
▇▇▇▇ ▇▇▇▇▇▇ Variable Investment 0.050% to the net assets.
Series-Strategist Portfolio
▇▇▇▇ ▇▇▇▇▇▇ Variable Investment 0.065% of the portion of the daily net
Series-Utilities Portfolio assets exceeding $500 million; and
0.055% of the portion of the daily net
assets exceeding $500 million.
▇▇▇▇ ▇▇▇▇▇▇ World Wide 0.055% of the portion of the daily net
Investment Trust assets not exceeding $500 million; and
0.05225% of the portion of the daily
net assets exceeding $500 million.
MONEY MARKET FUNDS
------------------
Active Assets Trusts: 0.050% of the portion of the daily net
(1) Active Assets Money Trust assets not exceeding $500 million;
(2) Active Assets Tax-Free Trust 0.0425% of the portion of the daily
(3) Active Assets California Tax-Free net assets exceeding $500 million but
Trust not exceeding $750 million; 0.0375% of
(4) Active Assets Government the portion of the daily net assets
Securities Trust 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
B-6
$3 billion; and 0.025% of the portion
of the daily net assets exceeding
$3 billion.
▇▇▇▇ ▇▇▇▇▇▇ California Tax-Free 0.050% of the portion of the daily net
Daily Income Trust 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.
▇▇▇▇ ▇▇▇▇▇▇ Liquid Asset 0.050% of the portion of the daily net
Fund Inc. assets not exceeding $500 million;
0.0425% of the portion of the daily
net assets exceeding $500 million but
not exceeding $750 million; 0.0375% of
the portion of the daily net assets
exceeding $750 million but not
exceeding $1 billion; 0.035% of the
portion of the daily net assets
exceeding $1 billion but not
exceeding $1.35 billion; 0.0325% of
the portion of the daily net assets
exceeding $1.35 billion but not
exceeding $1.75 billion; 0.030% of
the portion of the daily net assets
exceeding $1.75 billion but not
exceeding $2.15 billion; 0.0275% of
the portion of the daily net assets
exceeding $2.15 billion but not
exceeding $2.5 billion; 0.025% of the
portion of the daily net assets
exceeding $2.5 billion but not
exceeding $15 billion; 0.0249% of the
portion of the daily net assets
exceeding $15 billion but not
exceeding $17.5 billion; and 0.0248%
of the portion of the daily net
assets exceeding $17.5 billion.
▇▇▇▇ ▇▇▇▇▇▇ New York Municipal 0.050% of the portion of the daily net
Money Market Trust 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.
▇▇▇▇ ▇▇▇▇▇▇ Retirement Series- 0.050% of the net assets.
Liquid Asset Series
▇▇▇▇ ▇▇▇▇▇▇ Retirement Series- 0.050% of the net assets.
U.S. Government Money
Market Series
▇▇▇▇ ▇▇▇▇▇▇ Select Dimensions 0.050% to the net assets.
Investment Series-
Money Market Portfolio
B-7
▇▇▇▇ ▇▇▇▇▇▇ Tax-Free Daily 0.050% of the portion of the daily net
Income Trust 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.
▇▇▇▇ ▇▇▇▇▇▇ U.S. Government 0.050% of the portion of the daily net
Money Market Trust 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.
▇▇▇▇ ▇▇▇▇▇▇ Variable Investment 0.050% to the net assets.
Series-Money Market Portfolio
Monthly compensation calculated weekly by applying the following annual rates
to the weekly net assets.
CLOSED-END FUNDS
----------------
▇▇▇▇ ▇▇▇▇▇▇ Government Income 0.060% to the average weekly net
Trust 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.
B-8
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 0.050% to the average weekly net
Inc. assets.
InterCapital Insured Municipal 0.035% to the average weekly net
Bond Trust assets.
InterCapital Insured Municipal 0.035% to the average weekly net
Trust assets.
InterCapital Insured Municipal 0.035% to the average weekly net
Income Trust assets.
InterCapital California Insured 0.035% to the average weekly net
Municipal Income Trust assets.
InterCapital Quality Municipal 0.035% to the average weekly net
Investment Trust assets.
InterCapital New York Quality 0.035% to the average weekly net
Municipal Securities assets.
InterCapital Quality Municipal 0.035% to the average weekly net
Income Trust assets.
InterCapital Quality Municipal 0.035% to the average weekly net
Securities assets.
InterCapital California Quality 0.035% to the average weekly net
Municipal Securities assets.
InterCapital Insured Municipal 0.035% to the average weekly net
Securities assets.
InterCapital Insured California 0.035% to the average weekly net
Municipal Securities assets.
B-9
