CUSTODIAN AGREEMENT
THIS AGREEMENT made as of this 7th day of May 1996 between Trans
Adviser Fund, Inc., on behalf of each of its separate portfolios listed in
Exhibit A hereto, a Maryland corporation, with its principal place of business
at X.X. Xxx 00000, Xxxxxxx Xxxxx, XX 00000 (hereinafter called the "Fund"), and
The First National Bank of Boston, a national banking association with its
principal place of business in Boston, Massachusetts (hereinafter called the
"Custodian").
WHEREAS, the Fund desires that its Securities and cash shall be
hereafter held and administered by Custodian as the Fund's agent pursuant to the
terms of this Agreement; and
WHEREAS, the Custodian provides services in the ordinary course of its
business which will meet the Fund's needs as provided for hereinafter,
NOW, THEREFORE, in consideration of the mutual promises herein made,
the Fund and the Custodian agree as follows:
Section 1. Definitions.
"Bank" shall mean a bank as defined in Sec. 2(a)5 of the Investment Company Act
of 1940.
"Securities" shall mean and include stocks, shares, bonds, debentures, notes,
money market instruments or other obligations and any certificates, receipts,
warrants or other instruments representing rights to receive, purchase, or
subscribe for the same, or evidencing or representing any other rights or
interests therein, or in any property or assets. Unless otherwise indicated
herein, "Securities" shall mean both U.S. and "foreign securities", as that term
is defined in Sec. 17(f) of the Investment Company Act of 1940.
"Officers' Certificate" shall mean a request or directions in writing or
confirmation of oral requests or directions in writing signed in the name of the
Fund by any two of the Chairman of the Executive Committee, the President, a
Vice President, the Secretary, the Clerk or the Treasurer of the Corporation or
any other persons duly authorized to sign by the Board of Trustees or the
Executive Committee of the Fund.
Section 2. Custodian as Agent.
The Custodian is authorized to act under the terms of this Agreement as the
Fund's agent and shall be representing the Fund whenever acting within the scope
of the Agreement.
Section 3. Names, Titles and Signature of Fund's Officers.
An Officer of the Fund will certify to the Custodian the names, titles, and
signatures of those persons authorized to sign the Officers' Certificates, as
well as names of the Board of Trustees and the Executive Committee. Said
Officer, or his or her successor, will provide the Custodian with any changes
which may occur from time to time.
The Custodian is authorized to rely and act upon written and manually signed
instructions of any person or persons (if more than one, so indicated) named in
a separate list listing separately those persons who may authorize the
withdrawal of any portion of the cash or Securities which will be furnished from
time to time signed by Officers of Fund and certified by its Secretary or an
Assistant Secretary, ("Authorized Persons"). The Fund will provide the Custodian
with authenticated specimen signatures of Authorized Persons.
The Custodian is further authorized to rely upon any instructions received by
any other means and identified as having been given or authorized by any
Authorized Person; regardless of whether such instructions shall in fact have
been authorized or given by any such persons; provided, that,
(a) the Custodian and the Fund shall have previously agreed in
writing upon the means of transmission and the method of
identification for such instructions;
(b) the Custodian has not been notified by the Fund to cease to
recognize such means and methods, and
(c) such means and methods have in fact been used.
If the Fund should so choose to have dial-up or other means of direct access to
the Custodian's accounting system for Securities in custodial accounts, the
Custodian is also authorized to rely and act upon any instructions received by
the Custodian through the terminal device, regardless of whether such
instructions shall in fact have been given or authorized by the Fund provided
that such instructions are accompanied by passwords which have been mutually
agreed to in writing by the Custodian and the Fund and the Custodian has not
been notified by the Corporation to cease recognizing such passwords.
Where dial-up or other direct means of access to the Custodian's accounting
system for cash or Securities is utilized, the Fund agrees to indemnify the
Custodian and hold it harmless from and against any and all liabilities, losses,
damages, costs, reasonable counsel fees, and other reasonable expenses of every
nature suffered or incurred by the Custodian by reason of or in connection with
the improper use, unauthorized use and misuse by the Fund or its employees of
any terminal device with access to the Custodian's accounting system for
Securities in Custodial Accounts, unless such losses, damages, etc., result from
grossly negligent or wrongful acts of the Custodian, its employees or agents.
Section 4. Receipt and Disbursement of Money.
A. The Custodian shall open and maintain the Account, subject to
debit only by a draft or order by the Custodian acting
pursuant to the terms of this Agreement. The Custodian shall
hold in the Account, subject to the provisions hereof, all
cash received by it from or for the account of the Fund.
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1. The Custodian shall make payment of cash to the Account or
shall debit the Account only
(a) for the purchase of Securities for the portfolio
of the Fund upon the delivery of such Securities
to the Custodian, registered in the name of the
Fund or of the nominee of the Custodian referred
to in Section 8 below;
(b) for payments in connection with the conversion,
exchange or surrender of Securities owned or
subscribed to by the Fund held by or to be
delivered to the Custodian;
(c) for payments in connection with the return of the
cash collateral received in connection with
Securities loaned by the Fund;
(d) for payments in connection with futures contracts
positions held by the Fund;
(e) for payments of interest, dividends, taxes and in
connection with rights offerings; or
(f) for other proper Fund purposes.
All Securities accepted in connection with the
purchase of such Securities, if (a) usual in the
course of local market practice or (b)
specifically required in instructions from the
Fund, shall be accompanied by payment of, or a
"due xxxx" for, any dividends, interest or other
distributions of the issue due the purchaser.
2. Except as hereinafter provided, the Custodian shall make any
payment for which it receives direction from an Authorized
Person so long as such direction (i) is (a) in writing (or
is a facsimile transmission of a written direction), (b)
electronically transmitted to the Custodian as provided in
Section 3 or (c) when written or electronic directions
cannot reasonably be given within the relevant time period,
orally when the person giving such direction assures the
Custodian that the directions will be confirmed in writing
by an Authorized Persons within twenty-four (24) hours and
(ii) states that such payment is for a purpose permitted
under the terms of this subsection
3. All funds received by the Custodian in connection with the
sale, transfer, exchange or loan of Securities will be
credited to the Account in immediately available funds as
soon as reasonably possible on the date such received funds
are immediately available. Payments for purchase of
Securities for the Account made in immediately available
funds will be charged against the Account on the day of
delivery of such Securities and all other payments will be
charged on the business day after the day of delivery.
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A. The Custodian is hereby authorized and required to
(a) collect on a timely basis all income and other
payments with respect to Securities held hereunder
to which the Fund shall be entitled either by law
or pursuant to custom in the securities business,
and to credit such income to the Account, (b)
detach and present for payment all coupons and
other income items requiring presentation as and
when they become due, (c) collect interest when
due on Securities held hereunder, and (d) endorse
and collect all checks, drafts or other orders for
the payment of money received by the Custodian for
the account of the Fund.
B. If the Custodian agrees to advance cash or
Securities of the Custodian for delivery on behalf
of the Fund to a third party, any property
received by the Custodian on behalf of the Fund in
respect of such delivery shall serve as security
for the Fund's obligation to repay such advance
until such time as such advance is repaid, and, in
the case where such advance is extended for the
purchase of Securities which constitute "margin
stock" under Regulation U of the Board of
Governors of the Federal Reserve System, such
additional Securities of the Fund, as shall be
necessary for the Custodian, in the Custodian's
reasonable determination, to be in compliance with
such Regulation U also shall constitute security
for the Fund's obligation to repay such advance.
The Fund hereby grants the Custodian a security
interest in such property of the Fund to secure
such advance and agrees to repay such advance
promptly without demand from the Custodian (and in
any event, as soon as reasonably practicable
following any demand by the Custodian), unless
otherwise agreed by both parties. Should the Fund
fail to repay such advance as required, the
Custodian shall be entitled immediately to apply
such security to the extent necessary to obtain
repayment of the advance, subject, in the case of
Fund failure to make prompt repayment without
demand, to prior notice to the Fund.
Section 5. Receipt of Securities.
----------------------
The Custodian shall hold in the Account, segregated at all times from those of
any other persons, firms or corporations, pursuant to the provisions hereof, all
Securities received by it from or for the account of the Fund. All such
Securities are to be held or disposed of by the Custodian for, and subject at
all times to the instructions of, the Fund pursuant to the terms of this
Agreement. The Custodian shall have no power or authority to assign,
hypothecate, pledge or otherwise dispose of any of the Securities and cash,
except pursuant to the directive of the Fund and only for the account of the
Fund as set forth in Section 7 of this Agreement.
The Custodian and its agents (including foreign subcustodians) may make
arrangements with Depository Trust Fund ("DTC") and other foreign or domestic
depositories or clearing agencies, including the Federal Reserve Bank and any
foreign depository or clearing agency, whereby certain Securities may be
deposited for the purpose of allowing transactions to be made by bookkeeping
entry without physical delivery of such Securities, subject to such restrictions
as
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may be agreed upon by the Custodian and the Fund. The Custodian shall
immediately commence procedures to replace Securities lost due to robbery,
burglary or theft while such Securities are within its control or that of its
agents or employees upon discovery of such loss.
Section 6. Foreign Subcustodians and Other Agents.
---------------------------------------
(a) In the event the Custodian places Securities, pursuant to
this Agreement, with any foreign subcustodian, the Custodian
agrees that it shall place such Securities only with those
foreign subcustodians which either satisfy the requirements
of "eligible foreign custodian" under Section 17(f) of the
U. S. Investment Company Act of 1940, or with respect to
which exemptive relief has been granted by the U. S.
Securities and Exchange Commission from the requirements of
Section 17(f).
The Custodian agrees further that in placing Securities with
any such foreign subcustodian, it will enter into a written
subcustodian agreement which shall provide that: (i) the
Custodian will be adequately indemnified and the Securities
so placed adequately insured in the event of loss, as
provided in part (b) of this section; (ii) the Securities
will not be subject to any right, charge, security interest,
lien or claim of any kind in favor of the foreign
subcustodian or its creditors (except any claim for payment
for the services provided by such subcustodian and any
related expenses; provided, however that the Custodian shall
use its best efforts promptly to release any such right,
charge, security interest, lien or claim on the assets,
except to the extent such right, charge, security interest,
lien or claim arises with respect to a special request or
requirement by the Fund for services the cost of which and
the expenses incurred in connection with which the Fund has
not paid or has declined to pay, it being agreed and
understood that, in the ordinary course, all payments for
usual and routine services rendered and expenses incurred by
a subcustodian shall be the obligation of the Custodian);
(iii) beneficial ownership of the Securities will be freely
transferable without payment of money or value other than
for safe custody or administration; (iv) adequate records
will be maintained identifying the Securities as belonging
to the Fund; (v) he Custodian's independent public
accountants will be given access to those records or the
confirmation of the contents of those records; and (vi) the
Custodian will receive periodic reports with respect to the
safekeeping of the Securities, including, but not
necessarily limited to, notification of any transfer to or
from the Account.
(b) In addition to the indemnities included in Section 13
hereof, the Custodian agrees to indemnify and hold harmless
the Fund from any and all loss or damage incurred or
suffered by the Fund as a result of placement by the
Custodian of Securities with a foreign subcustodian
hereunder, to the extent the Custodian receives
indemnification from such foreign subcustodian pursuant to
part (a)(i) of this section.
(c) With respect to any Securities to be placed with foreign
subcustodians pursuant to this section, the Custodian
represents and warrants that during the term of this
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Agreement it will carry Bankers Blanket Bond or similar
insurance for losses incurred as a result of such
sub-custodial arrangements.
(d) The Fund authorizes the Custodian to release any and all
information regarding Securities placed with foreign
subcustodians hereunder as may be required by court order of
a court of competent jurisdiction.
Section 7. Transfer, Exchange and Securities.
----------------------------------
The Custodian (or a subcustodian or any other agent of the Custodian) shall have
sole power to release or deliver any Securities of the Fund held by the
Custodian (or such subcustodian or agent) pursuant to this Agreement. The
Custodian agrees (and will obtain an undertaking from each subcustodian or other
agent) that Securities held by the Custodian (or by a subcustodian or other
agent of the Custodian) will be transferred, exchanged or delivered only
(a) for sales of Securities for the account of the Fund in
accordance with (i) "New York Street Practice", (ii)
predominant established practice in the relevant local
market, or (iii) specific instructions from the Fund; or
(b) when Securities are called, redeemed or retired or otherwise
become payable;
(c) for examination by any broker selling any such Securities in
accordance with "street delivery" custom or other relevant
local market practice;
(d) in exchange for or upon conversion into other Securities
whether pursuant to any plan of merger, consolidation,
reorganization, recapitalization or readjustment, or
otherwise;
(e) upon conversion of such Securities pursuant to their terms
into other Securities;
(f) upon exercise of subscription, purchase or other similar
rights represented by such Securities pursuant to their
terms;
(g) for the purpose of exchanging interim receipts or temporary
Securities for definitive Securities;
(h) for the purpose of tendering Securities;
(i) for the purpose of delivering Securities lent by the Fund;
(j) for purposes of delivering collateral upon redelivery of
Securities lent or for purposes of delivering excess
collateral; or
(k) for other proper Fund purposes.
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As to any deliveries made by Custodian pursuant to items (b), (d), (e), (f),
(g), (i), 0) and (k), Securities in exchange therefor shall be deliverable to
the Custodian (or a subcustodian or other agent of the Custodian). The Custodian
may rely upon any written, electronic or oral instructions or an Officers'
Certificate relating thereto as provided for in Sections 3 and 4 above.
Section 8. The Custodian's Acts Without Instructions.
------------------------------------------
Unless and until the Custodian receives instructions to the contrary, the
Custodian (or a subcustodian or other agent of the Custodian) shall:
(a) present for payment all coupons and other income items held
by it for the account of the Fund which call for payment
upon presentation and hold the cash received by it upon such
payment in the Account;
(b) collect interest and cash dividends and other distributions,
provide notice to the Fund of receipts, and deposit to the
Account;
(c) hold for the account of the Fund all stock dividends, rights
and similar Securities issued with respect to any Securities
held by the Custodian under the terms of this Agreement;
(d) execute as agent on behalf of the Fund all necessary
ownership certificates required by the Internal Revenue Code
or the Income Tax Regulations of the United States Treasury
Department, the laws of any State or territory of the United
States, or, in the case of Securities held through foreign
subcustodians, the laws of the jurisdiction in which such
Securities are held, now or hereafter in effect, inserting
the Fund's name on such certificates as the owner of the
Securities covered thereby, to the extent it may lawfully do
so;
(e) use its best efforts, in cooperation with the Fund, to file
such forms, certificates and other documents as may be
required to comply with all applicable laws and regulations
relating to withholding taxation applicable to the
Securities; and
(f) use its best efforts to assist the Fund in obtaining any
refund of local taxes to which the Fund may have a
reasonable claim.
The Fund agrees to furnish to the Custodian such information and to execute such
forms and other documents as the Custodian may reasonably request or as
otherwise may be reasonably necessary in connection with the Custodian's
performance of 'Its obligations under clauses (e) and (f).
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Section 9. Registration of Securities.
---------------------------
Except as otherwise directed by an Officers' Certificate, the Custodian shall
register all Securities, except such as are in bearer form, in the name of the
Fund or a registered nominee of the Fund or a registered nominee of the
Custodian or a subcustodian. Securities deposited with DTC or a foreign
securities depository permitted under Section 5 may be registered in the nominee
name of DTC or such foreign securities depository. The Custodian shall execute
and deliver all such certificates in connection therewith as may be required by
the applicable provisions of the Internal Revenue Code, the laws of any State or
territory of the United States, or, in the case of Securities placed with
foreign subcustodians, the laws of the jurisdiction in which such Securities are
held. The Custodian shall maintain such books and records as may be necessary to
identify the specific Securities held by it hereunder at all times.
The Fund shall from time to time furnish the Custodian appropriate instruments
to enable the Custodian to hold or deliver in proper form for transfer, or to
register in the name of its registered nominee, any Securities which it may hold
for the account of the Fund and which may from time to time be registered in the
name of the Fund.
Section 10. Voting and Other Action.
------------------------
Neither the Custodian nor any nominee of the Custodian or of DTC shall vote any
of the Securities held hereunder by or for the account of the Fund except in
accordance with the instructions contained in an Officers' Certificate.
The Custodian shall deliver or have delivered to the Fund all notices, proxies
and proxy soliciting materials with relation to such Securities, such proxies to
be executed by the registered holder of such Securities (if registered otherwise
than in the name of the Fund), but without indicating the manner in which such
proxies are to be voted.
With respect to Securities deposited with DTC or any other depository, including
a foreign subcustodian, as provided for in Section 6 hereof, where such
Securities may be registered in the nominee name of DTC, or other such
depository the Custodian shall request that the nominee shall not vote any of
such deposited Securities or execute any proxy to vote thereon or give any
consent or take any other action with respect thereto unless instructed to do so
by the Custodian following receipt by the Custodian of an Officers' Certificate.
Section 11. Transfer Tax and Other Disbursements.
-------------------------------------
The Fund shall pay or reimburse the Custodian from time to time for any transfer
taxes payable upon transfers of Securities made hereunder and for all other
necessary and proper disbursements and expenses made or incurred by the
Custodian in the performance of this Agreement, as required by U.S. law or the
laws of the jurisdiction in which the Securities are held, as the case may be.
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The Custodian shall execute and deliver such certificates in connection with
Securities delivered to it or by it under this Agreement as may be required
under the laws of any jurisdiction to exempt from taxation any exemptible
transfers and/or deliveries of any such Securities.
Section 12. Compensation and the Custodian's Expenses.
------------------------------------------
The Custodian shall be paid as compensation for its services pursuant to this
Agreement such compensation as may from time to time be agreed upon in writing
between the two parties.
Section 13. Indemnification.
----------------
The Fund agrees to indemnify and hold harmless the Custodian and its employees,
agents and nominee from all taxes, charges, expenses, assessments, claims and
liabilities (including attorneys' fees) incurred or assessed against them in
connection with the performance of the Agreement, except such as may arise from
their own grossly negligent action, negligent failure to act or willful
misconduct. The Custodian agrees to indemnify and hold harmless the Fund and its
trustees, officers, employees, and agents from all taxes, charges, expenses,
assessments, claims and liabilities (including attorneys fees) incurred or
assessed against the Fund in connection with the performance of the Agreement,
which may arise from grossly negligent action, grossly negligent failure to act
or willful misconduct on the part of the Custodian. In the event of any advance
of cash for any purpose made by the Custodian resulting from orders or
instructions of the Fund, or in the event that the Custodian or its nominee
shall incur or be assessed any taxes, charges, expenses, assessments, claims or
liabilities in connection with the performance of this Agreement, except such as
may arise from its or its nominee's own grossly negligent action, grossly
negligent failure to act or willful misconduct, any property at any time held
for the account of the Fund shall be security therefor.
Within a reasonable time after receipt by an indemnified party of notice of the
commencement of any action, such indemnified party will, if a claim in respect
thereof is to be made against any indemnifying party, notify in writing the
indemnifying party of the commencement thereof, and the omission so to notify
the indemnifying party will not relieve it from any liability hereunder as to
the particular item for which indemnification is then being sought, unless such
omission is a result of the failure to exercise reasonable care on the part of
the indemnified party. In case any such action is brought against an indemnified
party, and it notifies an indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate therein, and to assume the
defense thereof, with counsel who shall be to the reasonable satisfaction of
such indemnified party, and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof, the
indemnifying party will not be liable to such indemnified party for any legal or
other expenses subsequently incurred by such indemnified party in connection
with the defense thereof other than reasonable costs of investigation. Any such
indemnifying party shall not be liable to any such indemnified party on account
of any settlement of any claim or action effected without the consent of such
indemnifying party.
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Section 14. Reports by the Custodian.
-------------------------
The Custodian shall furnish the Fund daily with a statement of all transactions
and entries for the Account of the Fund. The Custodian shall furnish the Fund
with such reports covering Securities held by it or under its control as may be
agreed upon from time to time. The books and records of the Custodian pertaining
to its actions under this Agreement shall be open to inspection and audit at
reasonable times and upon reasonable notice to the Fund. All such books and
records shall be the property of the Fund (and such other persons as the Fund
may designate from time to time) and the Custodian shall forthwith upon the
Fund's request, turn over to the Fund and cease to retain in its files, records
and documents created and maintained by the Custodian pursuant to this
Agreement, which are no longer needed by the Custodian in performance of its
services or for its protection.
Section 15. Termination and Assignment.
---------------------------
This agreement may be terminated by the Fund or the Custodian, immediately upon
written notice from the Fund or the Custodian, as applicable, to the other
party, if the other party fails materially to perform its obligations hereunder,
and may otherwise be terminated by the Fund or by the Custodian on ninety (90)
days' notice, given in writing and sent by registered mail to the Custodian or
the Fund as the case may be. Upon termination of this Agreement, the Custodian
shall deliver the Securities and cash in the account of the Fund to such entity
as is designated in writing by the Fund and in the absence of such a designation
may, but shall not be obligated to, deliver them to a bank or trust company of
the Custodian's own selection having an aggregate capital, surplus and undivided
profits as shown by its last published report of not less than 50 million
dollars ($50,000,000), the Securities and cash to be held by such bank or trust
company for the benefit of the Fund under terms similar to those of this
Agreement and the Fund to be obligated to pay to such transferee the then
current rates of such transferee for services rendered by it; provided, however,
that the Custodian may decline to transfer such amount of such Securities
equivalent to all fees and other sums owing by the Fund to the Custodian, and
the Custodian shall have a charge against and security interest in such amount
until all monies owing to it have been paid, or escrowed to its satisfaction.
This Agreement may not be assigned by the Custodian without the consent of the
Fund, authorized or approved by a resolution of the Fund's Board of Trustees.
Section 16. Force Majeure.
--------------
The Custodian shall not be liable or accountable for any loss or damage
resulting from any condition or event beyond its reasonable control; provided,
however, that the Custodian shall promptly use its best efforts to mitigate any
such loss or damage to the Fund as a result of any such condition or event. For
the purposes of the foregoing, the actions or inactions of the Custodian's
subcustodians and other agents shall not be deemed to be beyond the reasonable
control of the Custodian. In connection with the foregoing, the Custodian agrees
(and agrees that it will use its best efforts to obtain the undertaking of its
subcustodians and other agents to
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the effect) that the Custodian (and/or such subcustodian or agent) shall
maintain such alternate power sources for computer and related systems and
alternate channels for electronic communication with such computers and related
systems that the failure of the primary power source and/or communications
channel of the Custodian (and/or its subcustodians or other agents) will not
foreseeable result in any loss or damage to the Fund.
Section 17. Third Parties.
--------------
This Agreement shall be binding upon and the benefits hereof shall insure to the
parties hereto and their respective successors and assigns. However, nothing in
this Agreement shall give or be construed to give or confer upon any third party
any rights hereunder.
Section 18. Amendments.
-----------
The terms of this Agreement shall not be waived, altered, modified, amended,
supplemented or terminated in any manner whatsoever, except by written
instrument signed by both of the parties hereto.
Section 19. Governing Law.
--------------
This Agreement shall be governed and construed in accordance with the laws of
The Commonwealth of Massachusetts.
Section 20. Counterparts.
-------------
This agreement may be executed in several counterparts, each of which is an
original.
Section 21. Notices.
--------
All notices provided for herein shall be in writing and shall become effective
when deposited in the United States mail, postage prepaid and certified,
addressed
(a) if to the Custodian, at 000 Xxxxx Xxxxxx
Xxxxxx, XX 00000
Attention: Worldwide
Custody -
MS: 45-02-16
(b) if to the Fund, at Two Portland Square
Portland, ME 04101
Attention: Max Beruertay
or to such other address as either party may notify the other in writing.
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A copy of the Declaration of Trust of the Fund is on file with the Maryland
Secretary of State, and notice is hereby given that this instrument is executed
on behalf of the Trustees of the Fund as Trustees, and the obligations of this
instrument are not binding upon any of the Trustees, officers, or shareholders
of the Fund individually but binding only upon assets and property of the Fund.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their respective officers thereunto duly authorized as of the date first
written above.
TRANS ADVISER FUND, INC.
By: /S/ Xxxxxx X. Xxxxxxx
----------------------
Name: Xxxxxx X. Xxxxxxx
Title: President
THE FIRST NATIONAL BANK OF BOSTON
By: /S/ Xxxxxx Xxxxxxxxxxx
-----------------------
Name: Xxxxxx Xxxxxxxxxxx
Title: Senior Manager
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EXHIBIT A
TO
CUSTODY AGREEMENT DATED
1. Trans Adviser Fund, Inc. Money Market
2. Trans Adviser Fund, Inc. Intermediate Bond
3. Trans Adviser Fund, Inc. Kentucky Tax-free
4. Trans Adviser Fund, Inc. Tennessee Tax-free
5. Trans Adviser Fund, Inc. Aggressive Growth
6. Trans Adviser Fund, Inc. Growth Value
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BANK OF BOSTON
PROPOSED FEE SCHEDULE
CUSTODY
FOR
FORUM FINANCIAL GROUP
IN CONNECTION WITH
TRANS ADVISOR MUTUAL FUNDS
AUGUST 29,1995
Asset Custody
The asset custody charge will be charged by the following
basis point structure on the total assets of the six
portfolios:
Annual Fee
First $1 00 million of net assets .00015
Second $1 00 million of net assets .0001
Net assets over $200 million .00005
Transaction Fees - Domestic Non-Automated Automated
DTC $ 12.00 $8.00
Fed Book-Entry (Repurchase Agreement) $ 10.00 $8.00
(per collateral transaction)
Physical-New York City Settlements $ 20.00 N/A
PTC $ 12.00 $8.00
P&I Paydowns $ 3.00 N/A
Options/Futures $ 20.00 N/A
BKB Sweep Transactions $ 3.00 N/A
Commercial Paper $ 15.00 N/A
Transaction Fees - Global
Available upon request
Wire Charges-Custody
Wires In/Out $ 3.50
Wires Charges-DDA
SubscriptionsIRedemptions
In $ 5.00
Out $ 5.00
Out-of-Pockets
Postage, Insurance, Courier, etc.
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