AUTHORIZATION AGREEMENT
WHEREAS, Subsection (d)(5) of Article III of Section 26 of the Fair
Practice Rules of the National Association of Securities Dealers, Inc.
authorizes the payment of a Service fee not to exceed .25% per annum of the
average net assets of a fund, and
WHEREAS, ▇▇▇▇▇▇▇▇ Fund, Inc. ("▇▇▇▇▇▇▇▇ Fund") wishes to be able to pay
broker dealers for providing services to ▇▇▇▇▇▇▇▇ Fund investors;
NOW, THEREFORE, The ▇▇▇▇▇▇▇▇ Fund is authorized as follows:
1. To pay up to .25% per annum of its average net assets to broker dealers
that provide liaison services to investors, including but not limited to,
responding to customer inquiries and providing information on their investments.
2. No broker dealer shall receive more than .25% of the average annual net
asset value of shares sold. The term shares sold shall include dividend and
capital gains reinvested.
3. In calculating service fees, ▇▇▇▇▇▇▇▇ Fund shall use the daily net asset
value of the shares sold by the broker dealers and pay such fee on a monthly or
such other periodic basis as may be agreed upon.
IN WITNESS WHEREOF, The ▇▇▇▇▇▇▇▇ Fund has executed the Authorization
Agreement this 7th day of October, 1993.
THE ▇▇▇▇▇▇▇▇ FUND, INC.
BY: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇
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