Exhibit (h)(13)
SUPPLEMENT TO SERVICES AGREEMENT
Supplement to the Services Agreements between INVESTORS FIDUCIARY TRUST
COMPANY ("IFTC") and KEMPER SERVICE COMPANY ("KSvC").
WHEREAS, IFTC and each Fund listed on the Attachment hereto (each a
"Fund") and IFTC are parties to an Agency Agreement, as supplemented from time
to time (each an "Agency Agreement");
WHEREAS, IFTC and KSvC are parties to certain Services Agreements, as
supplemented from time to time, pursuant to which KSvC has agreed to assume and
perform the duties and responsibilities of IFTC under each Agency Agreement;
WHEREAS, Section 7 of each Services Agreement provides that the fees
payable by IFTC to KSvC thereunder shall be as set forth in a separate schedule
to be agreed upon by IFTC and KSvC; and
WHEREAS, the parties desire to reflect in this Supplement the revised
fee schedule for each Services Agreement as in effect as of January 1, 1999;
NOW THEREFORE, in consideration of the premises and the mutual
covenants herein provided, the parties agree as follows:
1. The revised fee schedule for services provided by KSvC for each Fund
under each respective Services Agreement as in effect on January 1, 1999, is set
forth in Exhibit A hereto;
2. This Supplement shall become a part of each respective Services
Agreement and subject to its terms and shall supersede all previous fee
schedules under such Agreement as of the date hereof.
INVESTORS FIDUCIARY TRUST COMPANY
By: /s/ Stephen R. Hillard
----------------------
Name: Stephen R. Hillard
Title: Executive Vice President
KEMPER SERVICE COMPANY
By: /s/ Michael J. Curran
---------------------
Name: Michael J. Curran
Title: President
<PAGE>
ATTACHMENT
----------
Investors Fund Series
Kemper Blue Chip Portfolio
Kemper Contrarian Value Portfolio
Kemper Global Blue Chip Portfolio
Kemper Global Income Portfolio
Kemper Government Securities
Portfolio Kemper Growth Portfolio
Kemper High Yield Portfolio
Kemper Horizon 5 Portfolio
Kemper Horizon 10+ Portfolio
Kemper Horizon 20+ Portfolio
Kemper International Growth And Income
Portfolio
Kemper International Portfolio
Kemper Investment Grade Bond Portfolio
Kemper Money Market Portfolio
Kemper Small Cap Growth Portfolio
Kemper Small Cap Value Portfolio
Kemper Total Return Portfolio
Kemper Value+Growth Portfolio
Kemper-Dreman Financial Services Portfolio
Kemper-Dreman High Return Equity Portfolio
Kemper Adjustable Rate U. S. Government Fund
Kemper Aggressive Growth Fund
Kemper Asian Growth Fund
Kemper Blue Chip Fund
Kemper Diversified Income Fund
Kemper Europe Fund
Kemper Global Income Fund
Kemper Growth Fund
Kemper High Income Trust
Kemper High Yield Series
Kemper High Yield Fund
Kemper High Yield Opportunity Fund
<PAGE>
Kemper Horizon Fund
Kemper Horizon 20+ Portfolio
Kemper Horizon 10+ Portfolio
Kemper Horizon 5 Portfolio
Kemper Income and Capital Preservation Fund
Kemper Intermediate Government Trust
Kemper International Fund
Kemper Multi-Market Income Trust
Kemper Municipal Income Trust
Kemper National Tax-Free Income Series
Kemper Municipal Bond Fund
Kemper Intermediate Municipal Bond Fund
Kemper Portfolios
Kemper Cash Reserves Fund
Kemper U.S. Mortgage Fund
Kemper Short-Intermediate Government Fund
Kemper Quantitative Equity Fund
Kemper Small Capitalization Equity Fund
Kemper State Tax-Free Income Series
Kemper California Tax-Free Income Fund
Kemper Florida Tax-Free Income Fund
Kemper New York Tax-Free Income Fund
Kemper Ohio Tax-Free Income Fund
Kemper Strategic Income Fund
Kemper Strategic Municipal Income Trust
Kemper Target Equity Fund
Kemper Retirement Fund - Series I
Kemper Retirement Fund - Series II
Kemper Retirement Fund - Series III
Kemper Retirement Fund - Series IV
Kemper Retirement Fund - Series V
Kemper Retirement Fund - Series VI
Kemper Retirement Fund - Series VII
<PAGE>
Kemper Worldwide 2004 Fund
Kemper Technology Fund
Kemper Total Return Fund
Kemper U.S. Government Securities Fund
Kemper Value Plus Growth Fund
Kemper Value Series, Inc.
Kemper Contrarian Fund
Kemper-Dreman High Return Equity Fund
Kemper Small Cap Value Fund
Zurich Money Funds
Zurich Money Market Fund
Zurich Government Money Fund
Zurich Tax-Free Money Fund
Zurich YieldWise Funds
Zurich YieldWise Money Fund
Zurich YieldWise Government Money Fund
Zurich YieldWise Municipal Money Fund
As of: January 1, 1999
<PAGE>
<TABLE>
<CAPTION>
FEE SCHEDULE EFFECTIVE AS OF JANUARY 1, 1999
--------------------------------------------
For all accounts except Scudder Kemper Retirement Services: Kemper KemFlex
A Shares B Shares C Shares I Shares ZMF, ZYF
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per Account Fee (in $)
Annual Open Account Fee
Equity 10.00 10.00 10.00 10.00
Taxable Bond 14.00 14.00 14.00 14.00
Tax-Free Bond 14.00 14.00 14.00 14.00
Zurich Money Funds and 10.00
Zurich YieldWise Funds
CDSC Fee N/A 2.00 N/A N/A N/A
New Accounts Fee*
Equity 5.00 5.00 5.00 5.00
Taxable Bond 5.00 5.00 5.00 5.00
Tax-Free Bond 5.00 5.00 5.00 5.00
Zurich Money Funds and 5.00
Zurich YieldWise Funds
Asset Based Fee (in bps)
Equity 8 bp 8 bp 8 bp 8 bp
Taxable Bond 5 bp 5 bp 5 bp 5 bp
Tax-Free Bond 2 bp 2 bp 2 bp 2 bp
Zurich Money Funds and 5 bp
Zurich YieldWise Funds
FEE SCHEDULE EFFECTIVE AS OF JANUARY 1, 1999
--------------------------------------------
Scudder Kemper Retirement Services: Kemper KemFlex
A Shares B Shares C Shares I Shares ZMF, ZYF
-------- -------- -------- -------- --------
Per Account Fee (in $)
Annual Open Account Fee
Equity 18.00 18.00 18.00 18.00
Taxable Bond 23.00 23.00 23.00 23.00
Tax-Free Bond 23.00 23.00 23.00 23.00
Zurich Money Funds and 10.00
Zurich YieldWise Funds
CDSC Fee N/A 2.00 N/A N/A N/A
New Accounts Fee*
Equity 5.00 5.00 5.00 5.00
Taxable Bond 5.00 5.00 5.00 5.00
Tax-Free Bond 5.00 5.00 5.00 5.00
Zurich Money Funds and 5.00
Zurich YieldWise Funds
Asset Based Fee (in bps)
Equity 8 bp 8 bp 8 bp 8 bp
Taxable Bond 5 bp 5 bp 5 bp 5 bp
Tax-Free Bond 2 bp 2 bp 2 bp 2 bp
------------------------
* The new shareholder account fee is not applicable to Class A Share accounts
established in connection with a conversion from Class B Shares.
<PAGE>
Zurich Money Funds and 5 bp
Zurich YieldWise Funds
</TABLE>
<PAGE>
The out-of-pocket expenses of Agent will be reimbursed by Fund in accordance
with the provisions of Section 5 of the Agency Agreement. Fees and out-of-pocket
expenses shall be paid or reimbursed on a monthly basis upon receipt of an
invoice therefor.
The asset based fee for each month shall be equal to 1/12 of the applicable
annual fee rate, as set forth in this schedule, of the average daily net assets
of the Fund for each month. The asset based fee in the schedule is expressed in
basis points ("bps") as an annual rate. 100 basis points is equivalent to one
percentage point (1.00%). For certain Funds listed in Exhibit B, total transfer
agency fees and related out-of-pocket expenses payable by the Fund shall be
limited for any fiscal year of the Fund to the levels set forth in Exhibit B,
which levels are expressed as a percentage of average daily net assets for the
applicable fiscal year.
<PAGE>
EXHIBIT B
TRANSFER AGENT EXPENSE CAPS
<TABLE>
<CAPTION>
A Shares B Shares C Shares
-------- -------- --------
<S> <C> <C> <C>
Kemper Adjustable Rate U.S. Government Fund 0.22% 0.14%
Kemper Blue Chip Fund 0.38% 0.30%
Kemper Cash Reserves Fund 0.14%
Kemper Diversified Income Fund 0.14%
Kemper Global Income Fund 0.22% 0.14%
Kemper Growth Fund 0.30%
Kemper High Yield Opportunity Fund 0.10%
Kemper Income and Capital Preservation Fund 0.22% 0.14%
Kemper International Fund 0.38% 0.30%
Kemper Small Capitalization Equity Fund 0.30%
Kemper Technology Fund 0.38% 0.30%
Kemper Total Return Fund 0.30%
Kemper U.S. Government Securities Fund 0.22% 0.14%
Kemper U.S. Mortgage Fund 0.14%
</TABLE>
