FOREIGN CUSTODY MANAGER AGREEMENT

Exhibit (g)(ii)

FOREIGN CUSTODY MANAGER AGREEMENT

     AGREEMENT made as of March 14, 2011 by and between each entity listed on Annex I attached hereto (the “Fund”) and The Bank of New York Mellon (“BNY”).

WITNESSETH:

     WHEREAS, the Fund desires to appoint BNY as a Foreign Custody Manager on the terms and conditions contained herein;

     WHEREAS, BNY desires to serve as a Foreign Custody Manager and perform the duties set forth herein on the terms and conditions contained herein;

     NOW THEREFORE, in consideration of the mutual promises hereinafter contained in this Agreement, the Fund and BNY 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. “Board” shall mean the board of directors or board of trustees, as the case may be, of the Fund.

     2. “Eligible Foreign Custodian” shall have the meaning provided in the Rule.

     3. “Monitoring System” shall mean a system established by BNY to fulfill the Responsibilities specified in clauses (d) and (e) of Section 1 of Article III of this Agreement.

     4. “Responsibilities” shall mean the responsibilities delegated to BNY under the Rule as a Foreign Custody Manager with respect to each Specified Country and each Eligible Foreign Custodian selected by BNY, as such responsibilities are more fully described in Article III of this Agreement.

     5. “Rule” shall mean Rule 17f-5 under the Investment Company Act of 1940, as amended on June 12, 2000.

     6. “Specified Country” shall mean each country listed on Schedule I attached hereto and each country, other than the United States, constituting the primary market for a security with respect to which the Fund has given settlement instructions to The Bank of New York Mellon as custodian (the “Custodian”) under its Custody Agreement with the Fund.

ARTICLE II.
BNY AS A FOREIGN CUSTODY MANAGER

     1. The Fund on behalf of its Board hereby delegates to BNY with respect to each Specified Country the Responsibilities.

     2. BNY accepts the Board’s delegation of Responsibilities with respect to each Specified Country and agrees in performing the Responsibilities as a Foreign Custody Manager to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of the Fund’s assets would exercise.

     3. BNY shall provide to the Board at such times as the Board deems reasonable and appropriate based on the circumstances of the Fund’s foreign custody arrangements written reports notifying the Board of the placement of assets of the Fund with a particular Eligible Foreign Custodian within a Specified Country and of any material change in the arrangements (including the contract governing such arrangements) with respect to assets of the Fund with any such Eligible Foreign Custodian.

ARTICLE III.
RESPONSIBILITIES

     1. Subject to the provisions of this Agreement, BNY shall with respect to each Specified Country select an Eligible Foreign Custodian. In connection therewith, BNY shall: (a) determine that assets of the Fund held by such Eligible Foreign Custodian will be subject to reasonable care, based on the standards applicable to custodians in the relevant market in which such Eligible Foreign Custodian operates, after considering all factors relevant to the safekeeping of such assets, including, without limitation, those contained in paragraph (c)(1) of the Rule, provided however that BNY’s consideration of such factors shall in no way be deemed to be an evaluation of Country Risks (defined below) for investment purposes (b) determine that the Fund’s foreign custody arrangements with each Eligible Foreign Custodian are governed by a written contract with the Custodian which will provide reasonable care for the Fund’s assets based on the standards specified in paragraph (c)(1) of the Rule; (c) determine that each contract with an Eligible Foreign Custodian shall include the provisions specified in paragraph (c)(2)(i)(A) through (F) of the Rule or, alternatively, in lieu of any or all of such (c)(2)(i)(A) through (F) provisions, such other provisions as BNY determines will provide, in their entirety, the same or a greater level of care and protection for the assets of the Fund as such specified provisions; (d) monitor pursuant to the Monitoring System the appropriateness of maintaining the assets of the Fund with a particular Eligible Foreign Custodian pursuant to paragraph (c)(1) of the Rule and the performance of the contract governing such arrangement; and (e) advise the Fund whenever BNY determines under the Monitoring System that an arrangement (including, any material change in the contract governing such arrangement) described in preceding clause (d) no longer meets the requirements of the Rule.

     2. For purposes of preceding Section 1 of this Article, BNY’s determination of appropriateness shall not include, nor be deemed to include, any evaluation of Country Risks associated with investment in a particular country. For purposes hereof, “Country Risks” shall mean systemic risks of holding assets in a particular country including but not limited to (a) an

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Eligible Foreign Custodian’s use of any depositories that act as or operate a system or a transnational system for the central handling of securities or any equivalent book-entries; (b) such country’s financial infrastructure; (c) such country’s prevailing custody and settlement practices; (d) nationalization, expropriation or other governmental actions; (e) regulation of the banking or securities industry; (f) currency controls, restrictions, devaluations or fluctuations; and (g) market conditions which affect the orderly execution of securities transactions or affect the value of securities.

ARTICLE IV.
REPRESENTATIONS

     1. The Fund hereby represents that: (a) this Agreement has been duly authorized, executed and delivered by the Fund, constitutes a valid and legally binding obligation of the Fund enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on the Fund prohibits the Fund’s execution or performance of this Agreement; (b) this Agreement has been approved and ratified by the Board at a meeting duly called and at which a quorum was at all times present, and (c) the Board or the Fund’s investment advisor has considered the Country Risks associated with investment in each Specified Country and will have considered such risks prior to any settlement instructions being given to the Custodian with respect to any other country.

     2. BNY hereby represents that: (a) BNY is duly organized and existing under the laws of the State of New York, with full power to carry on its businesses as now conducted, and to enter into this Agreement and to perform its obligations hereunder; (b) this Agreement has been duly authorized, executed and delivered by BNY, constitutes a valid and legally binding obligation of BNY enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on BNY prohibits BNY’s execution or performance of this Agreement; and (c) BNY has established the Monitoring System.

ARTICLE V.
CONCERNING BNY

     1. BNY shall not be liable for any costs, expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees, sustained or incurred by, or asserted against, the Fund except to the extent the same arises out of the failure of BNY to exercise the care, prudence and diligence required by Section 2 of Article II hereof. In no event shall BNY be liable to the Fund, the Board, or any third party for special, indirect or consequential damages, or for lost profits or loss of business, arising in connection with this Agreement.

     2. The Fund shall indemnify BNY and hold it harmless from and against any and all costs, expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees, sustained or incurred by, or asserted against, BNY by reason or as a result of any action or inaction, or arising out of BNY’s performance hereunder, provided that the Fund shall not indemnify BNY to the extent any such costs, expenses, damages, liabilities or claims arises out of BNY’s failure to exercise the reasonable care, prudence and diligence required by Section 2 of Article II hereof.

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     3. For its services hereunder, the Fund agrees to pay to BNY such compensation and out-of-pocket expenses as shall be mutually agreed.

     4. BNY shall have only such duties as are expressly set forth herein. In no event shall BNY be liable for any Country Risks associated with investments in a particular country.

ARTICLE VI.
MISCELLANEOUS

     1. This Agreement constitutes the entire agreement between the Fund and BNY as a foreign custody manager, and no provision in the Custody Agreement between the Fund and the Custodian shall affect the duties and obligations of BNY hereunder, nor shall any provision in this Agreement affect the duties or obligations of the Custodian under the Custody Agreement.

     2. Any notice or other instrument in writing, authorized or required by this Agreement to be given to BNY, shall be sufficiently given if received by it at its offices at 0 Xxxx Xxxxxx, , Xxx Xxxx, Xxx Xxxx 00000, or at such other place as BNY may from time to time designate in writing.

     3. Any notice or other instrument in writing, authorized or required by this Agreement to be given to the Fund shall be sufficiently given if received by it at its offices at 000 Xxxxxxxx Xxxxxxx Xxxxxxxxxx, Xxxxxxxx 00000 or at such other place as the Fund may from time to time designate in writing.

     4. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected thereby. This Agreement may not be amended or modified in any manner except by a written agreement executed by both parties. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided however, that this Agreement shall not be assignable by either party without the written consent of the other.

     5. This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. The Fund and BNY hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The Fund hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum. The Fund and BNY each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

     6. The parties hereto agree that in performing hereunder, BNY is acting solely on behalf of the Fund and no contractual or service relationship shall be deemed to be established hereby between BNY and any other person by reason of this Agreement.

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     7. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument.

     8. This Agreement shall terminate simultaneously with the termination of the Custody Agreement between the Fund and the Custodian, and may otherwise be terminated by either party giving to the other party a notice in writing specifying the date of such termination, which shall be not less than thirty (30) days after the date of such notice.

     IN WITNESS WHEREOF, the Fund and BNY have caused this Agreement to be executed by their respective officers, thereunto duly authorized, as of the date first above written.

	EACH OF THE FUNDS OR SERIES IDENTIFIED IN ANNEX I
	By:	/s/ Xxxx X. Xxxxx
		Title: President
	THE BANK OF NEW YORK MELLON
	By:	/s/ Xxxxx XxXxxxxxx
		Title: Managing Director

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ANNEX I

Fund Name		Tax Identification
Boston Advisors Broad Allocation Fund
Cutwater Investment Grade Bond Fund
Dupont Emerging Markets Equity Fund
Formula Investing International Value 400 Fund
Formula Investing International Value Select Fund
Pemberwick Fund
Private Capital Management Value Fund
WHV International Equity Fund
WHV Emerging Markets Equity Fund

SCHEDULE I

Eligible Depositories

						Eligible
						Securities
						Depository
				Major Changes Since Last		Under Rule
Country / Market		CSD		review		00x-0
Xxxxxxxxx		Caja de Valores S.A.		There has been no major change since our last review.		Yes
		Central de Liquidacion y Registracion de Instrumentos de Endeudamiento Publico (CRYL)		There has been no major change since our last review.		Yes
Australia		ASX Settlement and Transfer Corporation Pty Ltd		There has been no major change since our last review.		Yes
		Austraclear Limited		There has been no major change since our last review.		Yes
Austria		Oesterreichische Kontrollbank AG (OeKB)		There has been no major change since our last review.		Yes
Bahrain		The Clearing, Settlement and Central Depository (CSD)		There has been no major change since our last review.		Yes
Bangladesh		Central Depository Bangladesh Limited		There has been no major change since our last review.		Yes
Belgium		Euroclear Belgium		There has been no major change since our last review.		Yes
		Banque Nationale de Belgique / Nationale Bank van België		There has been no major change since our last review.		Yes
Benin		Dépositaire Central/Banque de Règlement (DCBR)		There has been no major change since our last review.		Yes
Bermuda		Bermuda Securities Depository (BSD)		There has been no major change since our last review.		Yes
Botswana		The Bank of Botswana		There have been no major changes since our last review.		Yes

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						Eligible
						Securities
						Depository
				Major Changes Since Last		Under Rule
Country / Market		CSD		review		17f-7
		Central Securities Depository Company of Botswana Limited (CSDB)		There have been no major changes since our last review.		Yes
Brazil		BM&FBOVESPA — Central Securities Depository		There has been no major change since our last review.		Yes
		Central de Custodia e Liquidacao Financeira de Titulos — CETIP		There has been no major change since our last review.		Yes
		Sistema Especial de Liquidacao e de Custodia (SELIC)		There has been no major change since our last review.		Yes
Bulgaria		Tzentralen Depozitar AD (CDAD)		There has been no major change since our last review.		Yes
		Bulgarian National Bank (BNB)		There has been no major change since our last review.		Yes
Burkina Faso		Dépositaire Central/Banque de Règlement (DCBR)		There has been no major change since our last review.		Yes
Canada		The Canadian Depository for Securities (CDS)		There has been no major change since our last review.		Yes
Chile		Depósito Central de Valores S.A.		There has been no major change since our last review.		Yes
China — Shanghai		China Securities Depository and Clearing Corporation Ltd Shanghai Branch		There has been no major change since our last review.		Yes
China — Shenzhen		China Securities Depository and Clearing Corporation Ltd Shenzhen Branch		There has been no major change since our last review.		Yes
Colombia		Deposito Centralizado de Valores de Colombia DECEVAL S.A.		There has been no major change since our last review.		Yes
		Depósito Central de Valores (DCV)		There has been no major change since our last review.		Yes
Costa Rica		Central de Valores, S.A.		There has been no major change since our last review.		Yes

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						Eligible
						Securities
						Depository
				Major Changes Since Last		Under Rule
Country / Market		CSD		review		17f-7
Croatia		Središnje klirinško depozitarno društvo, d.d.		On August 3, 2009, the SKDD increased the limit applicable to contractual settlement to HRK 10 million.		Yes
Cyprus		Central Securities Depository & Central Registry (CDCR)		Since January 2, 2009, income and corporate events entitlements are based on settled (i. o. traded) positions on record date. On November 21, 2009, the Central Securities Depository & Central Registry (CDCR) successfully connected to the Link-Up Markets infrastructure.		Yes
Czech Republic		Středisko Cenných Papírů (SCP)		There has been no major change since our last review.		Yes
		Czech National Bank (CNB)		There has been no major change since our last review.		Yes
Denmark		VP SECURITIES A/S		On March 16, 2009, the CSD Vaerdipapircentralen A/S changed its name to VP SECURITIES A/S and moved to new premises. On March 30, 2009, VP SECURITIES A/S successfully connected to the Link-Up Markets infrastructure. On October 9, 2009, mandatory Central Counterparty (CCP) clearing services for on-exchange trades were introduced. Pursuant to this change, new buy-in rules and partial settlement during the last batch (batch 40) have been introduced for CCP-eligible transactions.		Yes
Egypt		Misr for Central Clearing, Depository and Registry (MCDR)		There has been no major change since our last review.		Yes
		Central Bank of Egypt		There has been no major change since our last review.		Yes
Estonia		AS Eesti Väärtpaberikeskus		There has been no major change since our last review.		Yes
Euromarket		Clearstream Banking S.A. Luxembourg		There has been no major change since our last review.		Yes

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						Eligible
						Securities
						Depository
				Major Changes Since Last		Under Rule
Country / Market		CSD		review		17f-7
		Euroclear Bank Brussels		For certain types of instructions, Euroclear Bank has removed the overnight input deadline and extended its automatic real-time processing window.		Yes
Finland		Euroclear Finland Oy		A new mandatory CCP and buy-in procedures have been introduced for on-exchange trades.		Yes
France		Euroclear France		There has been no major change since our last review.		Yes
Germany		Clearstream Banking AG, (CBF)		On April 27, 2009, CBF introduced TARGET2 cash clearing in the day-time settlement process and a new CONT-SDS free-of-payment settlement cycle. Since September 2009, DVP cross border settlement of OTC transactions in Austria, Denmark, Germany and Switzerland has been possible through CBF’s connection to Link Up Markets. On November 9, 2009, CBF introduced the matching of free-of-payment OTC settlement instructions.		Yes
Ghana		Bank of Ghana		Trading and settlement of government securities now takes place on the OTC market.		Yes
		GSE Securities Depository Company LTD		This is the first review for this CSD.		Yes

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						Eligible
						Securities
						Depository
				Major Changes Since Last		Under Rule
Country / Market		CSD		review		17f-7
Greece		Hellenic Exchanges S.A. Holding, Clearing, Settlement and Registry (HELEX)		On June 29, 2009, HELEX successfully connected to the Link-Up Markets infrastructure. Several technical improvements for the settlement of OTC trades were introduced on June 29, 2009, including matching cycles every 15 minutes, a hold and release mechanism, the possibility to bilaterally cancel matched trades, additional instruction fields and the availability of additional transaction details through the CSD system. On November 2, 2009, the “Supplementary Fund” changed into the “Clearing Fund”, with a transfer of all members contributions; a more favorable daily risk calculation algorithm was introduced and a credit line for the Clearing Fund arranged with local banks in order to reduce the contributions of the clearing members.		Yes
		Trapeza tis Hellathos (Bank of Greece)		Since July 6, 2009, BrokerTec implemented a direct link with BOGS (the Bank of Greece Settlement System), thereby operating under the same model as EuroMTS. Since November 2, 2009, failing trades (with the exception of Repo and buy-sell back trades) are recycled for ten consecutive days; and additional information concerning shortages of cash or securities, alleged transactions and matching statuses, as well as the original contractual settlement date are available through the BOGS and HDAT systems.		Yes
Guinea Bissau		Dépositaire Central/Banque de Règlement (DCBR)		There has been no major change since our last review.		Yes
Hong Kong		Hong Kong Securities Clearing Company Limited		There has been no major change since our last review.		Yes
		Central Moneymarkets Unit		There has been no major change since our last review.		Yes

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						Eligible
						Securities
						Depository
				Major Changes Since Last		Under Rule
Country / Market		CSD		review		17f-7
Hungary		Központi Elszámolóház és Értéktár (Budapest) Zrt. (KELER)		There has been no major change since our last review.		Yes
Iceland		Verðbréfaskráning Íslands hf. (VS)		There has been no major change since our last review.		Yes
India		National Securities Depository Limited		Effective December 1, 2009, all corporate bond trades are required to be cleared and settled through the clearing houses.		Yes
		Reserve Bank of India		There has been no major change since our last review.		Yes
		Central Depository Services (India) Limited		Effective December 1, 2009, all corporate bond trades are required to be cleared and settled through the clearing houses.		Yes
Indonesia		PT Kustodian Sentral Efek Indonesia (KSEI)		There has been no major change since our last review.		Yes
		Bank Indonesia (BI)		Bank Indonesia has indicated that based on BI regulation No. 10/2/PBI/2008, it does not guarantee settlement and does not accept liability for reconciliation errors with the registrar and/or issuers, and force majeure events, acts of God or political events, etc.		Yes
Ireland		Euroclear UK & Ireland Limited		There has been no major change since our last review.		Yes
Israel		The Tel Aviv Stock Exchange Ltd. — The Stock Exchange Clearing House Ltd. (TASECH)		There has been no major change since our last review.		Yes
Italy		Monte Titoli S.p.A.		There has been no major change since our last review.		Yes
Ivory Coast		Dépositaire Central/Banque de Règlement (DCBR)		There has been no major change since our last review.		Yes
Japan		The Bank of Japan (BOJ)		There has been no major change since our last review.		Yes
		Japan Securities Depository Center, Inc (JASDEC)		There has been no major change since our last review.		Yes

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						Eligible
						Securities
						Depository
				Major Changes Since Last		Under Rule
Country / Market		CSD		review		17f-7
Jordan		Securities Depository Center		There has been no major change since our last review.		Yes
Kazakhstan		The Central Securities Depository JSC (CSD)		The CSD no longer maintains a reserve fund to cover operational losses. Any such losses would be covered from the net income or capital of the CSD.		Yes
Kenya		The National Debt Office		Government bonds are now traded on the Automated Trading System of the Nairobi Stock Exchange which is linked to the National Debt Office		Yes
		The Central Depository and Settlement Corporation Ltd (CDSC)		There has been no major change since our last review.		Yes
Kuwait		Kuwait Clearing Company S.A.K. (KCC)		There has been no major change since our last review.		Yes
Latvia		Latvijas Centralais Depozitarijs		There has been no major change since our last review.		Yes
Lebanon		Midclear — Custodian and Clearing Center of Financial Instruments for Lebanon and the Middle East		There has been no major change since our last review.		Yes
		Banque du Liban (BOL)		There has been no major change since our last review.		Yes
Lithuania		Lietuvos centrinis vertybinių popierių depozitoriumas (CSDL)		There has been no major change since our last review.		Yes
Luxembourg		Clearstream Banking S.A.		There has been no major change since our last review.		Yes
Malaysia		Bank Negara Malaysia		BNM has outsourced the operation of its depository system to MyClear, which is a fully owned subsidiary of BNM.		Yes
		Bursa Malaysia Depository Sdn Bhd		There has been no major change since our last review.		Yes
Mali		Dépositaire Central/Banque de Règlement (DCBR)		There has been no major change since our last review.		Yes

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						Eligible
						Securities
						Depository
				Major Changes Since Last		Under Rule
Country / Market		CSD		review		00x-0
Xxxxx		Xxxxxxx Securities Depository, Malta Stock Exchange plc		There has been no major change since our last review.		Yes
Mauritius		Bank of Mauritius		There has been no major change since our last review.		Yes
		Central Depository & Settlement Co. Ltd		There has been no major change since our last review.		Yes
Mexico		S.D. Indeval, S.A. de C.V. (Indeval)		There has been no major change since our last review.		Yes
Morocco		Maroclear		There has been no major change since our last review.		Yes
Netherlands		Euroclear Nederland		There has been no major change since our last review.		Yes
New Zealand		The New Zealand Central Securities Depository Limited		There has been no major change since our last review.		Yes
Niger		Dépositaire Central/Banque de Règlement (DCBR)		There has been no major change since our last review.		Yes
Nigeria		Central Securities Clearing System Ltd		There has been no major change since our last review.		Yes
Norway		Verdipapirsentralen ASA		The financial regulatory authority changed its name from Kredittilsynet to Finanstilsynet on December 21, 2009.		Yes
Oman		Muscat Depository & Securities Registration Company (MDSRC)		There has been no major change since our last review.		Yes
Pakistan		The State Bank of Pakistan (SBP)		There has been no major change since our last review.		Yes
		Central Depository Company of Pakistan Limited		There has been no major change since our last review.		Yes
Palestinian Autonomous Area		Clearing, Depository and Settlement Department		There has been no major change since our last review.		Yes
Peru		CAVALI S.A. ICLV		There has been no major change since our last review.		Yes
Philippines		Philippine Depository Trust Company		A new web-based depository system known as eCS was implemented in June 2009.		Yes

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						Eligible
						Securities
						Depository
				Major Changes Since Last		Under Rule
Country / Market		CSD		review		17f-7
		The Bureau of Treasury		There has been no major change since our last review.		Yes
Poland		Register of Securities (RoS) (Centralny Rejestr Bonow Skarbowych)		There has been no major change since our last review.		Yes
		Krajowy Depozyt Papierow Wartosciowych (NDS)		The NDS has taken out insurance coverage for fidelity, operational errors, errors and omissions and computer fraud.		Yes
Portugal		Interbolsa (Sociedade Gestora de Sistemas de Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A.)		There has been no major change since our last review.		Yes
		Banco de Portugal (Bank of Portugal)		On March 2, 2009, SPGT, the national large value RTGS payment system, was replaced by TARGET2-PT.		Yes
Qatar		Central Clearing and Registration Department		In June 2009, the Qatar Exchange (QE) replaced the Doha Securities Market (DSM).		Yes
Romania		Depozitarul Central S.A.		There has been no major change since our last review.		Yes
		National Bank of Romania (NBR)		There has been no major change since our last review.		Yes
Russia		The National Depository Center		The NDC restructured itself as a closed joint-stock company in August 2009.		Yes
		ZAO Depository Clearing Company (DCC)		In 2008, the DCC increased its capital to approximately XXX 000 xxxxxxx.		X/X
Xxxxx Xxxxxx		Xxxxx Xxxxxx Monetary Agency		There has been no major change since our last review.
Senegal		Dépositaire Central/Banque de Règlement (DCBR)		There has been no major change since our last review.		Yes
Serbia		Centralni registar depo i kliring hartija od vrednosti (Central Securities Depository & Clearing House - CRHoV)		There has been no major change since our last review.		Yes

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						Eligible
						Securities
						Depository
				Major Changes Since Last		Under Rule
Country / Market		CSD		review		00x-0
Xxxxxxxxx		The Central Depository (Pte) Ltd.		On August 21, 2009, the earmarking of securities for On Exchange Free of Payment (FOPT) transactions was introduced. On November 20, 2009, a uniform cut-off time of 12 p.m. on SD was introduced for DVP and FOP settlement in PSMS. Effective December 14, 2009, the buy-in on failed deliveries occur on TD+3 (SD), instead of on T+4 (SD+1). On November 20, 2009, an interim measure was introduced to exempt buy-ins and related penalties on failed deliveries due to securities borrowing and lending recalls.		Yes
		The Monetary Authority of Singapore (MAS)		There has been no major change since our last review.		Yes
Slovak Republic		Centrálny depozitár cenných papierov SR, a. s. (CDCP)		There has been no major change since our last review.		Yes
Slovenia		Centralna Klirinško Depotna Xxxxxx x.x. (KDD)		There has been no major change since our last review.		Yes
South Africa		Share Transactions Totally Electronic Limited (STRATE)		The money market instruments platform is being implemented.		Yes
South Korea		Korea Securities Depository		There has been no major change since our last review.		Yes
Spain		IBERCLEAR (Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A.)		There has been no major change since our last review.		Yes
Sri Lanka		Central Depository Systems (Pvt) Ltd		There has been no major change since our last review.		Yes
		Central Bank of Sri Lanka		There has been no major change since our last review.		Yes
Sweden		Euroclear Sweden		A new mandatory CCP and buy-in procedures have been introduced for on-exchange trades.		Yes

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						Eligible
						Securities
						Depository
				Major Changes Since Last		Under Rule
Country / Market		CSD		review		00x-0
Xxxxxxxxxxx		SIX SIS Ltd		SIX Swiss Exchange Europe Ltd. closed on May 4, 2009.		Yes
Taiwan		Taiwan Depository & Clearing Corporation		There has been no major change since our last review.		Yes
		Central Bank of the Republic of China (Taiwan)		There has been no major change since our last review.		Yes
Thailand		The Thailand Securities Depository Co., Ltd		•    The financial results of the TSD have been consolidated with the SET’s financial statements and the depository no longer publishes separate financial information.		Yes
				•    Since February 15, 2010, the Thailand Clearing House Co. Ltd (TCH) has taken over the role of central counterparty from the TSD for listed equities and fixed income instruments.
Togo		Dépositaire Central/Banque de Règlement (DCBR)		There has been no major change since our last review.		Yes
Trinidad & Tobago		The Trinidad and Tobago Central Securities Depository Limited (TTCD)		There has been no major change since our last review.		Yes
Tunisia		Société Tunisienne Interprofessionnelle pour la Compensation et les Dépôts de Valeurs Mobilières (STICODEVAM)		There has been no major change since our last review.		Yes
Turkey		Central Registry Agency (CRA) Inc		There has been no major change since our last review.		Yes
		Central Bank of Turkey (CBT)		There has been no major change since our last review.		Yes
Uganda		Bank of Uganda		This is the first review for this CSD.		Yes
U.A.E.		Abu Dhabi Securities Exchange		There has been no major change since our last review.		Yes
		NASDAQ Dubai Limited		There has been no major change since our last review.		Yes

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						Eligible
						Securities
						Depository
				Major Changes Since Last		Under Rule
Country / Market		CSD		review		17f-7
		Dubai Financial Market (DFM)		There has been no major change since our last review.		Yes
Ukraine		The National Bank of Ukraine (NBU)		There has been no major change since our last review.		Yes
		All-Ukrainian Securities Depository		In October 2009, the All-Ukrainian Securities Depository (AUSD) became the successor to the Interregional Securities Union (MFS).		Yes
United Kingdom		Euroclear UK & Ireland Limited		There has been no major change since our last review.		Yes
Uruguay		Banco Central del Uruguay (BCU)		There has been no major change since our last review.		Yes
Venezuela		Caja Venezolana de Valores (CVV)		There has been no major change since our last review.		Yes
		Banco Central de Venezuela (BCV)		There has been no major change since our last review.		Yes
Vietnam		The Vietnam Securities Depository		There has been no major change since our last review.		Yes
Zambia		Lusaka Stock Exchange Central Shares Depository Ltd. (LuSECSD)		A segregated account structure by investor has been adopted at LuSECSD.		Yes
		The Bank of Zambia		There has been no major change since our last review.		Yes

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