Global Custody. Incremental basis point and transaction fees will be charged for all foreign assets for which IBT serves as custodian. The asset based fees and transaction fees vary by country, based upon the attached global custody fee schedule. Local duties, script fees, registration, exchange fees, and other market charges are out-of-pocket. . IBT will require international assets to be held within its international custody network.

Global Custody. Incremental basis point and transaction fees will be charged for all foreign assets for which we are custodian. The asset based fees and transaction fees vary by country, based upon the global custody fee schedule. Local duties, script fees, registration, reclaims, exchange fees, and other market charges are out-of-pocket. Investors Bank will require the fund to hold all international assets at the subcustodian of our choice.

Global Custody. Includes: Maintaining custody of fund assets. Settling portfolio purchases and sales. Reporting buy and sell fails. Determining and collecting portfolio income. Making cash disbursements and reporting cash transactions. Monitoring corporate actions. Withholding foreign taxes. Filing foreign tax reclaims. A. Holding Fees (basis points per portfolio per annum): ------------ Group I Group II Group III Group IV Group V Group VI ------- -------- --------- -------- ------- -------- Denmark Australia Austria Belgium Hong Kong Argentina Euroclear Canada Ireland Finland Italy Brazil Germany France Netherlands Indonesia Spain Chile Japan Norway Singapore Malaysia Thailand Greece New Zealand U. Kingdom Switzerland Sweden Mexico Philippines Turkey GROUP GROUP GROUP GROUP GROUP GROUP USA I II III IV V VI --- - -- --- -- - -- First $ 50 Million 3.0 7.0 9.0 11.0 14.0 20.0 30.0 Next $50 Million 2.0 6.0 8.0 10.0 13.0 18.0 30.0 Over $100 Million 1.0 5.0 7.0 8.0 11.0 15.0 30.0 B. TRANSACTION CHARGES (US dollars): USA- See Group I Group II Group III Group IV Group V GROUP VI --- ------- -------- --------- -------- ------- -------- itemized fee schedule $30 $60 $75 $100 $125 Greece*- Canada Austria Australia Argentina Indonesia 20 basis Euroclear Chile Brazil Belgium Philippines pts per Germany Hong Kong Ireland Denmark settlement Japan Italy Mexico Finland min $10.00 Netherlands Spain France Portugal- Switzerland Sweden New Zealand Turkey*- United Kingdom Sweden Norway .50 per Thailand Singapore security settled max $7,500 min $250 *Transaction charge waived if brokerage provided by National Securities Company.

Global Custody. Country Annual Fee Transaction Costs Per Trade ---------------------- -------------- --------------------------- U.S. 2 Basis Points Standard Trans. Costs (B) Euroclear 4 Basis Points $20; 50 (Cross Border) Argentina 26 80 Brazil* 28 125 Chile* 00 00 Xxxxxxxx* 00 000 Mexico Equities 00 00 Xxxxxxxxx* 00 00 Barbados** Belize** Costa Rica** Guatemala** Guyana** Honduras** Jamaica** Netherlands Antilles** Panama** Tabago** Trinidad** * Local Exchange and Administration costs are passed through. ** To our knowledge, none of these countries have a bank meeting 17f-5 approval. As soon as a bank in these countries meets 17f-5 approval, we will have a subcustodial agreement in place with that bank.

Global Custody. Network Listing shall mean the listings most recently furnished by the Custodian to the Trust of the Countries approved by the Trust and Subcustodians selected by the Custodian in connection with a Fund’s Investments in non-U.S. Markets.

Global Custody. 14 4.10 DISTRIBUTIONS................................................................................................... 15 4.11

Global Custody. The Trustee shall have no discretion, duty or responsibility with respect to the selection or supervision of foreign investments, including the qualification of such investments as appropriate for the Trust Fund and shall have no liability for the performance of such investments. The Trustee may utilize the services of a depository, sub-custodian, other agents or sub-agents with respect to the custody and processing of foreign investments. Such depository, sub-custodian and/or other agents or sub-agents may be located in countries other than the United States and may in turn employ additional sub-custodians and/or other agents and sub-agents who may be located in countries other that the United States. At all times, Trustee shall maintain the assets with an indicia of ownership in the United States. The Trustee shall bear no risk with respect to investment in foreign securities related to investing in securities or the holding of cash denominated in a currency other than that of the United States. The Trustee shall not be liable for any action taken, or any failure to take any action required to be taken hereunder or otherwise to fulfill its obligations hereunder (including without limitation the failure to receive or deliver securities or the failure to receive or make any payment) in connection with foreign investments in the event and to the extent that the taking of action or such failure arises out of or is caused by any cause whatsoever beyond its reasonable control. The Trustee shall exercise reasonable care in the selection and retention of a depository, sub-custodians and/or other agents and sub-agents, but if the Trustee has exercised reasonable care it shall otherwise have no responsibilities for the performance of such depository, sub-custodians and/or other agents and sub-agents with respect to foreign investments. In the event of claim or loss with respect to foreign investments, the Trustee will exercise reasonable efforts to effect a recovery but does not guarantee the results. The cost and expense of its efforts will be charged to the Master Trust. In no event will the Trustee be liable for any claim or loss or related expense in connection with the investment, custody and processing of foreign securities in the absence of negligence or misconduct on the part of the Trustee itself.

Global Custody. (Direct Investments) - Comprised of asset charges and transaction charges Asset charges all foreign locations (in Basis Points) First $50 Million 7 Basis Points Over $50 Million 5 Basis Points Transaction Charges (all foreign equity and bond trades) $ 28.00

Global Custody. Australia 1.65 $20.00 Austria 1.75 $25.00 Belgium 1.75 $20.00 Brazil 15.00 $35.00 Canada 1.25 $15.00 Czech Republic 17.50 $40.00 EuroClear 1.20 $12.00 Finland 1.75 $20.00 France 1.15 $11.00 Germany 1.15 $11.00 Greece 9.50 $20.00 Hong Kong 3.00 $20.00 Hungary 20.00 $45.00 Indonesia 9.00 $37.50 Ireland 1.75 $25.00 Italy 1.25 $18.50 Japan 1.00 $12.50 Malaysia 6.00 $35.00 Mexico 6.00 $15.00 Netherlands 1.50 $15.00 Poland 20.00 $40.00 Portugal 5.00 $30.00 Russia 17.50 $45.00 Singapore 3.00 $30.00 South Africa 5.00 $20.00 South Korea 8.00 $25.00 Spain 2.50 $27.50 Sweden 2.00 $20.00 Switzerland 1.75 $20.00 Taiwan 15.00 $50.00 Thailand 6.00 $30.00 Turkey 10.00 $30.00 UK 0.67 $ 6.40 Support in connection with obligations under the U.S. Securities and Exchange Commission (“SEC”) Rule 38a-1 under the Investment Company Act of 1940 and Rule 206(4)-7 under the Investment Advisers Act of 1940. - Core Service Program Fees - $100 per fund - Annual Representation Letter – no charge - Additional Representation Letters - $5,000 per Occurrence

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