INVESTMENT ADVISORY AGREEMENT
AGREEMENT ("AGREEMENT"), dated as of August 4, 2000, between Pitcairn
Funds, a Delaware business trust ("Trust"), and Pitcairn Trust Company, a
Pennsylvania Trust Company ("Pitcairn").
WHEREAS, the Trust is registered as an investment company under the
Investment Company Act of 1940, as amended ("Investment Company Act");
WHEREAS, Pitcairn is a trust company doing business under the laws of the
Commonwealth of Pennsylvania, a substantial portion of the business of which
consists of exercising fiduciary powers similar to those permitted to national
banks under the authority of the Comptroller of the Currency, and which is
supervised and examined by state authority having supervision over banks, and
which is not operated for the purpose of evading the provisions of the
Investment Advisers Act of 1940, as amended ("Advisers Act"), and Pitcairn
therefore is entitled to rely upon the exclusion from the definition of
"investment adviser" currently provided in section 202(a)(11)(A) of the Advisers
Act, and accordingly is currently not registered as an investment adviser under
the Advisers Act, but Pitcairn, or a separately identifiable department or
division of Pitcairn (each hereinafter referred to as "Adviser"), will register
as an investment adviser no later than May 11, 2001;
WHEREAS, the Trust is and will continue to be a series fund having two or
more investment portfolios, each with its own investment objectives, investment
policies and restrictions;
WHEREAS, the Investment Company Act prohibits any person from acting as an
investment adviser to a registered investment company except pursuant to a
written contract; and
WHEREAS, the Board of Trustees of the Trust wishes to appoint Adviser as
the investment adviser of the Trust;
NOW, THEREFORE, the Trust and Adviser hereby agree as follows:
1. APPOINTMENT OF ADVISER
The Trust hereby appoints Adviser as the investment adviser for each
of the portfolios of the Trust specified in APPENDIX A to this Agreement, as
such APPENDIX A may be amended by Adviser and the Trust from time to time
("Funds"), subject to the supervision of the Trustees of the Trust and in the
manner and under the terms and conditions set forth in this Agreement. Adviser
accepts such appointment and agrees to render the services and to assume the
obligations set forth in this Agreement commencing on its effective date.
Adviser will be an independent contractor and will have no authority to act for
or represent the Trust in any way or otherwise be deemed an agent unless
expressly authorized in this Agreement or another writing by the Trust and
Adviser.
2. DUTIES OF THE ADVISER
A. Subject to the general supervision and control of the Trustees of the
Trust and under the terms and conditions set forth in this Agreement, the Trust
acknowledges and agrees
that it is contemplated that Adviser will manage the investment operations and
composition of each and every Fund of the Trust and render investment advice for
each Fund, including the purchase, retention, and disposition of the
investments, securities and cash contained in each Fund, in accordance with each
Fund's investment objectives, policies and restrictions as stated in the Trust's
Amended and Restated Agreement and Declaration of Trust, By-Laws, and such
Fund's prospectus and statement of additional information ("SAI"), as is from
time to time in effect; provided, however, that Adviser may, at its own expense,
select and engage one or more investment managers ("Managers") to manage the
investment operations and composition of any Fund of the Trust and render
investment advice for such Fund, including the purchase, retention, and
disposition of the investments, securities and cash contained in each Fund, in
accordance with each Fund's investment objectives, policies and restrictions as
stated in the Trust's Amended and Restated Agreement and Declaration of Trust,
By-Laws, and such Fund's prospectus and statement of additional information
("SAI"), as is from time to time in effect. The Adviser's engagement of any such
Manager shall be pursuant to a contract with each such Manager (an "Advisory
Agreement") which shall be in compliance with and approved as required by the
Investment Company Act or in accordance with exemptive relief granted by the
Securities and Exchange Commission ("SEC") under the Investment Company Act.
B. Subject always to the direction and control of the Trustees of the Trust
and the requirements of the Investment Company Act, Adviser will have (i)
overall supervisory responsibility for the general management and investment of
each Fund's assets; (ii) full discretion to select new or additional Managers
for each Fund; (iii) full discretion to enter into and materially modify
existing Advisory Agreements with Managers; (iv) full discretion to terminate
and replace any Manager; and (v) full investment discretion to make all
determinations with respect to the investment of a Fund's assets not then
managed by a Manager. In connection with Adviser's responsibilities herein,
Adviser will assess each Fund's investment focus and will seek to implement
decisions with respect to the allocation and reallocation of each Fund's assets
among the Adviser or one or more current or additional Managers from time to
time, as the Adviser deems appropriate, to enable each Fund to achieve its
investment goals. In addition, Adviser will monitor compliance of the Adviser
and each Manager with the investment objectives, policies and restrictions of
any Fund or Funds (or portions of any Fund) under the management of such
Manager, and review and report to the Trustees of the Trust on the performance
of each Manager. Adviser will furnish, or cause the appropriate Manager(s) to
furnish, to the Trust such statistical information, with respect to the
investments that a Fund (or portions of any Fund) may hold or contemplate
purchasing, as the Trust may reasonably request. On Adviser's own initiative,
Adviser will apprise, or cause the appropriate Manager(s) to apprise, the Trust
of important developments materially affecting each Fund (or any portion of a
Fund that they advise) and will furnish the Trust, from time to time, with such
information as may be appropriate for this purpose. Further, Adviser agrees to
furnish, or cause the appropriate Manager(s) to furnish, to the Trustees of the
Trust such periodic and special reports as the Trustees of the Trust may
reasonably request. In addition, Adviser agrees to cause the appropriate
Manager(s) to furnish to third-party data reporting services all currently
available standardized performance information and other customary data.
C. Adviser will also furnish to the Trust, at its own expense and
without remuneration from or other cost to the Trust, the following:
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(i) OFFICE SPACE. Adviser will provide office space in the offices of
the Adviser or in such other place as may be reasonably agreed upon by the
parties hereto from time to time, and all necessary office facilities and
equipment;
(ii) PERSONNEL. Adviser will provide necessary executive and other
personnel, including personnel for the performance of clerical and other
office functions, not including those functions: (a) related to and to be
performed under the Trust's contract or contracts for administration,
custodial, accounting, bookkeeping, transfer, and dividend disbursing
agency or similar services by any entity, including Adviser or its
affiliates, selected to perform such services under such contracts; and (b)
related to the services to be provided by any Manager pursuant to an
Advisory Agreement; and
(iii) PREPARATION OF PROSPECTUS AND OTHER DOCUMENTS. Adviser will
provide other information and services, other than services of outside
counsel or independent accountants or services to be provided by any
Manager under any Advisory Agreement, required in connection with the
preparation of all registration statements and prospectuses, prospectus
supplements, SAIs, all annual, semiannual, and periodic reports to
shareholders of the Trust, regulatory authorities, or others, and all
notices and proxy solicitation materials, furnished to shareholders of the
Trust or regulatory authorities, and all tax returns.
D. LIMITATIONS ON LIABILITY. Adviser will exercise its best judgment in
rendering its services to the Trust, and the Trust agrees, as an inducement to
Adviser's undertaking to do so, that the Adviser will not be liable for any
error of judgment or mistake of law or for any loss suffered by the Trust in
connection with the matters to which this Agreement relates, but will be liable
only for willful misconduct, bad faith, gross negligence, reckless disregard of
its duties or its failure to exercise due care in rendering its services to the
Trust as specified in this Agreement. Any person, even though an officer,
director, employee or agent of Adviser, who may be or become an officer,
Trustee, employee or agent of the Trust, shall be deemed, when rendering
services to the Trust or when acting on any business of the Trust, to be
rendering such services to or to be acting solely for the Trust and not as an
officer, director, employee or agent, or one under the control or direction of
Adviser, even though paid by it.
E. SECTION 11 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. The Trust
hereby agrees that any entity or person associated with Adviser that is a member
of a national securities exchange is authorized to effect any transaction on
such exchange for the account of a Fund to the extent and as permitted by
Section 11(a)(1)(H) of the Securities Exchange Act of 1934, as amended ("1934
Act").
F. SECTION 28(E) OF THE 1934 ACT Adviser (or a Manager if engaged by
Adviser to manage assets of a Fund) will select brokers and dealers to effect
all portfolio transactions subject to the conditions set forth herein. Adviser
or such Manager will place all necessary orders with brokers, dealers, or
issuers, and is directed at all times to seek to execute brokerage transactions
for the Fund in accordance with such policies or practices as may be established
by the Board of Trustees and described in the Trust's currently effective
Prospectus and SAI, as amended from time to time and provided to the Adviser or
such Manager, including in particular policies and procedures in accordance with
Section 17(e) and Rule 17e-1 under the Investment Company Act. In placing orders
for the purchase or sale of investments for the Fund, in the name of the Trust
on behalf of the Fund or its nominees, Adviser or such Manager shall use its
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best efforts to obtain for the Fund the most favorable net price and best
execution available, considering all of the circumstances, and shall maintain
records adequate to demonstrate compliance with this requirement. On occasions
when Adviser or such Manager deems the purchase or sale of a security to be in
the best interest of the Fund as well as other clients of Adviser or such
Manager, to the extent permitted by applicable laws and regulations it may, but
shall be under no obligation to, aggregate the securities to be purchased or
sold to attempt to obtain a more favorable price or lower brokerage commissions
and efficient execution. In such event, allocation of the securities so
purchased or sold, as well as the expenses incurred in the transaction, will be
made by Adviser or such Manager in the manner it considers to be the most
equitable and consistent with its fiduciary obligations to the Fund and to its
other clients. Subject to the appropriate policies and procedures approved by
the Board of Trustees, the Adviser or such Manager may, to the extent authorized
by Section 28(e) of the 1934 Act, cause a Fund to pay a broker or dealer that
provides brokerage or research services to the Adviser or such Manager, the
Trust and the Fund an amount of commission for effecting a portfolio transaction
in excess of the amount of commission another broker or dealer would have
charged for effecting that transaction if the Adviser or such Manager
determines, in good faith, that such amount of commission is reasonable in
relationship to the value of such brokerage or research services provided in
terms of that particular transaction or the Adviser's or such Manager's overall
responsibilities to the Fund, the Trust or its other investment advisory
clients. To the extent authorized by said Section 28(e) and the Board of
Trustees, the Adviser and such Manager shall not be deemed to have acted
unlawfully or to have breached any duty created by this Agreement or otherwise
solely by reason of such action. In addition, subject to seeking the most
favorable price and best execution available and in compliance with the Conduct
Rules of the National Association of Securities Dealers, Inc., the Adviser and
such Manager may also consider sales of shares of the Trust as a factor in the
selection of brokers and dealers.
G. DIRECTED BROKERAGE. Subject to the requirement to seek best price and
execution, and to the appropriate policies and procedures approved by the Board
of Trustees, the Trust reserves the right to direct the Adviser to cause
Managers to effect transactions in portfolio securities through broker-dealers
in a manner that will help generate resources to: (i) pay the cost of certain
expenses which the Trust is required to pay or for which the Trust is required
to arrange payment pursuant to Section 3.B. of this Agreement ("Trust
Expenses"); or (ii) finance activities that are primarily intended to result in
the sale of Trust shares. At the discretion of the Board of Trustees, such
resources may be used to pay or cause the payment of Trust Expenses or may be
used to finance activities that are primarily intended to result in the sale of
Trust shares.
3. ALLOCATION OF EXPENSES
A. EXPENSES PAID BY THE ADVISER:
(i) SALARIES, EXPENSES AND FEES OF CERTAIN PERSONS. Adviser (or its
affiliates) shall pay all salaries, expenses, and fees of the Trustees and
officers of the Trust who are officers, directors/trustees, partners, or
employees of Adviser or its affiliates; and
(ii) ASSUMPTION OF TRUST EXPENSES. The payment or assumption by
Adviser of any expense of the Trust that Adviser is not required by this
Agreement to pay or assume shall not obligate Adviser to pay or assume the
same or any similar expense of the Trust on any subsequent occasion.
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B. EXPENSES PAID BY THE TRUST: The Trust will pay all expenses of its
organization, operations, and business not specifically assumed or agreed to be
paid by Adviser, as provided in this Agreement, or by a Manager, as provided in
an Advisory Agreement. Without limiting the generality of the foregoing, the
Trust shall pay or arrange for the payment of the following:
(i) PREPARING, PRINTING AND MAILING OF CERTAIN DOCUMENTS. The costs of
preparing, setting in type, printing and mailing of prospectuses,
prospectus supplements, SAIs, annual, semiannual and periodic reports, and
notices and proxy solicitation materials required to be furnished to
shareholders of the Trust or regulatory authorities, and all tax returns
but not the costs of printing and mailing of prospectuses, prospectus
supplements, SAIs, annual, semiannual and periodic reports furnished to
prospective shareholders;
(ii) OFFICERS AND TRUSTEES. Compensation of the officers and Trustees
of the Trust who are not officers, directors/trustees, partners or
employees of Adviser or its affiliates;
(iii) REGISTRATION FEES AND EXPENSES. All legal and other fees and
expenses incurred in connection with the affairs of the Trust, including
those incurred with respect to registering its shares with regulatory
authorities and all fees and expenses incurred in connection with the
preparation, setting in type, printing, and filing with necessary
regulatory authorities of any registration statement and prospectus, and
any amendments or supplements that may be made from time to time, including
registration, filing and other fees in connection with requirements of
regulatory authorities;
(iv) CUSTODIAN AND ACCOUNTING SERVICES. All expenses of the transfer,
receipt, safekeeping, servicing and accounting for the Trust's cash,
securities, and other property, including all charges of depositories,
custodians, and other agents, if any;
(v) INDEPENDENT LEGAL AND ACCOUNTING FEES AND EXPENSES. The charges
for the services and expenses of the independent accountants and legal
counsel retained by the Trust, for itself or its Independent Trustees (as
defined herein);
(vi) TRANSFER AGENT. The charges and expenses of maintaining
shareholder accounts, including all charges of transfer, bookkeeping, and
dividend disbursing agents appointed by the Trust;
(vii) BROKERAGE COMMISSIONS. All brokers' commissions and issue and
transfer taxes chargeable to the Trust in connection with securities
transactions to which the Trust is a party;
(viii) TAXES. All taxes and corporate fees payable by or with respect
to the Trust to federal, state, or other governmental agencies;
(ix) TRADE ASSOCIATION FEES. Any membership fees, dues or expenses
incurred in connection with the Trust's membership in any trade association
or similar organizations;
(x) BONDING AND INSURANCE. All insurance premiums for fidelity,
trustees and officers, errors and omissions and other appropriate coverage;
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(xi) SHAREHOLDER AND BOARD MEETINGS. All expenses incidental to
holding shareholders and Trustees meetings, including the printing of
notices and proxy materials and proxy solicitation fees and expenses;
(xii) PRICING. All expenses of pricing of the net asset value per
share of each Fund, including the cost of any equipment or services to
obtain price quotations; and
(xiii) NONRECURRING AND EXTRAORDINARY EXPENSES. Extraordinary
expenses, such as indemnification payments or damages awarded in litigation
or settlements made as contemplated under the Trust's Amended and Restated
Agreement and Declaration of Trust and By-Laws.
4. COMPENSATION OF ADVISER
For its services performed hereunder, the Trust will pay Adviser with
respect to each Fund the compensation specified in APPENDIX B to this Agreement.
Such compensation shall be paid to Adviser by the Trust on the first day of each
month; however, the Trust will calculate this charge on the daily average value
of the assets of each Fund and accrue it on a daily basis.
5. NON-EXCLUSIVITY
The services of Adviser to the Trust are not to be deemed to be exclusive,
and Adviser shall be free to render investment management, advisory or other
services to others (including other investment companies) and to engage in other
activities so long as the services provided hereunder by Adviser are not
impaired. It is understood and agreed that the directors, officers and employees
of Adviser are not prohibited from engaging in any other business activity or
from rendering services to any other person, or from serving as partners,
officers, directors/trustees, or employees of any other firm or corporation,
including other investment companies.
6. SUPPLEMENTAL ARRANGEMENTS
Adviser may enter into arrangements with its parent or other persons
affiliated with Adviser for the provision of certain personnel and facilities to
Adviser to enable Adviser to fulfill its non-investment management duties and
obligations under this Agreement at no additional expense to the Fund.
7. REGULATION
Adviser shall submit to all regulatory and administrative bodies having
jurisdiction over the services provided pursuant to this Agreement any
information, reports, or other material which any such body by reason of this
Agreement may request or require pursuant to applicable laws and regulations.
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8. RECORDS
The Trust's records relating to the services provided under this Agreement
shall be the property of the Trust and shall be under its control; however, the
Trust shall furnish to Adviser such records and permit it to retain such records
(either in original or in duplicate form) as it shall reasonably require in
order to carry out its duties. In the event of the termination of this
Agreement, such records shall promptly be returned to the Trust by Adviser free
from any claim or retention of rights therein. Adviser shall keep confidential
any information obtained in connection with its duties hereunder and disclose
such information only if the Trust has authorized such disclosure or if such
disclosure is expressly required or lawfully requested by applicable federal or
state regulatory authorities.
9. DURATION OF AGREEMENT
This Agreement shall become effective for each Fund on August __, 2000
Further amendments to this Agreement shall become effective on the later of the
date specified in such amendment (after execution by all parties) or the date of
any meeting of the shareholders of the Trust relating to such amendment, which
for these purposes may be the sole initial shareholder of the Trust, at which
meeting this Agreement is approved by the vote of a majority of the outstanding
voting securities (as defined in the Investment Company Act) of the Funds. In
the case of approval by the sole initial shareholder, approval may be
accomplished by written consent in lieu of a meeting. This Agreement will
continue in effect as to a Fund for a period more than two years from the date
first set forth above only so long as such continuance is specifically approved
at least annually by (i) the Trustees of the Trust or (ii) by the vote of a
majority of the outstanding voting securities of any affected Fund, provided
that, in either event, such continuance shall also be approved by the vote of a
majority of the Trustees of the Trust who are not "interested persons"
("Independent Trustees") of any party to this Agreement, cast in person at a
meeting called for the purpose of voting on such approval. The required
shareholder approval of the Agreement or of any continuance of the Agreement
shall be effective with respect to any affected Fund if a "majority of the
outstanding voting securities" (as defined in Rule 18f-2(h) under the Investment
Company Act) of the affected Fund votes to approve the Agreement or its
continuance, notwithstanding that the Agreement or its continuance may not have
been approved by a majority of the outstanding voting securities of (a) any
other Fund affected by the Agreement or (b) all the Funds of the Trust.
If the shareholders of any Fund fail to approve the Agreement or any
continuance of the Agreement, Adviser will continue to act as investment adviser
with respect to such Fund pending the required approval of the Agreement or its
continuance or of a new contract with Adviser or a different investment adviser
or other definitive action; provided, that the compensation received by Adviser
in respect of such Fund during such period will be no more than its actual costs
incurred in furnishing investment advisory and management services to such Fund
or the amount it would have received under the Agreement in respect of such
Fund, whichever is less.
10. TERMINATION OF AGREEMENT
This Agreement may be terminated at any time, without the payment of any
penalty, by the Trustees, including a majority of the Independent Trustees of
the Trust, by the vote of a majority of the outstanding voting securities of the
Trust, or with respect to any affected Fund, by
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the vote of a majority of the outstanding voting securities of such Fund, on
sixty (60) days' written notice to Adviser, or by Adviser on sixty (60) days'
written notice to the Trust. This Agreement will automatically terminate,
without payment of any penalty, in the event of its assignment.
11. PROVISION OF CERTAIN INFORMATION BY ADVISER
Adviser will notify the Trust in writing promptly after Adviser knows of
the occurrence of any of the following events:
A. Adviser becomes unable to rely upon the exclusion from the definition of
"investment adviser" currently provided in section 202(a)(11)(A) of the Advisers
Act and fails to be registered as an investment adviser under the Advisers Act
or under the laws of any jurisdiction in which Adviser is required to be
registered as an investment adviser in order to perform its obligations under
this Agreement;
B. Adviser is served or otherwise receives notice of any action, suit,
proceeding, inquiry or investigation, at law or in equity, before or by any
court, public board or body, involving the affairs of the Trust; and/or
C. the Manager of any Fund changes or there is an actual change in control
or management of Adviser.
12. AMENDMENTS TO THE AGREEMENT
Except to the extent permitted by the Investment Company Act or the rules
or regulations thereunder or pursuant to any exemptive relief granted by the
SEC, this Agreement may be amended by the parties only if such amendment, if
material, is specifically approved by the vote of a majority of the outstanding
voting securities of each of the Funds affected by the amendment (unless such
approval is not required by Section 15 of the Investment Company Act as
interpreted by the SEC or its staff) and by the vote of a majority of the
Independent Trustees of the Trust cast in person at a meeting called for the
purpose of voting on such approval. The required shareholder approval shall be
effective with respect to any Fund if a majority of the outstanding voting
securities of the affected Fund vote to approve the amendment, notwithstanding
that the amendment may not have been approved by a majority of the outstanding
voting securities of (a) any other Fund affected by the amendment or (b) all the
Funds of the Trust.
13. ENTIRE AGREEMENT
This Agreement contains the entire understanding and agreement of the
parties.
14. HEADINGS
The headings in the sections of this Agreement are inserted for convenience
of reference only and shall not constitute a part hereof.
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15. NOTICES
All notices required to be given pursuant to this Agreement shall be
delivered or mailed to the last known business address of the Trust or Adviser
in person or by registered mail or a private mail or delivery service providing
the sender with notice of receipt. Notice shall be deemed given on the date
delivered in accordance with this section.
16. FORCE MAJEURE
ADVISER SHALL NOT BE LIABLE FOR DELAYS OR ERRORS OCCURRING BY REASON OF
CIRCUMSTANCES BEYOND ITS CONTROL, INCLUDING BUT NOT LIMITED TO ACTS OF CIVIL OR
MILITARY AUTHORITY, NATIONAL EMERGENCIES, WORK STOPPAGES, FIRE, FLOOD,
CATASTROPHE, ACTS OF GOD, INSURRECTION, WAR, RIOT, OR FAILURE OF COMMUNICATION
OR POWER SUPPLY. IN THE EVENT OF EQUIPMENT BREAKDOWNS BEYOND ITS CONTROL,
ADVISER SHALL TAKE REASONABLE STEPS TO MINIMIZE SERVICE INTERRUPTIONS BUT SHALL
HAVE NO LIABILITY WITH RESPECT THERETO.
17. SEVERABILITY
Should any portion of this Agreement for any reason be held to be void in
law or in equity, the Agreement shall be construed, insofar as is possible, as
if such portion had never been contained herein.
18. INTERPRETATION
Nothing herein contained shall be deemed to require the Trust to take any
action contrary to its Amended and Restated Agreement and Declaration of Trust
or By-Laws, or any applicable statutory or regulatory requirements to which it
is subject or by which it is bound, or to relieve or deprive the Trustees of
their responsibility for and control of the conduct of the affairs of the Trust.
19. GOVERNING LAW
The provisions of this Agreement shall be construed and interpreted in
accordance with the laws of the State of Delaware (without giving effect to its
conflict of laws principles), or any of the applicable provisions of the
Investment Company Act. To the extent that the laws of the State of Delaware, or
any of the provisions in this Agreement, conflict with applicable provisions of
the Investment Company Act, the latter shall control. Any question of
interpretation of any term or provision of this Agreement having a counterpart
in or otherwise derived from a term or provision of the Investment Company Act
shall be resolved by reference to such term or provision of the Investment
Company Act and to interpretations thereof, if any, by the United States courts
or, in the absence of any controlling decision of any such court, by rules,
regulations or orders of the SEC validly issued pursuant to the Investment
Company Act. Specifically, the terms "vote of a majority of the outstanding
voting securities," "interested persons," "assignment," and "affiliated
persons," as used herein shall have the meanings assigned to them by Section
2(a) of the Investment Company Act unless otherwise stated herein. In addition,
where the effect of a requirement of the Investment Company Act reflected in any
provision of this Agreement is relaxed by a rule, regulation or order of the
SEC, whether
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of special or of general application, such provision shall be deemed to
incorporate the effect of such rule, regulation or order.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers as of the date first mentioned above.
PITCAIRN TRUST COMPANY
By:
-----------------------------------------------------
Xxxx Xxxxx, Chairman
PITCAIRN FUNDS
By:
-----------------------------------------------------
Xxxxx X. Xxxx III, President
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APPENDIX A
Diversified Value Fund
Diversified Growth Fund
Select Value Fund
Select Growth Fund
Small Cap Value Fund
Small Cap Growth Fund
Family Heritage-Registered Trademark-Fund
International Equity Fund
Government/Corporate Bond Fund
Tax-Exempt Fund
00
XXXXXXXX X
FUND ADVISORY FEE
Diversified Value........................0.70%
Diversified Growth.......................0.70%
Select Value.............................0.70%
Select Growth............................0.85%
Small Cap Value..........................0.70%
Small Cap Growth.........................0.95%
Family Heritage-Registered Trademark-....0.90%
International Equity.....................0.95%
Government/Corporate Bond................0.40%
Tax-Exempt Bond..........................0.30%
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