Pursuant to the Investment Management Agreement with the Advisor, the Fund pays the Advisor an annual fee based on its average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:
First $1 billion of the Fund's average daily net assets Next $1 billion of such net assets Over $2 billion of such net assets
.200% .175% .150%
Accordingly, for the six months ended June 30, 2014, the fee pursuant to the Investment Management Agreement was equivalent to an annualized effective rate (exclusive of any applicable waivers/reimbursements) of 0.20% of the Fund's average daily net assets.
For the period from January 1, 2014 through September 30, 2014, the Advisor has contractually agreed to waive all or a portion of its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of each class as follows:
Class B Class B2
. .58% .68% 33%
For the six months ended June 30, 2014, fees waived and/or expenses reimbursed for each class are as follows:
34,841 526 5,900
Class A Class B Class B2
Administration Fee. Pursuant to the Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays DIMA an annual fee (“Administration Fee”) of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2014, the Administration Fee was $303,302, of which $51,004 is unpaid.
Distribution Service Agreement. DeAWM Distributors, Inc. (“DDI”), an affiliate of the Advisor, is the Fund's distributor. In accordance with the Distribution Plan, DDI receives 12b‐1 fees of 0.25% of average daily net assets of Class B and B2 shares. For the six months ended June 30, 2014, the Distribution Service Fees were as follows:
Distribution Service Fees Class B Class B2
Unpaid at June 30, 2014
$ 30,230 $ 5,022
Service Provider Fees. DeAWM Service Company (“DSC”), an affiliate of the Advisor, is the transfer agent, dividend‐paying agent and shareholder service agent of the Fund. Pursuant to a sub‐transfer agency agreement among DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend‐paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee they receive from the Fund. For the six months ended June 30, 2014, the amounts charged to the Fund by DSC were as follows:
Services to Shareholders Class A Class B Class B2
250 50 20 320
Unpaid at June 30, 2014
123 25 10 158
Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended June 30, 2014, the amount charged to the Fund by DIMA included in the Statement of Operations under “reports to shareholders aggregated $11,033, of which $2,215 is unpaid.
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