Common use of Your Compensation Clause in Contracts

Your Compensation. For all of the services to be rendered and payments made as provided in this Agreement the Fund will pay you as of the last day of each month a fee, accrued daily, equal to the annual rate of .75% of the daily net asset value of the Fund, up to ten million dollars of such net asset value, .50% of the daily net asset value of the Fund for the next twenty million dollars of such net assets value, and with no additional fee for net asset value in excess of thirty million dollars. The total fees paid during the first and second halves of each fiscal year of the Fund shall not exceed the semiannual total of the daily fee accruals requested by you during the applicable six-month period. The daily net asset value shall be determined pursuant to the applicable provisions of the Declaration of Trust of the Fund or a resolution of the Board, if required. If, pursuant to such provisions, the determination of net asset value is suspended for any particular business day, then for the purposes of this paragraph, the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets as of the close of the business day, or as of such other time as the value of the Fund's net assets may lawfully be determined, on that day. If the determination of the net asset value of the Fund's shares has been suspended for a period including such month, your compensation payable at the end of such month shall be computed on the basis of the value of the net assets of the Fund as last determined (whether during or prior to such month). You agree that your compensation during any fiscal year shall be reduced by an amount, if any, by which the expenses of the Fund for such fiscal year exceed the lowest applicable expense limitation applicable to the Fund imposed by State securities administrators in States where the Fund's shares are qualified for sale, as such limitations may be lowered or raised from time to time. The payment of your compensation at the end of any month will be reduced or postponed or, if necessary, a refund will be made to the Fund as soon as practicable. You or your affiliate, Parker, Dillon, C▇▇▇▇▇▇ & J▇▇▇▇▇▇, Inc., shall refund to the Fund within sixty days after the close of each fiscal year, the amount of any additional reduction of your compensation pursuant to this paragraph as promptly as practicable after the end of such fiscal year, provided, however, that you will not be required to pay the Fund an amount greater than the fee paid to you in respect of such year pursuant to this Agreement nor will your affiliate be required to pay the Fund an amount greater than the fee paid it under its Investment Advisory Agreement with the Fund. As used in this paragraph expenses shall mean those expenses included in the applicable expense limitation having the broadest specification-thereof (certain expenses such as brokerage commissions, if any, taxes, interest and extraordinary items are excluded from such limitations), and expense limitation means a limit on the maximum annual expenses which may be incurred by an investment company determined (1) by multiplying a fixed percentage by the average or multiplying more than one such percentage by different specified amounts of the average of the values of an investment company's net assets for a fiscal year or (2) by multiplying a fixed percentage of an investment company's net investment income for a fiscal year. The words lowest expense limitation shall be construed to result in the largest reduction of your compensation for any fiscal year of the Fund.

Your Compensation. For all of the services to be rendered and payments made as provided in this Agreement the Fund will pay you as of the last day of each month a fee, accrued daily, equal to the annual rate of .75.50% of the daily net asset value of the Fund, up to ten million dollars of such net asset value, .50% of the daily net asset value of the Fund for the next twenty million dollars of such net assets value, and with no additional fee for net asset value in excess of thirty million dollars. The total fees paid during the first and second halves of each fiscal year of the Fund shall not exceed the semiannual total of the daily fee accruals requested by you during the applicable six-month period. The daily net asset value shall be determined pursuant to the applicable provisions of the Declaration of Trust of the Fund or a resolution of the Board, if required. If, pursuant to such provisions, the determination of net asset value is suspended for any particular business day, then for the purposes of this paragraph, the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets as of the close of the business day, or as of such other time as the value of the Fund's net assets may lawfully be determined, on that day. If the determination of the net asset value of the Fundt~e ~und's shares has been suspended for a period including such sucn month, your compensation payable at the end of such month shall be computed on the basis of the value of the net assets of the Fund as last determined (whether during or prior to such month). You agree that your compensation during any fiscal year shall be reduced by an amount, if any, by which the expenses of the Fund for such fiscal year exceed the lowest applicable expense limitation applicable to the Fund imposed by State securities administrators in States where the Fund's shares are qualified for sale, as such limitations may be lowered or raised from time to time. The payment of your compensation at the end of any month will be reduced or postponed or, if necessary, a refund will be made to the Fund as soon as practicable. You or your affiliate, Parker, Dillon, C▇▇▇▇▇▇ & J▇▇▇▇▇▇, Inc., shall refund to the Fund within sixty days after the close of each fiscal year, the amount of any additional reduction of your compensation pursuant to this paragraph as promptly as practicable after the end of such fiscal year, provided, however, that you will not be required to pay the Fund an amount greater than the fee paid to you in respect of such year pursuant to this Agreement nor will your affiliate be required to pay the Fund an amount greater than the fee paid it under its Investment Advisory Agreement with the Fund. As used in this paragraph expenses shall mean those expenses included in the applicable expense limitation having the broadest specification-thereof (certain expenses such as brokerage commissions, if any, taxes, interest and extraordinary items are excluded from such limitations), and expense limitation means a limit on the maximum annual expenses which may be incurred by an investment company determined (1) by multiplying a fixed percentage by the average or multiplying more than one such percentage by different specified amounts of the average of the values of an investment company's net assets for a fiscal year or (2) by multiplying a fixed percentage of an investment company's net investment income for a fiscal year. The words lowest expense limitation shall be construed to result in the largest reduction of your compensation for any fiscal year of the Fund.