The Company is an investment adviser to, and has administrative agreements with, certain sponsored funds, privately offered equity funds and closed-end funds for which certain employees are officers and/or directors. Substantially all of the services to these entities for which the Company earns a fee, including investment advisory, distribution, shareholder and administrative services, are provided under contracts that set forth the services to be provided and the fees to be charged. Certain of these contracts are subject to annual review and approval by the funds' boards of directors or trustees. Revenues for services provided or related to these funds for the years ended October 31, 2014, 2013 and 2012 are as follows:

(in thousands)		2014		2013		2012
Investment advisory and administrative fees	$	900,478	$	828,441	$	744,351
Distribution fees		77,697		80,073		80,920
Service fees		125,713		126,560		126,345
Shareholder service fees		2,315		2,522		2,411
Other revenue		2,093		1,211		-
Total	$	1,108,296	$	1,038,807	$	954,027

For the years ended October 31, 2014, 2013 and 2012, the Company had investment advisory agreements with certain sponsored funds pursuant to which the Company contractually waived $12.3 million, $9.6 million and $8.8 million, respectively, of investment advisory fees it was otherwise entitled to receive.

Sales proceeds and net realized gains (losses) for the years ended October 31, 2014, 2013 and 2012 from investments in sponsored funds classified as available-for-sale, including sponsored funds accounted for under the equity method, are as follows:

(in thousands)		2014		2013		2012
Proceeds from sales	$	79,829	$	62,263	$	60,726
Net realized gains (losses)		(81)		5,742		(92)

The Company bears the non-advisory expenses of certain sponsored funds for which it earns an all-in management fee and provides subsidies to startup and other smaller sponsored funds to enhance their competitiveness. For the years ended October 31, 2014, 2013 and 2012, expenses of $21.7 million, $23.9 million and $18.9 million, respectively, were incurred by the Company pursuant to these arrangements.

Included in investment advisory and other receivables at October 31, 2014 and 2013 are receivables due from sponsored funds of $94.5 million and $94.0 million, respectively.

The Company has established an Employee Loan Program under which a program maximum of $20.0 million is available for loans to officers (other than executive officers) and other key employees of the Company for purposes of financing the exercise of employee stock options. Loans are written for a seven-year period, at varying fixed interest rates (currently ranging from 0.9 percent to 3.4 percent), are payable in annual installments commencing with the third year in which the loan is outstanding, and are collateralized by the stock issued upon exercise of the option. All loans under the program must be made on or before October 31, 2018. Loans outstanding under this program, which are full recourse in nature, are reflected as notes receivable from stock option exercises in shareholders' equity, and amounted to $8.8 million and $7.1 million at October 31, 2014 and 2013, respectively.