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EXHIBIT 99.B8-2
Fee Letter regarding
Custodian Services
Fees
June 17, 1994
THE HAVEN CAPITAL MANAGEMENT TRUST
Re: Custodian Services Fees
Dear Sir/Madam:
This letter constitutes our agreement with respect to compensation to
be paid to PNC Bank, National Association ("PNC Bank") under the terms of a
Custodian Agreement dated June 17, 1994 between you (the "Fund") and PNC
Bank. Pursuant to Paragraph 11 of that agreement, and in consideration of
the services to be provided to you, you will pay PNC Bank the following:
1. An annual custody fee of .0175% of the first $100 million of average
gross assets; .015% of the next $400 million of average gross assets;
.0125% of the next $500 million of average gross assets; and $.01% of the
average gross assets in excess of $1 billion; exclusive of out-of-pocket
expenses and transaction charges. Custody fees shall be calculated daily
and payable monthly.
2. The minimum monthly fee shall be $1,500 exclusive of transaction
charges and out-of-pocket expenses.
3. A transaction charge of $25.00 for each purchase or sale of a
physical security or delivery of a physical security upon its maturity date
or delivery of a physical security for reissuance; $10.00 for each
purchase, sale or maturity of a federal book-entry security or DTC eligible
security or other book-entry transaction; $15.00 for each purchase, sale or
maturity or other book-entry transaction for a GNMA security; $30.00 for
each purchase, sale, exercise or expiration of an option contract position
(round trip); $50.00 for each sale, purchase, exercise or expiration of a
futures contract position (round trip); $15.00 for each repurchase trade
collateral tranche received from an institution other than PNC Bank (round
trip).
4. With respect to the per portfolio daily net overdrawn cash balances,
a monthly charge shall be assessed based on the average federal funds rate
for that month.
5. PNC Bank's out-of-pocket expenses including, but not limited to,
postage, telephone, telex, interest claim fees, federal express charges,
global sub-custody fees, Federal Reserve wire fees, confirmation fees and
pricing services.
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If PNC Bank is removed from the custodian services agreement referenced
above, the Fund shall pay any costs of time and material associated with
deconversion.
The fee for the period from the day of the year this Agreement is
entered into until the end of that year shall be prorated according to the
proportion which such period bears to the full annual period.
If the foregoing accurately sets forth our agreement and you intend to
be legally bound thereby, please execute a copy of this letter and return
it to us.
Very truly yours,
PNC BANK, NATIONAL ASSOCIATION
By:
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Title:
Accepted:
THE HAVEN CAPITAL MANAGEMENT TRUST
By:
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Title:
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