AMENDMENT TO SERVICES AGREEMENT
This Amendment, dated as of the day of February, 1999 made by and
between DLJ Winthrop Focus Funds, (the "Fund") operating as a registered
investment company under the Investment Company Act of 1940, as amended (the
"Act"), and duly organized and existing under the laws of the Commonwealth of
Massachusetts and First Data Investor Services Group, Inc. ("Investor Services
Group"), a Massachusetts corporation (collectively, the "Parties").
WITNESSETH THAT:
WHEREAS, the parties have entered into an agreement dated April 1,
1998, wherein Investors Services Group has agreed to provide fund accounting,
custody administration, stock transfer agency, shareholder and other related
services to the Fund. (The Services Agreement); and
WHEREAS, the Parties wish to amend the Services Agreement to reflect
the new name of the Fund and each series and to include under its terms an
additional Class of shares ("Class D") for those series noted in Schedule A:
NOW, THEREFORE, in consideration of the promises and mutual covenants
contained herein, the Parties hereto, intending to be legally bound, do hereby
agree:
To amend Schedules "A" and "C" to the Services Agreement in the form
attached hereto.
This Amendment shall take effect upon the date on which the Class D shares
commence operations.
IN WITNESS WHEREOF, the Parties hereto have caused this Amendment
consisting of one typewritten page, together with amended Schedules "A" and
"C", to be signed by their duly authorized officers as of the day and year
first above written.
DLJ Winthrop Focus Funds First Data Investor Services Group, Inc,
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By: By: Xxxxxxx X. Xxxxx,
Senior Vice President
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Amendment to Services Agreement between DLJ Winthrop Focus Funds and First
Data Investor Services Group
SCHEDULE A
LISTING OF PORTFOLIOS
Below are listed the portfolios/series to which services under this Agreement
are to be performed.
DLJ WINTHROP FOCUS FUNDS
1. DLJ Winthrop Growth Fund, Class A, Class B, Class D
2. DLJ Winthrop Growth and Income Fund, Class A, Class B, Class D
3. DLJ Winthrop Small Company Value Fund, Class A, Class B
4. DLJ Winthrop Fixed Income Fund, Class A, Class B, Class D
5. DLJ Winthrop Municipal Trust Fund, Class A, Class B
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Amendment to Services Agreement between DLJ Winthrop Focus Funds and First
Data Investor Services Group
SCHEDULE C
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FEE SCHEDULE
for
DLJ WINTHROP FOCUS FUNDS
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TRANSFER AGENCY AND SHAREHOLDER SERVICES FEES
I. TRANSFER AGENT AND SHAREHOLDER SERVICES: (1/12th payable monthly)
For the DLJ Winthrop Focus Funds: Growth Fund, Growth and Income
Fund, Small Company Value Fund, Fixed Income Fund, Municipal
Trust Fund.
$24.00 per account per year for the first 3,000 accounts
$22.00 per account per year for accounts from 3,001 to 4,000
$19.00 per account per year for accounts from 4,001 to 10,000
$18.00 per account per year for accounts from 10,001 to 40,000
$17.00 per account per year for accounts from 40,001 to 50,000
$15.00 per account per year for accounts over 50,000
Breakpoints are applied on ALL accounts in a fund when a breakpoint
is reached.
$3.00 per account per year per portfolio for closed accounts.
Annual minimum for the above named dual class funds is $45,000 per
fund
Annual minimum for the above named triple class funds is
$60,000 per fund
II. IRA's, 403(b) PLANS, DEFINED CONTRIBUTION/BENEFIT PLANS:
Annual Maintenance Fee - $15.00 per participant as identified by tax
ID/social security number, regardless of the number of funds held.
III. FUND/SERV PROCESSING
No additional FDISG charge
IV. NETWORKING PROCESSING
No additional FDISG charge
V. IMPRESSNet -- Web Transaction Engine
Set up Fee: $150 per hour WAIVED
o Reviewing client network requirements and signing off on the
requirements
o Recommending method of linking to the Web Transaction Engine
o Installing the network hardware and software
o Implementing the network connectivity
o Testing the network connectivity and performance
Transaction Cost:
o Account Inquiry $.10 per inquiry*
o Financial Transactions $.50 per transaction
* When the average number of inquiries reaches a cost of
$2,000 per month both, parties in good faith agree to
negotiate a volume discount.
Annual Maintenance Fee: $50,000 per annum
o Releases of new versions of the Web Transaction Engine (does
not include customization)
o Maintain security infrastructure with auditing function
o Monthly usage reports
o Help Desk Support
Hardware Maintenance Fee: $50,000 per annum WAIVED
o Does not include client hardware and software requirements.
That is an out-of-pocket expense for the client
o Installation of hardware is billed as time and materials
Does not include third party hardware and software
o maintenance agreements
Customized Development: $150 per hour
Call Center Services for Registration (one-time): $2.50 per call
FUND ACCOUNTING AND PORTFOLIO VALUATION FEES
I. ANNUAL FEE SCHEDULE on Total Relationship Basis, i.e. Focus and
Opportunity Funds (1/12th payable monthly)
$20,000 minimum per domestic fund and $25,000 minimum per global fund,
plus
.000175 On First $1 Billion of combined funds? Average Net Assets
.0001 Over $1 Billion of combined funds? Average Net Assets
Average Net Assets are based on combined classes total net assets.
In addition, a base multi-class fee of $7,500 per year per dual
class or $15,000 per year per triple class portfolio is assessed on
multiple class portfolios. This fee is not included in the minimums
discussed above.
These fees apply to the current Focus and Opportunity funds as
identified on Schedule
A of their respective contracts with the existing class levels. To
the extent the structure or composition of these funds should
change, the fees will be subject to revision.
II. PRICING SERVICES QUOTATION FEE
Specific costs will be identified based upon options selected by the
client and will be billed monthly.
FDISG does not currently pass along charges for U.S. equity prices
supplied by Xxxxxx Data. Should the Fund invest in security types
other than domestic equities supplied by Xxxxxx, the following fees
would apply.
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Xxxxxx Data Interactive X.X. Xxxxx
Security Types Corp.* Data Corp.* Co., Inc.*
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Government Bonds $ .50 $ .50 $ .25 (a)
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Mortgage-Backed (evaluated, seasoned, closing) .50 .50 .25 (a)
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Corporate Bonds (short and long term) .50 .50 .25 (a)
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U.S. Municipal Bonds (short and long term) .55 .80 .50 (b)
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CMO's/ARM's/ABS 1.00 .80 1.00 (a)
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Convertible Bonds .50 .50 1.00 (a)
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High Yield Bonds .50 .50 1.00 (a)
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Mortgage-Backed Factors (per Issue per Month) 1.00 n/a n/a
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U.S. Equities (d) .15 n/a
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U.S. Options n/a .15 n/a
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Domestic Dividends & Capital Changes
(per Issue per Month) (d) 3.50 n/a
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Foreign Securities .50 .50 n/a
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Foreign Securities Dividends & Capital Changes
(per Issue per Month) 2.00 4.00 n/a
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Set-up Fees n/a n/a (e) .25 (c)
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All Added Items n/a n/a .25 (c)
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* Based on current Vendor costs, subject to change. Costs are
quoted based on individual security CUSIP/identifiers and are
per issue per day.
(a) $35.00 per day minimum
(b) $25.00 per day minimum
(c) $ 1.00, if no CUSIP
(d) At no additional cost to FPS clients
(e) Interactive Data also charges monthly transmission costs
and disk storage charges.
A) Futures and Currency Forward Contracts $2.00 per Issue per Day
B) Dow Xxxxx Markets (formerly Telerate Systems, Inc.)* (if
applicable)
*Based on current vendor costs, subject to change.
Specific costs will be identified based upon options selected
by the client and will be billed monthly.
C) Reuters, Inc.*
*Based on current vendor costs, subject to change.
FDISG does not currently pass along charges for domestic
security prices supplied by Reuters, Inc.
D) Municipal Market Data* (if applicable)
*Based on current vendor costs, subject to change.
Specific costs will be identified based upon options selected
by the client and will be billed monthly.
III. SEC YIELD CALCULATION: (if applicable)
Provide up to 12 reports per year to reflect the yield calculations
for non-money market Funds required by the SEC, $1,000 per year per
Fund. For multiple class Funds, $1,000 per year per class. Daily SEC
yield reporting is available at $3,000 per year per Fund (US dollar
denominated securities only).
CUSTODY ADMINISTRATION FEES
70% of the following fees will apply
I. DOMESTIC SECURITIES AND ADRs Per Portfolio: (1/12th payable monthly)
U.S. Dollar Denominated Securities only
For the DLJ Winthrop Focus Funds: Growth Fund, Growth and Income
Fund, Small Company Value Fund, Fixed Income Fund, Municipal Trust
Fund.
.000168 On First $75 Million of Average Net Assets
.000120 On the Next $75 Million of Average Net Assets
.000100 Over $150 Million of Average Net Assets
Minimum monthly fee is $500 per portfolio.
II. CUSTODY DOMESTIC SECURITIES TRANSACTIONS CHARGE: (billed monthly)
Book Entry DTC, Federal Book Entry, PTC $14.00
Physical/Options/RIC's $24.00
Mortgage Backed Securities -- Principal paydown per pool $11.00
A transaction includes buys, sells, maturities or free security
movements.
III. WHEN ISSUED, SECURITIES LENDING, INDEX FUTURES, etc.:
Should any investment vehicle require a separate segregated custody
account, a fee of $250 per account per month will apply to the long
term funds, $125 per account per month for the money funds.
IV. CUSTODY OF FOREIGN SECURITIES PER GLOBAL PORTFOLIO
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Countries *Safekeeping Charges Transaction Fee
(BASIS POINTS) (USD)
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Argentina 26 65
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Australia 4 75
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Austria 20 75
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Belgium (reg bds) 5 75
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Belgium (equities and Cpn bds) 5 75
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Brazil 29 75
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Canada 3 30
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Chile 29 90
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China 29 105
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Colombia 34 105
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Xxxxx Xxxxxxxx 00 000
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Xxxxxxx 6 85
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Euromarket (Cedel/Euroclear) 3 30
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Finland 12 65
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France 4 70
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Germany 4 60
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Greece 39 125
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Hong Kong 6 95
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Hungary 54 125
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India 49 135**
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Indonesia 24 90
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Ireland 4 45
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Israel 14 45
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Countries *Safekeeping Charges Transaction Fee
(BASIS POINTS) (USD)
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Italy 6 60
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Japan (bonds) 5 55
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Japan (equities) 5 55
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Luxembourg 3 30
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Malaysia 10 85
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Mexico 10 65
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Morocco 38 130
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Netherlands 4 50
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New Zealand 6 50
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Norway 6 95
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Pakistan 39 125
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Peru 49 125
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Philippines 16 105
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Poland 64 125
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Portugal 20 130
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Russia (equities) 63 155
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Singapore 8 105
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South Africa 8 50
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South Korea 16 60
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Spain 9 95
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Sri Lanka 29 75
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Sweden 5 85
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Switzerland 8 65
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Taiwan 21 85
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Thailand 10 65
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Turkey 29 105
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United Kingdom 3 40
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Venezuela 39 100
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CHART NOTES:
* Fee expressed in basis points per annum is calculated based upon
month-end market value.
** Transaction charge is per 10,000 shares or part thereof.
Funds Transfer -- $25.00 per transaction (for cash transfers not
related to security settlements).
A transaction includes buys, sells, maturities or Free Security
movements.
GLOBAL NETWORK USAGE FEE -- Minimum monthly fee is $500 per
portfolio.
V. CUSTODY MISCELLANEOUS FEES
Administrative fees incurred in certain local markets will be passed
onto the customer with a detailed description of the fees. Fees
include income collection, corporate action handling, overdraft
charges, funds transfer, special local taxes, stamp duties,
registration fees, messenger and courier services and other
out-of-pocket expenses.
ADDITIONAL SERVICES
To the extent the Funds commence using investment techniques such as Security
Lending, Swaps, Leveraging, Short Sales, Derivatives, Precious Metals, or
foreign currency futures and options, additional fees will apply. Activities of
a non-recurring nature such as shareholder in-kinds, fund consolidations,
mergers or reorganizations will be subject to negotiation. Any
additional/enhanced services, programming requests, or reports will be quoted
upon request.
