Exhibit (d.1)
ULTRA SERIES FUND
MANAGEMENT AGREEMENT
AMENDED AND RESTATED NOVEMBER 29, 2007
THIS MANAGEMENT AGREEMENT ("Agreement") is made effective as of this 29th day of
November, 2007, by and between Ultra Series Fund, a business trust organized and
existing under the laws of the Commonwealth of Massachusetts (the "Fund"), and
MEMBERS Capital Advisors, Inc. (the "Manager"), a corporation organized and
existing under the laws of the state of Iowa.
RECITALS
1. The Fund is a series-type, open-end management investment company registered
under the Investment Company Act of 1940, as amended (the "1940 Act"), that
currently consists of the investment portfolios (each, a "Series") designated on
Exhibit A hereto, each such Series having its own investment objective;
2. The Fund issues a separate series of shares of beneficial interest for each
Series, which shares represent fractional undivided interests in the Series;
3. The Manager is engaged principally in rendering investment advisory services
and is registered as an investment adviser under the Investment Advisers Act of
1940, as amended (the "Advisers Act");
4. The Fund desires to retain the Manager to provide or to arrange to provide
overall management of the Fund and each Series, including, but not limited to,
investment advisory, custody, transfer agency, dividend disbursing, legal,
accounting, and administrative services, in the manner and on the terms and
conditions set forth in this Agreement; and
5. The Manager is willing to provide or to arrange to provide, investment
advisory, custody, transfer agency, dividend disbursing, legal, accounting, and
administrative services to the Fund and each Series on the terms and conditions
set forth in this Agreement.
NOW, THEREFORE, in consideration of the premises and the covenants hereinafter
contained, the Fund and the Manager hereby agree as follows:
ARTICLE I
Duties of the Manager
The Fund hereby engages the Manager to act as the Fund's general manager to
provide or to arrange to provide directly or through third parties, investment
advisory, custody, transfer agency, dividend disbursing, legal, accounting, and
administrative services to each existing Series of the Fund and to any
additional investment portfolios that the Fund may establish in the future; and
to provide or to arrange to provide the above services subject to the
supervision of the board of trustees of the Fund (the "Board"), for the period
and on the terms and conditions set forth in this Agreement. The Manager hereby
accepts such engagement and agrees during such period, at its own expense, to
provide or to arrange to provide, such investment advisory
and general management services, and to assume the obligations set forth in this
Agreement for the compensation provided for herein. Subject to the provisions of
the 1940 Act and the Advisers Act, the Manager may retain any affiliated or
unaffiliated parties including, but not limited to, investment adviser(s) and/or
investment sub-adviser(s), custodian(s), transfer agent(s), dividend-disbursing
agent(s), attorney(s), and accountant(s) to perform any or all of the services
set forth in this Agreement.
The Manager, its affiliates and any investment adviser(s), sub-adviser(s),
custodian(s), transfer agent(s), dividend-disbursing agent(s), attorney(s),
accountant(s), or other parties performing services for the Manager shall for
all purposes herein be deemed to be independent contractors and shall, unless
otherwise expressly provided or authorized, have no authority to act for or
represent the Fund or a Series in any way or otherwise be deemed agents of the
Fund or a Series.
The Manager shall, for purposes of this Agreement, have and exercise full
investment discretion and authority to act as agent for the Fund in buying,
selling or otherwise disposing of or managing the Fund's investments, directly
or through sub-advisers, subject to supervision by the Board.
The Manager and any other party performing services covered by this Agreement
(each such party is hereafter referred to as a "Service Provider") shall be
subject to: (1) the restrictions of the Declaration of Trust and Bylaws of the
Fund, as amended from time to time; (2) the provisions of the 1940 Act and the
Advisers Act; (3) the statements relating to the Series' investment objectives,
investment policies and investment restrictions as set forth in the currently
effective (and as amended from time to time) registration statement of the Fund
(the "registration statement") under the Securities Act of 1933, as amended (the
"1933 Act"); (4) appropriate state insurance laws; and (5) any applicable
provisions of the Internal Revenue Code of 1986, as amended (the "Code").
(a) Investment Advisory Services. The Manager shall provide the Fund directly or
through sub-advisers with such investment research, advice and supervision as
the Fund may from time to time consider necessary for the proper management of
the assets of each Series, shall furnish continuously an investment program for
each Series, shall determine from time to time which securities or other
investments shall be purchased, sold or exchanged and what portions of each
Series shall be held in the various securities or other investments or cash, and
shall take such steps as are necessary to implement an overall investment plan
for each Series, including providing or obtaining such services as may be
necessary in managing, acquiring or disposing of securities, cash or other
investments.
The Fund has furnished or will furnish the Manager (who is authorized to furnish
any Service Provider) with copies of the Fund's registration statement,
Declaration of Trust, and Bylaws as currently in effect and agrees during the
continuance of this Agreement to furnish the Manager with copies of any
amendments or supplements thereto before or at the time the amendments or
supplements become effective. The Manager and any Service Providers will be
entitled to rely on all documents furnished by the Fund.
The Manager represents that in performing investment advisory services for each
Series, the Manager shall make every effort to ensure that: (1) each Series
shall comply with Section 817(h)
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of the Code and the regulations issued thereunder, specifically Regulation
Section 1.817-5, relating to the diversification requirements for variable
annuity, endowment, and life insurance contracts, and any amendments or other
modifications to such Section or regulations; (2) each Series continuously
qualifies as a regulated investment company under Subchapter M of the Code or
any successor provision; and (3) any and all applicable state insurance law
restrictions on investments that operate to limit or restrict the investments
that a Series may otherwise make are complied with as well as any changes
thereto. Except as instructed by the Board, the Manager shall also make
decisions for the Fund as to the manner in which voting rights, rights to
consent to corporate action, and any other rights pertaining to the Fund's
securities shall be exercised. If the Board at any time makes any determination
as to investment policy and notifies the Manager of such determination, the
Manager shall be bound by such determination for the period, if any, specified
in the notice or until similarly notified that such determination has been
revoked.
The Manager shall take, on behalf of each Series, all actions which it deems
necessary to implement the investment policies of such Series, and in
particular, to place all orders for the purchase or sale of portfolio
investments for the account of each Series with brokers, dealers, futures
commission merchants or banks selected by the Manager. The Manager also is
authorized as the agent of the Fund to give instructions to any Service Provider
serving as custodian of the Fund as to deliveries of securities and payments of
cash for the account of each Series. In selecting brokers or dealers and placing
purchase and sale orders with respect to assets of the Series, the Manager is
directed at all times to seek to obtain best execution and price within the
policy guidelines determined by the Board and set forth in the current
registration statement. Subject to this requirement and the provisions of the
Act, the Advisers Act, the Securities Exchange Act of 1934, as amended (the
"1934 Act"), and other applicable provisions of law, the Manager may select
brokers or dealers that are affiliated with the Manager or the Fund.
In addition to seeking the best price and execution, the Manager may also take
into consideration research and statistical information, wire, quotation and
other services provided by brokers and dealers to the Manager. The Manager is
also authorized to effect individual securities transactions at commission rates
in excess of the minimum commission rates available, if the Manager determines
in good faith that such amount of commission is reasonable in relation to the
value of the brokerage, research and other services provided by such broker or
dealer, viewed in terms of either that particular transaction or the Manager's
overall responsibilities with respect to each Series. The policies with respect
to brokerage allocation, determined from time to time by the Board are those
disclosed in the currently effective registration statement. The execution of
such transactions shall not be deemed to represent an unlawful act or breach of
any duty created by this Agreement or otherwise. The Manager will periodically
evaluate the statistical data, research and other investment services provided
to it by brokers and dealers. Such services may be used by the Manager in
connection with the performance of its obligations under this Agreement or in
connection with other advisory or investment operations including using such
information in managing its own accounts.
As part of carrying out its obligations to manage the investment and
reinvestment of the assets of each Series consistent with the requirements under
the 1940 Act, the Manager shall:
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(1) Perform research and obtain and analyze pertinent economic,
statistical, and financial data relevant to the investment policies of
each Series as set forth in the Fund's registration statement;
(2) Consult with the Board and furnish to the Board recommendations with
respect to an overall investment strategy for each Series for
approval, modification, or rejection by the Board;
(3) Seek out and implement specific investment opportunities, consistent
with any investment strategies approved by the Board;
(4) Take such steps as are necessary to implement any overall investment
strategies approved by the Board for each Series, including making and
carrying out day-to-day decisions to acquire or dispose of permissible
investments, managing investments and any other property of the
Series, and providing or obtaining such services as may be necessary
in managing, acquiring or disposing of investments;
(5) Regularly report to the Board with respect to the implementation of
any approved overall investment strategy and any other activities in
connection with management of the assets of each Series including
furnishing, within 60 days after the end of each calendar quarter, a
statement of investment performance for the period since the last
report and a schedule of investments and other assets of each Series
as of the end of the quarter;
(6) Maintain all required accounts, records, memoranda, instructions or
authorizations relating to the acquisition or disposition of
investments for each Series and the Fund;
(7) Furnish any personnel, office space, equipment and other facilities
necessary for the operation of each Series as contemplated in this
Agreement;
(8) Provide the Fund with such accounting or other data concerning the
Fund's investment activities as shall be necessary or required to
prepare and to file all periodic financial reports or other documents
required to be filed with the Securities and Exchange Commission and
any other regulatory entity;
(9) Assist in determining each business day the net asset value of the
shares of each Series in accordance with applicable law; and
(10) Enter into any written investment advisory or investment sub-advisory
contract with another affiliated or unaffiliated party, subject to any
approvals required by Section 15 of the 1940 Act, pursuant to which
such party will carry out some or all of the Manager's
responsibilities (as specified in such investment advisory or
investment sub-advisory contract) listed above.
(b) General Management Services. The Manager shall provide or arrange to provide
all custody, transfer agency, dividend disbursing, legal, accounting, and
administrative services necessary for the operation of the Fund, including,
without limitation, the following services:
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(1) Custody services including, but not limited to:
(i) placing and maintaining each Series' securities, cash or other
investments pursuant to the requirements of Section 17(f) of the
1940 Act and the rules thereunder;
(ii) holding and physically segregating for the Fund's account, all of
the Fund's assets, including securities that the Fund desires to
be held in places within the United States ("domestic
securities") or in places outside the United States ("foreign
securities");
(iii) releasing and delivering domestic securities owned by the Fund
only upon receipt of instructions from persons and by means
authorized by the Board;
(iv) assuring that all domestic securities held are registered in the
name of the Fund or in the name of any nominee of the Fund or of
any nominee of the Manager or any Service Provider acting as
custodian which nominee shall be assigned exclusively to the
Fund, unless the Fund has provided written authorization to use a
nominee not meeting the above requirement;
(v) maintaining a separate bank account(s) in the United States in
the name of the Fund, and holding all cash received by it from or
for the account of the Fund in such account;
(vi) collecting on a timely basis all income and other payments with
respect to securities to which the Fund shall be entitled either
by law or pursuant to custom in the securities business;
(vii) paying out monies of the Fund upon receipt of instructions from
persons and by means authorized by the Board;
(viii) appointing or removing, in its discretion, any other entity
qualified under the 1940 Act to act as a custodian, as its agent
to carry out any custody duties;
(ix) employing, in the discretion of the Manager or a Service Provider
employed by the Manager, other parties as sub-custodians for the
Fund's domestic securities or foreign securities. With respect to
the Fund's foreign securities, such employment shall be effected
and such foreign securities shall be maintained in accordance
with the provisions of Rule 17f-5 under the 1940 Act, as such
provisions may be amended from time to time, provided that the
Manager or a Service Provider employed by the Manager shall
furnish annually to the Fund, information concerning the Service
Provider or sub-custodians employed by the Manager or other
Service Provider;
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(x) creating and maintaining all records relating to its activities
and obligations under any contract relating to the Fund or a
Series thereof in accordance with the provisions of Section 31 of
the 1940 Act and Rules 31a-1 and 31a-2 under the 1940 Act. Such
records shall be the property of the Fund and shall at all times
during the regular business hours of the Manager (or separate
Service Provider acting as custodian) be open for inspection by
duly authorized officers, employees or agents of the Fund and
employees and agents of the Securities and Exchange Commission;
and
(xi) performing or arranging for the performance of any other usual
duties and functions of a custodian for a registered investment
company;
(2) Transfer agency services, including, but not limited to:
(i) receiving for acceptance, orders for the purchase of Fund shares,
and promptly delivering payment and appropriate documentation
thereof to any Service Provider acting as custodian;
(ii) issuing, pursuant to purchase orders, the appropriate number of
the Fund's shares and holding such shares in the appropriate
account;
(iii) receiving for acceptance redemption requests and redemption
directions and delivering the appropriate documentation to any
Service Provider acting as custodian;
(iv) effecting transfers of Fund shares by the registered owners
thereof upon receipt of appropriate instructions;
(v) preparing and transmitting payments for dividends and
distributions declared by the Fund;
(vi) maintaining records of accounts for shareholders and advising the
Fund and its shareholders as to the foregoing;
(vii) handling shareholder relations, and providing reports and other
information and services related to the maintenance of
shareholder accounts;
(viii) recording the issuance of shares of the Fund and maintaining
pursuant to Rule 17Ad-10(e) under the 1934 Act a record of the
total number of shares of the Fund that are authorized, based
upon data provided by the Fund, and issued and outstanding; and
(ix) performing or arranging for the performance of any other
customary services of a transfer agent or dividend-disbursing
agent for a registered investment company;
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(3) The calculation of the net asset value of each Series and the net
asset value per share of each class of shares at such times and in
such manner as specified in the Fund's current registration statement
and at such other times upon which the parties hereto may from time to
time agree; and
(4) The creation and maintenance of such records relating to the business
of the Fund as the Fund may from time to time reasonably request.
The Manager may contract with qualified Service Providers for the provision of
any of the services necessary for the operation of the Fund as described in this
Section (b). Where the Manager engages separate Service Providers, the Manager
shall also, on behalf of the Fund, coordinate the activities of such Service
Providers, as well as other agents, attorneys, brokers and dealers, insurers,
sub-advisers and such other persons in any such other capacity deemed to be
necessary or desirable. The Manager shall make reports to the Board of its
performance hereunder and shall furnish advice and recommendations with respect
to such other aspects of the business and affairs of the Fund as the Board or
the Manager shall consider desirable.
ARTICLE II
Allocation of Charges and Expenses
(a) The Manager. The Manager assumes the expense of and shall pay for
maintaining the staff and personnel necessary to perform its obligations under
this Agreement, and shall at its own expense provide the office space, equipment
and facilities that it is obligated to provide under this Agreement, and shall
pay all compensation of officers of the Fund and all trustees of the Fund who
are affiliated persons of the Manager, except as otherwise specified in this
Agreement.
Except for those expenses assumed by the Fund as provided in section (b) below,
the Manager shall bear all of the Fund's expenses including, but not limited to:
custodian fees; transfer agent fees; pricing costs (including the daily
calculation of net asset value); accounting fees; legal fees (except
extraordinary litigation expenses); expenses of shareholders' and/or trustees'
meetings; bookkeeping expenses related to shareholder accounts; insurance
charges; cost of printing and mailing shareholder reports and proxy statements;
costs of printing and mailing registration statements and updated prospectuses
to current shareholders; and the fees of any trade association of which the Fund
is a member.
The Manager agrees that neither it nor any Service Provider will make any
separate charge to any shareholder or his individual account for any services
rendered to said shareholder or the Fund unless such charge for special services
is specifically approved by the Board including a majority of the trustees who
are not "interested persons" (as such term is defined in the 0000 Xxx) of the
Manager (the "disinterested trustees"). No special charge will be levied
retroactively or without appropriate notice to affected shareholders.
(b) The Fund. The Fund assumes and shall pay or cause to be paid the following
expenses of the Fund, including, without limitation: compensation of the
Manager; fees of disinterested trustees; brokerage commissions, dealer markups
and other expenses incurred in the acquisition or disposition of any securities
or other investments; costs, including the interest expense, of borrowing money;
expenses for independent audits; taxes; and extraordinary expenses (including
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extraordinary litigation expenses and extraordinary consulting expenses) as
approved by a majority of the disinterested trustees.
ARTICLE III
Compensation of the Manager
For the services rendered, the facilities furnished and expenses assumed by the
Manager, the Fund shall pay to the Manager at the end of each calendar month a
unitary fee calculated as a percentage of the average value of the net assets
each day for each Series during that month at the annual rates set forth in
Exhibit A hereto.
The Manager's fee shall be accrued daily at 1/365th of the applicable annual
rate set forth above. For the purpose of accruing compensation, the net assets
of each Series shall be determined in the manner and on the dates set forth in
the Declaration of Trust or the current registration statement of the Fund and,
on days on which the net assets are not so determined, the net asset value
computation to be used shall be as determined on the immediately preceding day
on which the net assets were determined.
In the event of termination of this Agreement, all compensation due through the
date of termination will be calculated on a pro-rated basis through the date of
termination and paid within fifteen business days of the date of termination.
During any period when the determination of net asset value is suspended, the
net asset value of a Series as of the last business day prior to such suspension
shall for this purpose be deemed to be the net asset value at the close of each
succeeding business day until it is again determined.
ARTICLE IV
Limitation of Liability of the Manager
The Manager shall not be liable for any error of judgment or mistake of law or
for any loss arising out of any investment or for any act or omission in the
management of the Fund, except for (i) willful misfeasance, bad faith or gross
negligence in the performance of its duties or by reason of reckless disregard
of its obligations and duties hereunder, and (ii) to the extent specified in
section 36(b) of the 1940 Act concerning loss resulting from a breach of
fiduciary duty with respect to the receipt of compensation.
ARTICLE V
Activities of the Manager
The services of the Manager are not deemed to be exclusive, and the Manager is
free to render services to others, so long as the Manager's services under this
Agreement are not impaired. It is understood that trustees, officers, employees
and shareholders of the Fund are or may become interested persons of the
Manager, as directors, officers, employees and shareholders or otherwise, and
that directors, officers, employees and shareholders of the Manager are or may
become similarly interested persons of the Fund, and that the Manager may become
interested in the Fund as a shareholder or otherwise.
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It is agreed that the Manager may use any supplemental investment research
obtained for the benefit of the Fund in providing investment advice to its other
investment advisory accounts. The Manager or its affiliates may use such
information in managing their own accounts. Conversely, such supplemental
information obtained by the placement of business for the Manager or other
entities advised by the Manager will be considered by and may be useful to the
Manager in carrying out its obligations to the Fund.
Securities or other investments held by a Series of the Fund may also be held by
separate investment accounts or other mutual funds for which the Manager may act
as an investment adviser or by the Manager or its affiliates. Because of
different investment objectives or other factors, a particular security may be
bought by the Manager or its affiliates for one or more clients when one or more
clients are selling the same security. If purchases or sales of securities for a
Series or other entities for which the Manager or its affiliates act as
investment adviser or for their advisory clients arise for consideration at or
about the same time, the Fund agrees that the Manager may make transactions in
such securities, insofar as feasible, for the respective entities and clients in
a manner deemed equitable to all. To the extent that transactions on behalf of
more than one client of the Manager during the same period may increase the
demand for securities being purchased or the supply of securities being sold,
the Fund recognizes that there may be an adverse effect on price.
It is agreed that, on occasions when the Manager deems the purchase or sale of a
security to be in the best interest of a Series as well as other accounts or
companies, it may, to the extent permitted by applicable laws or regulations,
but will not be obligated to, aggregate the securities to be sold or purchased
for other accounts or companies in order to obtain favorable execution and lower
brokerage commissions or prices. In that event, allocation of the securities
purchased or sold, as well as the expenses incurred in the transaction, will be
made by the Manager in accordance with any written procedures maintained by the
Manager or, if there are no such written procedures, in the manner it considers
to be most equitable and consistent with its fiduciary obligations to the Fund
and to such other accounts or companies. The Fund recognizes that in some cases
this procedure may adversely affect the size of the position obtainable for a
Series.
ARTICLE VI
Books and Records
The Manager hereby undertakes and agrees to maintain, in the form and for the
period required by Rule 31a-2 and Rule 2a-7 under the 1940 Act, all records
relating to the Fund's investments that are required to be maintained by the
Fund pursuant to the requirements of Rule 31a-1 and Rule 2a-7 of the 1940 Act.
The Manager agrees that all books and records which it or any other Service
Provider maintains for the Fund are the property of the Fund and further agrees
to surrender promptly to the Fund any such books, records or information upon
the Fund's request. All such books and records shall be made available, within
five business days of a written request, to the Fund's accountants or auditors
during regular business hours at the Manager's offices. The Fund or its
authorized representative shall have the right to copy any records in the
possession of the Manager or a Service Provider that pertain to the Fund. Such
books, records, information or reports shall be made available to properly
authorized government representatives consistent with state and federal law
and/or regulations. In the event of the termination of this Agreement, all such
books,
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records or other information shall be returned to the Fund free from any claim
or assertion of rights by the Manager.
The Manager further agrees that it will not disclose or use any records or
information obtained pursuant to this Agreement in any manner whatsoever except
as authorized in this Agreement and that it will keep confidential any
information obtained pursuant to this Agreement and disclose such information
only if the Fund has authorized such disclosure, or if such disclosure is
required by federal or state regulatory authorities.
ARTICLE VII
Duration and Termination of this Agreement
This Agreement shall not become effective unless and until it is approved by the
Board, including a majority of trustees who are not parties to this Agreement or
interested persons of any such party, and by the vote of a majority of the
outstanding voting shares of each Series of the Fund. This Agreement shall come
into full force and effect on the date which it is so approved, provided that it
shall not become effective as to any subsequently created investment portfolio
until it has been approved by the Board specifically for such portfolio. As to
each Series of the Fund, the Agreement shall continue in effect for two years
and shall thereafter continue in effect from year to year so long as such
continuance is specifically approved for each Series at least annually by (i)
the Board, or by the vote of a majority of the outstanding votes attributable to
the shares of the class representing an interest in the Series; and (ii) a
majority of those trustees who are not parties to this Agreement or interested
persons of any such party cast in person at a meeting called for the purpose of
voting on such approval.
This Agreement may be terminated at any time as to any Series or to all Series,
without the payment of any penalty, by the Board, or by vote of a majority of
the outstanding votes attributable to the shares of the applicable Series, or by
the Manager, on 60 days written notice to the other party. If this Agreement is
terminated only with respect to one or more, but less than all, of the Series,
or if a different adviser is appointed with respect to a new portfolio, the
Agreement shall remain in effect with respect to the remaining Series. This
Agreement shall automatically terminate in the event of its assignment.
ARTICLE VIII
Amendments of this Agreement
This Agreement may be amended as to each Series by the parties only if such
amendment is specifically approved by (i) the vote of a majority of outstanding
votes attributable to the shares of the Series, and (ii) a majority of those
trustees who are not parties to this Agreement or interested persons of any such
party cast in person at a meeting called for the purpose of voting on such
approval.
ARTICLE IX
Definitions of Certain Terms
The terms "assignment," "affiliated person," and "interested person," when used
in this Agreement, shall have the respective meanings specified in the 1940 Act.
The term "majority of the outstanding votes" attributable to the shares of a
Series means the lesser of (a) 67% or more
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of the votes attributable to such Series present at a meeting if the holders of
more than 50% of such votes are present or represented by proxy, or (b) more
than 50% of the votes attributable to shares of the Series.
ARTICLE X
Governing Law
This Agreement shall be construed in accordance with laws of the Commonwealth of
Massachusetts, and applicable provisions of the 1940 Act, the Advisers Act, and
the 1934 Act.
ARTICLE XI
Severability
If any provision of this Agreement shall be held or made invalid by a court
decision, statute, rule or otherwise, the remainder of this Agreement shall not
be affected thereby.
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IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the date first above written.
ULTRA SERIES FUND
By: /s/Xxxxx X. Xxxxx
------------------------------------
Xxxxx X. Xxxxx
Title: President
ATTEST:
/s/ Xxxxx X. Xxxxxx
-------------------------------------
MEMBERS CAPITAL ADVISORS, INC.
By: /s/Xxxx Xxxxxxxx
------------------------------------
Xxxx Xxxxxxxx
Title: Vice President
ATTEST:
/s/ Xxxxx X. Xxxxxx
-------------------------------------
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EXHIBIT A
Series Name Unitary Fee
----------- -----------
Conservative Allocation Fund 0.30%*
Moderate Allocation Fund 0.30%*
Aggressive Allocation Fund 0.30%*
Money Market Fund 0.45%
Bond Fund 0.55%
High Income Fund 0.75%
Diversified Income Fund 0.70%
Large Cap Value Fund 0.60%
Large Cap Growth Fund 0.80%
Mid Cap Value Fund 1.00%
Mid Cap Growth Fund 0.85%
Small Cap Value Fund 1.10%
Small Cap Growth Fund 1.10%
Global Securities 0.95%
International Stock Fund 1.20%
Target Retirement 2020 Fund 0.40%
Target Retirement 2030 Fund 0.40%
Target Retirement 2040 Fund 0.40%
* For the period May 1, 2007 until April 30, 2008, the fee shall be reduced
from 0.30% to 0.20%.
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