EXHIBIT 23(D)(2)(LL)
SUB-ADVISORY AGREEMENT ON BEHALF OF IDEX TEMPLETON GREAT COMPANIES GLOBAL
SUB-ADVISORY AGREEMENT
BETWEEN
AEGON/TRANSAMERICA FUND ADVISERS, INC.
AND
XXXXXXXXX INVESTMENT COUNSEL, LLC
SUB-ADVISORY AGREEMENT made as of the day of 15th day of September 2003,
between AEGON/Transamerica Fund Advisers, Inc. ("Investment Adviser"), a
corporation organized and existing under the laws of the State of Florida and
Xxxxxxxxx Investment Counsel, LLC ("Sub-Adviser"), a Delaware limited liability
company.
WHEREAS, the Investment Adviser acts as an investment adviser to IDEX
Templeton Great Companies Global of IDEX Mutual Funds ("IDEX"), a Massachusetts
business trust which is engaged in business as an open-end management investment
company registered under the Investment Company Act of 1940, as amended ("1940
Act"), pursuant to an investment advisory agreement dated September 1, 2000, as
amended, (the "Advisory Agreement") a copy of which has been provided to
Sub-Adviser;
WHEREAS, IDEX is authorized to issue shares of IDEX Templeton Great
Companies Global the "Fund"), a separate series of IDEX;
WHEREAS, the Sub-Adviser is engaged principally in the business of
rendering investment advisory services and is registered as an investment
adviser under the Investment Advisers Act of 1940, as amended ("Advisers Act");
and
WHEREAS, the Investment Adviser desires to retain the Sub-Adviser as
sub-adviser to furnish certain investment advisory services (in connection with
non-U.S. securities) to the Investment Adviser with respect to the Fund and the
Sub-Adviser is willing to furnish such services.
NOW, THEREFORE, in consideration of the premises and mutual promises
herein set forth, the parties hereto agree as follows:
1. APPOINTMENT.
Investment Adviser hereby appoints the Sub-Adviser as its investment
sub-adviser with respect to the Fund for the period and on the terms set forth
in this Agreement. The Sub-Adviser accepts such appointment and agrees to render
the services herein set forth, for the compensation herein provided.
2. DUTIES OF THE SUB-ADVISER.
A. Investment Sub-Advisory Services. Subject to the supervision of
the IDEX Board of Trustees ("Board") and the Investment Adviser, the Sub-Adviser
shall act as the investment sub-adviser and shall supervise and direct the non
U.S. investments of the Fund in accordance with the Fund's investment objective,
policies, and restrictions as provided in the IDEX Prospectus and Statement of
Additional Information, as currently in effect and as amended or supplemented
from time to time (hereinafter referred to as the "Prospectus"), and such other
limitations as directed by the appropriate officers of the Investment Adviser or
IDEX by notice in writing to the Sub-Adviser. The Sub-Adviser shall obtain and
evaluate such information relating to the economy, industries, businesses,
securities markets, and securities as it may deem necessary or useful in the
discharge of its obligations hereunder and shall formulate and implement a
continuing program for the management of the assets of the Fund in a manner
consistent with the Fund's investment objective, policies, and restrictions. In
furtherance of this duty, the Sub-Adviser, on behalf of the Fund, is authorized,
in its discretion and without prior consultation with the Fund or the Investment
Adviser, to:
(1) buy, sell, exchange, convert, lend, and otherwise trade in any
stocks, bonds and other securities or assets; and
(2) place orders and negotiate the commissions (if any) for the
execution of transactions in securities or other assets with or
through such brokers, dealers, underwriters or issuers as the
Sub-Adviser may select.
B. Additional Duties of Sub-Adviser. In addition to the above,
Sub-Adviser shall:
(1) furnish continuous investment information, advice and
recommendations to IDEX as to the acquisition, holding or
disposition of any or all of the securities or other assets which
the Fund may own or contemplate acquiring from time to time;
(2) cause its officers to attend meetings either in person or via
teleconference of IDEX and furnish oral or written reports, as IDEX
may reasonably require, in order to keep IDEX and its officers and
Board fully informed as to the condition of the investment
securities of the Fund, the investment recommendations of the
Sub-Adviser, and the investment considerations which have given rise
to those recommendations; and
(3) furnish such statistical and analytical information and reports
as may reasonably be required by IDEX from time to time.
C.Further Duties of Sub-Adviser. In all matters relating to the
performance of this Agreement, the Sub-Adviser shall act in conformity with the
IDEX Restatement of Declaration of Trust and By-Laws, as each may be amended or
supplemented, and currently effective Registration Statement (as defined below)
and with the written instructions and directions of the Board and the Investment
Adviser, and shall comply with the requirements of the 1940 Act, the Advisers
Act, the rules thereunder, and all other applicable federal and state laws and
regulations.
D. Custody. Sub-Adviser shall have no responsibility with respect to
maintaining custody of the Fund's assets. Sub-Adviser shall affirm security
transactions with central depositories and advise the custodian of the Fund
("Custodian") or such depositories or agents as may be designated by Custodian
and Investment Adviser promptly of each purchase and sale of a portfolio
security, specifying the name of the issuer, the description and amount or
number of shares of the security purchased, the market price, the commission and
gross or net price, the trade date and settlement date and the identity of the
effecting broker or dealer. Sub-Adviser shall from time to time provide
Custodian and Investment Adviser with evidence of authority of its personnel who
are authorized to give instructions to Custodian. The Fund shall instruct the
Custodian to provide the Sub-Adviser with such information as the Sub-Adviser
may reasonably request relating to daily cash levels held by the Fund.
E. Proxy Voting. Unless Investment Adviser advises Sub-Adviser in
writing that the right to vote proxies has been expressly reserved to Investment
Adviser or the Fund or otherwise delegated to another party, Sub-Adviser shall
exercise voting rights incident to any securities held in the Fund without
consultation with Investment Adviser or Fund, provided that Sub-Adviser will
follow any written instructions received from Investment Adviser or Fund with
respect to voting as to particular issues. Sub-Adviser shall further respond to
all corporate action matters incident to the securities held in the Fund
including, without limitation, proofs of claim in bankruptcy and class action
cases and shelf registrations. Should Sub-Adviser undertake litigation against
an issuer on behalf of accounts which it manages that are shareholders of such
issuer, Fund agrees, that in the event the Fund is also a shareholder of such
issuer, to pay its proportionate share of any applicable legal fees associated
with the action or to forfeit any claim to any assets Sub-Adviser may recover
and, in such case, agrees to hold Sub-Adviser harmless for excluding the Fund
from such action. In the case of class action suits involving issuers held by
the Fund, Sub-Adviser may include information about the Fund for purposes of
participating in any settlements.
3. COMPENSATION.
For the services provided by the Sub-Adviser pursuant to this Agreement,
the Sub-Adviser shall receive monthly an investment management fee as specified
in Schedule A of this Agreement. If this Agreement becomes effective or
terminates before the end of any month, the investment management fee for the
period from the effective date to the end of such month or from the beginning of
such month to the date of termination, as the case may be, shall be pro-rated
according to the pro-ration which such period bears to the full month in which
such effectiveness or termination occurs.
4. EXPENSES.
During the term of this Agreement, Sub-Adviser will bear all
expenses incurred by it in the performance of its duties hereunder,
other than those expenses specifically borne by the Fund or assumed
by the Investment Adviser pursuant to the Advisory Agreement. The
Fund and the Investment Adviser shall bear their own expenses,
including but not limited to those expenses allocated to the Fund or
the Investment Adviser in the Advisory Agreement, all proxy voting
expenses and brokers' and underwriting commissions chargeable to the
Fund in connection with the securities transactions to which the
Fund is a party.
5. DUTIES OF THE INVESTMENT ADVISER.
A. The Investment Adviser shall continue to have responsibility for
all services to be provided to the Fund pursuant to the Advisory Agreement and
shall oversee and review the Sub-Adviser's performance of its duties under this
Agreement. Notwithstanding the Advisory Agreement, the Sub-Adviser has the
authority to buy, sell, exchange, convert, lend, and otherwise trade in any
stocks, bonds and other securities or assets on behalf of the Fund.
B. The Investment Adviser has furnished the Sub-Adviser with copies
of each of the following documents and will furnish to the Sub-Adviser at its
principal office all future amendments and supplements to such documents, if
any, as soon as practicable after such documents become available:
(1) The IDEX Restatement of Declaration of Trust, as filed with the
State of Massachusetts, as in effect on the date hereof and as
amended from time to time ("Trust");
(2) The By-Laws of IDEX as in effect on the date hereof and as
amended from time to time ("By-Laws");
(3) Certified resolutions of the Board of IDEX authorizing the
appointment of the Investment Adviser and the Sub-Adviser and
approving the form of the Advisory Agreement and this Agreement;
(4) The IDEX Registration Statement under the 1940 Act and the
Securities Act of 1933, as amended, on Form N-1A, as filed with the
Securities and Exchange Commission ("SEC") relating to the Fund and
its shares and all amendments thereto ("Registration Statement");
(5) The IDEX Prospectus (as defined above); and
(6) A certified copy of any publicly available financial statement
or report prepared for IDEX by certified or independent public
accountants, and copies of any financial statements or reports made
by the Fund to its shareholders or to any governmental body or
securities exchange.
The Investment Adviser shall furnish the Sub-Adviser with any further
documents, materials or information that the Sub-Adviser may reasonably request
to enable it to perform its duties pursuant to this Agreement.
Notwithstanding the above, the Sub-Adviser shall not be responsible for
performing in accordance with any of the above-mentioned documents and notices
unless Sub-Adviser has received such document or notice.
C. The Sub-Adviser hereby gives the Fund, for the term of this
Agreement, a royalty free, nonexclusive, nontransferable right to use the name
"Templeton" (hereinafter referred to as the "Xxxx") in the United States as part
of the name of the Fund, provided such name is approved by Sub-Adviser in
writing. Such right does not include the right to allow third parties to use the
Xxxx except as specifically provided in this Agreement. Neither the Fund nor the
Investment Adviser shall retain any right to use of the Xxxx after the
termination of this Agreement. Upon termination of this Agreement, the Fund will
immediately terminate all use of the Xxxx and destroy any remaining unused sales
documentation, promotional, marketing, advertising or other written printed or
electronic material or performance information that contains the Xxxx. The Fund
agrees to use its best efforts to ensure that the nature and quality of the
services rendered in connection with the Xxxx shall conform to the terms of this
Agreement and any amendments thereto.
D. During the term of this Agreement, the Investment Adviser shall
furnish to the Sub-Adviser at its principal office all prospectuses, proxy
statements, reports to shareholders, sales documentation, promotional,
marketing, advertising and other written, printed or electronic material or
performance information or data prepared for distribution to shareholders of the
Fund or the public, which include the Xxxx or refer to the Fund, the Sub-Adviser
or investment companies or other advisory accounts advised or sponsored by the
Sub-Adviser or investment companies or other advisory accounts advised or
sponsored by the Sub-Adviser in any way, prior to the use thereof. Investment
Adviser shall not use any such materials which include the Xxxx without the
Sub-Advisers prior written approval; and Investment Adviser shall not use any
such materials which do not include the Xxxx if the Sub-Adviser reasonably
objects in writing within fifteen (15) business days (or such other time as may
be mutually agreed upon) after Sub-Adviser's receipt thereof.
6. BROKERAGE.
A. The Sub-Adviser agrees that, in placing orders with
broker-dealers for the purchase or sale of portfolio securities, it shall
attempt to obtain quality execution at favorable security prices (best price and
execution); provided that, on behalf of the Fund, the Sub-Adviser may, in its
discretion, agree to pay a broker-dealer that furnishes brokerage or research
services as such services are defined under Section 28(e) of the Securities
Exchange Act of 1934, as amended ("1934 Act"), a higher commission than that
which might have been charged by another broker-dealer for effecting the same
transactions, if the Sub-Adviser determines in good faith that such commission
is reasonable in relation to the brokerage and research services provided by the
broker-dealer, viewed in terms of either that particular transaction or the
overall responsibilities of the Sub-Adviser with respect to the accounts as to
which it exercises investment discretion (as such term is defined under Section
3(a)(35) of the 1934 Act). In no instance will portfolio securities be purchased
from or sold to the Sub-Adviser, or any affiliated person thereof, except in
accordance with the federal securities laws and the rule and regulations
thereunder.
B. On occasions when the Sub-Adviser deems the purchase or sale of a
security to be in the best interest of the Fund, as well as other clients of the
Sub-Adviser, the Sub-Adviser, to the extent permitted by applicable laws and
regulations, may, but shall be under no obligation to, aggregate the securities
to be purchased or sold to attempt to obtain a more favorable price or lower
brokerage commissions and efficient execution. In such event, allocation of the
securities so purchased or sold, as well as the expenses incurred in the
transaction, will be made by the Sub-Adviser in the manner the Sub-Adviser
considers to be the most equitable and consistent with its fiduciary obligations
to the Fund and to its other clients.
C. In addition to the foregoing, the Sub-Adviser agrees that orders
with broker-dealers for the purchase or sale of portfolio securities by the Fund
shall be placed in accordance with the standards set forth in Section 8 of the
Advisory Agreement.
7. OWNERSHIP OF RECORDS.
Sub-Adviser shall maintain all books and records required to be maintained
by Sub-Adviser pursuant to the 1940 Act and the rules and regulations
promulgated thereunder with respect to transactions on behalf of the Fund. In
compliance with the requirements of Rule 31a-3 under the 1940 Act, Sub-Adviser
hereby agrees (i) to preserve for the periods prescribed by Rule 31a-3 under the
1940 Act any records that it maintains for the Fund that are required to be
maintained by Rule 31a-1 under the 1940 Act, and (ii) to provide the Fund with
access to or copies of any records that it maintains for the Fund upon
reasonable request by the Fund.
8. REPORTS.
The Sub-Adviser shall furnish to the Board or the Investment Adviser, or
both, as appropriate, such information, reports, evaluations, analyses and
opinions as the Sub-Adviser and the Board or the Investment Adviser, as
appropriate, may mutually agree upon from time to time.
9. SERVICES TO OTHER CLIENTS.
Nothing contained in this Agreement shall limit or restrict (i) the
freedom of the Sub-Adviser, or any affiliated person thereof, to render
investment management and corporate administrative services to other investment
companies, to act as investment manager or investment counselor to other
persons, firms, or corporations, or to engage in any other business activities,
or (ii) the right of any director, officer, or employee of the Sub-Adviser, who
may also be a director, officer, or employee of IDEX, to engage in any other
business or to devote his or her time and attention in part to the management or
other aspects of any other business, whether of a similar nature or a dissimilar
nature. Nothing in this Agreement shall impose upon Sub-Adviser any obligation
to purchase or sell or to recommend for purchase or sale, with respect to the
Fund, any securities which the Sub-Adviser, or its officers, directors,
employees or affiliates may purchase or sell for its or their own account(s) or
for the account of any other client. Sub-Adviser may give advice and take action
with respect to any of its other accounts or for its own account which may
differ from the timing or nature of action taken by the Sub-Adviser with respect
to the Fund.
10. SUB-ADVISER'S USE OF THE SERVICES OF OTHERS.
The Sub-Adviser may (at its cost except as contemplated by Section 5 of
this Agreement) employ, retain, or otherwise avail itself of the services or
facilities of other persons or organizations for the purpose of obtaining such
statistical and other factual information, such advice regarding economic
factors and trends, such advice as to occasional transactions in specific
securities, or such other information, advice, or assistance as the Sub-Adviser
may deem necessary, appropriate, or convenient for the discharge of its
obligations hereunder or otherwise helpful to the Sub-Adviser, as appropriate,
or in the discharge of Sub-Adviser's overall responsibilities with respect to
the other accounts that it serves as investment manager or counselor, provided
that the Sub-Adviser shall at all times retain responsibility for making
investment recommendations with respect to the Fund.
11. LIABILITY OF SUB-ADVISER. Sub-Adviser may rely on information
reasonably believed by it to be accurate and reliable. Except as may otherwise
be provided by the 1940 Act, neither Sub-Adviser nor its officers, directors,
employees or agents shall be subject to any liability to the Investment Adviser,
the Fund or any shareholder of the Fund for any error of judgment, mistake of
law or any loss arising out of any investment or other act or omission in the
course of, connected with or arising out of any service to be rendered
hereunder, except by reason of willful misfeasance, bad faith or gross
negligence in its performance of its duties or by reason of reckless disregard
of its obligations and duties under this Agreement.
12. REPRESENTATIONS OF SUB-ADVISER.
The Sub-Adviser represents, warrants, and agrees as follows:
A. The Sub-Adviser: (i) is registered as an investment adviser under
the Advisers Act and will continue to be so registered for so long as this
Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the
Advisers Act from performing the services contemplated by this Agreement; (iii)
has met, and will continue to meet for so long as this Agreement remains in
effect, any applicable federal or state requirements, or the applicable
requirements of any regulatory or industry self-regulatory agency, necessary to
be met in order to perform the services contemplated by this Agreement; (iv) has
the authority to enter into and perform the services contemplated by this
Agreement; and (v) will immediately notify the Investment Adviser of the
occurrence of any event that would disqualify the Sub-Adviser from serving as an
investment adviser of an investment company pursuant to Section 9 (a) of the
1940 Act or otherwise.
B. The Sub-Adviser has adopted a written code of ethics complying
with the requirements of Rule 17j-1 under the 1940 Act and, if it has not
already done so, will provide the Investment Adviser and IDEX with a copy of
such code of ethics, together with evidence of its adoption.
C. The Sub-Adviser has provided the Investment Adviser and IDEX with
a copy of its Form ADV as most recently filed with the SEC and will, promptly
after filing any material amendment to its Form ADV with the SEC, furnish a copy
of such amendment to the Investment Adviser.
13. TERM OF AGREEMENT.
This Agreement shall become effective as of the date of its
execution and continue in effect for an initial term ending April 30, 2003, and
thereafter for successive annual periods, provided that such continuance is
specifically approved at least annually (a) by the vote of IDEX's outstanding
voting securities (as defined in the 0000 Xxx) or by the IDEX Board of Trustees
and (b) by the vote, cast in person at a meeting called for the purpose, of a
majority of the IDEX Trustees who are not parties to this Agreement or
"interested persons" (as defined in the 0000 Xxx) of any such party. This
Agreement may be terminated at any time, without the payment of any penalty, by
(i) IDEX, or by a vote of the majority of IDEX's entire Board of Trustees, or
per the terms of the exemptive order - Release No. 23379 - under Section 6(c) of
the Act from Section 15(a) and Rule 18f-2 under the Act, on at least 60 days'
written notice to the Sub-Adviser or (ii) by the Sub-Adviser on 60 days' written
notice to the Adviser. This Agreement shall terminate automatically in the event
of its assignment (as defined in the 1940 Act).
14. NOTICES.
Any notice shall be sufficiently given when sent by certified U.S. mail,
national expenses deliver service, or facsimile to the parties at the address
below:
If to IDEX:
IDEX Mutual Funds
000 Xxxxxxxx Xxxxxxx
Xx. Xxxxxxxxxx, XX 00000
Attn: Xxxx X. Xxxxxx
Telephone: (000) 000-0000
Fax: (000) 000-0000
If to the Investment Adviser:
AEGON/Transamerica Fund Advisers, Inc.
000 Xxxxxxxx Xxxxxxx
Xx. Xxxxxxxxxx, XX 00000
Attn: Xxxx X. Xxxxxx
Telephone: (000) 000-0000
Fax: (000) 000-0000
If to the Sub-Adviser:
Xxxxxxxxx Investment Counsel, LLC
Xxx Xxxxxxxx Xxxxxxx
Xxx Xxxxx, XX 00000-0000
Attn: General Counsel
Telephone: (000) 000-0000
Fax: (000) 000-0000
15. TERMINATION OF AGREEMENT.
Notwithstanding the foregoing, this Agreement may be terminated at any
time, without the payment of any penalty, by vote of the Board or by a vote of a
majority of the outstanding voting securities of the Fund, or per the terms of
the exemptive order - Release No. 23379 - under Section 6(c) of the 1940 Act
from Section 15(a) and Rule 18f-2 under the 1940 Act, on at least 60 days' prior
written notice to the Sub-Adviser. This Agreement may also be terminated by the
Investment Adviser: (i) on at least 60 days' prior written notice to the
Sub-Adviser, without the payment of any penalty; or (ii) if the Sub-Adviser
becomes unable to discharge its duties and obligations under this Agreement. In
addition, the Sub-Adviser may terminate this Agreement at any time, or preclude
its renewal without the payment of any penalty, on at least 60 days' prior
notice to the Investment Adviser. This Agreement shall terminate automatically
in the event of its assignment or upon termination of the Advisory Agreement.
16. AMENDMENT OF AGREEMENT.
No provision of this Agreement may be changed, waived, discharged, or
terminated orally, but only by an instrument in writing signed by the party
against which enforcement of the change, waiver, discharge, or termination is
sought, and no amendment of this Agreement shall be effective until approved by
vote of a majority of the Fund's outstanding voting securities, unless otherwise
permitted in accordance with the 1940 Act.
17. MISCELLANEOUS.
A. Governing Law. This Agreement shall be construed in accordance
with the laws of the Commonwealth of Massachusetts without giving effect to the
conflicts of laws principles thereof, and the 1940 Act. To the extent that the
applicable laws of the Commonwealth of Massachusetts conflict with the
applicable provisions of the 1940 Act, the latter shall control.
B. Captions. The captions contained in this Agreement are included
for convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect.
C. Entire Agreement. This Agreement represents the entire agreement
and understanding of the parties hereto and shall supersede any prior agreements
between the parties relating to the subject matter hereof, and all such prior
agreements shall be deemed terminated upon the effectiveness of this Agreement.
D. Interpretation. Nothing herein contained shall be deemed to
require IDEX to take any action contrary to its Trust or By-Laws, or any
applicable statutory or regulatory requirement to which it is subject or by
which it is bound, or to relieve or deprive the Board of its responsibility for
and control of the conduct of the affairs of IDEX.
E. Definitions. Any question of interpretation of any term or
provision of this Agreement having a counterpart in or otherwise derived from a
term or provision of the 1940 Act shall be resolved by reference to such term or
provision of the 1940 Act and to interpretations thereof, if any, by the United
States courts or, in the absence of any controlling decision of any such court,
by rules, regulations, or orders of the SEC validly issued pursuant to the 1940
Act. As used in this Agreement, the terms "majority of the outstanding voting
securities," "affiliated person," "interested person," "assignment," "broker,"
"investment adviser," "net assets," "sale," "sell," and "security" shall have
the same meaning as such terms have in the 1940 Act, subject to such exemption
as may be granted by the SEC by any rule, regulation, or order. Where the effect
of a requirement of the federal securities laws reflected in any provision of
this Agreement is made less restrictive by a rule, regulation, or order of the
SEC, whether of special or general application, such provision shall be deemed
to incorporate the effect of such rule, regulation, or order, unless the
Investment Adviser and the Sub-Adviser agree to the contrary.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their duly authorized signatories as of the date and year first
above written.
ATTEST: AEGON/TRANSAMERICA FUND ADVISERS, INC.
By: /s/Xxxxx Xxxxxx By: /s/ Xxxx X. Xxxxxx
----------------------------- -------------------------------------
Name: Xxxxx Xxxxxx Name: Xxxx X. Xxxxxx
Title: Assistant Vice President Title: Sr. Vice President, General
Counsel, Compliance Officer
and Secretary
ATTEST XXXXXXXXX INVESTMENT COUNSEL, LLC
/s/ Xxxxx X. Xxxxxx By: /s/ Xxxx X. Xxxxx
-------------------------------- ---------------------------------
Name: Xxxxx X. Xxxxxx Name: Xxxx X. Xxxxx
Title: AVP, Client Relationship Mgr. Title: President
SUB-ADVISORY AGREEMENT
SCHEDULE A
FUND SUB-ADVISER COMPENSATION TERMINATION DATE
---- ------------------------ ----------------
40% of the first $500 million of the
fund's average daily net assets (for
the portion of assets managed by
IDEX TEMPLETON GREAT COMPANIES GLOBAL Templeton); and 0.35% of average
daily net assets over $500 million
(for the portion of assets managed by September 15, 2005
Templeton).*
* See IDEX Templeton Great Companies Global - Compensation, together with
examples, which is attached hereto and made a part hereof.
IDEX Templeton Great Companies Global - Compensation
Templeton will receive 40 bps for assets that they manage up to $500 million. If
the assets managed by Templeton are less than $500 million, Great Companies will
receive 40 bps for the difference between Xxxxxxxxx'x assets and the $500
million cap (up to the assets managed by Great Companies). All assets above $500
million will receive 35 bps.
Example 1
Total Assets: $800 million
TEMPLETON GREAT COMPANIES
--------- ---------------
Assets Under Management: $400 million Assets Under Management: $400 million
$400 million @ 40 bps $100 million @ 40 bps
$300 million @ 35 bps
Example 2
Total Assets: $900 million
TEMPLETON GREAT COMPANIES
--------- ---------------
Assets Under Management: $800 million Assets Under Management: $100 million
$500 million @ 40 bps $100 million @ 35 bps
$300 million @ 35 bps
Example 3
Total Assets: $300 million
TEMPLETON GREAT COMPANIES
--------- ---------------
Assets Under Management: $100 million Assets Under Management: $200 million
$100 million @ 40 bps $200 million @ 40 bps
Example 4
Total Assets: $800 million
TEMPLETON GREAT COMPANIES
--------- ---------------
Assets Under Management: $300 million Assets Under Management: $500 million
$300 million @ 40 bps $200 million @ 40 bps
$300 million @ 35 bps
