Document:

Selling Group Agreement

 Exhibit 10.27 
  

			
	Selling Group Agreement (Without Commitment)	  	

 THIS AGREEMENT, made this 22 day of June, 1992 between AMERICAN CAPITAL MARKETING, INC., (the
“Distributor”), principal distributor for shares of capital stock (the “Shares”) of certain mutual funds managed by American Capital Asset Management, Inc. and publicly distributed by the Distributor (the “Funds”) and
PFS Investments Inc., a securities dealer. The Dealer is a member of the National Association of Securities Dealers, Inc. or, if a foreign dealer, agrees to abide by all of the rules and regulations of the National Association of Securities Dealers,
Inc. for purposes of this Agreement. In consideration of the mutual covenants stated below, the parties hereto agree as follows: 
  
  
  

	1	Sales of Shares shall be made only at their public offering price then in effect (the net asset value plus the applicable sales commission, except shares of certain of
the Funds which are sold at net asset value) as defined in the Funds’ Prospectuses. 

  
  
  

	2	Purchases of Shares shall be made solely through the Distributor and only for the purpose of covering purchase orders already received from customers or for
Dealer’s own bona fide investment. The Dealer agrees not to purchase for any other securities dealer or broker unless Dealer has an agreement with such other dealer or broker to handle clearing arrangements and then only in the ordinary course
of business for such purpose and only if such other dealer has executed a Selling Group Agreement with the Distributor. The Dealer agrees not to withhold any customer order so as to profit therefrom. 

  
  
  

	3	All purchase orders received by the Distributor will be subject to receipt of Shares by the Distributor from the Funds concerned. The Distributor reserves the right in
its discretion, without notice to Dealer, to suspend sales or withdraw the offering of the Shares entirely or in part or to change the offering price as provided in the respective prospectuses. 

  
  
  

	4	Applicable selling commissions and concessions to the Dealer are based on the amount of the sale, as provided in the current prospectuses of the Funds as amended from
time to time. All commissions and concessions are subject to change without notice by the Distributor and will comply with any changes in regulatory requirements. The Dealer agrees that it will not combine customer orders to reach breakpoints in
commissions for any purpose whatsoever unless authorized by the then current prospectuses of the Funds or by the Distributor in writing. 

 The Dealer agrees to advise the Distributor of any letter of intent signed by the customer when placing wire trades. If Dealer fails to do so, it will be liable to the Distributor for return of
commissions plus interest thereon. 
  
  
  

	5	Sales of Shares shall not be made unless such Shares are registered or qualified for sale in the state or jurisdiction where they are to be sold, and, if sold, the
Dealer agrees to indemnify the Distributor and or the Funds for any claim, liability, expense or loss in any way arising out of such sale. 

  
  
  

	6	The Dealer’s orders shall be transmitted to the Distributor and are deemed placed when received by the Distributor. (The Distributor will not accept purchase
orders by telephone or wire for shares of American Capital Reserve Fund unless federal funds are previously on deposit with the Funds’ custodian.) Orders received by the Dealer prior to the close of business for pricing as defined in the
current prospectuses of the Funds, and placed within one hour after the close of business as listed in such prospectuses are priced at the offering price next computed. The Distributor will not accept from you a conditional order on any basis.
Orders shall be subject to confirmation by the Distributor. The Dealer shall provide a comparison to the Distributor on all wire trades. 

  
  
  

	7	Settlement shall be made within five (5) business days at the offices of the Funds’ transfer agent unless otherwise agreed. Against payment of the public
offering price less any dealer concession, the Distributor will transfer such shares to the name of the Dealer’s customer upon receipt from the Dealer of appropriate instructions. If payment is not received within ten (10) business days, the
Distributor reserves the right to cancel the sale forthwith or, at its option, to sell the Shares on behalf of the Dealer to the Fund at the then prevailing repurchase price. In this event, or in the event the Dealer cancels the trade for any
reason, the Dealer agrees to be responsible for any loss resulting to the Fund or to the Distributor from the Dealer’s failure to make payment as aforesaid. Any gains generated thereby will remain gains for the applicable Fund. The Dealer shall
refund to the Distributor the full concession allowed, for transmittal to the Fund, on any shares which are tendered for redemption within seven (7) business days after confirmation to the Dealer of the original sale. 

  
  

	8	Distributions of net investment income and/or capital gains in Shares are made at net asset value and the Dealer is not entitled to any concession on such
distributions. 

  
  
  

	9	In every transaction, the Distributor will act as agent for the Funds and the Dealer will act as principal for its own account. The Dealer shall have no authority
whatsoever to act as agent for any of the Funds, for the Distributor or for any member of the Selling Group and nothing in this agreement shall serve to appoint any of the Funds or the Distributor as your agent. 

 However, the Dealer is authorized to repurchase Shares from its customers on behalf of the Funds at the price currently being
quoted by the Distributor. Shares thus sold to the Distributor shall be delivered to the Fund’s transfer agent. Shares not delivered within ten (10) days following such sale may be bought in at the option of the Distributor. Any loss incurred
will be paid by Dealer to the Fund. Any gains will be refined by the Fund. 
 To facilitate prompt payment
following resale of shares the owner’s signature shall appear as registered on the Fund’s records or certificate, if applicable, and shall be guaranteed by a commercial bank, trust company or a member of a national securities exchange.

  
  
  

	10	No person is authorized to make any representations concerning the Funds or their Shares except those contained in the effective prospectus of the Fund concerned
and any such information as may be released by the Distributor as Principal Distributor for the Funds as information supplemental to the respective prospectuses. If made, the Dealer agrees to indemnify the Funds and/or the Distributor from and
against any and all claims, liability, expense or loss in any way arising out of or in any way connected with such representations. 

  
  

	11	The Dealer will provide all customers with a current prospectus prior to or at the time such customer purchases one of the Funds. The Dealer will provide any
customer whose requests a copy of the Statement of Additional Information (Part B) on file with the U.S. Securities and Exchange Commission. 

  
  
  

	12	No advertising as such term is defined by the NASD, of any kind whatsoever will be used by the Dealer regarding the Funds or the Distributor unless provided to the
Dealer by the Distributor or unless the Dealer has obtained the prior written approval of the Distributor. 

  
  
  

	13	This agreement shall not be assignable by the Dealer. 

  
  
  

	14	Either party shall have the right to cancel this agreement at any time upon written notice given to the other party. Any notice to the Dealer shall be duly given
if mailed to the Dealer at its address below. 

  
  
  

	15	Both parties agree to abide by all of the rules and regulations of the National Association of Securities Dealers, Inc., (NASD), including its Rules of Fair
Practice as well as by all state or federal laws, rules or regulations that are now or may hereafter become applicable to transactions hereunder. The Dealer certifies that it is a member of the NASD, or that, if it is a foreign dealer, it agrees for
purposes of purchasing shares of the Funds that it will be bound by the rules of the NASD, including the Rules of Fair Practice and advertising interpretations. The Dealer will provide immediate notice for the Distributor if Dealer becomes the
subject of an order of expulsion or suspension. Notwithstanding Paragraph 10 above, expulsion from the NASD will automatically terminate this agreement. In the event of expulsion or suspension, no commissions will be paid to Dealer.

  
  
  

	16	This Agreement shall be construed in accordance with the laws of the Great State of Texas. 

  

							
	Dated	 	June 30, 1992	 	AMERICAN CAPITAL MARKETING, INC.
				
		 		 	By:	 	 /s/ Fred Shepherd

		 		 		 	Vice President
		 		 		 	Fred Shepherd

 The undersigned accepts your invitation to become a member of the selling group and agrees to abide
by the foregoing terms and conditions. The undersigned acknowledges receipt of prospectuses for use in connection with this offering. 
  

													
	Date	 	June 30, 1992	 		 	By:	 	 /s/ Gregory C. Pitts

		 		 		 		 	Signature	 	
		 		 		 		 	Gregory C Pitts - Senior Vice President	 	
		 		 		 		 	Name	 		 	
		 		 		 		 	PFS Investments Inc.	 	
		 		 		 		 	Dealer Name	 	
	 Please sign both copies and return both to:
 American Capital Marketing, Inc.
 P.O. Box
1411
 Houston, Texas 77251-1411
	 	

	 		 	3120 Breckinridge Blvd	 	
	 	 		 	Address	 		 	
	 	 		 	Duluth, GA 30199-0001	 	
	 	 		 	City	 	State	 	Zip

 003.08.752 A REV 12/91 

 ADDENDUM TO 
 VAN KAMPEN AMERICAN CAPITAL DISTRIBUTORS, INC. 
 SELLING GROUP AGREEMENTS 
 FOR VAN KAMPEN AMERICAN CAPITAL SENIOR FLOATING RATE FUND 
 Ladies and Gentlemen: 
 Your firm is presently a
party to a Dealer Agreement, Broker Fully-Disclosed Clearing Agreement or Bank-Fully Disclosed Clearing Agreement with Van Kampen American Capital Distributors, Inc. (the “Company”) regarding Van Kampen American Capital Open-End and
Closed-End Investment Companies. Pursuant to Section 18 of the Dealer Agreement or Section 21 of the Broker Fully-Disclosed Clearing Agreement and the Bank Fully-Disclosed Clearing Agreement, the terms and conditions set forth herein
hereby amend the terms and conditions of the Selling Group Agreement between your firm (the “Intermediary”) and the Company with respect to the Van Kampen American Capital Senior Floating Rate Fund: 
 WHEREAS, the Company is the principal underwriter of the Van Kampen American Capital Senior Floating Rate Fund (the “Fund”); and

 WHEREAS, the Fund has adopted a Service Plan (the “Service Plan”) as described in the Fund’s Prospectus and
Statement of Additional Information; and 
 WHEREAS, the Fund’s Service Plan authorizes the Company to enter into service
agreements such as this Agreement with certain financial intermediaries selected by the Company, and the Intermediary has been so selected; and 
 WHEREAS, the Fund’s Service Plan authorizes the Company to make payments at a rate specified in an agreement such as this Agreement varying directly with the aggregate average daily net asset value
of shares of the Fund sold by such financial intermediary on or after the effective date of this Agreement, as determined pursuant to Section 4 hereof, and held at the close of each day in accounts of clients or customers of particular
intermediary, such amount being referred to herein as the “Holding Level”. 
 NOW, THEREFORE, the Company and the
Intermediary agree as follows: 
 1. Subject to continuing compliance with its obligations pursuant to Section 2 hereof,
the Intermediary shall be entitled to service fee payments, if any, to be paid by the Company with respect to the Fund’s common shares at the annual percentage rate of the Holding Level set forth from time to time in the then current Prospectus
of the Fund on a quarterly basis (prorated for any portion of such period during which this Agreement is in effect for less than the full amount of such period); it is understood and agreed that the Company may make final and binding determinations
as to whether such continuing compliance and as to whether or not any Fund shares are to be considered in determining the Holding Level of any particular financial intermediary and what Fund shares, if any, are to be attributed to such purpose to a
particular financial intermediary, to a different financial intermediary or to no financial intermediary. 
 2. The service fee
payments with respect to the Fund’s common shares to be made in accordance with Section 1 hereof, if any, shall be paid to the Intermediary as compensation for providing “services” as such term is utilized in Conduct Rule 2830
(“Rule 2830”) of the National Association of

 
Securities Dealers (“NASD”), and such service fee payments shall be subject to the limits and conditions of Rule 2830 and other applicable rules and regulations of the NASD. In this
regard, in consideration for the service fee payments to be made in accordance with Section 1 hereof, the Intermediary shall provide to its clients or customers who hold shares of the such services and other assistance as may from time to time
be reasonably requested by the Company, including but not limited to answering inquiries regarding the Fund, providing information programs regarding the Fund, assisting in selected dividend payment options, account designations and addresses and
maintaining the investment of such customer or client in the Fund. 
 3. All payments made to intermediaries in connection with
sales of the Fund shall be subject to any applicable limitations or caps pursuant to applicable rules and regulations of the NASD as may be in effect from time to time. 
 4. The Company shall have the right at any time and from time to time without notice to the Broker-Dealer to amend its Prospectus with respect to the amount of the service fee, as well as the amount of
any other fees to be paid in connection with sales of the Fund. Such amendments shall be effective as of the date of the amended Prospectus. 
 Your placement with the Company of an order for shares of the Fund will conclusively constitute your acceptance of this Agreement. 
  

			
	Very truly yours,
	
	VAN KAMPEN AMERICAN CAPITAL DISTRIBUTORS, INC.
		
	By:	 	 

		
	Its:	 	 Authorized Officer

	
	Dated: February 24,1998

 ADDENDUM TO THE DEALER AGREEMENT 
 WITH VAN KAMPEN AMERICAN CAPITAL DISTRIBUTORS, INC. 
 REGARDING VAN KAMPEN AMERICAN CAPITAL 
 OPEN-END AND CLOSED-END INVESTMENT
COMPANIES 
  

					
	(As used herein, “we,” “us” and “our” shall refer to Van Kampen American Capital Distributors, Inc.)	 		 	(As used herein, “you” and “your” shall refer to the Dealer listed in the Dealer Agreement)

 Effective January 2, 1997, Van Kampen American Capital Distributors, Inc. (“VKAC
Distributors”) will be the general distributor of the investment funds (the “Funds”) of the Morgan Stanley Fund, Inc. and, as agent of the Funds, agrees to sell you shares of beneficial interest issued by the Funds (the
“Shares”), subject to any limitations imposed by any of the Funds and to confirmation by us in each instance of such sales and to all of the following terms and conditions: 
 1. Offering Price and Fees 
 The public offering price at which
you may offer the Shares is the net asset value thereof, as computed from time to time, by the applicable Fund plus any applicable sales charge described in the then-current Prospectus of the applicable Fund. As compensation for each sale of Shares
made by you, you will be allowed the dealer discount or commission, if any, on such Shares as provided in the applicable Fund’s then-current Prospectus. We reserve the right to revise the dealer discount referred to herein upon ten days’
written notice to you. In the case of Funds with a contingent deferred sales charge, you will receive a commission on the sale of shares as provided in the applicable Fund’s then-current Prospectus. We will furnish you upon request with the
public offering prices for the Shares, and you agree to quote such prices in connection with any Shares offered by you for sale. Each sale is always made subject to confirmation by us at the public offering price next computed after receipt of the
order. There is no sales charge or dealer discount or commission to dealers on the reinvestment of dividends and distributions. 
 In addition
to the dealer discount or commission, if any, allowed pursuant to the foregoing provisions of this Section 1, we may, at our expense, provide additional promotional incentives or payments to dealers. If noncash concessions are provided, each
dealer earning such a concession may elect to receive an amount in cash equivalent to the cost of providing such concessions. Notice of the availability of concessions will be given in writing to you by us. All dealer discounts, promotional
incentives, payments and concessions will be made by us in accordance with National Association of Securities Dealers, Inc. (“NASD”) guidelines and rules and any other applicable laws, rules, or regulations. 

 2. Manner of Offering, Selling and Purchasing Shares 
 We will provide you promptly with such number of copies as you may reasonably request of each Fund’s Prospectus and Statement of Additional Information
and, subsequently, each then-current Prospectus, Statement of Additional Information and shareholder reports and of supplementary written sales materials prepared by us. You will offer and sell the Shares only in accordance with the terms and
conditions of the applicable then-current Prospectus and Statement of Additional Information of the applicable Fund. Neither you nor any other person is authorized to give any information or to make any representations other than those contained in
such Prospectuses, Statement of Additional Information, shareholder reports, supplementary sales materials or any other written statement, document, or materials provided to you by us or the applicable Fund. You agree that you will not use any
offering materials (other than those supplied to you by us or the applicable Fund) for the Funds without our written consent. 
 You hereby
agree: 
  

	 	a.	to offer the Shares of the Funds available for purchase; 

  

	 	b.	to furnish to each person to whom any offer to sell or sale is made a copy of the then-current Prospectus and, upon request, the then-current Statement of Additional
Information, of the applicable Fund at or prior to the time of such offer or sale; 

  

	 	c.	to transmit to us promptly upon receipt any and all orders received by you; 

  

	 	d.	to wire to us the offering price (but no more than one such wire per day shall be sent), or, subject to our prior approval, to pay be check to us the offering price,
less any dealer discount or commission to which you are entitled, within three (3) business days of our confirmation of your order, or such shorter time as may be required by law. If such payment is not received within said time period, we
reserve the right, without prior notice, to cancel the sale, or at our option to return the Shares to the issuer thereof for redemption or repurchase. Furthermore, if any payment is not received within such time period, we may, by notice to you,
suspend your right to sell Shares of the Funds pursuant to this Agreement. If your payment is made by check on your local bank, liquidation of Shares may be delayed pending clearance of your check. You shall make all sales subject to our
confirmation. You agree to forward such confirmation, or issue your own form of confirmation, promptly for all accepted purchase orders for accounts held in street name. All orders are subject to acceptance or rejection by us in our sole discretion,
and by the Funds in their sole discretion. The procedure stated herein relating to the pricing and handling of orders shall be subject to written instructions which we may forward to you from time to time; and 

  

	 	e.	 if any Shares sold to you by us under the terms of this Agreement are repurchased by the applicable Fund or by us as agent for the applicable Fund or
are tendered for redemption within seven business days after the date of our confirmation of the original purchase order for such Shares, you shall forfeit

  

 2 

	 	 
your right to any discount or commission received by or allowed to you on such Shares hereunder and you shall forthwith refund to us the full concession allowed to you on the original sale. We
agree, in the case of sales of Shares of a Fund sold with a front-end sales charge, to pay such refund forthwith to such Fund. In the case of Shares of a Fund sold with a contingent deferred sale charge, we will be entitled to retain such refund for
our own account. We will notify you of any such repurchase or redemption within ten days of the date on which a written request for redemption, if no stock certificate has been issued, or the stock certificate is delivered to us or to the applicable
Fund. 

 3. Shareholder Servicing 
 We will pay you service fees in connection with the accounts of your customers that hold Shares of certain Funds that have adopted distribution plans pursuant to Rule 12b-1 under the Investment Company
Act of 1940, as amended (the “1940 Act”). Payment of the service fees is subject to your initial and continuing satisfaction of the following terms and conditions set forth in this Section 3 to this Agreement. 
  

	 	a.	Qualification Requirements. You will initially provide to the respective Fund’s transfer agent all account information necessary for such transfer agent to
determine the appropriate service fee, based on the assets in the Funds for which you are the dealer of record, payable to you under this Agreement. You recognize that such transfer agent will be making such determinations, and you agree that they
will be entitled to rely on the accuracy of such information. You agree to provide updated information to such transfer agent as necessary. You understand that such payments will be based solely on such transfer agent’s records.

  

	 	b.	Service Fees. 

  

	 	(1)	If you meet the qualification requirements set forth above in Section 3.a. of this Agreement, you will be paid a service fee, to be accrued monthly and paid
quarterly, on assets in the Funds for which you are the dealer of record, and which are serviced by a registered representative of your firm, at the annual rates specified on Schedule 1 (excluding any such assets owned by accounts for your
firm’s own retirement plans). 

  

	 	(2)	You understand and agree that: 

  

	 	(i)	all service fee payments are subject to the limitations contained in each Fund’s Distribution Plan, which may be varied or discontinued at any time by the
Directors; and 

  

	 	(ii)	your failure to provide the services described in Section 3.c. of this Agreement set forth below as may be amended from time to time, or otherwise to comply with
the terms and conditions of this Agreement, will render you ineligible to receive service fees for each affected shareholder account. 

  

 3 

	 	c.	Required Services. 

  

	 	(1)	You will assign one of your registered representatives to each Fund account on your records and reassign the Fund account should that representative leave your firm.

  

	 	(2)	You and your registered representatives will assist us and our affiliates in providing the following services to shareholders of the Funds: 

  

	 	(i)	Maintain regular contact with shareholders in assigned accounts and assist in answering inquiries concerning the Funds; 

  

	 	(ii)	Assist in distributing sales and service literature provided by us, particularly to the beneficial owners of accounts registered in your name (street name accounts);

  

	 	(iii)	Assist us and our affiliates in the establishment and maintenance of shareholder accounts and records; 

  

	 	(iv)	Assist shareholders in effecting administrative changes, such as changing dividend options, account designations, address, automatic investment programs or systematic
investment plan; 

  

	 	(v)	Assist in processing purchase and redemption transactions; and 

  

	 	(vi)	Provide any other information or services as the shareholder of any Fund or we may reasonably request. 

  

	 	(3)	You will support our marketing efforts by granting reasonable requests for visits to your offices by our wholesalers. 

  

	 	(4)	Your compliance with the service requirements set forth in this Agreement will be evaluated by us from time to time by surveying shareholder satisfaction with service,
by monitoring redemption levels of shareholder accounts assigned to you and by such other methods as we deem appropriate. 

  

	 	d.	Termination of Service Fees. The provisions of this Section 3 of this Agreement may be terminated at any time, without the payment of any penalty, by either
party upon written notice delivered or mailed by registered mail, postage prepaid, to the other party hereto, or, as provided in Rule 12b-1 under the 1940 Act, by certain Directors of the Morgan Stanley Fund, Inc. or by the vote of the holders of
the outstanding voting securities of the Fund. 

  

	 	e.	Written Reports. Morgan Stanley or its affiliates shall provide to the Directors of the Morgan Stanley Fund, Inc., and such Directors shall review at least
quarterly, a written report of the amounts paid to you under this Agreement and the purposes for which such expenditures were made. 

  

 4 

 4. Compliance with Law 
 We and you each hereby represent to the other that each is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the
“1934 Act”) and is a member in good standing of the NASD and agrees to maintain such membership in good standing or, in the alternative, you are a foreign dealer not eligible for membership in the NASD. You further represent that you are
licensed and qualified as a broker-dealer or otherwise authorized to offer and sell the Shares under the laws of each jurisdiction in which the Shares will be offered and sold by you. 
 You agree that in offering and selling Shares you will comply with all applicable laws, rules and regulations, including the applicable provisions of the Securities Act of 1933, as amended, the 1934 Act
(including Rule 15c2-8 thereunder relating to the distribution of preliminary and final prospectuses), the applicable rules and regulations of the NASD, and the applicable rules and regulations of any jurisdiction in which you sell, directly or
indirectly, any Shares. You agree not to offer for sale of sell the Shares in any jurisdiction in which the Shares are not qualified for offer or sale of in which you are not qualified as a broker-dealer. 
 You agree to provide us with prompt notice of any proceeding brought by any state or federal regulatory body against you that may have any material adverse
effect on your ability to comply with the terms and conditions of this Agreement. 
 We agree to file all sales material provided by us to you
with the NASD and to provide you with prompt notice of any NASD comments or actions related thereto or to the Funds. You hereby agree that you will only use sales literature, advertising, broker-dealer or other marketing material that has been
previously approved by us. We agree to provide you with prompt notice of any proceedings brought by any state or federal regulatory body involving the Funds. 
 5. Relationship with Dealers 
 In offering and selling Shares under this Agreement,
you shall be acting as principal and nothing herein shall be construed to constitute you or any of your agents, employees or representatives as our agent or employee, or as an agent or employee of the Funds. As general distributor of the Funds, we
shall have full authority to take such action as we may deem advisable in respect of all matters pertaining to the distribution of the Shares. We shall not be under any obligation to you, except for obligations expressly assumed by us in this
Agreement. 
 6. Termination 
 In addition to the provisions concerning termination of service fees as set forth in Section 3.d. of this Agreement, either party hereto may terminate this Agreement, without cause, upon ten
days’ written notice to the other party. We may terminate this Agreement for cause upon the violation by you of any of the provisions hereof, such termination to become effective on the date such notice of termination is mailed to you. This
Agreement shall terminate automatically if either Party ceases to be a member of the NASD. The suspension or termination of sales of shares of the Funds by you shall not be deemed a termination of this Agreement. 
  

 5 

 7. Amendment 
 This Agreement, including any Schedule hereto, may be amended as from time to time agreed to by us and you. 
 8. Assignability 
 This Agreement is not assignable or transferable, except that
upon 30 days prior written notice to you we may assign or transfer this Agreement to any successor that becomes general distributor of the Funds. 
 9. Notice 
 Notice shall be sent to each party to this Agreement at the respective
address set forth at the beginning of this Agreement. 
 10. Governing Law 
 This Agreement and the rights and obligations of the parties hereunder shall be governed by and construed in accordance with the laws of the State of New
York. 
 Your placement with VKAC Distributors of an order of Shares of the Funds will conclusively constitute your agreement hereto.

  

			
	 VAN KAMPEN AMERICAN CAPITAL DISTRIBUTORS, INC.,
 a Delaware corporation.

		
	By:	 	 /s/ William R. Molinari

		 	William R. Molinari
		 	President

  

 6 

 Schedule 1 
 Annual Rates of Service Fees 
 The service fee shall be paid
at an annual rate of .25% on assets in each of the classes of the Funds for which you are the dealer of record. 
  

 7Selling Group Agreement

 Exhibit 10.28 
  

			
	

	  	American Funds Distributors, Inc.
 333 South Hope
Street
 Los Angeles, California 90071
 Telephone 800/421-9900, ext. 11

 Selling group agreement 
 Ladies and Gentlemen: 
 We have entered into a principal underwriting agreement with each Fund in
The American Funds Group (Funds) under which we are appointed exclusive agent for the sale of shares. As such agent we offer to sell to you as a member of a Selling Group, shares of the Funds as are qualified for sale in your state, on the terms set
forth below. We are acting as an underwriter within the meaning of the applicable rules of the National Association of Securities Dealers, Inc. (NASD). 
  

	1.	Authorization to Sell 

 You are to offer and sell shares only at the regular public price currently determined by the respective Funds in the manner described in their offering Prospectuses. This Agreement on your part runs to us and to the respective Funds and is
for the benefit of and enforceable by each. The offering Prospectuses and this Agreement set forth the terms applicable to members of the Selling Group and all other representations or documents are subordinate. 
  

	2.	Compensation on Sales of Class A Shares and Class 529A Shares 

  

	 	a.	On sales of Class A shares and Class 529A shares of Funds listed in Category 1 on the attached Schedule A that are accepted by us and for which you are
responsible, you will be paid dealer concessions as follows: 

  

							
	Purchases	  	Concession as
Percentage of
Offering Price	 	 	Sales Charge
as Percentage
of Offering Price	 
	 Less than $25,000
	  	5.00	% 	 	5.75	% 
	 $25,000 but less than $50,000
	  	4.25	% 	 	5.00	% 
	 $50,000 but less than $100,000
	  	3.75	% 	 	4.50	% 
	 $100,000 but less than $250,000
	  	2.75	% 	 	3.50	% 
	 $250,000 but less than $500,000
	  	2.00	% 	 	2.50	% 
	 $500,000 but less than $750,000
	  	1.60	% 	 	2.00	% 
	 $750,000 but less than $1,000,000
	  	1.20	% 	 	1.50	% 
	 $1,000,000 or more
	  	See below	  	 	None	  

  

	 	b.	On sales of Class A shares and Class 529A shares of Funds listed in Category 2 on the attached Schedule A that are accepted by us and for which you are
responsible, you will be paid the same dealer concessions indicated above except as follows: 

  

							
	Purchases	  	Concession as
Percentage of
Offering Price	 	 	Sales Charge
as Percentage
of Offering Price	 
	 Less than $100,000
	  	3.00	% 	 	3.75	% 

  

 January 2002    1 

	 	c.	If you initiate and are responsible for sales of Class A shares and Class 529A shares, a) amounting to $1 million or more, b) made to employer-sponsored
defined contribution-type retirement plans that qualify to invest at net asset value under the terms of the Fund Prospectuses, c) made to IRA rollover accounts as described in the Prospectuses, or d) made at net asset value to endowments and
foundations with assets of $50 million or more, you will be paid a dealer concession of 1.00% on sales to $4 million, plus 0.50% on amounts over $4 million up to $10 million, plus 0.25% on amounts over $10 million. No dealer concessions are paid on
any other sales of shares at net asset value, except that concessions may be paid to dealers on their sales of fund shares to accounts managed by affiliates of The Capital Group Companies, Inc. as set forth in this Agreement. Sales of shares of
Washington Mutual Investors Fund below $1 million made in connection with certain accounts established before September 1, 1969 are subject to reduced concessions and sales charges as described in the Washington Mutual Investors Fund
Prospectus. With respect to sales of shares of any tax-exempt fund, the concession schedule for sales of shares to endowments and foundations or retirement plans of organizations with assets of $50 million or more is inapplicable. The schedules of
sales charges above apply to single purchases, concurrent purchases of two or more of the Funds (except those listed in Category 3 on the attached Schedule A), and purchases made under a statement of intention and pursuant to the right of
accumulation, both of which are described in the Prospectuses. 

  

	 	d.	On sales of Class A shares and Class 529A shares of Funds listed in Category 3 on the attached Schedule A, no dealer concessions will be paid.

  

	3.	Compensation on Sales of Class B Shares and Class 529B Shares 

  

	 	a.	On sales of Class B shares and Class 529B shares of Funds listed in Category 1 and Category 2 on the attached Schedule A that are accepted by us and for which
you are responsible, you will be paid: 

  

	 	•	 	 a dealer concession of 3.75% of the amount invested, plus 

  

	 	•	 	 an immediate service fee of 0.25% of the amount invested. 

  

	 	b.	On sales of Class B shares and Class 529B shares of Funds listed in Category 3 on the attached Schedule A, no dealer concessions will be paid.

  

	4.	Compensation on Sales of Class C Shares and Class 529C Shares 

  

	 	a.	On sales of Class C shares and Class 529C shares of Funds listed in Category 1 and Category 2 on the attached Schedule A that are accepted by us and for which
you are responsible, we will pay you: 

  

	 	•	 	 a dealer concession of 0.75% of the amount invested, plus 

  

	 	•	 	 an immediate service fee of 0.25% of the amount invested. 

  

	 	b.	In addition, we will pay you ongoing compensation on a quarterly basis at the annual rate of 1.00% of the average daily net asset value of Class C shares and
Class 529C shares of Funds listed in Category 1, Category 2 and Category 3 that have been invested for 12 months and are held in an account assigned to you at the end of the quarter for which payment is made (note that if the shareholder redeems all
shares from an account during the quarter, you will be paid for that portion of the quarter during which the shareholder was invested). The payment of this ongoing compensation is subject to the limitations contained in each Fund’s Plan of
Distribution and may be varied or discontinued at any time. 

  

	5.	Compensation on Sales of Class 529E Shares 

 We will pay you ongoing compensation on a quarterly basis at the annual rate of 0.50% of the average daily net asset value of Class 529E shares of Funds listed in Category 1, Category 2 and Category 3
that are held in an account assigned to you at the end of the quarter for which payment is made (note that if the shareholder redeems all shares from an account during the

  

 January 2002    2 

 
quarter, you will be paid for that portion of the quarter during which the shareholder was invested). The payment of this ongoing compensation is subject to the limitations contained in each
Fund’s Plan of Distribution and may be varied or discontinued at any time. 
  

	6.	Ongoing Service Fees for Class A, Class 529A Class B and Class 529B Shares 

 We are also authorized to pay you continuing service fees each quarter with respect to the Class A, Class 529A, Class B and Class 529B
shares of all the Funds to promote selling efforts and to compensate you for providing certain services to your clients, subject to your compliance with the following terms, which may be revised by us from time to time. Your eligibility to continue
receiving this compensation will be evaluated periodically, and your failure to comply with the terms below may result in our discontinuing service fee payments to you. Initial qualification does not assure continued participation, and this service
fee program may be amended or terminated by us at any time as indicated below. 
  

	 	a.	You agree to cooperate as requested with programs that we provide to enhance shareholder service. You also agree to assume an active role in providing
shareholder services such as processing purchase and redemption transactions, establishing shareholder accounts, and providing certain information and assistance with respect to the Funds. Redemption levels of shareholder accounts assigned to you
will be considered in evaluating your continued participation in this service fee program. 

  

	 	b.	You agree to support our marketing efforts by granting reasonable requests for visits to your offices by our wholesalers and, to the extent applicable, by
including all Funds covered by this Agreement on your “approved” list. 

  

	 	c.	You agree to assign an individual to each shareholder account on your books and to reassign the account should that individual no longer be assigned to the
account. You agree to instruct each such individual to regularly contact shareholders having accounts so assigned. 

  

	 	d.	You agree to pass through either directly or indirectly to the individual(s) assigned to such accounts a share of the service fees paid to you pursuant to this
Agreement. You recognize that the service fee is intended to compensate the individual for providing, and encourage the individual to continue to provide, service to the account holder. 

  

	 	e.	You acknowledge that (i) all service fee payments are subject to the limitations contained in each Fund’s Plan of Distribution and may be varied or
discontinued at any time, (ii) in order to receive a service fee for a particular quarter, the fee must amount to at least $100, and (iii) no service fees will be paid on shares purchased under the net asset value purchase privilege as
described in the Funds’ statements of additional information. 

  

	 	f.	On Class A, Class 529A, Class B and Class 529B shares of Funds listed in Category 1 and Category 2 on the attached Schedule A, we will pay you a quarterly
service fee at the following annual rates, based on the average daily net asset value of Class A, Class 529A, Class B and Class 529B shares, respectively, that have been invested for 12 months and are held in an account assigned to you at the
end of the quarter for which payment is made (note that if the shareholder redeems all shares from an account during the quarter, you will be paid for that portion of the quarter during which the shareholder was invested): 

 

				
	 	  	Annual Service Fee Rate	 
	 Shares with a first anniversary of purchase before 7-1-88*
	  	0.15	% 
	 Shares with a first anniversary of purchase on or after 7-1-88
	  	0.25	% 
	 Shares of state-specific tax-exempt funds
	  	0.25	% 

  

	*	Except U.S. Government Securities Fund, which pays service fees at the 0.25% rate on all shares held at least 12 months. 

  

 January 2002    3 

	 	g.	On Class A, Class 529A, Class B and Class 529B shares of Funds listed in Category 3 on the attached Schedule A, we will pay you a quarterly service fee at
the following annual rates, based on the average daily net asset value of Class A, Class 529A, Class B and Class 5298 shares, respectively, that have been invested for 12 months and are held in an account assigned to you at the end of the
quarter for which payment is made (note that if the shareholder redeems all shares from an account during the quarter, you will be paid for that portion of the quarter during which the shareholder was invested): 

  

				
	 	  	Annual Service Fee Rate	 
	 All Shares
	  	0.15	% 

  

	7.	Order Processing 

 Any
order by you for the purchase of shares of the respective Funds through us shall be accepted at the time when it is received by us (or any clearinghouse agency that we may designate from time to time), and at the offering and sale price next
determined, unless rejected by us or the respective Funds. In addition to the right to reject any order, the Funds have reserved the right to withhold shares from sale temporarily or permanently. We will not accept any order from you that is placed
on a conditional basis or subject to any delay or contingency prior to execution. The procedure relating to the handling of orders shall be subject to instructions that we shall forward from time to time to all members of the Selling Group. The
shares purchased will be issued by the respective Funds only against receipt of the purchase price, in collected New York or Los Angeles Clearing House funds subject to deduction of all concessions on such sale (reallowance of any concessions to
which you are entitled on purchases at net asset value will be paid through our direct purchase concession system). If payment for the shares purchased is not received within three days after the date of confirmation the sale may be cancelled
forthwith, by us or by the respective Funds, without any responsibility or liability on our part or on the part of the Funds, and we and/or the respective Funds may hold you responsible for any loss, expense, liability or damage, including loss of
profit suffered by us and/or the respective Funds resulting from your delay or failure to make payment as aforesaid. 
  

	8.	Timeliness of Submitting Orders 

 You are obliged to date and indicate the time of receipt of all orders you receive from your customers and to transmit promptly all orders to us in time to provide for processing at the price next determined after receipt by you, in
accordance with the Prospectuses. You are not to withhold placing with us orders received from any customers for the purchase of shares. You shall not purchase shares through us except for the purpose of covering purchase orders already received by
you, or for your bona fide investment. 
  

	9.	Repurchase of Shares 

 If
any share is repurchased by any of the Funds or is tendered thereto for redemption within seven business days after confirmation by us of the original purchase order from you for such security, you shall forthwith refund to us the full concessions
paid to you on the original sale. 
  

	10.	Processing Redemption Requests 

 You shall not purchase any share of any of the Funds from a record holder at a price lower than the net asset value next determined by or for the Funds’ shares. You shall, however, be permitted to sell any shares for the account of a
shareholder of the Funds at the net asset value currently quoted by or for the Funds’ shares, and may charge a fair service fee for handling the transaction provided you disclose the fee to the record owner. 
  

 January 2002    4 

	11.	Prospectuses and Marketing Materials 

 We shall furnish you without charge reasonable quantities of offering Prospectuses (including any supplements currently in effect), current shareholder reports of the Funds, and sales materials issued by
us from time to time. In the purchase of shares through us, you are entitled to rely only on the information contained in the offering Prospectus(es). You may not publish any advertisement or distribute sales literature or other written material to
the public that makes reference to us or any of the Funds (except material that we furnished to you) without our prior written approval. 
  

	12.	Effect of Prospectus 

 This Agreement is in all respects subject to statements regarding the sale and repurchase or redemption of shares made in offering Prospectuses of the Funds, and to the applicable Rules of the NASD, which shall control and override any
provision to the contrary in this Agreement. 
  

	13.	Relationship of Parties 

 You shall make available shares of the Funds only through us. In no transaction (whether of purchase or sale) shall you have any authority to act as agent for, partner of, or participant in a joint venture with us or with the Funds or any
other entity having either a Selling Group Agreement or other Agreement with us. 
  

	14.	State Securities Qualification 

 We act solely as agent for the Funds and are not responsible for qualifying the Funds or their shares for sale in any jurisdiction. Upon written request we will provide you with a list of the jurisdictions in which the Funds or their shares
are qualified for sale. We also are not responsible for the issuance, form, validity, enforceability or value of Fund shares. 
  

	15.	Representations 

 You
represent that (a) you are a properly registered or licensed broker or dealer under applicable federal and state securities laws and regulations, (b) you are a member of the NASD, (c) your membership with the NASD is not currently
suspended or terminated and (d) to the extent you offer any Class 529 shares, you are properly registered to offer such shares. You agree to notify us immediately if any of the foregoing representations is no longer true. (The provisions of
this section do not apply to a broker or dealer located in a foreign country and doing business outside the jurisdiction of the United States.) 
  

	16.	Confidentiality 

 Each
party to this Agreement agrees to maintain all information received from the other party pursuant to this Agreement in confidence, and each party agrees not to use any such information for any purpose, or disclose any such information to any person,
except as permitted by applicable laws, rules and regulations. This provision shall survive the termination of this Agreement. 
  

	17.	Termination 

 Either of us
may cancel this Agreement at any time by written notice to the other. 
  

 January 2002    5 

	18.	Notices 

 All
communications to us should be sent to the above address. Any notice to you shall be duly given if mailed or sent by overnight courier to you at the address specified by you below. 
 *    *    *    *    * 
 Execute this Agreement in duplicate and return one of the duplicate originals to us for our file. This Agreement (i) may be amended by notification from us and orders received following such
notification shall be deemed to be an acceptance of any such amendment and (ii) shall be construed in accordance with the laws of the State of California. 
  

			
	Very truly yours,
	American Funds Distributors, Inc.
		
	By	 	 /s/ Kevin G. Clifford

		 	Kevin G. Clifford
		 	President
	
	Accepted
	
	  

		 	Firm
		
	By	 	  

		 	Officer or Partner
	
	Address:
	
	  

	
	  

	
	Date:
	
	  

  

 January 2002    6 

 Schedule A 
 January 1, 2002 
 (supersedes Schedule A dated January 15, 2001) 
 Category 1 
 AMCAP Fund 
 American Balanced Fund 
 American Mutual Fund

 Capital Income Builder 
 Capital
World Growth and Income Fund 
 EuroPacific Growth Fund 
 Fundamental Investors 
 Growth Fund of America 
 Income Fund of America 
 Investment Company of
America 
 New Economy Fund 
 New
Perspective Fund 
 New World Fund 
 SMALLCAP World Fund 
 Washington Mutual Investors Fund 
 Category 2 
 American High-Income Trust 
 American High-Income Municipal Bond Fund (Class 529A, 529B, 529C and 529E shares are not available) 
 Bond Fund of America 
 Capital World Bond Fund

 Intermediate Bond Fund of America 
 Limited Term Tax-Exempt Bond Fund of America (Class 529A, 529B, 529C and 529E shares are not available) 
 Tax-Exempt Bond Fund of
America (Class 529A, 529B, 529C and 529E shares are not available) 
 Tax-Exempt Fund of California (Class 529A, 529B, 529C and 529E shares are
not available) 
 Tax-Exempt Fund of Maryland (Class 529A, 529B, 529C and 529E shares are not available) 
 Tax-Exempt Fund of Virginia (Class 529A, 529B, 529C and 529E shares are not available) 
 U.S. Government Securities Fund 
 Category 3 
 Cash Management Trust of America (Class B, C, 529B and 529C shares are available for exchanges only) 
 Tax-Exempt Money Fund of America (Class B, C, 529A, 529B, 529C and 529E shares are not available) 
 U.S. Treasury Money Fund of America (Class B, C, 529A, 529B, 529C and 529E shares are not available) 
  

 January 2002    7 

  

					
	

	  		  	American Funds Distributors, Inc.
	  		  	333 South Hope Street
	  		  	Los Angeles, California 90071
	  		  	(800) 421-9900, ext. 3
	  	June 2006	  	

 To Our Dealer Friends, 
 As you may know, American Funds offers PlanPremier®, our proprietary full-service retirement plan recordkeeping program. In order to better meet the needs of plan sponsors and financial advisers, we are modifying
PlanPremier by, among other things, introducing “levelized compensation” to the dealers who advise clients participating in PlanPremier. The purpose of this notice is to amend the selling group agreement (the “Agreement”) you
have with American Funds Distributors to reflect a new schedule of compensation payable on sales of mutual funds available through PlanPremier. The mutual funds available through PlanPremier currently include American Funds as well as other mutual
fund families. Please note, this new schedule of compensation applies to sales in respect of PlanPremier only and does not impact any other sales of American Funds. 
 The provisions below amend the Agreement that we have with you. The Agreement is amended by adding the following: 
 Mutual Funds Sold Through PlanPremier 
 With respect to sales you make
through American Funds’ PlanPremier retirement plan recordkeeping program, we will pay you as servicing dealer ongoing compensation on a quarterly basis, at the applicable annual rate set forth below, of the average daily net asset value of
Eligible Plan Assets that are held in a retirement plan (Plan) assigned to you at the end of the quarter for which payment is made. For purposes of this Agreement, Eligible Plan Assets mean total Plan assets (including assets invested in American
Funds and other mutual funds or investment options approved for use in PlanPremier), excluding (i) assets held in self-directed brokerage accounts, (ii) employer stock and (iii) any other investment option not approved for use in
PlanPremier. This ongoing compensation will accrue on a calendar-quarter basis. The payment of this compensation is subject to the limitations contained in each American Funds’ Plan of Distribution and may be varied or discontinued at any time.

  

				
	 Eligible Plan Assets1
	  	Annual Compensation Rate	 
	 Eligible Plan Assets that include American Funds Class R-2 shares
	  	0.65	% 
	 Eligible Plan Assets that include American Funds Class R-3 shares
	  	0.35	% 
	 Eligible Plan Assets that include American Funds Class R-4 shares
	  	0.20	% 
	 Eligible Plan Assets that include American Funds Class R-5 shares
	  	No compensation paid	  

  

	1	 American Funds Class R-1 shares are not available to Plans for which a PlanPremier proposal is generated on or after July 31, 2006.

 The compensation described above will take effect with any Plan for which a PlanPremier proposal is
generated on or after July 31, 2006. The terms of compensation payable with respect to Plans participating in PlanPremier as of July 30, 2006 will continue unaffected. Plans for which PlanPremier proposals are generated on or before
July 30, 2006 will retain the terms of compensation in effect for Plans participating in PlanPremier as of the proposal date so long as the Plan sponsor commits to participating in PlanPremier by December 31, 2006. 
 *        *        *        *        * 
 The Agreement remains unchanged in all other respects. Any sales you make for a PlanPremier client whose PlanPremier proposal is generated on or after
July 31, 2006 shall be deemed an acceptance of this amendment to your Agreement. 
  

	
	Very truly yours,
	
	 /s/ Kevin G. Clifford

	Kevin G. Clifford

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