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SERVICES AGREEMENT
AGREEMENT made as of the 17th day of April, 1995 by and between Xxxx Xxxxxx
InterCapital Inc., a Delaware corporation (herein referred to as
"InterCapital"), and Xxxx Xxxxxx 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 Agree-
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ment or to comply with any applicable law and regulation or request of the Board
of Directors/Trustees of the Fund.
4. For the services to be rendered, the facilities furnished, and the
expenses assumed by 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 Xxxx Xxxxxx Variable Investment Series or any Series thereof,
the expense limitation specified in the Fund's Investment Management Agreement,
the fee payable hereunder shall be reduced on a pro rata basis in the same
proportion as the fee payable by the Fund under the Investment Management
Agreement is reduced.
6. 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
activities 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
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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.
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.
XXXX XXXXXX INTERCAPITAL INC.
By: /s/ XXXXXXX XXXXXX
------------------------------------
Xxxxxxx Xxxxxx
Attest:
/s/ XXXXXXX XXXXXXX
--------------------------------------
XxxXxxx XxXxxxx
XXXX XXXXXX SERVICES COMPANY INC.
By: /s/ XXXXXXX X. XXXXXXXXXXX
------------------------------------
Xxxxxxx X. Xxxxxxxxxxx
Attest:
/s/ XXXXX XXXX
--------------------------------------
Xxxxx Xxxx
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SCHEDULE A
XXXX XXXXXX FUNDS
AS AMENDED AS OF MAY 1, 1998
OPEN-END FUNDS
1. Active Assets California Tax-Free Trust
2. Active Assets Government Securities Trust
3. Active Assets Money Trust
4. Active Assets Tax-Free Trust
5. Xxxx Xxxxxx American Value Fund
6. Xxxx Xxxxxx Balanced Growth Fund
7. Xxxx Xxxxxx Balanced Income Fund
8. Xxxx Xxxxxx California Tax-Free Daily Income Trust
9. Xxxx Xxxxxx California Tax-Free Income Fund
10. Xxxx Xxxxxx Capital Appreciation Fund
11. Xxxx Xxxxxx Capital Growth Securities
12. Xxxx Xxxxxx Convertible Securities Trust
13. Xxxx Xxxxxx Developing Growth Securities Trust
14. Xxxx Xxxxxx Diversified Income Trust
15. Xxxx Xxxxxx Dividend Growth Securities Inc.
16. Xxxx Xxxxxx European Growth Fund Inc.
17. Xxxx Xxxxxx Federal Securities Trust
18. Xxxx Xxxxxx Financial Services Trust
19. Xxxx Xxxxxx Fund of Funds
(i) Domestic Portfolio
(ii) International Portfolio
20. Xxxx Xxxxxx Global Asset Allocation Fund
21. Xxxx Xxxxxx Global Dividend Growth Securities
22. Xxxx Xxxxxx Global Short-Term Income Fund Inc.
23. Xxxx Xxxxxx Global Utilities Fund
24. Xxxx Xxxxxx Hawaii Municipal Trust
25. Xxxx Xxxxxx Health Sciences Trust
26. Xxxx Xxxxxx High Yield Securities Inc.
27. Xxxx Xxxxxx Income Builder Fund
28. Xxxx Xxxxxx Information Fund
29. Xxxx Xxxxxx Intermediate Income Securities
30. Xxxx Xxxxxx Intermediate Term U.S. Treasury Trust
31. Xxxx Xxxxxx International SmallCap Fund
32. Xxxx Xxxxxx Japan Fund
33. Xxxx Xxxxxx Limited Term Municipal Trust
34. Xxxx Xxxxxx Liquid Asset Fund Inc.
35. Xxxx Xxxxxx Market Leader Trust
36. Xxxx Xxxxxx Mid-Cap Growth Fund
37. Xxxx Xxxxxx Multi-State Municipal Series Trust
38. Xxxx Xxxxxx Natural Resource Development Securities Inc.
39. Xxxx Xxxxxx New York Municipal Money Market Trust
40. Xxxx Xxxxxx New York Tax-Free Income Fund
41. Xxxx Xxxxxx Pacific Growth Fund Inc.
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42. Xxxx Xxxxxx Precious Metals and Minerals Trust
43. Xxxx Xxxxxx Retirement Series
44. Xxxx Xxxxxx Select Dimensions Investment Series
(i) American Value Portfolio
(ii) Balanced Growth Portfolio
(iii) Developing Growth Portfolio
(iv) Diversified Income Portfolio
(v) Dividend Growth Portfolio
(vi) Emerging Markets Portfolio
(vii) Global Equity Portfolio
(viii) Growth Portfolio
(ix) Mid-Cap Growth Portfolio
(x) Money Market Portfolio
(xi) North American Government Securities Portfolio
(xii) Utilities Portfolio
(xiii) Value-Added Market Portfolio
45. Xxxx Xxxxxx Select Municipal Reinvestment Fund
46. Xxxx Xxxxxx Short-Term Bond Fund
47. Xxxx Xxxxxx Short-Term U.S. Treasury Trust
48. Xxxx Xxxxxx Special Value Fund
49. Xxxx Xxxxxx Strategist Fund
50. Xxxx Xxxxxx S&P 500 Index Fund
51. Xxxx Xxxxxx Tax-Exempt Securities Trust
52. Xxxx Xxxxxx Tax-Free Daily Income Trust
53. Xxxx Xxxxxx U.S. Government Money Market Trust
54. Xxxx Xxxxxx U.S. Government Securities Trust
55. Xxxx Xxxxxx Utilities Fund
56. Xxxx Xxxxxx Value-Added Market Series
57. Xxxx Xxxxxx Variable Investment Series
(i) Capital Appreciation Portfolio
(ii) Capital Growth Portfolio
(iii) Competitive Edge "Best Ideas" Portfolio
(iv) Dividend Growth Portfolio
(v) Equity Portfolio
(vi) European Growth Portfolio
(vii) Global Dividend Growth Portfolio
(viii) High Yield Portfolio
(ix) Income Builder Portfolio
(x) Money Market Portfolio
(xi) Quality Income Plus Portfolio
(xii) Pacific Growth Portfolio
(xiii) S&P Index Portfolio
(xiv) Strategist Portfolio
(xiv) Strategist Portfolio
(xv) Utilities Portfolio
58. Xxxx Xxxxxx World Wide Income Trust
59. Xxxx Xxxxxx World Wide Investment Trust
Xxxxxx Xxxxxxx Xxxx Xxxxxx Competitive Edge Fund, "Best
60. Ideas" Portfolio
61. Xxxxxx Xxxxxxx Xxxx Xxxxxx Equity Fund
62. Xxxxxx Xxxxxxx Xxxx Xxxxxx Growth Fund
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63. Xxxxxx Xxxxxxx Xxxx Xxxxxx Worldwide High Income Fund
Xxxxxx Xxxxxxx Xxxx Xxxxxx Mid-Cap Dividend Growth
64. Securities
CLOSED-END FUNDS
65. High Income Advantage Trust
66. High Income Advantage Trust II
67. High Income Advantage Trust III
68. InterCapital Income Securities Inc.
69. Xxxx Xxxxxx Government Income Trust
70. InterCapital Insured Municipal Bond Trust
71. InterCapital Insured Municipal Trust
72. InterCapital Insured Municipal Income Trust
73. InterCapital California Insured Municipal Income Trust
74. InterCapital Insured Municipal Securities
75. InterCapital Insured California Municipal Securities
76. InterCapital Quality Municipal Investment Trust
77. InterCapital Quality Municipal Income Trust
78. InterCapital Quality Municipal Securities
79. InterCapital California Quality Municipal Securities
80. InterCapital New York Quality Municipal Securities
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SCHEDULE B
XXXX XXXXXX SERVICES COMPANY INC.
SCHEDULE OF ADMINISTRATIVE FEES
AS AMENDED AS OF MAY 1, 1998
Monthly compensation calculated daily by applying the following annual
rates to a fund's daily net assets:
FIXED INCOME FUNDS
Xxxx Xxxxxx Balanced Income
Fund 0.060% of the daily net assets.
Xxxx Xxxxxx California Tax-Free
Income Fund 0.055% of the portion of the daily 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.
Xxxx Xxxxxx Convertible
Securities Trust 0.060% of the portion of the daily net assets
not exceeding $750 million; 0.055% of the
portion of the daily net assets exceeding
$750 million but not exceeding $1 billion;
0.050% of the portion of the daily net assets
of the exceeding $1 billion but not exceeding
$1.5 billion; 0.0475% of the portion of the
daily net assets exceeding $1.5 billion but
not exceeding $2 billion; 0.045% of the
portion of the daily net assets exceeding $2
billion but not exceeding $3 billion; and
0.0425% of the portion of the daily net
assets exceeding $3 billion.
Xxxx Xxxxxx Diversified
Income Trust 0.040% of the daily net assets.
Xxxx Xxxxxx Federal Securities
Trust 0.055% of the portion of the daily net 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.
Xxxx Xxxxxx Global Short-Term
Income Fund Inc. 0.055% of the portion of the daily net assets
not exceeding $500 million; and 0.050% of the
portion of the daily net assets exceeding
$500 million.
Xxxx Xxxxxx Hawaii Municipal
Trust 0.035% of the daily net assets.
Xxxx Xxxxxx High Yield
Securities Inc. 0.050% of the portion of the daily net assets
not exceeding $500 million; 0.0425% of the
portion of the daily net assets
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exceeding $500 million but not exceeding $750
million; 0.0375% of the portion of the daily
net assets exceeding $750 million but not
exceeding $1 billion; 0.035% of the portion
of the daily net assets exceeding $1 billion
but not exceeding $2 billion; 0.0325% of the
portion of the daily net assets exceeding $2
billion but not exceeding $3 billion; and
0.030% of the portion of daily net assets
exceeding $3 billion.
Xxxx Xxxxxx Intermediate
Income Securities 0.060% of the portion of the daily net 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.
Xxxx Xxxxxx Intermediate Term
U.S. Treasury Trust 0.035% of the daily net assets.
Xxxx Xxxxxx Limited Term
Municipal Trust 0.050% of the daily net assets.
Xxxx Xxxxxx Multi-State
Municipal
Series Trust (10 Series) 0.035% of the daily net assets.
Xxxx Xxxxxx New York Tax-Free
Income Fund 0.055% of the portion of the daily net assets
not exceeding $500 million; and 0.0525% of
the portion of the daily net assets exceeding
$500 million.
Xxxx Xxxxxx Retirement
Series -- Intermediate Income
Securities Series 0.065% of the daily net assets.
U.S. Government Securities
Series 0.065% of the daily net assets.
Xxxx Xxxxxx Select Dimensions
Investment Series -- North
American Government
Securities Portfolio 0.039% of the daily net assets.
Xxxx Xxxxxx Select Municipal
Reinvestment Fund 0.050% of the daily net assets.
Xxxx Xxxxxx Short-Term Bond
Fund 0.070% of the daily net assets.
Xxxx Xxxxxx Short-Term
U.S. Treasury Trust 0.035% of the daily net assets.
Xxxx Xxxxxx Tax-Exempt
Securities Trust 0.050% of the portion of the daily net 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.
Xxxx Xxxxxx U.S. Government
Securities Trust 0.050% of the portion of the daily net assets
not exceeding $1 billion; 0.0475% of the
portion of the daily net assets
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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.
Xxxx Xxxxxx Variable Investment
Series -- High Yield
Portfolio 0.050% of the portion of the daily net assets
not exceeding $500 million; and 0.0425% of
the daily net assets exceeding $500 million.
Quality Income Plus Portfolio 0.050% of the portion of the daily net assets
up to $500 million; and 0.045% of the portion
of the daily net assets exceeds $500 million.
Xxxx Xxxxxx World Wide
Income Trust 0.075% of the portion of the daily net assets
up to $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 exceeding
$500 million but not exceeding $750 million;
0.040% of the portion of the daily net assets
exceeding $750 million but not exceeding $1
billion; and 0.030% of the portion of the
daily net assets exceeding $1 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Worldwide High Income Fund 0.060% of the daily net assets.
EQUITY FUNDS
Xxxx Xxxxxx American Value Fund 0.0625% of the portion of the daily 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; 0.0450% of the
portion of the daily net assets exceeding
$3.5 billion but not exceeding $4.5 billion;
and 0.0425% of the portion of the daily net
assets exceeding $4.5 billion.
Xxxx Xxxxxx Balanced
Growth Fund 0.060% of the daily net assets.
Xxxx Xxxxxx Capital
Appreciation 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.
Xxxx Xxxxxx Capital
Growth Securities 0.065% of the portion of the daily net assets
not exceeding $500 million; 0.055% of the
portion exceeding $500 million but not
exceeding $1 billion; 0.050% of the portion
of the daily net assets exceeding $1 billion
but not exceeding $1.5 billion; and 0.0475%
of the portion of the daily net assets
exceeding $1.5 billion.
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Xxxx Xxxxxx Developing Growth
Securities Trust 0.050% of the portion of the daily net assets
not exceeding $500 million; and 0.0475% of
the portion of the daily net assets exceeding
$500 million.
Xxxx Xxxxxx Dividend Growth
Securities Inc. 0.0625% of the portion of the daily 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.
Xxxx Xxxxxx European Growth
Fund Inc. 0.060% of the portion of the daily net assets
not exceeding $500 million; 0.057% of the
portion of the daily net assets exceeding
$500 million but not exceeding $2 billion;
and 0.054% of the portion of the daily net
assets exceeding $2 billion.
Xxxx Xxxxxx Financial
Services Trust 0.075% of the daily net assets.
Xxxx Xxxxxx Fund of Funds --
Domestic Portfolio None
International Portfolio None
Xxxx Xxxxxx Global Asset
Allocation Fund 0.070% of the daily net assets.
Xxxx Xxxxxx Global Dividend
Growth Securities 0.075% of the portion of the daily net 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; 0.0675% of the portion of the daily
net assets exceeding $2.5 billion but not
exceeding $3.5 billion; 0.0650% of the
portion of the daily net assets exceeding
$3.5 billion but not exceeding $4.5 billion;
and 0.0625% of the portion of the daily net
assets exceeding $4.5 billion.
Xxxx Xxxxxx 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.
Xxxx Xxxxxx 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.
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Xxxx Xxxxxx Income
Builder Fund 0.075% of the portion of the net assets not
exceeding $500 million; and 0.0725% of the
portion of daily net assets exceeding $500
million.
Xxxx Xxxxxx Information 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.
Xxxx Xxxxxx International
SmallCap Fund 0.075% of the daily net assets.
Xxxx Xxxxxx Japan Fund 0.060% of the daily net assets.
Xxxx Xxxxxx Market Leader Trust 0.075% of the daily net assets.
Xxxx Xxxxxx 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.
Xxxx Xxxxxx Natural
Resource Development
Securities Inc. 0.0625% of the portion of the daily net
assets not exceeding $250 million and 0.050%
of the portion of the daily net assets
exceeding $250 million.
Xxxx Xxxxxx Pacific Growth Fund
Inc. 0.060% of the portion of the daily net assets
not exceeding $1 billion; 0.057% of the
portion of the daily net assets exceeding $1
billion but not exceeding $2 billion; and
0.054% of the portion of the daily net assets
exceeding $2 billion.
Xxxx Xxxxxx Precious Metals and
Minerals Trust 0.080% of the daily net assets.
Xxxx Xxxxxx Retirement
Series --
American Value Series 0.085% of the daily net assets.
Capital Growth Series 0.085% of the daily net assets.
Dividend Growth Series 0.075% of the daily net assets.
Global Equity Series 0.10% of the daily net assets.
Strategist Series 0.085% of the daily net assets.
Utilities Series 0.075% of the daily net assets.
Value Added Market Series 0.050% of the daily net assets.
Xxxx Xxxxxx Select Dimensions
Investment Series --
American Value Portfolio 0.0625% of the daily net assets.
Balanced Growth Portfolio 0.065% of the daily net assets.
Developing Growth Portfolio 0.050% of the daily net assets.
Diversified Income Portfolio 0.040% of the daily net assets.
Dividend Growth Portfolio 0.0625% of the portion of the daily net
assets not exceeding $500 million; and 0.050%
of the portion of the daily net assets
exceeding $500 million.
Emerging Markets Portfolio 0.075% of the daily net assets.
Global Equity Portfolio 0.10% of the daily net assets.
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Xxxxxx Xxxxxxxxx 0.048% of the daily net assets.
Mid-Cap Growth Portfolio 0.075% of the daily net assets.
Utilities Portfolio 0.065% of the daily net assets.
Value-Added Market Portfolio 0.050% of the daily net assets.
Xxxx Xxxxxx Special Value Fund 0.075% of the daily net assets.
Xxxx Xxxxxx 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; 0.0475% of the portion of the daily
net assets exceeding $1.5 billion but not
exceeding $2.0 billion; and 0.045% of the
portion of the daily net assets exceeding
$2.0 billion.
Xxxx Xxxxxx S&P 500 Index Fund 0.040% of the daily net assets.
Xxxx Xxxxxx 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 assets exceeding $1.5 billion but
not exceeding $2.5 billion; 0.0475% of the
portion of the daily net assets exceeding
$2.5 billion but not exceeding $3.5 billion;
0.045% of the portion of the daily net assets
exceeding $3.5 but not exceeding $5 billion;
and 0.0425% of the daily net assets exceeding
$5 billion.
Xxxx Xxxxxx Value-Added
Market Series 0.050% of the portion of the daily net assets
not exceeding $500 million; 0.45% of the
portion of the daily net assets exceeding
$500 million but not exceeding $1 billion;
0.0425% of the portion of the daily net
assets exceeding $1.0 billion but not
exceeding $2.0 billion; and 0.040% of the
portion of the daily net assets exceeding $2
billion.
Xxxx Xxxxxx Variable Investment
Series -- Capital
Appreciation
Portfolio 0.075% of the daily net assets.
Capital Growth Portfolio 0.065% of the daily net assets.
Competitive Edge
"Best Ideas" Portfolio 0.065% of the daily net assets.
Dividend Growth Portfolio 0.0625% of the portion of the daily net
assets not exceeding $500 million; and 0.050%
of the portion of the daily net assets
exceeding $500 million but not exceeding $1
billion; 0.0475% of the portion of the daily
net assets exceeding $1.0 billion but not
exceeding $2.0 billion; and 0.045% of the
portion of the daily net assets exceeding $2
billion.
Equity Portfolio 0.050% of the net assets of the portion of
the daily net assets not exceeding $1
billion; and 0.0475% of the portion of the
daily net assets exceeding $1 billion.
X-0
00
Xxxxxxxx Xxxxxx Xxxxxxxxx 0.060% of the portion of the daily net assets
not exceeding $500 million; and 0.057% of the
portion of the daily net assets exceeding
$500 million.
Income Builder Portfolio 0.075% of the daily net assets.
S&P 500 Index Portfolio 0.040% of the daily net assets.
Strategist Portfolio 0.050% of the daily net assets.
Utilities Portfolio 0.065% of the portion of the daily net assets
not exceeding $500 million and 0.055% of the
portion of the daily net assets exceeding
$500 million.
Xxxx Xxxxxx World Wide
Investment Trust 0.055% of the portion of the daily net assets
not exceeding $500 million; and 0.05225% of
the portion of the daily net assets exceeding
$500 million.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Competitive Edge Fund,
"Best Ideas" Portfolio 0.065% of the portion of the daily net assets
not exceeding $1.5 billion; and 0.0625% of
the portion of the daily net assets exceeding
$1.5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Equity Fund 0.051% of the daily net assets.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Growth Fund 0.048% of the portion of the daily net assets
not exceeding $750 million; 0.045% of the
portion of daily net assets exceeding $750
million but not exceeding $1.5 billion; and
0.042% of the portion of daily net assets
exceeding $1.5 billion.
Xxxxxx Xxxxxxx Xxxx Xxxxxx
Mid-Cap
Dividend Growth Fund 0.075% of the daily net assets.
MONEY MARKET FUNDS
Active Asset Trusts:
(1) Active Assets Money Trust
(2) Active Assets Tax-Free
Trust
(3) Active Assets California
Tax-Free Trust
(4) Active Assets Government
Securities Trust 0.050% of the portion of the daily net 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.
Xxxx Xxxxxx California Tax-Free
Daily
Income Trust 0.050% of the portion of the daily net 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;
B-7
14
0.030% of the portion of the daily net assets
exceeding $2 billion but not exceeding $2.5
billion; 0.0275% of the portion of the daily
net assets exceeding $2.5 billion but not
exceeding $3 billion; and 0.025% of the
portion of the daily net assets exceeding $3
billion.
Xxxx Xxxxxx Liquid Asset Fund
Inc. 0.050% of the portion of the daily net 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.
Xxxx Xxxxxx New York
Municipal Money Market Trust 0.050% of the portion of the daily net 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.
Xxxx Xxxxxx Retirement
Series --
Liquid Asset Series 0.050% of the daily net assets.
U.S. Government Money
Market Series 0.050% of the daily net assets.
Xxxx Xxxxxx Select Dimensions
Investment Series -- Money
Market Portfolio 0.050% of the daily net assets.
Xxxx Xxxxxx Tax-Free Daily
Income Trust 0.050% of the portion of the daily net 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;
B-8
15
0.030% of the portion of the daily net assets
exceeding $2 billion but not exceeding $2.5
billion; 0.0275% of the portion of the daily
net assets exceeding $2.5 billion but not
exceeding $3 billion; and 0.025% of the
portion of the daily net assets exceeding $3
billion.
Xxxx Xxxxxx U.S. Government
Money Market Trust 0.050% of the portion of the daily net 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.
Xxxx Xxxxxx Variable
Investment Series -- Money
Market Portfolio 0.050% of the daily net assets.
Monthly compensation calculated weekly by applying the following annual
rates to a fund's weekly net assets:
CLOSED-END FUNDS
Xxxx Xxxxxx Government
Income Trust 0.060% of the average weekly net 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.
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
B-9
16
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.
InterCapital Income Securities,
Inc. 0.050% of the average weekly net assets.
InterCapital Insured Municipal
Bond Trust 0.035% of the average weekly net assets.
InterCapital Insured Municipal
Trust 0.035% of the average weekly net assets.
InterCapital Insured Municipal
Income Trust 0.035% of the average weekly net assets.
InterCapital California Insured
Municipal Income Trust 0.035% of the average weekly net assets.
InterCapital Quality Municipal
Investment Trust 0.035% of the average weekly net assets.
InterCapital New York Quality
Municipal Securities 0.035% of the average weekly net assets.
InterCapital Quality Municipal
Income Trust 0.035% of the average weekly net assets.
InterCapital Quality Municipal
Securities 0.035% of the average weekly net assets.
InterCapital California Quality
Municipal Securities 0.035% of the average weekly net assets.
InterCapital Insured Municipal
Securities 0.035% of the average weekly net assets.
InterCapital Insured California
Municipal Securities 0.035% of the average weekly net assets.
X-00
00
XXXX XXXXXX INTERCAPITAL INC.
Xxx Xxxxx Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
April 30, 1998
Xxxx Xxxxxx Services Company Inc.
Xxx Xxxxx Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Re: XXXXXX XXXXXXX XXXX XXXXXX EQUITY FUND
Dear Sirs:
Please be advised that, having entered into an Investment Management
Agreement with the Fund, we wish to retain you to perform administrative
services in respect of the Fund under our Services Agreement with you, dated
April 17, 1995 (attached hereto). It is agreed that no compensation will be paid
by the Fund for such services.
Your Execution of this letter, where indicated, shall constitute
notification to us of your willingness to render administrative services in
respect to the Fund under the attached Services Agreement, in consideration of
the above-stated compensation.
Very Truly Yours,
XXXX XXXXXX INTERCAPITAL INC.
By:
ACCEPTED: XXXX XXXXXX SERVICES COMPANY INC.
By:
