INVESTMENT SUB-ADVISORY AGREEMENT
This AGREEMENT made this 31st day of December, 2006, by and
between THE VARIABLE ANNUITY LIFE INSURANCE
COMPANY, hereinafter referred to as "VALIC," and WM ADVISORS,
INC., hereinafter referred to as the "SUB-ADVISER."
VALIC and the SUB-ADVISER recognize the following:
(a) VALIC is a life insurance company organized under Chapter 3 of the Texas
Insurance Code and an investment adviser registered under the
Investment Advisers Act of 1940, as amended ("Advisers Act").
(b) VALIC is engaged as the investment adviser of VALIC Company I ("VC I"),
an investment company organized under the general corporate laws of
Maryland. VC I is a series type of investment company issuing separate
classes (or series) of shares of common stock and is registered as an
open-end, management investment company under the Investment
Company Act of 1940, as amended ("1940 Act"). The 1940 Act
prohibits any person from acting as an investment adviser of a registered
investment company except pursuant to a written contract.
(c) VC I currently consists of thirty-two portfolios ("Funds"):
Asset Allocation Fund
Blue Chip Growth Fund
Broad Cap Value Income Fund
Capital Conservation Fund
Core Equity Fund
Core Value Fund
Foreign Value Fund
Global Equity Fund
Global Strategy Fund
Government Securities Fund
Growth & Income Fund
Health Sciences Fund
Inflation Protected Fund
International Equities Fund
International Government Bond Fund
International Growth I Fund
Large Cap Core Fund
Large Capital Growth Fund
Mid Cap Index Fund
Mid Cap Strategic Growth Fund
Money Market I Fund
Nasdaq-100R Index Fund
Science & Technology Fund
Small Cap Aggressive Growth Fund
Small Cap Fund
Small Cap Index Fund
Small Cap Special Values Fund
Small Cap Strategic Growth Fund
Social Awareness Fund
Stock Index Fund
VALIC Ultra Fund
Value Fund
In accordance with VC I's Articles of Incorporation (the "Articles"),
new Funds may be added to VC I upon approval of VC I's Board of
Directors without the approval of Fund shareholders. This Agreement
will apply only to Funds set forth on the attached Schedule A, and any
other Funds as may be added or deleted by amendment to the attached
Schedule A ("Covered Funds").
(d) The SUB-ADVISER is engaged principally in the business of rendering
investment advisory services and is registered as an investment adviser
under the Advisers Act.
(e) VALIC desires to enter into an Investment Sub-Advisory Agreement with
the SUB-ADVISER for all or a portion of the assets of the Covered Funds
which VALIC determines from time to time to assign to the SUB-
ADVISER.
VALIC and the SUB-ADVISER agree as follows:
1. Services Rendered and Expenses Paid by the SUB-ADVISER
The SUB-ADVISER, subject to the control, direction, and supervision
of VALIC and VC I's Board of Directors and in material conformity
with the 1940 Act, all applicable laws and regulations thereunder, all
other applicable federal and state securities and tax laws and regulations,
including section 817(h) and Subchapter M of the Internal Revenue
Code of 1986, as amended (the "Code"), VC I's Articles, Bylaws,
registration statements, prospectuses and stated investment objectives,
policies and restrictions and any applicable procedures adopted by VC
I's Board of Directors and provided to the SUB-ADVISER (provided,
however that to the extent the SUB-ADVISER does not manage the
entire portfolio of the Covered Funds, such conformity shall be
measured only with respect to that portion of each Covered Fund's
portfolio managed by the SUB-ADVISER) shall:
(a) manage the investment and reinvestment of the assets of the Covered
Funds including, for example, the evaluation of pertinent economic,
statistical,financial, and other data, the determination of the industries
and companies to be represented in each Covered Fund's portfolio, and the
formulation and implementation of investment programs.
(b) maintain a trading desk and place orders for the purchase and sale of
portfolio investments (including futures contracts and options thereon) for
each Covered Fund's account with brokers or dealers (including futures
commission merchants) selected by the SUB-ADVISER, or arrange for
any other entity to provide a trading desk and to place orders with
brokers and dealers (including futures commission merchants) selected
by the SUB-ADVISER, subject to the SUB-ADVISER's control,
direction, and supervision, which brokers or dealers may include brokers
or dealers (including futures commission merchants) affiliated with the
SUB-ADVISER, subject to applicable law.
The SUB-ADVISER shall not be responsible for the administrative
affairs of the Covered Fund, including pricing the Covered Fund. The
SUB-ADVISER will provide reasonable assistance to VALIC to assist in
pricing securities where market or broker quotations are not readily
available.
In performing the services described in paragraph (b) above, the SUB-
ADVISER shall use its best efforts to obtain for the Covered Funds the
best execution of portfolio transactions. If VC I's Board of Directors
approves appropriate policies and procedures, the SUB-ADVISER may
cause the Covered Funds to pay to a broker a commission for effecting a
portfolio transaction, in excess of the commission another broker would
have charged for effecting the same transaction, if the first broker
provided brokerage and/or research services to the SUB-ADVISER. The
SUB-ADVISER shall not be deemed to have acted unlawfully, or to
have breached any duty created by this Agreement, or otherwise, solely
by reason of acting in accordance with such authorization.
The SUB-ADVISER may aggregate sales and purchase orders of
securities held by the Covered Fund with similar orders being made
simultaneously for other accounts managed by the SUB-ADVISER or
with accounts of the affiliates of the SUB-ADVISER, if in the SUB-
ADVISER's reasonable judgment such aggregation shall result in an
overall economic benefit to the Covered Fund considering the
advantageous selling or purchase price, brokerage commission and other
expenses. In accounting for such aggregated order price, commission
and other expenses shall be averaged on a per bond or share basis daily.
VALIC acknowledges that the determination of such economic benefit to
the Covered Fund by the SUB-ADVISER is subjective and represents
the SUB-ADVISER's evaluation that the Covered Fund is benefited by
relatively better purchase or sales prices, lower commission expenses
and beneficial timing of transactions or a combination of these and other
factors.
VALIC may direct the SUB-ADVISER to use a particular broker or
dealer for one or more trades if, in the sole opinion of VALIC, it is in the
best interest of the Covered Fund to do so. Any such direction shall be in
writing and in a form satisfactory to SUB-ADVISER.
VALIC authorizes and empowers the SUB-ADVISER to direct the
Covered Fund's Custodian to open and maintain brokerage accounts for
securities and other property, including financial and commodity futures
and commodities and options thereon (all such accounts hereinafter
called "brokerage accounts") for and in the name of the Covered Fund
and to execute for the Covered Fund as its agent and attorney-in-fact
standard customer agreements with such broker or brokers as the SUB-
ADVISER shall select as provided above. With respect to brokerage
accounts for financial and commodity futures and commodities and
options thereon, the SUB-ADVISER shall select such brokers, as
approved by VALIC, prior to the establishment of such brokerage
account. The SUB-ADVISER may, using such of the securities and other
property in the Covered Fund as the SUB-ADVISER deems necessary or
desirable, direct the Covered Fund's Custodian to deposit for the
Covered Fund original and maintenance brokerage and margin deposits
and otherwise direct payments of cash, cash equivalents and securities
and other property into such brokerage accounts and to such brokers as
the SUB-ADVISER deems desirable or appropriate.
The SUB-ADVISER shall maintain records adequately demonstrating
compliance with its obligations under this Agreement and report
periodically to VALIC and VC I's Board of Directors regarding the
performance of its services under this Agreement. The SUB-ADVISER
will make available to VALIC and VC I promptly upon their reasonable
written request all of the Covered Funds' investment records and ledgers
to assist VALIC and VC I in compliance with respect to each Covered
Fund's securities transactions as required by the 1940 Act and the
Advisers Act, as well as other applicable laws. The SUB-ADVISER will
furnish VC I's Board of Directors such periodic and special reports as
VALIC and VC I's Board of Directors may reasonably request. The
SUB-ADVISER will furnish to regulatory authorities any information or
reports in connection with such services which may be requested in
order to ascertain whether the operations of the Covered Funds are being
conducted in a manner consistent with applicable laws and regulations.
The SUB-ADVISER will not disclose or use any records or information
obtained pursuant to this Agreement in any manner whatsoever except as
expressly authorized in this Agreement, and will keep confidential any
non-public information obtained directly as a result of this service
relationship, and the SUB-ADVISER shall disclose such non-public
information only if VALIC or the Board of Directors of VC I has
authorized such disclosure, or if such information is or hereafter
otherwise is known by the SUB-ADVISER or has been disclosed,
directly or indirectly, by VALIC or VC I to others becomes ascertainable
from public or published information or trade sources, or if such
disclosure is expressly required or requested by applicable federal or
state regulatory authorities, or to the extent such disclosure is reasonably
required by auditors or attorneys of the SUB-ADVISER in connection
with the performance of their professional services. Notwithstanding the
foregoing, the SUB-ADVISER may disclose the total return earned by
the Covered Funds and may include such total return in the calculation
of composite performance information without prior approval by VALIC
or the Board of Trustees of VC I.
Should VALIC at any time make any definite determination as to any
investment policy and notify the SUB-ADVISER in writing of such
determination, the SUB-ADVISER shall be bound by such
determination for the period, if any, specified in such notice or until
similarly notified that such determination has been revoked, provided
such determination will permit SUB-ADVISER to comply with the first
paragraph of this Section.
The SUB-ADVISER will not hold money or investments on behalf of
VC I. The money and investments will be held by the Custodian of VC I.
The SUB-ADVISER will arrange for the transmission to the Custodian
for VC I, on a daily basis, such confirmation, trade tickets and other
documents as may be necessary to enable it to perform its administrative
responsibilities with respect to the Covered Funds. The SUB-ADVISER
further shall have the authority to instruct the Custodian of VC I (i) to
pay cash for securities and other property delivered, or to be delivered,
to the Custodian for VC I (ii) to deliver securities and other property
against payment for VC I, and (iii) to transfer assets and funds to such
brokerage accounts as the SUB-ADVISER may designate, all consistent
with the powers, authorities and limitations set forth herein. The SUB-
ADVISER shall not have the authority to cause the Custodian to deliver
securities and other property except as expressly provided for in this
Agreement.
The SUB-ADVISER shall for all purposes herein be deemed to be an
independent contractor and shall, unless otherwise provided or
authorized, have no authority to act or represent VALIC or VC I other
than in furtherance of the SUB-ADVISER's duties and responsibilities
as set forth in this Agreement.
Except as otherwise agreed, or as otherwise provided herein, the SUB-
ADVISER shall bear the expense of discharging its responsibilities
hereunder and VALIC shall pay, or arrange for others to pay, all
VALIC's expenses, except that VALIC shall in all events pay the
compensation described in Section 2 of the Agreement.
The SUB-ADVISER is hereby prohibited from consulting with any other
sub-adviser of the Covered Fund(s) (or a portion thereof) or any other
sub-adviser to a fund under common control with the Covered Fund(s)
(or a portion thereof) concerning securities transactions of the Covered
Fund (s) (or a portion thereof) in securities or other assets.
2. Compensation of the SUB-ADVISER
VALIC shall pay to the SUB-ADVISER, as compensation for the
services rendered and expenses paid by the SUB-ADVISER, a monthly
fee or fees based on each Covered Fund's average daily net assets
computed for each Covered Fund as provided for herein and in the fee
schedule attached hereto as Schedule A. Schedule A may be amended
from time to time by mutual agreement of the parties, provided that
amendments are made in conformity with applicable laws and
regulations and the Articles and Bylaws of VC I. Any change in
Schedule A pertaining to any new or existing Fund shall not be deemed
to affect the interest of any other Fund and shall not require the approval
of shareholders of any other Fund.
The average daily net assets shall be determined by taking the average of
all of the determinations of net assets, made in the manner provided in
VC I's Declaration, for each business day during a given calendar
month. VALIC shall pay this fee for each calendar month as soon as
practicable after the end of that month, but in any event no later than ten
(10) business days following the end of the month.
If the SUB-ADVISER serves for less than a whole month, the
foregoing compensation shall be prorated.
The payment of advisory fees related to the services of the SUB-
ADVISER under this Agreement shall be the sole responsibility of
VALIC and shall not be the responsibility of VC I.
3. Scope of the SUB-ADVISER's Activities
VALIC understands that the SUB-ADVISER and its affiliates now act,
will continue to act and may act in the future as investment adviser to
fiduciary and other managed accounts and as investment adviser to other
investment companies, and VALIC has no objection to the SUB-
ADVISER so acting, provided that whenever a Covered Fund and one or
more other accounts or investment companies advised by the SUB-
ADVISER have available funds for investment, investments suitable and
appropriate for each will be allocated in accordance with a methodology
believed to be equitable to each entity. The SUB-ADVISER similarly
agrees to allocate opportunities to sell securities. VALIC recognizes that,
in some cases, this procedure may limit the size of the position that may
be acquired or sold for a Covered Fund. In addition, VALIC understands
that the persons employed by the SUB-ADVISER to assist in the
performance of the SUB-ADVISER's duties hereunder will not devote
their full time to such service and nothing contained herein shall be
deemed to limit or restrict the right of the SUB-ADVISER or any
affiliate of the SUB-ADVISER to engage in and devote time and
attention to other business or to render services of whatever kind or
nature.
Except as otherwise required by the 1940 Act, any of the shareholders,
directors, officers and employees of VALIC may be a shareholder,
director, officer or employee of, or be otherwise interested in, the SUB-
ADVISER, and in any person controlling, controlled by or under
common control with the SUB-ADVISER; and the SUB-ADVISER, and
any person controlling, controlled by or under common control with the
SUB-ADVISER, may have an interest in VALIC.
The SUB-ADVISER shall not be liable to VALIC, VC I, or to any
shareholder in the Covered Fund, and VALIC shall indemnify the SUB-
ADVISER, for any act or omission in rendering services under this
Agreement, or for any losses sustained in connection with the matters to
which this agreement relates, so long as there has been no willful
misfeasance, bad faith, gross negligence, or reckless disregard of
obligations or duties on the part of the SUB-ADVISER in performing its
duties under this Agreement.
VALIC shall perform quarterly and annual tax compliance tests and
promptly furnish reports of such tests to the SUB-ADVISER after each
quarter end to ensure that the Covered Fund is in compliance with
Subchapter M of the Code and Section 817(h) of the Code. VALIC shall
apprise the SUB-ADVISER promptly after each quarter end of any
potential non-compliance with the diversification requirements in such
Code provisions. If so advised, the SUB-ADVISER shall take prompt
action so that the Covered Fund complies with such Code diversification
provisions, as directed by VALIC. VALIC acknowledges that the SUB-
ADVISER will base its compliance with such provisions of the Code on
accurate and timely portfolio information, including tax lot allocation,
from VALIC.
4. Representations of the SUB-ADVISER and VALIC
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 VALIC 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 VALIC and VC I with a copy of such code of
ethics together with evidence of its adoption.
(c) The SUB-ADVISER has provided VALIC and VC I with a copy of its Form
ADV as most recently filed with the SEC and will promptly after filing
its annual update to its Form ADV with the SEC, furnish a copy of such
amendment to VALIC.
VALIC represents, warrants, and agrees as follows:
VALIC: (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
SUB-ADVISER of the occurrence of any event that would disqualify
VALIC from serving as an investment adviser of an investment company
pursuant to Section 9(a) of the 1940 Act or otherwise.
5. Term of Agreement
This Agreement shall become effective as to the Covered Fund(s) set
forth on Schedule A on the date hereof and as to any other Fund on the
date of the Amendment to Schedule A adding such Fund in accordance
with this Agreement. Unless sooner terminated as provided herein, this
Agreement shall continue in effect for two years from its effective date.
Thereafter, this Agreement shall continue in effect, but with respect to
any Covered Fund, subject to the termination provisions and all other
terms and conditions hereof, only so long as such continuance is
approved at least annually by the vote of a majority of VC I's directors
who are not parties to this Agreement or interested persons of any such
parties, cast in person at a meeting called for the purpose of voting on
such approval, and by a vote of a majority of VC I's Board of Directors
or a majority of that Covered Fund's outstanding voting securities.
This Agreement shall automatically terminate in the event of its
assignment as that term is defined in the 1940 Act, or in the event of the
termination of the Investment Advisory Agreement between VALIC and
VC I as it relates to any Covered Fund. The Agreement may be
terminated as to any Covered Fund at any time, without the payment of
any penalty, by vote of VC I's Board of Directors or by vote of a
majority of that Covered Fund's outstanding voting securities on not
more than 60 days' nor less than 30 days' written notice to the SUB-
ADVISER, or upon such shorter notice as may be mutually agreed upon
by the parties. This Agreement may also be terminated by VALIC: (i) on
not more than 60 days' nor less than 30 days' written notice to the SUB-
ADVISER, or upon such shorter notice as may be mutually agreed upon
by the parties, without the payment of any penalty; or (ii) if the SUB-
ADVISER becomes unable to discharge its duties and obligations under
this Agreement. The SUB-ADVISER may terminate this Agreement at
any time, or preclude its renewal without the payment of any penalty, on
not more than 60 days' nor less than 30 days' written notice to VALIC,
or upon such shorter notice as may be mutually agreed upon by the
parties.
6. Other Matters
The SUB-ADVISER may from time to time employ or associate with
itself any person or persons believed to be particularly fit to assist in
its performance of services under this Agreement, provided no such person
serves or acts as an investment adviser separate from the SUB-
ADVISER so as to require a new written contract pursuant to the 1940
Act. The compensation of any such persons will be paid by the SUB-
ADVISER, and no obligation will be incurred by, or on behalf of,
VALIC or VC I with respect to them.
The SUB-ADVISER agrees that, upon request of VALIC or VC I, it will
promptly provide VALIC or VC I with copies of all books and records
relating to the Covered Fund, in accordance with the 1940 Act and rules
thereunder.
VALIC has herewith furnished the SUB-ADVISER copies of VC I's
Prospectus, Statement of Additional Information, Articles and Bylaws as
currently in effect and agrees during the continuance of this Agreement
to furnish the SUB-ADVISER copies of any amendments or
supplements thereto before or at the time the amendments or
supplements become effective. Until VALIC delivers any amendments
or supplements to the SUB-ADVISER, the SUB-ADVISER shall be
fully protected in relying on the documents previously furnished to it.
The SUB-ADVISER is authorized to honor and act on any notice,
instruction or confirmation given by VALIC on behalf of the Covered
Fund in writing signed or sent by any of the persons whose names,
addresses and specimen signatures will be provided by VALIC from
time to time. The SUB-ADVISER shall not be liable for acting in good
faith upon any instructions, confirmation or authority that the SUB-
ADVISER reasonably believed to have been given, signed or sent in
accordance with the foregoing sentence, notwithstanding that it shall
subsequently be shown that the same was not given or signed or sent by
an authorized person.
VALIC agrees to furnish the SUB-ADVISER at its principal office prior
to use thereof, copies of all prospectuses, proxy statements, reports to
shareholders, sales literature, or other material prepared for distribution
to shareholders of the Covered Fund or the public that refer in any way
to the SUB-ADVISER, and not to use such material if the SUB-
ADVISER reasonably objects in writing within ten (10) business days
(or such other time as may be mutually agreed) after receipt thereof. In
the event of termination of this agreement, VALIC will continue to
furnish to the SUB-ADVISER copies of any of the above-mentioned
materials that refer in any way to the SUB-ADVISER. VALIC shall
furnish or otherwise make available to the SUB-ADVISER such other
information relating to the business affairs of VALIC and the Covered
Fund as the SUB-ADVISER at any time, or from time to time, may
reasonably request in order to discharge obligations hereunder.
VALIC agrees to indemnify the SUB-ADVISER for losses, costs, fees,
expenses and claims which arise directly or indirectly (i) as a result of a
failure by VALIC to provide the services or furnish materials required
under the terms of this Investment Sub-Advisory Agreement, or (ii) as
the result of any untrue statement of a material fact or any omission to
state a material fact required to be stated or necessary to make the
statements, in light of the circumstances under which they were made,
not misleading in any registration statements, proxy materials, reports,
advertisements, sales literature, or other materials pertaining to the
Covered Fund, except insofar as any such statement or omission was
specifically made in reliance on written information provided to VALIC
by the SUB-ADVISER for use in such material and which was
specifically reviewed and approved by SUB-ADVISER.
The SUB-ADVISER agrees to indemnify VALIC for losses and claims
which arise (i) as a result of the willful misfeasance, bad faith, gross
negligence or reckless disregard of obligations or duties by the SUB-
ADVISER; or (ii) as the result of any untrue statement of a material fact
or any omission to state a material fact required to be stated or necessary
to make the statements, in light of the circumstances under which they
were made, not misleading in any registration statements, proxy
materials, reports, advertisements, sales literature, or other materials
pertaining to the Covered Fund to the extent any such statement or
omission was made in reliance on information provided to VALIC by
the SUB-ADVISER for use in such material and which was specifically
reviewed and approved by SUB-ADVISER.
7. Applicability of Federal Securities Laws
This Agreement shall be interpreted in accordance with the laws of the
State of Texas and applicable federal securities laws and regulations,
including definitions therein and such exemptions as may be granted to
VALIC or the SUB-ADVISER by the Securities and Exchange
Commission or such interpretive positions as may be taken by the
Commission or its staff. To the extent that the applicable law of the State
of Texas, or any of the provisions herein, conflict with applicable
provisions of the federal securities laws, the latter shall control.
8. Amendment and Waiver
Provisions of this Agreement may be amended, waived, discharged or
terminated only by an instrument in writing signed by the party against
which enforcement of the change, waiver, discharge or termination is
sought. The Agreement may be amended by mutual written consent of
the parties, subject to the requirements of the 1940 Act and the rules and
regulations promulgated and orders granted thereunder.
9. Notices
All notices hereunder shall be given in writing (and shall be deemed to
have been duly given upon receipt) by delivery in person, by facsimile,
by registered or certified mail or by overnight delivery (postage prepaid,
return receipt requested) to VALIC and to SUB-ADVISER at the
address of each set forth below:
If to VALIC:
VALIC
Attn: Xxxx X. Xxxxxx, Esq.
0000 Xxxxx Xxxxxxx
Xxxxxxx, Xxxxx 00000
Telephone: (000) 000-0000
FAX: (000) 000-0000
If to SUB-ADVISER:
Xxxxxx X. Xxxxxxx
XX Advisors, Inc.
0000 Xxxxx Xxxxxx
00xx Xxxxx
Xxxxxxx, Xxxxxxxxxx 00000
The parties hereto have each caused this Agreement to be signed in
duplicate on its behalf by its duly authorized officer on the above date.
THE VARIABLE ANNUITY LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxx
Name: Xxxxxx X. Xxxxxx
Title: Senior Vice President
ATTEST:
Attest: /s/ Xxxxxxx XxXxxxx
Name: Xxxxxxx XxXxxxx
Title: Bid Analyst
WM ADVISORS, INC.
By: /s/ Xxxxxxx Xxxxxx
Name: Xxxxxxx Xxxxxx
Title: President
ATTEST:
Attest: /s/ Xxxxxx X. Xxxxxxx
Name: Xxxxxx X. Xxxxxxx
Title: First Vice president, WM Advisors, Inc.
SCHEDULE A
Covered Funds
(Effective December 31, 2006)
SUB-ADVISER shall manage a portion of VALIC Company I Core
Equity Fund assets and shall be compensated as follows on that portion:
Annual Fee
(based on average daily net asset value for each month and
payable monthly)
0.325% on the first $50 million
0.250% on the next $450 million
0.200% on the next $1 billion
0.180% on excess over $1.5 billion
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