Exhibit (g)(1)
CUSTODY AGREEMENT
This AGREEMENT, dated as of November 16, 2001, by and between the CCMA
Select Investment Trust, a Delaware business trust (the "Trust"), and FIRSTAR
BANK, N.A., a national banking association (the "Custodian").
W I T N E S S E T H:
WHEREAS, the Trust is an open-end management investment company registered
under the Investment Company Act of 1940, as amended (the"1940 Act"); and
WHEREAS, the Trust is an is authorized to create separate series, each with
its own separate investment portfolio; and
WHEREAS, the Trust desires to retain Firstar Bank, N.A. to act as Custodian
for each series of the Trust listed on Exhibit C attached hereto, (each
hereinafter referred to as a "Fund" and collectively the "Funds"), as may be
amended from time to time.
WHEREAS, the Trust desires that each Fund's Securities and cash be held and
administered by the Custodian pursuant to this Agreement; and
WHEREAS, the Custodian represents that it is a bank having the
qualifications prescribed in Section 26(a)(1) of the 1940 Act;
NOW, THEREFORE, in consideration of the mutual agreements herein made, the
Trust and the Custodian hereby agree as follows:
ARTICLE I
DEFINITIONS
Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the following meanings:
1.1. "Authorized Person" means any Officer or other person duly authorized by
resolution of the Board of Trustees to give Oral Instructions and Written
Instructions on behalf of a Fund and named in Exhibit A hereto or in such
resolutions of the Board of Trustees, certified by an Officer, as may be
received by the Custodian from time to time.
1.2. "Board of Trustees" shall mean the Trustees from time to time serving under
the Trust's Articles of InTrust, as from time to time amended.
1.3. "Book-Entry System" shall mean a federal book-entry system as provided in
Subpart O of Treasury Circular Xx. 000, 00 XXX 306, in Subpart B of 31 CFR
Part 350, or in such book-entry regulations of federal agencies as are
substantially in the form of such Subpart O.
1.4. "Business Day" shall mean any day recognized as a settlement day by The New
York Stock Exchange, Inc. and any other day for which the Trust computes
the net asset value of Shares of a Fund.
1.5. "Fund Custody Account" shall mean any of the accounts in the name of the
Trust, which is provided for in Section 3.2 below.
1.6. "NASD" shall mean The National Association of Securities Dealers, Inc.
1.7. "Officer" shall mean the Chairman, President, any Vice President, any
Assistant Vice President, the Secretary, any Assistant Secretary, the
Treasurer, or any Assistant Treasurer of the Trust.
1.8. "Oral Instructions" shall mean instructions that set forth the specific
transaction or type of transaction involved, orally transmitted to and
accepted by the Custodian because such instructions are: (i) in good faith,
reasonably believed by the Custodian to have been given by an Authorized
Person, (ii) recorded and kept among the records of the Custodian made in
the ordinary course of business and (iii) orally confirmed by the
Custodian. The Trust shall cause all Oral Instructions to be confirmed by
Written Instructions prior to the end of the next Business Day. If such
Written Instructions confirming Oral Instructions are not received by the
Custodian prior to a transaction, it shall in no way affect the validity of
the transaction or the authorization thereof by the Trust. If Oral
Instructions vary from the Written Instructions that purport to confirm
them, the Custodian shall promptly notify the Trust of such variance but
such Oral Instructions will govern unless the Custodian has not yet acted.
1.9. "Proper Instructions" shall mean Oral Instructions or Written Instructions.
Proper Instructions may be continuing Written Instructions when deemed
appropriate by both parties.
1.10."Securities Depository" shall mean The Depository Trust Company and
(provided that Custodian shall have received a copy of a resolution of the
Board of Trustees, certified by an Officer, specifically approving the use
of such clearing agency as a depository for a Fund) any other clearing
agency registered with the Securities and Exchange Commission (the "SEC")
under Section 17A of the Securities and Exchange Act of 1934 as amended
(the "1934 Act"), which acts as a system for the central handling of
Securities where all Securities of any particular class or series of an
issuer deposited within the system are treated as fungible and may be
transferred or pledged by bookkeeping entry without physical delivery of
the Securities.
1.11."Securities" shall include, without limitation, common and preferred
stocks, bonds, call options, put options, debentures, notes, bank
certificates of deposit, bankers' acceptances, mortgage-backed securities
or other obligations, and any certificates, receipts, warrants or other
instruments or documents representing rights to receive, purchase or
subscribe for the same, or evidencing or representing any other rights or
interests therein, or any similar property or assets that the Custodian has
the facilities to clear and to service.
1.12."Shares" shall mean, with respect to a Fund, the units of beneficial
interest issued by the Trust on account of a Fund.
1.13."Sub-Custodian" shall mean and include (i) any branch of a "U.S. Bank," as
that term is defined in Rule 17f-5 under the 1940 Act, (ii) any "Eligible
Foreign Custodian," as that term is defined in Rule 17f-5 under the 1940
Act, having a contract with the Custodian which the Custodian has
determined will provide reasonable care of assets of each Fund based on the
standards specified in Section 3.3 below. Such contract shall include
provisions that provide: (i) for indemnification or insurance arrangements
(or any combination of the foregoing) such that each Fund will be
adequately protected against the risk of loss of assets held in accordance
with such contract; (ii) that each Fund's assets will not be subject to any
right, charge, security interest, lien or claim of any kind in favor of the
Sub-Custodian or its creditors except a claim of payment for their safe
custody or administration, in the case of cash deposits, liens or rights in
favor of creditors of the Sub-Custodian arising under bankruptcy,
insolvency, or similar laws; (iii) that beneficial ownership for each
Fund's assets will be freely transferable without the payment of money or
value other than for safe custody or administration; (iv) that adequate
records will be maintained identifying the assets as belonging to each Fund
or as being held by a third party for the benefit of each Fund; (v) that
the Trust's independent public accountants will be given access to those
records or confirmation of the contents of those records; and (vi) that
each Fund will receive periodic reports with respect to the safekeeping of
its assets, including, but not limited to, notification of any transfer to
or from the Fund's account or a third party account containing assets held
for the benefit of the Fund. Such contract may contain, in lieu of any or
all of the provisions specified above, such other provisions that the
Custodian determines will provide, in their entirety, the same or a greater
level of care and protection for Fund assets as the specified provisions,
in their entirety.
1.14."Written Instructions" shall mean (i) written communications actually
received by the Custodian and signed by one or more Authorized Persons, or
(ii) communications by telex or any other such system from one or more
persons reasonably believed in good faith by the Custodian to be Authorized
Persons, or (iii) communications between electro-mechanical or electronic
devices provided that the use of such devices and the procedures for the
use thereof shall have been approved by resolutions of the Board of
Trustees, a copy of which, certified by an Officer, shall have been
delivered to the Custodian.
ARTICLE II
APPOINTMENT OF CUSTODIAN
2.1. Appointment. The Trust hereby constitutes and appoints the Custodian as
custodian of all Securities and cash owned by or in the possession of each
Fund at any time during the period of this Agreement.
2.2. Acceptance. The Custodian hereby accepts appointment as such custodian and
agrees to perform the duties thereof as hereinafter set forth.
2.3. Documents to be Furnished. The following documents, including any
amendments thereto, will be provided contemporaneously with the execution
of the Agreement to the Custodian by the Trust:
a. A copy of the Articles of InTrust certified by the Secretary;
b. A copy of the Bylaws of the Trust certified by the Secretary;
c. A copy of the resolution of the Board of Trustees of the Trust
appointing the Custodian, certified by the Secretary;
d. A copy of the then current Prospectus of each Fund; and
e. A certification of the Chairman and Secretary of the Trust setting
forth the names and signatures of the current Officers of the Trust
and other Authorized Persons.
2.4 Notice of Appointment of Dividend and Transfer Agent. The Trust agrees to
notify the Custodian in writing of the appointment, termination or change
in appointment of any Dividend and Transfer Agent of a Fund.
ARTICLE III
CUSTODY OF CASH AND SECURITIES
3.1 Segregation. All Securities and non-cash property held by the Custodian for
the account of each Fund (other than Securities maintained in a Securities
Depository or Book-Entry System pursuant to Section 3.3) shall be
physically segregated from other Securities and non-cash property in the
possession of the Custodian (including the Securities and non-cash property
of the other series of the Trust) and shall be identified as subject to
this Agreement.
3.2 Fund Custody Accounts. As to each Fund, the Custodian shall open and
maintain in its trust department a custody account in the name of the Trust
coupled with the name of each Fund, subject only to draft or order of the
Custodian acting in accordance with this Agreement, in which the Custodian
shall enter and carry all Securities subject to the provisions of this
Agreement, cash and other assets of such Fund which are delivered to it.
3.3 Compliance with SEC Rule 17f-5 and Rule 17f-7. (a) The Trust, by resolution
adopted by its Board of Trustees, hereby delegates to the Custodian, with
respect to the Funds, subject to Section (b) of Rule 17f-5 of the 1940 Act,
the responsibilities set forth in this Section 3.3 with respect to any of a
Fund's investments for which the primary market is outside the United
States and such cash and cash equivalents as are reasonably necessary to
effect such Fund's transactions in such investments. The Custodian hereby
accepts such delegation, and in connection with such delegation shall
appoint one or more agents to act as a Sub-Custodian on behalf of each
Fund, provided however, that the appointment of any Sub-Custodian shall be
subject to the approval of the Trust's Board of Trustees, shall be at the
Custodian's expense and shall not relieve the Custodian of any of its
obligations or duties under this Agreement.
(b) If, after the Board of Trustees' initial approval of the Sub-Custodian
appointed in connection with this Agreement, the Custodian wishes to
appoint another Sub-Custodian on behalf of the Trust, the Custodian
will so notify the Trust and provide it with information reasonably
necessary to determine (i) such Sub-Custodian's eligibility under Rule
17f-5 and (ii) the eligibility of each "Eligible Securities
Depository" (as defined in Rule 17f-7(b)(1)), intended to be used by
such Sub-Custodian. The information to be provided shall include, but
shall not be limited to, a copy of the proposed agreement with such
Sub-Custodian, to which the Custodian and Trust shall be parties and
an analysis of the custody risks associated with maintaining a Fund's
investments with each Eligible Securities Depository to be used by
such Sub-Custodian. The Board of Trustees shall at the meeting next
following the Trust's receipt of such notice and information give an
approval or disapproval of the proposed Sub-Custodian.
(c) The Custodian shall establish a system to monitor (i) the
appropriateness of maintaining a Fund's assets with a particular
Sub-Custodian, and (ii) the contract governing the arrangements with
such Sub-Custodian. At the end of each calendar quarter, or at such
times as the Board of Trustees deems reasonable or appropriate, the
Custodian shall provide written reports notifying the Board of
Trustees of the placement of the Securities and cash of each Fund with
each Sub-Custodian and of any material change in a foreign custody
arrangement. In the event the Custodian determines that the custody
arrangements with the Sub-Custodian are no longer appropriate, the
Custodian shall notify the Board and shall promptly take such steps as
may be required to withdraw assets of any Fund from any Sub-Custodian
that has ceased to meet the requirements of Rule 17f-5.
(d) With respect to its responsibilities under this Section 3.3, the
Custodian hereby warrants to the Trust that it agrees to exercise
reasonable care, prudence and diligence such as a person having
responsibility for the safekeeping of property of each Fund. The
Custodian further warrants that a Fund's assets will be subject to
reasonable care, based on the standards applicable to custodians in
the relevant market, if maintained with each Sub-Custodian, after
considering all factors relevant to the safekeeping of such assets,
including, without limitation: (i) the Sub-Custodian's practices,
procedures, and internal controls, for certificated securities (if
applicable), the method of keeping custodial records, and the security
and data protection practices; (ii) whether the Sub-Custodian has the
requisite financial strength to provide reasonable care for Fund
assets; (iii) the Sub-Custodian's general reputation and standing and,
in the case of an Eligible Securities Depository, the Eligible
Securities Depository's operating history and number of participants;
and (iv) whether the Fund will have jurisdiction over and be able to
enforce judgments against the Sub-Custodian, such as by virtue of the
existence of any offices of the Sub-Custodian in the United States or
the Sub-Custodian's consent to service of process in the United
States.
3.4 Delivery of Assets to Custodian. The Trust shall deliver, or cause to be
delivered, to the Custodian all of a Fund's Securities, cash and other
assets, including (a) all payments of income, payments of principal and
capital distributions received by such Fund with respect to such
Securities, cash or other assets owned by such Fund at any time during the
period of this Agreement, and (b) all cash received by such Fund for the
issuance, at any time during such period, of Shares. The Custodian shall
not be responsible for such Securities, cash or other assets until actually
received by it.
3.5 Securities Depositories and Book-Entry Systems. The Custodian may deposit
and/or maintain Securities of a Fund in a Securities Depository or in a
Book-Entry System in accordance with applicable Federal Reserve Board and
SEC rules and regulations, subject to the following provisions:
(a) Prior to a deposit of Securities of a Fund in any Securities
Depository or Book-Entry System, the Trust shall deliver to the
Custodian a resolution of the Board of Trustees, certified by an
Officer, authorizing and instructing the Custodian on an on-going
basis to deposit in such Securities Depository or Book-Entry System
all Securities eligible for deposit therein and to make use of such
Securities Depository or Book-Entry System to the extent possible and
practical in connection with its performance hereunder, including,
without limitation, in connection with settlements of purchases and
sales of Securities, loans of Securities, and deliveries and returns
of collateral consisting of Securities.
(b) Securities of a Fund kept in a Book-Entry System or Securities
Depository shall be kept in an account ("Depository Account") of the
Custodian in such Book-Entry System or Securities Depository which
includes only assets held by the Custodian as a fiduciary, custodian
or otherwise for customers.
(c) The records of the Custodian with respect to Securities of a Fund
maintained in a Book-Entry System or Securities Depository shall, by
book-entry, identify such Securities as belonging to such Fund.
(d) If Securities purchased by a Fund are to be held in a Book-Entry
System or Securities Depository, the Custodian shall pay for such
Securities upon (i) receipt of advice from the Book-Entry System or
Securities Depository that such Securities have been transferred to
the Depository Account, and (ii) the making of an entry on the records
of the Custodian to reflect such payment and transfer for the account
of such Fund. If Securities sold by a Fund are held in a Book-Entry
System or Securities Depository, the Custodian shall transfer such
Securities upon (i) receipt of advice from the Book-Entry System or
Securities Depository that payment for such Securities has been
transferred to the Depository Account, and (ii) the making of an entry
on the records of the Custodian to reflect such transfer and payment
for the account of such Fund. Upon request, the Custodian shall
provide the Trust on behalf of a Fund, confirmation of each transfer
to or from the Fund's account in the form of a written advice or
notice and shall provide the Trust on a Fund's behalf, copies of daily
transaction sheets reflecting each day's transactions in the
Book-Entry System or Securities Depository for the Fund.
(e) The Custodian shall provide the Trust with copies of any report
(obtained by the Custodian from a Book-Entry System or Securities
Depository in which Securities of a Fund are kept) on the accounting
system, internal accounting controls and procedures for safeguarding
Securities deposited in such Book-Entry System or Securities
Depository.
(f) Anything to the contrary in this Agreement notwithstanding, the
Custodian shall be liable to the Trust for any loss or damage to a
Fund resulting (i) from the use of a Book-Entry System or Securities
Depository by reason of any bad faith, negligence or willful
misconduct on the part of Custodian or any Sub-Custodian appointed
pursuant to Section 3.3 above or any of its or their employees, or
(ii) from failure of Custodian or any such Sub-Custodian to enforce
effectively such rights as it may have against a Book-Entry System or
Securities Depository. At its election, the Trust shall be subrogated
to the rights of the Custodian with respect to any claim against a
Book-Entry System or Securities Depository or any other person from
any loss or damage to a Fund arising from the use of such Book-Entry
System or Securities Depository, if and to the extent that such Fund
has not been made whole for any such loss or damage.
3.6 Disbursement of Moneys from Fund Custody Account. Upon receipt of Proper
Instructions, the Custodian shall disburse moneys from a Fund Custody
Account but only in the following cases:
(a) For the purchase of Securities for a Fund but only in accordance with
Section 4.1 of this Agreement and only (i) in the case of Securities
(other than options on Securities, futures contracts and options on
futures contracts), against the delivery to the Custodian (or any
Sub-Custodian appointed pursuant to Section 3.3 above) of such
Securities registered as provided in Section 3.9 below or in proper
form for transfer, or if the purchase of such Securities is effected
through a Book-Entry System or Securities Depository, in accordance
with the conditions set forth in Section 3.5 above; (ii) in the case
of options on Securities, against delivery to the Custodian (or such
Sub-Custodian) of such receipts as are required by the customs
prevailing among dealers in such options; (iii) in the case of futures
contracts and options on futures contracts, against delivery to the
Custodian (or such Sub-Custodian) of evidence of title thereto in
favor of such Fund or any nominee referred to in Section 3.9 below;
and (iv) in the case of repurchase or reverse repurchase agreements
entered into between the Trust on behalf of a Fund and a bank which is
a member of the Federal Reserve System or between the Trust on behalf
of a Fund and a primary dealer in U.S. Government securities, against
delivery of the purchased Securities either in certificate form or
through an entry crediting the Custodian's account at a Book-Entry
System or Securities Depository with such Securities;
(b) In connection with the conversion, exchange or surrender, as set forth
in Section 3.7(f) below, of Securities owned by a Fund;
(c) For the payment of any dividends or capital gain distributions
declared by the Trust to be paid by a Fund;
(d) In payment of the redemption price of Shares as provided in Section
5.1 below;
(e) For the payment of any expense or liability incurred by a Fund,
including but not limited to the following payments for the account of
such Fund: interest; taxes; administration, investment advisory,
accounting, auditing, transfer agent, custodian, director and legal
fees; and other operating expenses of the Fund; in all cases, whether
or not such expenses are to be in whole or in part capitalized or
treated as deferred expenses;
(f) For transfer in accordance with the provisions of any agreement among
the Trust, the Custodian and a broker-dealer registered under the 1934
Act and a member of the NASD, relating to compliance with rules of The
Options Clearing Trust and of any registered national securities
exchange (or of any similar organization or organizations) regarding
escrow or other arrangements in connection with transactions by a
Fund;
(g) For transfer in accordance with the provision of any agreement among
the Trust, the Custodian, and a futures commission merchant registered
under the Commodity Exchange Act, relating to compliance with the
rules of the Commodity Futures Trading Commission and/or any contract
market (or any similar organization or organizations) regarding
account deposits in connection with transactions by a Fund;
(h) For the funding of any uncertificated time deposit or other
interest-bearing account with any banking institution (including the
Custodian), which deposit or account has a term of one year or less;
and
(i) For any other proper purpose, but only upon receipt, in addition to
Proper Instructions, of a copy of a resolution of the Board of
Trustees, certified by an Officer, specifying the amount and purpose
of such payment, declaring such purpose to be a proper corporate
purpose, and naming the person or persons to whom such payment is to
be made.
3.7 Delivery of Securities from Fund Custody Account. Upon receipt of Proper
Instructions, the Custodian shall release and deliver Securities from a
Fund Custody Account but only in the following cases:
(a) Upon the sale of Securities for the account of such Fund but only
against receipt of payment therefor in cash, by certified or cashiers
check or bank credit;
(b) In the case of a sale effected through a Book-Entry System or
Securities Depository, in accordance with the provisions of Section
3.5 above;
(c) To an offeror's depository agent in connection with tender or other
similar offers for Securities of the Fund; provided that, in any such
case, the cash or other consideration is to be delivered to the
Custodian;
(d) To the issuer thereof or its agent (i) for transfer into the name of
the Fund, the Custodian or any Sub-Custodian appointed pursuant to
Section 3.3 above, or of any nominee or nominees of any of the
foregoing, or (ii) for exchange for a different number of certificates
or other evidence representing the same aggregate face amount or
number of units; provided that, in any such case, the new Securities
are to be delivered to the Custodian;
(e) To the broker selling Securities, for examination in accordance with
the "street delivery" custom;
(f) For exchange or conversion pursuant to any plan or merger,
consolidation, recapitalization, reorganization or readjustment of the
issuer of such Securities, or pursuant to provisions for conversion
contained in such Securities, or pursuant to any deposit agreement,
including surrender or receipt of underlying Securities in connection
with the issuance or cancellation of depository receipts; provided
that, in any such case, the new Securities and cash, if any, are to be
delivered to the Custodian;
(g) Upon receipt of payment therefor pursuant to any repurchase or reverse
repurchase agreement entered into by the Fund;
(h) In the case of warrants, rights or similar Securities, upon the
exercise thereof, provided that, in any such case, the new Securities
and cash, if any, are to be delivered to the Custodian;
(i) For delivery in connection with any loans of Securities of the Fund,
but only against receipt of such collateral as the Trust shall have
specified to the Custodian in Proper Instructions;
(j) For delivery as security in connection with any borrowings by a Fund
requiring a pledge of assets by the Trust on behalf of such Fund, but
only against receipt by the Custodian of the amounts borrowed;
(k) Pursuant to any authorized plan of liquidation, reorganization,
merger, consolidation or recapitalization of the Trust or a Fund;
(l) For delivery in accordance with the provisions of any agreement among
the Trust on behalf of a Fund, the Custodian and a broker-dealer
registered under the 1934 Act and a member of the NASD, relating to
compliance with the rules of The Options Clearing Trust and of any
registered national securities exchange (or of any similar
organization or organizations) regarding escrow or other arrangements
in connection with transactions by the Fund;
(m) For delivery in accordance with the provisions of any agreement among
the Trust, the Custodian, and a futures commission merchant registered
under the Commodity Exchange Act, relating to compliance with the
rules of the Commodity Futures Trading Commission and/or any contract
market (or any similar organization or organizations) regarding
account deposits in connection with transactions by the Fund;
(n) Upon receipt of instructions from a Fund's transfer agent, for
delivery to such transfer agent or to the holders of shares in
connection with distributions in kind as may be described from time to
time in such Fund's currently effective prospectus and statement of
additional information, in satisfaction of requests for repurchase or
redemption; or
(o) For any other proper corporate purpose, but only upon receipt, in
addition to Proper Instructions, of a copy of a resolution of the
Board of Trustees, certified by an Officer, specifying the Securities
to be delivered, setting forth the purpose for which such delivery is
to be made, declaring such purpose to be a proper corporate purpose,
and naming the person or persons to whom delivery of such Securities
shall be made.
3.8 Actions Not Requiring Proper Instructions. Unless otherwise instructed by
the Trust, the Custodian shall with respect to all Securities held for a
Fund:
(a) Subject to Section 7.4 below, collect on a timely basis all income and
other payments to which the Fund is entitled either by law or pursuant
to custom in the securities business;
(b) Present for payment and, subject to Section 7.4 below, collect on a
timely basis the amount payable upon all Securities which may mature
or be called, redeemed, or retired, or otherwise become payable;
(c) Endorse for collection, in the name of the Fund, checks, drafts and
other negotiable instruments;
(d) Surrender interim receipts or Securities in temporary form for
Securities in definitive form;
(e) Execute, as custodian, any necessary declarations or certificates of
ownership under the federal income tax laws or the laws or regulations
of any other taxing authority now or hereafter in effect, and prepare
and submit reports to the Internal Revenue Service ("IRS") and to the
Trust at such time, in such manner and containing such information as
is prescribed by the IRS;
(f) Hold for the Fund, either directly or, with respect to Securities held
therein, through a Book-Entry System or Securities Depository, all
rights and similar securities issued with respect to Securities of the
Fund; and
(g) In general, and except as otherwise directed in Proper Instructions or
as directed by the Board of Trustees, attend to all non-discretionary
details in connection with the sale, exchange, substitution, purchase,
transfer and other dealings with Securities and assets of the Fund.
3.9 Registration and Transfer of Securities. All Securities held for a Fund
that are issued or issuable only in bearer form shall be held by the
Custodian in that form, provided that any such Securities shall be held in
a Book-Entry System if eligible therefor. All other Securities held for a
Fund may be registered in the name of the Fund, the Custodian, or any
Sub-Custodian appointed pursuant to Section 3.3 above, or in the name of
any nominee of any of them, or in the name of a Book-Entry System,
Securities Depository or any nominee of either thereof. The Trust shall
furnish to the Custodian appropriate instruments to enable the Custodian to
hold or deliver in proper form for transfer, or to register in the name of
any of the nominees hereinabove referred to or in the name of a Book-Entry
System or Securities Depository, any Securities registered in the name of
the Fund.
3.10 Records.
(a) The Custodian shall maintain, for each Fund, complete and accurate
records with respect to Securities, cash or other property held for
such Fund, including (i) journals or other records of original entry
containing an itemized daily record in detail of all receipts and
deliveries of Securities and all receipts and disbursements of cash;
(ii) ledgers (or other records) reflecting (A) Securities in transfer,
(B) Securities in physical possession, (C) monies and Securities
borrowed and monies and Securities loaned (together with a record of
the collateral therefor and substitutions of such collateral), (D)
dividends and interest received, and (E) dividends receivable and
interest receivable; and (iii) canceled checks and bank records
related thereto. The Custodian shall keep such other books and records
of each Fund as the Trust shall reasonably request, or as may be
required by the 1940 Act, including, but not limited to, Section 31 of
the 1940 Act and Rule 31a-2 promulgated thereunder.
(b) All such books and records maintained by the Custodian shall (i) be
maintained in a form acceptable to the Trust and in compliance with
rules and regulations of the SEC, (ii) be the property of the Trust
and at all times during the regular business hours of the Custodian be
made available upon request for inspection by duly authorized
officers, employees or agents of the Trust and employees or agents of
the SEC, and (iii) if required to be maintained by Rule 31a-1 under
the 1940 Act, be preserved for the periods prescribed in Rule 31a-2
under the 0000 Xxx.
3.11 Fund Reports by Custodian. The Custodian shall furnish the Trust with a
daily activity statement and a summary of all transfers to or from each
Fund Custody Account on the day following such transfers. At least monthly
or as may reasonably be requested, the Custodian shall furnish the Trust
with a detailed statement of the Securities and moneys held by the
Custodian and the Sub-Custodians for each Fund under this Agreement.
3.12 Other Reports by Custodian. The Custodian shall provide the Trust with such
reports, as the Trust may reasonably request from time to time, on the
internal accounting controls and procedures for safeguarding Securities,
which are employed by the Custodian or any Sub-Custodian appointed pursuant
to Section 3.3 above.
3.13 Proxies and Other Materials. The Custodian shall cause all proxies relating
to Securities which are not registered in the name of a Fund, to be
promptly executed by the registered holder of such Securities, without
indication of the manner in which such proxies are to be voted, and shall
promptly deliver to the Trust such proxies, all proxy soliciting materials
and all notices relating to such Securities.
3.14 Information on Corporate Actions. The Custodian shall promptly deliver to
the Trust all information received by the Custodian pertaining to
Securities being held by a Fund with respect to optional tender or exchange
offers, calls for redemption or purchase, or expiration of rights as
described in the Standards of Service Guide attached as Exhibit B. If the
Trust desires to take action with respect to any tender offer, exchange
offer or other similar transaction, the Trust shall notify the Custodian at
least five Business Days prior to the date on which the Custodian is to
take such action. The Trust will provide or cause to be provided to the
Custodian all relevant information for any Security which has unique
put/option provisions at least five Business Days prior to the beginning
date of the tender period.
ARTICLE IV
PURCHASE AND SALE OF INVESTMENTS OF A FUND
4.1 Purchase of Securities. Promptly upon each purchase of Securities for a
Fund, Written Instructions shall be delivered to the Custodian, specifying
(a) the name of the issuer or writer of such Securities, and the title or
other description thereof, (b) the number of shares, principal amount (and
accrued interest, if any) or other units purchased, (c) the date of
purchase and settlement, (d) the purchase price per unit, (e) the total
amount payable upon such purchase, and (f) the name of the person to whom
such amount is payable. The Custodian shall upon receipt of such Securities
purchased by the Fund pay out of the moneys held for the account of the
Fund the total amount specified in such Written Instructions to the person
named therein. The Custodian shall not be under any obligation to pay out
moneys to cover the cost of a purchase of Securities for the Fund, if in
the Fund Custody Account there is insufficient cash available to the Fund
for which such purchase was made.
4.2 Liability for Payment in Advance of Receipt of Securities Purchased. In any
and every case where payment for the purchase of Securities for a Fund is
made by the Custodian in advance of receipt of the Securities purchased but
in the absence of specified Written Instructions to so pay in advance, the
Custodian shall be liable to the Fund for such Securities to the same
extent as if the Securities had been received by the Custodian.
4.3 Sale of Securities. Promptly upon each sale of Securities by a Fund,
Written Instructions shall be delivered to the Custodian, specifying (a)
the name of the issuer or writer of such Securities, and the title or other
description thereof, (b) the number of shares, principal amount (and
accrued interest, if any), or other units sold, (c) the date of sale and
settlement, (d) the sale price per unit, (e) the total amount payable upon
such sale, and (f) the person to whom such Securities are to be delivered.
Upon receipt of the total amount payable to the Fund as specified in such
Written Instructions, the Custodian shall deliver such Securities to the
person specified in such Written Instructions and provide timely notice to
the Fund and the transfer agent of any receipt by it of payments for shares
of such Fund. Subject to the foregoing, the Custodian may accept payment in
such form as mutually agreed upon from time to time by the Trust and the
Custodian, and may deliver Securities and arrange for payment in accordance
with the customs prevailing among dealers in Securities.
4.4 Delivery of Securities Sold. Notwithstanding Section 4.3 above or any other
provision of this Agreement, the Custodian, upon receipt of Proper
Instructions to deliver Securities against payment, shall be entitled, if
in accordance with generally accepted market practice, to deliver such
Securities prior to actual receipt of final payment therefor. In any such
case, the Fund shall bear the risk that final payment for such Securities
may not be made or that such Securities may be returned or otherwise held
or disposed of by or through the person to whom they were delivered, and
absent any bad faith, negligence or willful misconduct, the Custodian shall
have no liability for any for the foregoing.
4.5 Payment for Securities Sold, etc. In its sole discretion and from time to
time, the Custodian may credit a Fund Custody Account, prior to actual
receipt of final payment thereof, with (i) proceeds from the sale of
Securities which it has been instructed to deliver against payment, (ii)
proceeds from the redemption of Securities or other assets of the Fund, and
(iii) income from cash, Securities or other assets of the Fund. Any such
credit shall be conditional upon actual receipt by Custodian of final
payment and may be reversed if final payment is not actually received in
full. The Custodian may, in its sole discretion and from time to time,
permit the Fund to use funds so credited to the Fund Custody Account in
anticipation of actual receipt of final payment. Any such funds shall be
repayable immediately upon demand made by the Custodian at any time prior
to the actual receipt of all final payments in anticipation of which funds
were credited to the Fund Custody Account.
4.6 Advances by Custodian for Settlement. The Custodian may, in its sole
discretion and from time to time, advance funds to the Trust to facilitate
the settlement of a Fund's transactions in such Fund's Custody Account. Any
such advance shall be repayable immediately upon demand made by Custodian.
ARTICLE V
REDEMPTION OF FUND SHARES
5.1 Transfer of Funds. From such funds as may be available for the purpose in
the relevant Fund Custody Account, and upon receipt of Proper Instructions
specifying that the funds are required to redeem Shares of a Fund, the
Custodian shall wire each amount specified in such Proper Instructions to
or through such bank as the Trust may designate with respect to such amount
in such Proper Instructions.
5.2 No Duty Regarding Paying Banks. The Custodian shall not be under any
obligation to effect payment or distribution by any bank designated in
Proper Instructions given pursuant to Section 5.1 above of any amount paid
by the Custodian to such bank in accordance with such Proper Instructions.
ARTICLE VI
SEGREGATED ACCOUNTS
Upon receipt of Proper Instructions, the Custodian shall establish and
maintain a segregated account or accounts for and on behalf of each Fund, into
which account or accounts may be transferred cash and/or Securities, including
Securities maintained in a Depository Account,
(a) in accordance with the provisions of any agreement among the Trust, the
Custodian and a broker-dealer registered under the 1934 Act and a member of
the NASD (or any futures commission merchant registered under the Commodity
Exchange Act), relating to compliance with the rules of The Options
Clearing Trust and of any registered national securities exchange (or the
Commodity Futures Trading Commission or any registered contract market), or
of any similar organization or organizations, regarding escrow or other
arrangements in connection with transactions by the Fund,
(b) for purposes of segregating cash or Securities in connection with
securities options purchased, sold or written by a Fund or in connection
with financial futures contracts (or options thereon) purchased or sold by
a Fund,
(c) which constitute collateral for loans of Securities made by the Fund,
(d) for purposes of compliance by a Fund with requirements under the 1940 Act
for the maintenance of segregated accounts by registered investment
companies in connection with reverse repurchase agreements and when-issued,
delayed delivery and firm commitment transactions, and
(e) for other proper corporate purposes, but only upon receipt of, in addition
to Proper Instructions, a certified copy of a resolution of the Board of
Trustees, certified by an Officer, setting forth the purpose or purposes of
such segregated account and declaring such purposes to be proper corporate
purposes.
Each segregated account established under this Article VI shall be
established and maintained for one Fund only. All Proper Instructions relating
to a segregated account shall specify the Fund.
ARTICLE VII
CONCERNING THE CUSTODIAN
7.1 Standard of Care. The Custodian shall be held to the exercise of good faith
and reasonable care in carrying out its obligations under this Agreement,
and shall be without liability to the Trust or any Fund for any loss,
damage, cost, expense (including attorneys' fees and disbursements),
liability or claim unless such loss, damage, cost, expense, liability or
claim arises from negligence, bad faith or willful misconduct on its part
or on the part of any Sub-Custodian appointed pursuant to Section 3.3
above. The Custodian shall be entitled to rely on and may act upon advice
of counsel on all matters, and shall be without liability for any action
reasonably taken or omitted pursuant to such advice. The Custodian shall
promptly notify the Trust of any action taken or omitted by the Custodian
pursuant to advice of counsel. The Custodian shall not be under any
obligation at any time to ascertain whether the Trust or the Fund is in
compliance with the provisions of the Trust's charter documents or by-laws,
or its investment objectives and policies as then in effect.
7.2 Actual Collection Required. The Custodian shall not be liable for, or
considered to be the custodian of, any cash belonging to a Fund or any
money represented by a check, draft or other instrument for the payment of
money, until the Custodian or its agents actually receive such cash or
collect on such instrument.
7.3 No Responsibility for Title, etc. So long as and to the extent that it is
in the exercise of good faith and reasonable care, the Custodian shall not
be responsible for the title, validity or genuineness of any property or
evidence of title thereto received or delivered by it pursuant to this
Agreement.
7.4 Limitation on Duty to Collect. Custodian shall not be required to enforce
collection, by legal means or otherwise, of any money or property due and
payable with respect to Securities held for a Fund if such Securities are
in default or payment is not made after due demand or presentation.
7.5 Reliance Upon Documents and Instructions. The Custodian shall be entitled
to rely upon any certificate, notice or other instrument in writing
received by it and reasonably believed by it to be genuine. The Custodian
shall be entitled to rely upon any Oral Instructions and any Written
Instructions actually received by it and reasonably believed to be genuine
pursuant to this Agreement.
7.6 Express Duties Only. The Custodian shall have no duties or obligations
whatsoever except such duties and obligations as are specifically set forth
in this Agreement, and no covenant or obligation shall be implied in this
Agreement against the Custodian.
7.7 Co-operation. The Custodian shall cooperate with and supply necessary
information to the entity or entities appointed by the Trust to keep the
books of account of each Fund and/or compute the value of the assets of
each Fund. The Custodian shall take all such reasonable actions as the
Trust may from time to time request to enable the Trust to obtain, from
year to year, favorable opinions from the Trust's independent accountants
with respect to the Custodian's activities hereunder in connection with (a)
the preparation of the Trust's reports on Form N-1A and Form N-SAR and any
other reports required by the SEC, and (b) the fulfillment by the Trust of
any other requirements of the SEC.
ARTICLE VIII
INDEMNIFICATION
8.1 Indemnification by Trust. The Trust shall indemnify and hold harmless the
Custodian and any Sub-Custodian appointed pursuant to Section 3.3 above,
and any nominee of the Custodian or of such Sub-Custodian, from and against
any loss, damage, cost, expense (including attorneys' fees and
disbursements), liability (including, without limitation, liability arising
under the Securities Act of 1933, the 1934 Act, the 1940 Act, and any state
or foreign securities and/or banking laws) or claim arising directly or
indirectly (a) from the fact that Securities are registered in the name of
any such nominee, or (b) from any action or inaction by the Custodian or
such Sub-Custodian (i) at the request or direction of or in reliance on the
advice of the Trust, or (ii) upon Proper Instructions, or (c) generally,
from the performance of its obligations under this Agreement or any
sub-custody agreement with a Sub-Custodian appointed pursuant to Section
3.3 above, provided that neither the Custodian nor any such Sub-Custodian
shall be indemnified and held harmless from and against any such loss,
damage, cost, expense, liability or claim arising from the Custodian's or
such Sub-Custodian's negligence, bad faith or willful misconduct.
8.2 Indemnification by Custodian. The Custodian shall indemnify and hold
harmless the Trust, its officers, Trustees and agents from and against any
loss, damage, cost, expense (including attorneys' fees and disbursements),
liability (including without limitation, liability arising under the
Securities Act of 1933, the 1934 Act, the 1940 Act, and any state or
foreign securities and/or banking laws) or claim arising from the
negligence, bad faith or willful misconduct of the Custodian or any
Sub-Custodian appointed pursuant to Section 3.3 above, or any nominee of
the Custodian or of such Sub-Custodian.
8.3 Indemnity to be Provided. If the Trust requests the Custodian to take any
action with respect to Securities, which may, in the opinion of the
Custodian, result in the Custodian or its nominee becoming liable for the
payment of money or incurring liability of some other form, the Custodian
shall not be required to take such action until the Trust shall have
provided indemnity therefor to the Custodian in an amount and form
satisfactory to the Custodian.
8.4 Security. If the Custodian advances cash or Securities to a Fund for any
purpose, either at the Trust's request or as otherwise contemplated in this
Agreement, or in the event that the Custodian or its nominee incurs, in
connection with its performance under this Agreement, any loss, damage,
cost, expense (including attorneys' fees and disbursements), liability or
claim (except such as may arise from its or its nominee's negligence, bad
faith or willful misconduct), then, in any such event, any property at any
time held for the account of a Fund shall be security therefor, and should
the Fund fail promptly to repay or indemnify the Custodian, the Custodian
shall be entitled to utilize available cash of such Fund and to dispose of
other assets of such Fund to the extent necessary to obtain reimbursement
or indemnification.
ARTICLE IX
FORCE MAJEURE
Neither the Custodian nor the Trust shall be liable for any failure or
delay in performance of its obligations under this Agreement arising out of or
caused, directly or indirectly, by circumstances beyond its reasonable control,
including, without limitation, acts of God; earthquakes; fires; floods; wars;
civil or military disturbances; sabotage; strikes; epidemics; riots; power
failures; computer failure and any such circumstances beyond its reasonable
control as may cause interruption, loss or malfunction of utility,
transportation, computer (hardware or software) or telephone communication
service; accidents; labor disputes; acts of civil or military authority;
governmental actions; or inability to obtain labor, material, equipment or
transportation; provided, however, that the Custodian in the event of a failure
or delay (i) shall not discriminate against a Fund in favor of any other
customer of the Custodian in making computer time and personnel available to
input or process the transactions contemplated by this Agreement and (ii) shall
use its best efforts to ameliorate the effects of any such failure or delay.
ARTICLE X
EFFECTIVE PERIOD; TERMINATION
10.1 Effective Period. This Agreement shall become effective as of its execution
and shall continue in full force and effect until terminated as hereinafter
provided.
10.2 Termination. Either party hereto may terminate this Agreement by giving to
the other party a notice in writing specifying the date of such
termination, which shall be not less than sixty (60) days after the date of
the giving of such notice. If a successor custodian shall have been
appointed by the Board of Trustees, the Custodian shall, upon receipt of a
notice of acceptance by the successor custodian, on such specified date of
termination (a) deliver directly to the successor custodian all Securities
(other than Securities held in a Book-Entry System or Securities
Depository) and cash then owned by each Fund and held by the Custodian as
custodian, and (b) transfer any Securities held in a Book-Entry System or
Securities Depository to an account of or for the benefit of each Fund at
the successor custodian, provided that the Trust shall have paid to the
Custodian all fees, expenses and other amounts to the payment or
reimbursement of which it shall then be entitled. Upon such delivery and
transfer, the Custodian shall be relieved of all obligations under this
Agreement. The Trust may at any time immediately terminate this Agreement
in the event of the appointment of a conservator or receiver for the
Custodian by regulatory authorities or upon the happening of a like event
at the direction of an appropriate regulatory agency or court of competent
jurisdiction. Additionally, the Trust may remove certain Funds as parties
to this Agreement upon such Funds' conversion to a feeder fund in a
master/feeder fund structure; and the Custodian hereby waives the sixty
(60) day notice requirement pursuant to this Section; however, the Trust
shall provide reasonable notice of the anticipated conversion date. All
representations in Section 14.9 of this Agreement shall survive the
termination of this Agreement.
10.3 Failure to Appoint Successor Custodian. If a successor custodian is not
designated by the Trust on or before the date of termination specified
pursuant to Section 10.1 above, then the Custodian shall have the right to
deliver to a bank or Trust company of its own selection, which (a) is a
"bank" as defined in the 1940 Act and (b) has aggregate capital, surplus
and undivided profits as shown on its then most recent published report of
not less than $25 million, all Securities, cash and other property held by
Custodian under this Agreement and to transfer to an account of or for each
Fund at such bank or trust company all Securities of the Fund held in a
Book-Entry System or Securities Depository. Upon such delivery and
transfer, such bank or trust company shall be the successor custodian under
this Agreement and the Custodian shall be relieved of all obligations under
this Agreement.
ARTICLE XI
COMPENSATION OF CUSTODIAN
The Custodian shall be entitled to compensation as agreed upon from time to
time by the Trust and the Custodian. The fees and other charges in effect on the
date hereof and applicable to each Fund are set forth in Exhibit D attached
hereto.
ARTICLE XII
LIMITATION OF LIABILITY
It is expressly agreed that the obligations of the Trust hereunder shall
not be binding upon any of the Trustees, shareholders, nominees, officers,
agents or employees of the Trust personally, but shall bind only the property of
the Trust. The execution and delivery of this Agreement have been authorized by
the Trustees, and this Agreement has been signed and delivered by an authorized
officer of the Trust, acting as such, and neither such authorization by the
Trustees nor such execution and delivery by such officer shall be deemed to have
been made by any of them individually or to impose any liability on any of them
personally, but shall bind only the Trust property of the Trust.
ARTICLE XIII
NOTICES
Unless otherwise specified herein, all demands, notices, instructions, and
other communications to be given hereunder shall be in writing and shall be sent
or delivered to the recipient at the address set forth after its name
hereinbelow:
To the Trust:
CCMA Select Investment Trust
000 Xxxxx XxXxxxx, Xxxxx 0000
Xxxxxxx, XX 00000
Attn: Xxxxxxx X. Xxxxxxx
To Custodian:
Firstar Bank, N.A.
000 Xxxxxx Xxxxxx, X.X. XX-XX-00XX
Xxxxxxxxxx, Xxxx 00000
Attention: Mutual Fund Custody Services
Telephone: (513) 632_____
Facsimile: (000) 000-0000
or at such other address as either party shall have provided to the other by
notice given in accordance with this Article XIII. Writing shall include
transmissions by or through teletype, facsimile, central processing unit
connection, on-line terminal and magnetic tape.
ARTICLE XIV
MISCELLANEOUS
14.1 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Ohio.
14.2 References to Custodian. The Trust shall not circulate any printed matter
which contains any reference to Custodian without the prior written
approval of Custodian, excepting printed matter contained in the prospectus
or statement of additional information for a Fund and such other printed
matter as merely identifies Custodian as custodian for a Fund. The Trust
shall submit printed matter requiring approval to Custodian in draft form,
allowing sufficient time for review by Custodian and its counsel prior to
any deadline for printing.
14.3 No Waiver. No failure by either party hereto to exercise, and no delay by
such party in exercising, any right hereunder shall operate as a waiver
thereof. The exercise by either party hereto of any right hereunder shall
not preclude the exercise of any other right, and the remedies provided
herein are cumulative and not exclusive of any remedies provided at law or
in equity.
14.4 Amendments. This Agreement cannot be changed orally and no amendment to
this Agreement shall be effective unless evidenced by an instrument in
writing executed by the parties hereto.
14.5 Counterparts. This Agreement may be executed in one or more counterparts,
and by the parties hereto on separate counterparts, each of which shall be
deemed an original but all of which together shall constitute but one and
the same instrument.
14.6 Severability. If any provision of this Agreement shall be invalid, illegal
or unenforceable in any respect under any applicable law, the validity,
legality and enforceability of the remaining provisions shall not be
affected or impaired thereby.
14.7 Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors
and assigns; provided, however, that this Agreement shall not be assignable
by either party hereto without the written consent of the other party
hereto.
14.8 Headings. The headings of sections in this Agreement are for convenience of
reference only and shall not affect the meaning or construction of any
provision of this Agreement.
14.9 Confidentiality. Neither the Custodian nor the Trust shall disclose or use
nonpublic personal information (as defined by Rule 3(t) of Regulation S-P
under the federal securities laws) provided by the other party, except as
necessary to carry out the purposes for which such information is provided,
including information that is used in accordance with Rules 14 and 15 of
Regulation S-P in the ordinary course of business.
14.10Entire Agreement. This Agreement constitutes the entire agreement between
the parties hereto and supercedes any prior agreement with respect to the
subject matter hereof, whether oral or written.
14.11Additional Funds. In the event the Trust establishes additional series or
classes of shares than those listed on the attached Exhibit C, and the
Trust desires to have Custodian act as custodian to such series or class
under the terms hereof, the Trust shall so notify Custodian in writing and
if Custodian agrees in writing to provide such services, such series or
class shall be covered by this Agreement.
IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to
be executed and delivered in its name and on its behalf by its representatives
thereunto duly authorized, all as of the day and year first above written.
ATTEST: CCMA SELECT INVESTMENT TRUST
/s/ Xxxxxxxx Xxxxxx By:/s/ Xxxxxxx X. Xxxxxxx
------------------- ----------------------
ATTEST: FIRSTAR BANK, N.A.
______________________________ By:/s/ Xxx Xxxxxxx
---------------
EXHIBIT A
AUTHORIZED PERSONS
Set forth below are the names and specimen signatures of the persons
authorized by the Trust to administer the Fund Custody Accounts.
Authorized Persons Specimen Signatures
President: /s/ Xxxxxxx X. Xxxxxxx
----------------------
Secretary: /s/ Xxxxxxx X. Xxxxxxx
----------------------
Treasurer: /s/ Xxxxxxx Xxxxxxxxx
---------------------
Vice President: /s/ Xxxxx X. Xxxxx
------------------
Adviser Employees: /s/ Xxxx Xxxxxxxxx
------------------
-------------------
Transfer Agent/Fund Accountant
Employees: ___________________
-------------------
-------------------
-------------------
-------------------
EXHIBIT B
Firstar Bank, N.A.
Standards of Service Guide
Firstar Bank, N.A. is committed to providing superior quality service to
all customers and their agents at all times. We have compiled this guide as a
tool for our clients to determine our standards for the processing of security
settlements, payment collection, and capital change transactions. Deadlines
recited in this guide represent the times required for Firstar Bank to guarantee
processing. Failure to meet these deadlines will result in settlement at our
client's risk. In all cases, Firstar Bank will make every effort to complete all
processing on a timely basis.
Firstar Bank is a direct participant of the Depository Trust Company, a
direct member of the Federal Reserve Bank of Cleveland, and utilizes the Bankers
Trust Company as its agent for ineligible and foreign securities.
For corporate reorganizations, Firstar Bank utilizes SEI's Reorg Source,
Financial Information, Inc., XCITEK, DTC Important Notices, and the Wall Street
Journal.
For bond calls and mandatory puts, Firstar Bank utilizes SEI's Bond
Source, Xxxxx Information Systems, Standard & Poor's Trust, and DTC Important
Notices. Firstar Bank will not notify clients of optional put opportunities.
Any securities delivered free to Firstar Bank or its agents must be
received three (3) business days prior to any payment or settlement in order for
the Firstar Bank standards of service to apply.
Should you have any questions regarding the information contained in this
guide, please feel free to contact your account representative.
The information contained in this Standards of Service Guide is subject to
change. Should any changes be made Firstar Bank will provide you with an
updated copy of its Standards of Service Guide.
Firstar Bank Security Settlement Standards
Transaction Type Instructions Deadlines* Delivery Instructions
DTC 1:30 P.M. on Settlement Date DTC Participant #0000
Xxxxx Xxxx XX 00000
Institutional #________________
For Account #____________
Federal Reserve Book Entry 12:30 P.M. on Settlement Date Federal Reserve Bank of Xxxxx/Trust
for Firstar Bank, N.A. ABA# 000000000
For Account #_____________
Fed Wireable FNMA & FHLMC 12:30 P.M. on Settlement Date Bk of NYC/Cust
ABA 000000000
A/C Firstar Bank # 117612
For Account #____________
Federal Reserve Book Entry 1:00 P.M. on Settlement Date Federal Reserve Bank of Xxxxx/Spec
(Repurchase Agreement for Firstar Bank, N.A. ABA# 000000000
Collateral Only) For Account #_____________
PTC Securities 12:00 P.M. on Settlement Date PTC For Account BYORK
(GNMA Book Entry) Firstar Bank / 117612
Physical Securities 9:30 A.M. EST on Settlement Date Bank of New York
(for Deliveries, by 4:00 P.M. on One Wall Street- 3rd Floor - Window A
Settlement Date minus 1) Xxx Xxxx, XX 00000
For account of Firstar Bank / Cust #117612
Attn: Xxxxxx Xxxxxx
CEDEL/EURO-CLEAR 11:00 A.M. on Settlement Date minus 2 Cedel a/c 55021
FFC: a/c 387000
Firstar Bank / Global Omnibus
Cash Wire Transfer 3:00 P.M. Firstar Bank,X.X. Xxxxx/Trust ABA# 000000000
Credit Account #0000000
Further Credit to ___________
Account # _______________
* All times listed are Eastern Standard Time.
Firstar Bank Payment Standards
Security Type Income Principal
Equities Payable Date
Municipal Bonds* Payable Date Payable Date
Corporate Bonds* Payable Date Payable Date
Federal Reserve Bank Book Entry* Payable Date Payable Date
PTC GNMA's (P&I) Payable Date + 1 Payable Date + 1
CMOs *
DTC Payable Date + 1 Payable Date + 1
Bankers Trust Payable Date + 1 Payable Date + 1
SBA Loan Certificates When Received When Received
Unit Investment Trust Certificates* Payable Date Payable Date
Certificates of Deposit* Payable Date + 1 Payable Date + 1
Limited Partnerships When Received When Received
Foreign Securities When Received When Received
*Variable Rate Securities
Federal Reserve Bank Book Entry Payable Date Payable Date
DTC Payable Date + 1 Payable Date + 1
Bankers Trust Payable Date + 1 Payable Date + 1
NOTE: If a payable date falls on a weekend or bank holiday, payment will be
made on the immediately following business day.
Firstar Bank Corporate Reorganization Standards
Deadline for Client
Instructions Transaction
Type of Action Notification to Client to Firstar Bank Posting
Rights, Warrants, Later of 10 business days prior to 5 business days prior Upon receipt
and Optional Mergers expiration or receipt of notice to expiration
Mandatory Puts with Later of 10 business days prior to 5 business days prior Upon receipt
Option to Retain expiration or receipt of notice to expiration
Class Actions 10 business days prior to expiration date 5 business days prior Upon receipt
Voluntary Tenders, Later of 10 business days prior to 5 business days prior Upon receipt
Exchanges, expiration or receipt of notice to expiration
and Conversions
Mandatory Puts, At posting of funds or securities None Upon receipt
Defaults, Liquidations, received
Bankruptcies, Stock
Splits, Mandatory
Exchanges
Full and Partial Calls Later of 10 business days prior to None Upon receipt
expiration or receipt of notice
NOTE: Fractional shares/par amounts resulting from any of the above will be
sold.
EXHIBIT C
CCMA Select Investment Trust
CCMA Select Money Market Fund
CCMA Select International Core Equity Fund
