Exhibit (h)(4)
ADMINISTRATION AGREEMENT
AGREEMENT made as of September 1, 2001 by and between The Glenmede
Fund, Inc., a corporation organized under the laws of the State of Maryland (the
"Fund"), and INVESTORS BANK & TRUST COMPANY, a Massachusetts trust company (the
"Bank").
WHEREAS, the Fund, a registered investment company under the Investment
Company Act of 1940, as amended (the "1940 Act"), consisting of the separate
portfolios listed on Appendix A hereto; and
WHEREAS, the Fund desires to retain the Bank to render certain
administrative services to the Fund and the Bank is willing to render such
services.
NOW, THEREFORE, in consideration of the mutual covenants herein set
forth, it is agreed between the parties hereto as follows:
1. Appointment. The Fund hereby appoints the Bank to act as
Administrator of the Fund on the terms set forth in this Agreement. The Bank
accepts such appointment and agrees to render the services herein set forth for
the compensation herein provided.
2. Delivery of Documents. The Fund has furnished the Bank with copies
properly certified or authenticated of each of the following:
(a) Resolutions of the Fund's Board of Directors authorizing the
appointment of the Bank to provide certain administrative services to the Fund
and approving this Agreement;
(b) The Fund's incorporating documents filed with the State of
Maryland and all amendments thereto (the "Articles");
(c) The Fund's by-laws and all amendments thereto (the "By-Laws");
(d) The Fund's agreements with all service providers which include
any investment advisory agreements, sub-investment advisory agreements, custody
agreements, distribution agreements and transfer agency agreements, if
applicable (collectively, the "Agreements");
(e) The Fund's most recent Registration Statement on Form N-1A (the
"Registration Statement") under the Securities Act of 1933 and under the 1940
Act and all amendments thereto; and
(f) The Fund's most recent prospectus and statement of additional
information (the "Prospectus"); and
(g) Such other certificates, documents or opinions as may mutually
be deemed necessary or appropriate for the Bank in the proper performance of its
duties hereunder.
The Fund will immediately furnish the Bank with copies of all
amendments of or supplements to the foregoing. Furthermore, the Fund will notify
the Bank as soon as possible of any matter which may materially affect the
performance by the Bank of its services under this Agreement.
3. Duties of Administrator. Subject to the supervision and direction of
the Board of Directors of the Fund, the Bank, as Administrator, will assist in
conducting various aspects of the Fund's administrative operations and
undertakes to perform the services described in Appendix B hereto. The
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Bank may, from time to time, perform additional duties and functions which shall
be set forth in an amendment to such Appendix B executed by both parties.
In performing all services under this Agreement, the Bank shall act
in conformity with the Fund's Articles and By-Laws and the 1940 Act, as the same
may be amended from time to time, and the investment objectives, investment
policies and other practices and policies set forth in the Fund's Prospectus and
Statement of Additional Information, as the same may be amended from time to
time. Notwithstanding any item discussed herein, the Bank has no discretion over
the Fund's assets or choice of investments and cannot be held liable for any
problem relating to such investments.
4. Duties of the Fund.
(a) The Fund is solely responsible (through its transfer agent or
otherwise) for (i) providing timely and accurate reports ("Daily Sales Reports")
which will enable the Bank as Administrator to monitor the total number of
shares sold in each state on a daily basis and (ii) identifying any exempt
transactions ("Exempt Transactions") which are to be excluded from the Daily
Sales Reports.
(b) The Fund agrees to make its legal counsel available to the Bank
for instruction with respect to any matter of law arising in connection with the
Bank's duties hereunder, and the Fund further agrees that the Bank shall be
entitled to rely on such instruction without further investigation on the part
of the Bank.
5. Fees and Expenses.
(a) For the services to be rendered and the facilities to be
furnished by the Bank, as provided for in this Agreement, the Fund pay to the
Bank fees as may be agreed to from time to time in writing between the parties.
Such fees do not include certain reasonable out-of-pocket disbursements or other
certain reasonable expenses of the Bank as may be agreed to in writing between
the parties and for which the Bank shall be entitled to xxxx the Fund separately
and for which the Fund shall reimburse the Bank.
(b) The Bank shall not be required to pay any expenses incurred by
the Fund.
6. Limitation of Liability.
(a) The Bank shall be obligated to exercise care and diligence in
the performance of its duties hereunder and to act in good faith in performing
the services provided for under this Agreement. The Bank, its directors,
officers, employees and agents shall not be liable for any error of judgment or
mistake of law or for any loss suffered by the Fund in connection with the
performance of its obligations and duties under this Agreement, except a loss
resulting from willful misfeasance, bad faith or negligence in the performance
of such obligations and duties, or by reason of its reckless disregard thereof.
The Fund will indemnify the Bank, its directors, officers, employees and agents
against and hold it and them harmless from any and all losses, claims, damages,
liabilities or expenses (including legal fees and expenses) resulting from any
claim, demand, action or suit (i) arising out of the actions or omissions of the
Fund, including, but not limited to, inaccurate Daily Sales Reports and
misidentification of Exempt Transactions; or (ii) arising out of the offer or
sale of any securities of the Fund in violation of (x) any requirement under the
federal securities laws or regulations, (y) any requirement under the securities
laws or regulations of any state, or (z) any stop order or other determination
or ruling by any federal or state agency with respect to the offer or sale of
such securities; provided that neither the Bank nor its directors, officers,
employees and agents shall be relieved from any liability or indemnified against
any liability to the Fund arising out of willful misfeasance, bad faith or
negligence of the Bank in the performance of any of its obligations or duties
under this Agreement or by reason of its reckless disregard thereof.
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(b) The Bank may apply to the Fund at any time for instructions and
may consult counsel for the Fund, or its own counsel, and with accountants and
other experts with respect to any matter arising in connection with its duties
hereunder, and the Bank shall not be liable or accountable for any action taken
or omitted by it in good faith in accordance with such instruction, or with the
opinion of such counsel, accountants, or other experts. The Bank shall not be
liable for any act or omission taken or not taken in reliance upon any document,
certificate or instrument which it reasonably believes to be genuine and to be
signed or presented by the proper person or persons. The Bank shall not be held
to have notice of any change of authority of any officers, employees, or agents
of the Fund until receipt of written notice thereof has been received by the
Bank from the Fund.
(c) In the event the Bank is unable to perform, or is delayed in
performing, its obligations under the terms of this Agreement because of acts of
God, strikes, legal constraint, government actions, war, emergency conditions,
interruption of electrical power or other utilities, equipment or transmission
failure or damage reasonably beyond its control or other causes reasonably
beyond its control, the Bank shall not be liable to the Fund for any damages
resulting from such failure to perform, delay in performance, or otherwise from
such causes, except resulting from the Bank's own negligence.
(d) Notwithstanding anything to the contrary in this Agreement, in
no event shall the Bank or the Fund be liable to each other for special,
incidental or consequential damages, even if advised of the possibility of such
damages.
7. Termination of Agreement.
(a) The term of this Agreement shall be three years commencing upon
the date hereof (the "Initial Term"), unless earlier terminated as provided
herein. After the expiration of the Initial Term, the term of this Agreement
shall automatically renew for successive three-year terms (each a "Renewal
Term") unless notice of non-renewal is delivered by the non-renewing party to
the other party no later than ninety days prior to the expiration of the Initial
Term or any Renewal Term, as the case may be.
If a majority of the non-interested members of the Board of
Directors of the Fund reasonably determines that the performance of the Bank
under this Agreement has been unsatisfactory, written notice (the "Notice") of
such determination setting forth the reasons for such determination shall be
provided to the Bank. In the event the Bank shall not, within sixty (60) days
thereafter, cure the identified deficiencies to the satisfaction of the Board of
Directors of the Fund, the Fund, with the authorization of the Board of
Directors of the Fund may terminate this Agreement.
Either party hereto may terminate this Agreement prior to the
expiration of the Initial Term or any Renewal Term in the event the other party
violates any material provision of this Agreement, provided that the
non-violating party gives written notice of such violation to the violating
party and the violating party does not cure such violation within 90 days of
receipt of such notice.
(b) At any time after the termination of this Agreement, the Fund
may, upon written request, have reasonable access to the records of the Bank
relating to its performance of its duties as Administrator.
8. Miscellaneous.
(a) Any notice or other instrument authorized or required by this
Agreement to be given in writing to the Fund or the Bank shall be sufficiently
given if addressed to that party and received by it at its office set forth
below or at such other place as it may from time to time designate in writing.
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To the Fund:
The Glenmede Fund, Inc.
c/o Glenmede Advisers, Inc.
One Liberty Place
0000 Xxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxxxxxxx, XX 00000
Attention: Xxxx Xxx X. Xxxxx, President
With a copy to: Xxxxxxxx X. Xxxxxxx
To the Bank:
Investors Bank & Trust Company
000 Xxxxxxxxx Xxxxxx, X.X. Xxx 0000
Xxxxxx, XX 00000-0000
Attention: Xxxxx Xxxxx, Director, Client Management
With a copy to: Xxxxxx X. Xxxxx, General Counsel
(b) 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 without the written consent of the
other party.
(c) This Agreement shall be construed in accordance with the laws of
the Commonwealth of Massachusetts, without regard to its conflict of laws
provisions.
(d) This Agreement may be executed in any number of counterparts
each of which shall be deemed to be an original and which collectively shall be
deemed to constitute only one instrument.
(e) The captions of this Agreement are included for convenience of
reference only and in no way define or delimit any of the provisions hereof or
otherwise affect their construction or effect.
(f) The Bank shall keep records relating to the services to be
performed hereunder. Such records may be inspected by the Fund during regular
business hours upon reasonable notice. To the extent required by Section 31 of
the 1940 Act and the Rules thereunder, the Bank agrees that all such records
prepared or maintained by the Bank relating to the services to be performed by
the Bank hereunder will be preserved, maintained and made available in
accordance with such Section and Rules, and will be surrendered to the Fund on
and in accordance with its request.
9. Confidentiality. All books, records, non-public information and data
pertaining to the business of the other party which are exchanged or received
pursuant to the negotiation or the carrying out of this Agreement shall remain
confidential, and shall not be disclosed without the consent of the other party,
except as may be required in the performance of duties hereunder or as otherwise
required by applicable law or at the request of a governmental agency or
self-regulatory organization. In addition, the parties further agree that any
Nonpublic Personal Information, as defined under Section 248.3(t) of Regulation
S-P ("Regulation S-P"), promulgated under the Xxxxx-Xxxxx-Xxxxxx Act (the
"Act"), disclosed by a party hereunder is for the specific purpose of permitting
the other party to perform the services set forth in this Agreement. Each party
agrees that, with respect to such information, it will comply with Regulation
S-P and the Act and that it will not disclose any Nonpublic Personal Information
received in connection with this Agreement, to any other party, except as
necessary to carry out the services set forth in this Agreement or as otherwise
permitted by Regulation S-P or the Act.
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10. Use of Name. The Fund shall not use the name of the Bank or any of
its affiliates in any prospectus, sales literature or other material relating to
the Fund in a manner not approved by the Bank prior thereto in writing; provided
however, that the approval of the Bank shall not be required for any use of its
name which merely refers in accurate and factual terms to its appointment
hereunder or which is required by the SEC or any state securities authority or
any other appropriate regulatory, governmental or judicial authority; provided
further, that in no event shall such approval be unreasonably withheld or
delayed.
11. Several Obligations of the Portfolios. This Agreement is an
agreement entered into between the Bank and the Fund with respect to each
Portfolio. With respect to any obligation of the Fund on behalf of any Portfolio
arising out of this Agreement, the Bank shall look for payment or satisfaction
of such obligation solely to the assets of the Portfolio to which such
obligation relates as though the Bank had separately contracted with the Fund by
separate written instrument with respect to each Portfolio.
[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, the parties hereto have caused this instrument to
be duly executed and delivered by their duly authorized officers as of the date
first written above.
THE GLENMEDE FUND, INC.
By: /s/ Xxxx Xxx X. Xxxxx
------------------------------
Name: Xxxx Xxx X. Xxxxx
Title: President
INVESTORS BANK & TRUST COMPANY
By: /s/ Xxxxxx X. Xxxxxx
--------------------------------
Name: Xxxxxx X. Xxxxxx
Title: Senior Director
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Appendices
Appendix A.................................... Portfolios
Appendix B.................................... Services
APPENDIX A
Portfolios of The Glenmede Fund, Inc.:
Core Fixed Income Portfolio
Core Value Portfolio
Government Cash Portfolio
Institutional International Portfolio
International Portfolio
Large Cap Value Portfolio
Small Capitalization Growth Portfolio
Small Capitalization Value Portfolio
Strategic Equity Portfolio
Tax-Exempt Cash Portfolio
A-1
APPENDIX B
Investors Bank & Trust
Summary of Administration Functions
Glenmede
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Suggested Fund Auditor or
Function Investors Bank & Trust Glenmede Counsel
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MANAGEMENT REPORTING
& TREASURY ADMINISTRATION
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Monitor portfolio compliance Perform tests of certain specific Continuously monitor portfolio A/C - Provide consultation as
in accordance with the portfolio activity designed from activity and Fund operations in needed on compliance issues.
current Prospectus and SAI. provisions of the Fund's Prospectus conjunction with 1940 Act,
and SAI. Follow-up on potential Prospectus, SAI and any other
violations. applicable laws and regulations.
Monitor testing results and
approve resolution of compliance
Frequency: Daily issues.
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Provide compliance summary Provide a report of compliance Review report. A/C - Provide consultation as
package. testing results. needed.
Frequency: Monthly
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Perform asset diversification Perform asset diversification tests Continuously monitor portfolio A - Provide consultation as
testing to establish at each tax quarter end. Follow-up activity in conjunction with IRS needed in establishing
qualification as a RIC. on issues. requirements. Review test positions to be taken in tax
results and take any necessary treatment of particular
action. Approve tax positions issues. Review quarter end
Frequency: Quarterly taken. tests on a current basis.
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1
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Suggested Fund Auditor
Function Investors Bank & Trust Glenmede or Counsel
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MANAGEMENT REPORTING
& TREASURY
ADMINISTRATION (CONT.)
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Perform qualifying income Perform qualifying income testing (on Continuously monitor portfolio A- Consult as needed on tax
testing to establish book basis income, unless material activity in conjunction with IRS accounting positions to be
qualification as a RIC. differences are anticipated) on requirements. Review test results taken. Review in conjunction
quarterly basis and as may otherwise and take any necessary action. with year-end audit.
be necessary. Follow-up on issues. Approve tax positions taken.
Frequency: Quarterly
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Prepare the Fund's annual Prepare preliminary expense budget. Provide asset level projections.
expense budget. Establish Notify fund accounting of new accrual Approve expense budget.
daily accruals. rates.
Frequency: Annually
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Monitor the Fund's expense Monitor actual expenses updating Provide asset level projections C/A - Provide consultation
budget. budgets/expense accruals. quarterly. Provide vendor as requested.
information as necessary. Review
expense analysis and approve
budget revisions.
Frequency: Quarterly
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Receive and coordinate Propose allocations of invoice among Approve invoices and allocations
payment of fund expenses. Funds and obtain authorized approval of payments. Send invoices to IBT
to process payment. in a timely manner.
Frequency: As often as
necessary
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2
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Suggested Fund Auditor
Function Investors Bank & Trust Glenmede or Counsel
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MANAGEMENT REPORTING
& TREASURY
ADMINISTRATION (CONT.)
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Calculate capital gains and Calculate capital gains and Establish and maintain dividend C - Review dividend
losses and periodic dividend losses and amounts available and distribution policies. resolutions in conjunction
rates to be declared in for distribution. Coordinate Approve distribution rates per with Board approval.
accordance with management review by management and/or share and aggregate amounts.
guidelines. Review the Fund's auditors. Notify custody and Obtain Board approval when A - Review and concur with
multi-class dividend transfer agent of authorized required. proposed distributions
calculation procedures. dividend rates in accordance
Calculate periodic dividend with Board approved policy.
rates to be declared in Report dividends to Board as
accordance with management required
guidelines.
Frequency: According to
dividend policy
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Calculate total return Provide total return Review total return information.
information on Funds as calculations.
defined in the current
Prospectus and SAI.
Frequency: Monthly
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Prepare responses to major Prepare, coordinate as Identify the services to which the
industry questionnaires. necessary, and submit Funds report. Provide information
responses to the appropriate as requested.
Frequency: As often as agency.
necessary
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Prepare disinterested Summarize amounts paid to Provide social security numbers
director/trustee Form directors/trustees during the and current mailing address for
1099-Misc. calendar year. Prepare and trustees. Review and approve
mail Form 1099-Misc. information provided for Form
1099-Misc.
Frequency: Annually
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3
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Suggested Fund Auditor
Function Investors Bank & Trust Glenmede or Counsel
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MANAGEMENT REPORTING
& TREASURY
ADMINISTRATION (CONT.)
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Coordinate Fund's Code of Ethics Disseminate Code Forms: initial, Investment Adviser's Compliance
(the "Code") and prepare reports quarterly, annual holdings and annual officer to administer
to the Board certification reports to Fund's pre-clearance for persons required
directors/trustees and officers who are to pre-clear transaction under the
required to submit reports per Code, Code.
section V, A-G.
Review reports per Code, section V, H.
Report to Board on a quarterly
basis per Code, section V, H
and K.
Prepare and forward to IBT written
Report to Board on an annual basis per reports required by Code, section
Code, section V, L. V, K.
Maintain and preserve the Code's
records specified in Code, section V, M
Frequency: on-going
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FINANCIAL REPORTING
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Prepare financial information for Prepare requested portfolio and Review financial information.
presentation to Fund Management financial information for inclusion in
and Board of Directors. board material.
Frequency: Semi-Annually
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4
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Suggested Fund Auditor
Function Investors Bank & Trust Glenmede or Counsel
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FINANCIAL REPORTING (CONT)
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Prepare condensed financial Prepare condensed month end and Review financial information.
information for review by year-to-date income and expense
Fund Management. information and pertinent year-to-date
capital gains information.
Frequency: Monthly
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Coordinate the annual audit Coordinate the creation of templates Approve format and text as A - Perform audit and
and semi-annual preparation, reflecting client-selected standardized standard. Approve production issue opinion on annual
printing and filing of appearance and text of financial cycle and assist in managing to financial statements.
financial statements and statements and footnotes. Draft and the cycle. Coordinate review and
notes with management, fund manage production cycle. Coordinate approval by portfolio managers of A/C - Review reports.
accounting and the fund with IBT fund accounting the portfolio listings to be included
auditors. electronic receipt of portfolio and in financial statements. Prepare
general ledgar information. Assist in appropriate management letter and
resolution of accounting issues. Using coordinate production of
templates, draft financial statements, Management Discussion and
coordinate auditor and management Analysis. Review and approve
review, and clear comments. Coordinate entire report. Make appropriate
printing of reports and XXXXX representations in conjunction
conversion with outside printer and with audit.
filing with the SEC via XXXXX.
Frequency: Annually/
semi-annually
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5
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Suggested Fund Auditor
Function Investors Bank & Trust Glenmede or Counsel
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LEGAL (CONT.)
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Prepare agenda and board Maintain annual calendar of required Review and approve C - Review agenda, resolutions,
materials for quarterly quarterly and annual approvals. Prepare board materials and board material and board and
board meetings. agenda, resolutions and other board board and committee committee meeting minutes.
materials for quarterly board meeting minutes. Ensure BOD material contains
meetings. Prepare supporting all required information that
information and materials when the BOD must review and/or
necessary. Assemble, check and approve to perform their duties
distribute books in advance of as directors.
meeting. Attend board and committee
meetings and prepare minutes.
Frequency: Quarterly
(maximum 5 meetings
annually.)
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Prepare and file Form N-SAR. Prepare form for filing. Obtain any Provide appropriate C - Review initial filing.
necessary supporting documents. File responses. Review and A - Provide annual audit
with SEC via XXXXX. authorize filing. internal control letter to
accompany the annual filing.
Provide annual multi-class
report when applicable.
Frequency: Semi-annually
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Prepare amendments to Prepare and coordinate the filing of Review and approve. C - Review and approve filings.
Registration Statement. post-effective amendments. Coordinate A/C - Provide consents as
appropriate.
Frequency: Annual update with outside printers the Xxxxx
(includes updating conversion, filing with the SEC and
financial highlights, printing of prospectus.
expense tables, ratios) plus
one additional filing per
fiscal year
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6
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Suggested Fund Auditor
Function Investors Bank & Trust Glenmede or Counsel
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LEGAL (CONT.)
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Prepare Prospectus/SAI Prepare Prospectus and SAI Review and approve. C - Review and approve filings.
supplements supplements. File with the SEC via A/C - Provide consents as
Xxxxx. Coordinate printing of appropriate.
supplements.
Frequency: As often
as required
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Preparation and filing Accumulate capital stock information Review and approve filing. C - Approve 24f-2 Notice.
of 24f-2 Notice and draft Form 24f-2. Notice. File
approved Form with SEC via Xxxxx. A - Review informally when
requested
Frequency: Annually
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Proxy Material/ Prepare drafts of proxy material for Review and approve proxy. C - Review and approve proxy.
Shareholder Meetings review, file materials or coordinate
filing with SEC and coordinate
printing. Assist proxy solicitation
firm and prepare scripts. Attend
meeting and prepare minutes. Perform
Judge of Election duties (relying on
third party proxy solicitors to certify
Frequency: As needed the vote).
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Assist in updating of Assist with securing required fidelity Obtain required fidelity bond
fidelity bond insurance bond insurance coverage. Make annual insurance coverage with
coverage. filing of fidelity bond insurance assistance from IBT.
material with the SEC. Monitor level
of fidelity bond insurance maintained
in accordance with required coverage.
Frequency: Annually
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7
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Suggested Fund Auditor
Function Investors Bank & Trust Glenmede or Counsel
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LEGAL (CONT.)
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Respond to regulatory Compile and provide documentation Coordinate with regulatory C - Provide consultation as
audits. pursuant to audit requests. Assist auditors to provide requested needed.
client in resolution of audit documentation and resolutions to
inquiries. inquiries.
Frequency: As needed
(at least annually)
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BLUE SKY
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Prepare, file and Maintain records of fund sales for Identify states in which filings C - Provide consultation as
maintain effective Blue client designated states via PW Blue2 are to be made. needed on Blue Sky issues.
Sky notification filings compliance system. File annual
for states in which Fund notification renewal documents and C - Provide consultation on
Management intends to annual sales reports. File product and institutional
solicit sales of fund amendments to increase dollar exemptions.
shares. amounts authorized for sales by funds,
based upon client instruction.
File notifications to states
for new funds and/or classes,
mergers and liquidations.
Provide periodic reports on
state authorization amounts
and sales amounts. Determine
state filing requirements by
using CCH Blue Sky Law
Reporter, ICI memoranda and
state securities commission
directives (both written and
oral).
Frequency: On-going
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File amendments to File updated registration statements, C - Provide consultation as
registration statement prospectuses, SAIs, supplements needed on Blue Sky filing
with the applicable thereto, and annual reports to issues.
state securities shareholders upon approval/
commission in authorization by client.
coordination with SEC
filing.
Frequency: On-going
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8
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Suggested Fund Auditor
Function Investors Bank & Trust Glenmede or Counsel
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TAX
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Prepare income tax Calculate investment company taxable Provide transaction information as A - Provide consultation
provisions. income, net tax exempt interest, net requested. Review IBT draft of as needed in establishing
capital gain and spillback dividend Passive Foreign Investment positions to be taken in tax
requirements. Identify book-tax Companies (PFICs) information and tax treatment of particular
accounting differences. Track required provide final determination of all issues. Perform review in
information relating to accounting PFIC securities. Approve PFIC conjunction with the
differences. designations and tax accounting year-end audit.
Investors Bank will use a best efforts positions to be taken. Approve
basis to identify PFICs in accordance provisions.
with the annual ICI PFIC survey -
the final determination of PFIC status
Frequency: Annually will be made by Glenmede.
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9
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Suggested Fund Auditor
Function Investors Bank & Trust Glenmede or Counsel
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TAX (CONT)
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Calculate excise Calculate required distributions to Provide transaction information as A - Provide consultation as
tax distributions avoid imposition of excise tax. requested. Review IBT draft of needed in establishing
- Calculate capital gain net Passive Foreign Investment positions to be taken in tax
income and foreign currency Companies (PFICs) information and treatment of particular
gain/loss through October 31. provide final determination of all issues. Review and concur
- Calculate ordinary income and PFIC securities. Approve Approve with proposed distributions
distributions through a specified PFIC designations and tax per share.
cut off date. accounting positions to be taken.
- Project ordinary income Review and approve all income and
from cut off date to December 31. distribution calculations,
- Ascertain dividend shares. including projected income and
Identify book-tax accounting dividend shares. Approve
differences. Track required distribution rates per share and
information relating to accounting aggregate amounts. Obtain Board
differences. approval when required.
Investors Bank will use a best
efforts basis to identify
PFICs in accordance with the
annual ICI PFIC survey - the
final determination of PFIC
status will be made by Glenmede.
Frequency: Annually Coordinate review by management and
fund auditors. Notify custody and
transfer agent of authorized dividend
rates in accordance with Board
approved policy. Report dividends to
Board as required.
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Prepare and file tax Prepare, file, and sign excise and RIC Review and sign tax return. A - Review and sign tax
returns tax returns. return as preparer.
Frequency: Annually
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Prepare Form 1099 Obtain yearly distribution Review and approve information
information. Calculate 1099 reclasses provided for Form 1099.
and coordinate with transfer agent.
Frequency: Annually
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10
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Suggested Fund Auditor
Function Investors Bank & Trust Glenmede or Counsel
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Prepare other year-end Obtain yearly income distribution Review and approve information
tax-related disclosures information. Calculate disclosures provided.
(i.e., dividend received deductions,
foreign tax credits, tax-exempt
inc, income by jurisdiction) and
coordinate with transfer agent.
Frequency: Annually
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Review and Approval
The attached Summary of Administration Functions has been reviewed and
represents the services currently being provided.
Xxxxx Xxxxx 8/30/01
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Signature of Account Manager/Date
Xxxx Xxx X. Xxxxx 8/30/01
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Signature of Authorized Client Representative/Date
11
