Item 77Q(e) - Exhibits - Copies of any New or Amended Registrant
Investment Advisory Contracts
SUBADVISORY AGREEMENT
This Subadvisory Agreement ("Agreement") is entered into as of October
18, 1999, by and among the Vision Group of Funds, a Maryland corporation
(the "Company"), Manufacturers and Traders Trust Company, a New York
State chartered bank and trust company (the "Adviser" or "M&T
Bank"), and Independence Investment Associates, Inc. (the
"Subadviser").
Recitals:
The Company is an open-end investment management company registered
under the Investment Company Act of 1940, as amended (the "1940 Act"),
and has ten portfolios, including the Vision Mid Cap Stock Fund (the
"Fund");
The Company and the Adviser have entered into an advisory agreement
dated as of June 1, 1993 (the "Advisory Agreement"), pursuant to
which, as amended, the Adviser provides portfolio management services to
the Fund and the other portfolios of the Company;
The Advisory Agreement contemplates that the Adviser may fulfill its
portfolio management responsibilities under the Advisory Agreement by
engaging one or more subadvisers; and
The Adviser and the Board of Directors of the Company ("Directors")
desire to retain the Subadviser to act as sub-investment manager of the
Fund and to provide certain other services, and the Subadviser desires
to perform such services under the terms and conditions hereinafter set
forth.
Agreement:
NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth in this Agreement, the Company, the Adviser and the Subadviser
agree as follows:
1. Delivery of Documents. The Company has furnished the Subadviser
with copies, properly certified or otherwise authenticated, of each of
the following:
(a) The Company's articles of incorporation ("Articles of
Incorporation");
(b) By-Laws of the Company as in effect on the date hereof;
(c) Resolutions of the Directors selecting the Subadviser as the
investment subadviser to the Fund and approving the form of this
Agreement;
(d) Resolutions of the Directors selecting the Adviser as investment
adviser to the Fund and approving the form of the Investment
Advisory Agreement and resolutions adopted by the initial
shareholder of the Fund approving the form of the Investment
Advisory Agreement;
(e) The Adviser's Investment Advisory Agreement;
(f) Commitments, limitations and undertakings made by the Company to
state "blue sky" authorities for the purpose of qualifying
shares of the Fund for sale in such states; and
(g) The Company's registration statement, including the Fund's
prospectus and statement of additional information (collectively
called the "Prospectus").
The Adviser will furnish the Subadviser from time to time with copies,
properly certified or otherwise authenticated, of all amendments of or
supplements to the foregoing, if any. The Adviser will also furnish the
Subadviser with copies of the documents listed on Schedule 1 to this
Agreement, and shall promptly notify the Subadviser of any material
change in any of the Fund's investment objectives, policies,
limitations, guidelines or procedures set forth in any of the documents
listed in Schedule 1.
The Subadviser has furnished the Adviser with a copy of the Subadviser's
Form ADV most recently filed with the Securities and Exchange
Commission, (which Form ADV includes a description of the Subadviser's
policies regarding allocation of securities among clients with common
investment objectives, soft dollars and brokerage selection) and the
code of ethics established by the Subadviser pursuant to Rule 17j-1 of
the 1940 Act ("Subadviser's Code of Ethics"). The Subadviser will
promptly furnish the Adviser with copies of any amendments to such
documents. The Subadviser will also provide the Adviser with the
Subadviser's approved list of securities for equity portfolios and any
updates or revisions thereto at least monthly.
The Subadviser will also provide Adviser with a list and specimen
signatures of the parties who are authorized to act on behalf of the
Subadviser and will promptly notify Adviser in writing of any changes
thereto.
2. Investment Services. Subject to the supervision and review of the
Adviser and the Directors, the Subadviser will manage the investments
of the Fund on a discretionary basis, including the purchase,
retention and disposition of securities, in accordance with the
investment policies, objectives and restrictions of the Fund as set
forth in the Fund's Prospectus, and in conformity with the 1940 Act,
the Internal Revenue Code of 1986, as amended (including the
requirements for qualification as a regulated investment company),
all other applicable laws and regulations, instructions and
directions received in writing from the Adviser or the Board of
Directors, and the provisions contained in the documents delivered to
the Subadviser pursuant to Section 1 above, as each of the same may
from time to time be amended or supplemented, and copies delivered to
the Subadviser.
The Subadviser will discharge its duties under this Agreement with the
care, skill, prudence, and diligence under the circumstances then
prevailing that a prudent person acting in the capacity of any
investment adviser to a registered investment company and familiar with
such matters would use. The Subadviser will, at its own expense:
(a) Manage on a discretionary basis the Fund's investments and
determine from time to time what securities will be purchased,
retained, sold or loaned by the Fund, and what portion of the
Fund's assets will be invested or held uninvested as cash.
(b) Place orders with or through such persons, brokers or dealers to
carry out the policy with respect to brokerage as set forth in the
Fund's Prospectus or as the Directors may direct from time to
time, subject to the Subadviser's duty to obtain best execution.
In using its best efforts to obtain for the Fund best execution,
the Subadviser, bearing in mind the Fund's best interests at all
times, shall consider all factors it deems relevant, including by
way of illustration, price, the size of the transaction, the
nature of the market for the security, the amount of the
commission, the timing of the transaction, taking into account
market prices and trends, the reputation, experience and financial
stability of the broker or dealer involved and the quality of
service rendered by the broker or dealer in other transactions.
Subject to such policies as the Directors of the Company may
determine, the Subadviser shall not be deemed to have acted
unlawfully or to have breached a duty created by this Agreement or
otherwise, solely by reason of its having caused the Fund to pay a
broker or dealer that provides brokerage and research services to
the Subadviser or the Adviser an amount of commission for
effecting a Fund investment transaction that is greater than the
amount of commission that another broker or dealer would have
charged for effecting the transaction.
(c) Submit such reports relating to the valuation of the Fund's
securities as the Adviser may reasonably request.
(d) Maintain detailed books and records of all matters pertaining to
the Fund (the "Fund's Books and Records"), including, without
limitation, a daily ledger of such assets and liabilities relating
thereto, and brokerage and other records of all securities
transactions. The Subadviser shall also require that its Access
Persons (as such term is defined in Rule 17j-1 under the 0000 Xxx)
provide the Subadviser with quarterly reports of their personal
securities transactions and otherwise require such of those
persons as is appropriate to be subject to the Subadviser's Code
of Ethics. The Fund's Books and Records shall be available to the
Adviser at any time upon request and shall be available for
telecopying without delay to the Adviser during any day that the
Fund is open for business.
(e) From time to time, as the Adviser or the Directors may reasonably
request, furnish the Adviser and to each of the Directors reports
of Fund transactions and reports on securities held in the Fund's
portfolio, all in such detail as the Adviser or the Directors may
reasonably request.
(f) Inform the Adviser and the Directors of material or significant
changes in investment strategy or tactics or in key personnel of
the Subadviser (including any change in the personnel who manage
the investments of the Fund.)
(g) Make its officers and employees available to meet with the
Directors and the Adviser at such times and with such frequency as
the Directors or the Adviser reasonably requests, on due notice to
the Subadviser, but at least quarterly, to review the Fund's
investments in light of current and prospective market conditions.
(h) Furnish to the Directors such information as may be requested by
the Directors and reasonably necessary in order for the Directors
to evaluate this Agreement or any proposed amendments thereto for
the purpose of casting a vote pursuant to Section 11 or 12 hereof.
Furnish to the Adviser such information as may be required by the
Adviser and reasonably necessary in order for the Adviser to
evaluate this Agreement and the Subadviser's performance
hereunder.
(i) The Subadviser will advise the Adviser, and, if instructed by the
Adviser, the Fund's custodian on a prompt basis each day by
electronic communication of each confirmed purchase and sale of a
Fund security specifying the name of the issuer, the full
description of the security including its class, and amount or
number of shares of the security purchased or sold, the market
price, commission, government charges and gross or net price,
trade date, settlement date, and identity of the effecting broker
or dealer and, if different, the identity of the clearing broker.
(j) Cooperate generally with the Fund and the Adviser to provide
information requested by them in the possession of the Subadviser,
or reasonably available to it, necessary for the preparation of
registration statements and periodic reports to be filed by the
Fund or the Adviser with the Securities and Exchange Commission,
including Form N-1A, semi-annual reports on Form N-SAR, periodic
statements, shareholder communications and proxy materials
furnished to holders of shares of the Fund, filings with state
"blue sky" authorities and with United States agencies
responsible for tax matters, and other reports and filings of like
nature.
(k) Allow Adviser, its representative, internal or external auditors
and regulators to visit and audit Subadviser's operations relating
to Subadviser's services under this Agreement at such times and
frequencies as Adviser reasonably requests, at reasonable times
and upon reasonable notice, but at least annually.
(l) Deliver instructions or directions to Adviser via Eligible Trade
Reports through the Depository Trust Company Institutional
Delivery system, in writing, or orally (if confirmed in writing as
soon as practicable thereafter.) Subadviser shall instruct all
brokers, dealers or other persons executing orders with respect to
the Fund to forward to Adviser copies of all brokerage or dealer
confirmations promptly after execution of all transactions.
3. Expenses Paid by the Subadviser. The Subadviser will pay the cost
of maintaining the staff and personnel necessary for it to perform its
obligations under this Agreement, the expenses of office rent,
telephone, telecommunications and other facilities it is obligated to
provide in order to perform the services specified in Section 2, and any
other costs and expenses incurred by it in connection with the
performance of its duties hereunder.
4. Expenses of the Fund Not Paid by the Subadviser. The Subadviser
will not be required to pay any expenses which this Agreement does not
expressly state shall be payable by the Subadviser. In particular, and
without limiting the generality of the foregoing, the Subadviser will
not be required to pay under this Agreement:
(a) the compensation and expenses of Directors and of independent
advisers, independent contractors, consultants, managers and other
agents employed by the Company or the Fund other than through the
Subadviser;
(b) legal, accounting and auditing fees and expenses of the Company or
the Fund;
(c) the fees and disbursements of custodians and depositories of the
Company or the Fund's assets, transfer agents, disbursing agents,
plan agents and registrars;
(d) taxes and governmental fees assessed against the Company or the
Fund's assets and payable by the Company or the Fund;
(e) the cost of preparing and mailing dividends, distributions,
reports, notices and proxy materials to shareholders of the
Company or the Fund except that the Subadviser shall bear the
costs of providing the information referred to in Section 2(j) to
the Adviser;
(f) brokers' commissions and underwriting fees; and
(g) the expense of periodic calculations of the net asset value of the
shares of the Fund.
5. Registration as an Adviser. The Subadviser hereby represents and
warrants that it is registered as an investment adviser under the
Investment Advisers Act of 1940, as amended (the "Advisers Act"), and
covenants that it will remain so registered for the duration of this
Agreement. Subadviser shall notify the Adviser immediately in the event
that Subadviser ceases to be registered as an investment adviser under
the Advisers' Act.
6. Compensation of the Subadviser. For all services to be rendered,
facilities furnished and expenses paid or assumed by the Subadviser as
herein provided for the Fund, the Adviser will pay the Subadviser an
annual fee equal to 0.40% of the Fund's average daily net assets up to
$500 million and 0.35% of such assets in excess thereof. Such fee shall
accrue daily and be paid monthly. The "average daily net assets" of
the Fund shall be determined on the basis set forth in the Fund's
Prospectus or, if not described therein, on such basis as is consistent
with the 1940 Act and the regulations promulgated thereunder. The
Subadviser will receive a pro rata portion of such monthly fee for any
periods in which the Subadviser advises the Fund less than a full month.
The Subadviser understands and agrees that neither the Company nor the
Fund has any liability for the Subadviser's fee hereunder. Calculations
of the Subadviser's fee will be based on average net asset values as
provided by the Adviser or the Company.
In addition to the foregoing, the Subadviser may from time to time agree
in writing not to impose all or a portion of its fee otherwise payable
hereunder (in advance of the time such fee or portion thereof would
otherwise accrue) and/or undertake to pay or reimburse the Fund for all
or a portion of its expenses not otherwise required to be borne or
reimbursed by the Subadviser. Any such fee reduction or undertaking may
be discontinued or modified by the Subadviser at any time.
7. Other Activities of the Subadviser and Its Affiliates. Nothing
herein contained shall prevent the Subadviser or any of its affiliates
or associates from engaging in any other business or from acting as
investment adviser or investment manager for any other person or entity,
whether or not having investment policies or a portfolio similar to the
Fund. It is specifically understood that officers, directors and
employees of the Subadviser and those of its affiliates may engage in
providing portfolio management services and advice to other investment
advisory clients of the Subadviser or of its affiliates.
8. Avoidance of Inconsistent Position. In connection with purchases
or sales of portfolio securities for the account of the Fund, neither
the Subadviser nor any of its directors, officers or employees will act
as principal or agent or receive any commission, except in compliance
with applicable law and the relevant procedures of the Fund. The
Subadviser shall not knowingly recommend that the Fund purchase, sell or
retain securities of any issuer in which the Subadviser has a financial
interest without obtaining prior approval of the Adviser prior to the
execution of any such transaction.
Nothing herein contained shall limit or restrict the Subadviser or any
of its officers, affiliates or employees from buying, selling or trading
in any securities for its or their own account or accounts. The Company
and Fund acknowledge that the Subadviser and its officers, affiliates
and employees, and its other clients may at any time have, acquire,
increase, decrease or dispose of positions in investments which are at
the same time being acquired or disposed of by the Fund. The Subadviser
shall have no obligation to acquire with respect to the Fund, a position
in any investment which the Subadviser, its officers, affiliates or
employees may acquire for its or their own accounts or for the account
of another client if, in the sole discretion of the Subadviser, it is
not feasible or desirable to acquire a position in such investment on
behalf of the Fund. Nothing herein contained shall prevent the
Subadviser from purchasing or recommending the purchase of a particular
security for one or more funds or clients while other funds or clients
may be selling the same security. The Subadviser expressly acknowledges
and agrees, however, that in any of the above described transactions,
and in all cases, the Subadviser is obligated to fulfill its fiduciary
duty as Subadviser to the Fund and it shall require such of its Access
Persons as is appropriate to comply with the requirements of the
Subadviser's Code of Ethics.
When a security proposed to be purchased or sold for the Fund is also to
be purchased or sold for other accounts managed by the Subadviser at the
same time, the Subadviser shall make such purchase or sale on a pro-
rata, rotating or other equitable basis so as to avoid any one account
being preferred over any other account. The Subadviser shall disclose
to the Adviser and to the Directors the method used to allocate
purchases and sales among the Subadviser's investment advisory clients.
9. No Partnership or Joint Venture. The Company, the Fund, the
Adviser and the Subadviser are not partners of or joint venturers with
each other and nothing herein shall be construed so as to make them such
partners or joint venturers or impose any liability as such on any of
them.
10. Limitation of Liability and Indemnification.
(a) In the absence of willful misfeasance, bad faith or gross
negligence on the part of the Subadviser, or of reckless disregard
of its obligations and duties hereunder, the Subadviser shall not
be subject to any liability to the Adviser, the Company or the
Fund, any shareholder of the Fund, or to any person, firm or
organization, for any act or omission in the course of or
connected with, rendering services hereunder. Nothing herein,
however, shall derogate from the Subadviser's obligations under
federal and state securities laws. Any person, even though also
employed by the Subadviser, who may be or become an employee of
and paid by the Company or the Fund shall be deemed, when acting
within the scope of his employment by the Company or the Fund, to
be acting in such employment solely for the Company or the Fund
and not as the Subadviser's employee or agent. Subadviser will
maintain appropriate fidelity bond insurance coverage in a
reasonable amount and shall provide evidence of such coverage upon
request of Adviser.
(b) In the absence of willful misfeasance, bad faith or gross
negligence on the part of Adviser, or reckless disregard of its
obligations and duties hereunder, Adviser shall not be subject to
any liability to Subadviser for any act or omission in the course
of or connected with, the Adviser's carrying out its duties and
obligations under this Agreement.
(c) Subadviser and Adviser shall each defend, indemnify and hold
harmless the other party and the other party's affiliates,
officers, directors, employees and agents, from and against any
claim, loss liability, damages, deficiency, penalty, cost or
expense (including without limitation reasonable attorneys' fees
and disbursements for external counsel) resulting from the
reckless disregard of the indemnifying party's obligations and
duties hereunder or willful misfeasance, bad faith or gross
negligence on the part of the indemnifying party, its officers,
directors, employees and agents with respect to this Agreement or
the Fund whether such claim, loss, liability, damages,
deficiency, penalty, cost or expense was incurred or suffered
directly or indirectly.
11. Assignment and Amendment. This Agreement may not be assigned by
the Subadviser, and shall automatically terminate, without the payment
of any penalty, in the event of: (a) its assignment, including any
change in control of the Adviser or the Subadviser which is deemed to be
an assignment under the 1940 Act, or (b) the termination of the
Investment Advisory Agreement. Trades that were placed prior to such
termination will not be canceled; however, no new trades will be placed
after notice of such termination is received. Termination of this
Agreement shall not relieve the Adviser or the Subadviser of any
liability incurred hereunder.
The terms of this Agreement shall not be changed unless such change is
agreed to in writing by the parties hereto and is approved by the
affirmative vote of a majority of the Directors of the Company voting in
person, including a majority of the Directors who are not interested
persons of the Company, the Adviser or the Subadviser, at a meeting
called for the purpose of voting on such change, and (to the extent
required by the 0000 Xxx) unless also approved at a meeting by the
affirmative vote of the majority of outstanding voting securities of the
Fund.
12. Duration and Termination. This Agreement shall become effective
as of the date first above written and shall remain in full force and
effect for a period of two years from such date, and thereafter for
successive periods of one year (provided such continuance is approved at
least annually in conformity with the requirements of the 0000 Xxx)
unless the Agreement is terminated automatically as set forth in Section
11 hereof or until terminated as follows:
(a) The Company or the Adviser may at any time terminate this
Agreement, without payment of any penalty, by not more than 60
days' prior written notice delivered or mailed by registered mail,
postage prepaid, or by nationally recognized overnight delivery
service, receipt requested, to the Subadviser. Action of the
Company under this subsection may be taken either by (i) vote of
its Directors, or (ii) the affirmative vote of the outstanding
voting securities of the Fund; or
(b) The Subadviser may at any time terminate this Agreement by not
less than one hundred twenty (120) days' prior written notice
delivered or mailed by registered mail, postage prepaid, or by
nationally recognized overnight delivery service, receipt
requested, to the Adviser.
Termination of this Agreement pursuant to this Section shall be without
payment of any penalty.
Fees payable to Subadviser for services rendered under this Agreement
will be prorated to the date of termination of the Agreement.
In the event of termination of this Agreement for any reason, the
Subadviser shall, immediately upon notice of termination or a receipt
acknowledging delivery of a notice of termination to Adviser, or such
later date as may be specified in such notice, cease all activity on
behalf of the Fund and with respect to any of its assets, except as
expressly directed by the Adviser, and except for the settlement of
securities transactions already entered into for the account of the
Fund. In addition, the Subadviser shall deliver copies of the Fund's
Books and Records to the Adviser by such means and in accordance with
such schedule as the Adviser shall reasonably direct and shall otherwise
cooperate, as reasonably directed by the Adviser, in the transition of
Fund investment management to any successor to the Subadviser, including
the Adviser.
13. Shareholder Approval of Agreement. The parties hereto acknowledge
and agree that the obligations of the Company, the Adviser, and the
Subadviser under this Agreement shall be subject to the following
conditions precedent: (a) this Agreement shall have been approved by
the vote of a majority of the Directors, who are not interested persons
of the Company, the Adviser or the Subadviser, at a meeting called for
the purpose of voting on such approval, and (b) this Agreement shall
have been approved by the vote of a majority of the outstanding voting
securities of the Fund.
14. Miscellaneous.
(a) The captions in this Agreement are included for convenience of
reference only and in no way define or limit any of the provisions
hereof or otherwise affect their construction or effect. This
Agreement may be executed simultaneously in two or more
counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.
The obligations of the Company and the Fund are not personally
binding upon, nor shall resort be had to be private property of,
any of the Directors, shareholders, officers, employees or agents
of the Company or the Fund, but only the Fund's property shall be
bound. The Company or the Fund shall not be liable for the
obligations of any other series of the Company.
(b) Any information supplied by the Company or the Adviser to the
Subadviser in connection with the performance of its duties
hereunder, or learned by the Subadviser as a result of its
position as Subadviser to the Fund, which is not otherwise in the
public domain, is to be regarded as confidential and for use only
by the Subadviser in connection with the performance of its duties
hereunder. Any information supplied by the Subadviser, which is
not otherwise in the public domain, in connection with the
performance of its duties hereunder is to be regarded as
confidential and for use only by the Adviser, the Fund and/or its
agents, and only in connection with the Fund and its investments.
Any such information in the hands of either party may be
disclosed as necessary to comply with any law, rule, regulation or
order of a court or government authority.
(c) The parties hereto acknowledge that Manufacturers and Traders
Trust Company has reserved the right to grant the non-exclusive
use of the name "VISION" or any derivative thereof to any other
investment company, investment company portfolio, investment
adviser, distributor or other business enterprise, and to withdraw
from the Company and one or more of the funds the use of the name
"VISION."
(d) The Subadviser agrees to submit any proposed sales literature
(including advertisements, whether in paper, electronic or
Internet medium) for the Company, the Fund, the Subadviser or for
any of its affiliates which mentions the Company, the Fund or
Adviser (other than the use of the Fund's name in a list of
clients of the Subadviser) to the Adviser and to the Fund's
distributor for review and filing with the appropriate regulatory
authority prior to public release of any such sales literature;
provided, however, that nothing herein shall be construed so as to
create any obligation or duty on the part of the Subadviser to
produce sales literature for the Company or the Fund. The
Company and the Adviser agree to submit any proposed sales
literature that mentions the Subadviser to the Subadviser for
review prior to use and the Subadviser agrees to promptly review
such materials by a reasonable and appropriate deadline. The
Company agrees to cause the Adviser and the Company's distributor
to promptly review all such sales literature for compliance with
relevant requirements, to promptly advise the Subadviser of any
deficiencies contained in such sales literature, and to promptly
file complying sales literature with the relevant authorities.
(e) All notices, consents, waivers and other communications under this
Agreement must be in writing and, other than notices governed by
Section 12 above, will be deemed to have been duly given when (i)
delivered by hand (with written confirmation of receipt), (ii)
sent by telecopier, provided that receipt is confirmed by return
telecopy and a copy is sent by overnight mail via a nationally
recognized overnight delivery service (receipt requested); (iii)
when received by the addressee, if sent via a nationally
recognized overnight delivery service (receipt requested) or U.S.
mail (postage prepaid), in each case to the appropriate address
and telecopier number set forth below (or to such other address
and telecopier number as a party may designate by notice to the
other parties):
Subadviser: Independence Investment Associates, Inc.
00 Xxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
Attention: President
Facsimile Number: 617-228-8895
Adviser: Manufacturers and Traders Trust Company
One M&T Plaza
Buffalo, New York 14203
Attention: Xxxxxxx X. Xxxxxx
Facsimile Number: 000-000-0000
Company: Vision Group of Funds, Inc.
0000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, Xxxxxxxxxxxx 00000-0000
Attention: Secretary
Facsimile Number: 000-000-0000
(f) For purposes of this Agreement: (i) "affirmative vote of a
majority of the outstanding voting securities of the Fund" means
the affirmative vote, at an annual meeting or a special meeting of
the shareholders of the Fund, duly called and held, (A) of 67% or
more of the shares of the Fund present (in person or by proxy) and
entitled to vote at such meeting, if the holders of more than 50%
of the outstanding shares of the Fund entitled to vote at such
meeting are present (in person or by proxy), or (B) of more than
50% of the outstanding shares of the Fund entitled to vote at such
meeting, whichever is less; and (ii) "interested person" and
"assignment" shall have the respective meanings as set forth in
the 1940 Act, subject, however, to such exemptions as may be
granted by the Securities and Exchange Commission under said Act.
(g) This Agreement shall be construed in accordance with the laws of
the State of New York and the applicable provisions of the 1940
Act.
(f) The provisions of this Agreement are independent of and separable
from each other and no provision shall be affected or rendered
invalid or unenforceable by virtue of the fact that for any reason
any other or others of them may be deemed invalid or unenforceable
in whole or in part.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
signed on their behalf by their duly authorized officers as of the date
first above written.
VISION GROUP OF FUNDS, INC.
/s/ Xxxx X. Xxxxxxxxx
By: Xxxx X. Xxxxxxxxx
Title: Vice President
MANUFACTURERS AND TRADERS
TRUST COMPANY
/s/ Xxxxxxx X. Xxxxxx
By: Xxxxxxx X. Xxxxxx
Title: Vice President
INDEPENDENCE INVESTMENT
ASSOCIATES, INC.
/s/ Xxxx X. Xxxxxx
By: Xxxx X. Xxxxxx
Title: President
SCHEDULE 1
Custody Agreement between the Company and the Fund's custodian
("Custodian"), including information as to:
The Fund's nominee
The federal tax identification numbers of the Fund and its nominee
All routing, bank participant and account numbers and other
information necessary to provide proper instructions for
transfer and delivery of securities to the Fund's account at
the Custodian
The name address and telephone and Fax number of the Custodian's
employees responsible for the Fund's accounts
The Fund's pricing service and contact persons
All procedures and guidelines adopted by the Board of Directors or the
Adviser regarding:
Transactions with affiliated persons
Evaluating the liquidity of securities
Segregation of liquid assets in connections with firm commitments
and standby commitments
Derivative contracts and securities
Rule 10f-3 (relating to affiliated underwriting syndicates)
Rule 17a-7 (relating to interfund transactions)
Rule 17e-1 (relating to transactions with affiliated brokers) and
Release No. IC-22362 (granting exemptions for investments in money
market funds)
Any master agreements that the Company has entered into on behalf of the
Fund, including:
Master Repurchase Agreement
Master Futures and Options Agreements
Master Foreign Exchange Netting Agreements
Master Swap Agreements
CFTC Rule 4.5 letter
15
