▇▇▇▇ ▇▇▇▇▇▇▇ INVESTMENT TRUST
▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
▇▇▇▇ ▇▇▇▇▇▇▇ Investor Services Corporation
▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Re: Transfer Agency and Service Agreement
Ladies and Gentlemen:
Pursuant to Section 7.01 of the Transfer Agency and Service Agreement
dated as of May 15, 1995 between ▇▇▇▇ ▇▇▇▇▇▇▇ Investment Trust (the "Trust") and
▇▇▇▇ ▇▇▇▇▇▇▇ Investor Services Corporation (the "Transfer Agent"), please be
advised that the Trust has established a new series of its shares, namely, ▇▇▇▇
▇▇▇▇▇▇▇ Sovereign Balanced Fund (the "Fund"), and please be further advised that
the Trust desires to retain the Transfer Agent to render transfer agency
services under the Transfer Agency and Service Agreement to the Fund in
accordance with the fee schedule attached as Exhibit A.
Please state below whether you are willing to render such services in
accordance with the fee schedule attached as Exhibit A.
▇▇▇▇ ▇▇▇▇▇▇▇ INVESTMENT TRUST
ATTEST: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇
------------------------- --------------------------
Secretary President
Dated: December 2, 1996
We are willing to render transfer agency services to ▇▇▇▇ ▇▇▇▇▇▇▇
Sovereign Balanced Fund in accordance with the fee schedule attached hereto as
Exhibit A.
▇▇▇▇ ▇▇▇▇▇▇▇ INVESTOR SERVICES
CORPORATION
ATTEST: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇.
------------------------- --------------------------
Title:
Dated: December 2, 1996
TRANSFER AGENT FEE SCHEDULE, EFFECTIVE DECEMBER 2, 1996
Effective December 2, 1996, the transfer agent fees payable monthly
under the transfer agent agreement between each fund and ▇▇▇▇ ▇▇▇▇▇▇▇ Investor
Services Corporation shall be the following rates plus certain out-of-pocket
expenses as described to the Board:
Annual Rate Per Account
Equity Fund Class A Shares Class B Shares
Capital Series $19.00 $21.50
- Special Value
- Independence Equity
- Utilities
Special Equities
World
- Pacific Basin
- Global Rx
- Global Marketplace
Freedom Investment Trust
- Regional Bank
- ▇▇▇▇ ▇▇▇▇▇▇▇ Disciplined Growth
- ▇▇▇▇ ▇▇▇▇▇▇▇ Financial Industries
Freedom Investment Trust II
- Global
- International
- Special Opportunities
- Growth
Freedom Investment Trust III
- Discovery
▇▇▇▇ ▇▇▇▇▇▇▇ Investment Trust
- Growth & Income
- Sovereign Balanced
- Sovereign Investors
▇▇▇▇ ▇▇▇▇▇▇▇ Series Trust
- Emerging Growth
- Global Technology Fund
Annual Rate Per Account
Class A Shares Class B Shares
$20.00 $22.50
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Reserve
▇▇▇▇ ▇▇▇▇▇▇▇ Current Interest
- Money Market
- US Government Cash Reserve
Annual Rate Per Account
Class A Shares Class B Shares
$20.00 $22.50
▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Exempt Series, Inc.
- Massachusetts Tax-Free Income
- New York Tax-Free Income
Freedom Investment Trust
- Managed Tax-Exempt
▇▇▇▇ ▇▇▇▇▇▇▇ Tax-Free Bond Trust
- High Yield Tax-Free
- Tax-Free Bond Fund
▇▇▇▇ ▇▇▇▇▇▇▇ California Tax-Free Income
Annual Rate Per Account
Class A Shares Class B Shares
Limited Term Government $20.00 $22.50
Sovereign Bond
Strategic Series
- Strategic Income
- Sovereign U.S. Government Income
Freedom Investment Trust II
- ▇▇▇▇ ▇▇▇▇▇▇▇ World Bond Fund
- Short-Term Strategic Income
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Trust
- Intermediate Maturity Gov't Fund
- Government Income Fund
- High Yield Bond Fund
The following funds are at a % of daily net assets of the Fund. Out-of-pocket
expenses are paid by ▇▇▇▇ ▇▇▇▇▇▇▇ Investor Services Corporation.
Class C Funds
Special Equities .10% of daily net assets of the Fund
Sovereign Investors
▇▇▇▇ ▇▇▇▇▇▇▇ Institutional Series Trust .5% of daily net assets of the Fund
- ▇▇▇▇ ▇▇▇▇▇▇▇ Global Bond Fund
- ▇▇▇▇ ▇▇▇▇▇▇▇ Independence Medium Capitalization Fund
- ▇▇▇▇ ▇▇▇▇▇▇▇ Independence Growth Fund
- ▇▇▇▇ ▇▇▇▇▇▇▇ Active Bond Fund
- ▇▇▇▇ ▇▇▇▇▇▇▇ Independence Diversified Core Equity Fund II - ▇▇▇▇
▇▇▇▇▇▇▇ Independence Balanced Fund - ▇▇▇▇ ▇▇▇▇▇▇▇ Fundamental Value Fund
- ▇▇▇▇ ▇▇▇▇▇▇▇ Dividend Performers Fund - ▇▇▇▇ ▇▇▇▇▇▇▇ Independence Value
Fund - ▇▇▇▇ ▇▇▇▇▇▇▇ International Equity Fund - ▇▇▇▇ ▇▇▇▇▇▇▇ Multi-Sector
Growth Fund - ▇▇▇▇ ▇▇▇▇▇▇▇ Small Capitalization Equity Fund
These fees are agreed to by the undersigned as of December 2, 1996.
/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇
--------------------------------
▇▇▇▇ ▇. ▇▇▇▇▇▇▇
President of each Fund
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇.
--------------------------------
▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇.
Vice President of ▇▇▇▇ ▇▇▇▇▇▇▇
Investor Services Corporation
