Exhibit (d)(ix) under Form N-1A
Exhibit 10 under Item 601/Reg. S-K
SUBADVISORY AGREEMENT
This Subadvisory Agreement ("Agreement") is entered into as of October 18, 1999,
by and among the Vision Group of Funds, a Maryland corporation (the "Company"),
Manufacturers and Traders Trust Company, a New York State chartered bank and
trust company (the "Adviser" or "M&T Bank"), and Independence Investment
Associates, Inc. (the "Subadviser").
RECITALS:
The Company is an open-end investment management company registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), and has ten
portfolios, including the Vision Mid Cap Stock Fund (the "Fund");
The Company and the Adviser have entered into an advisory agreement dated as of
June 1, 1993 (the "Advisory Agreement"), pursuant to which, as amended, the
Adviser provides portfolio management services to the Fund and the other
portfolios of the Company;
The Advisory Agreement contemplates that the Adviser may fulfill its portfolio
management responsibilities under the Advisory Agreement by engaging one or more
subadvisers; and
The Adviser and the Board of Directors of the Company ("Directors") desire to
retain the Subadviser to act as sub-investment manager of the Fund and to
provide certain other services, and the Subadviser desires to perform such
services under the terms and conditions hereinafter set forth.
AGREEMENT:
NOW, THEREFORE, in consideration of the mutual covenants and agreements set
forth in this Agreement, the Company, the Adviser and the Subadviser agree as
follows:
1. DELIVERY OF DOCUMENTS. The Company has furnished the Subadviser with
copies, properly certified or otherwise authenticated, of each of the following:
(a) The Company's articles of incorporation ("Articles of Incorporation");
(b) By-Laws of the Company as in effect on the date hereof;
(c) Resolutions of the Directors selecting the Subadviser as the investment
subadviser to the Fund and approving the form of this Agreement;
(d) Resolutions of the Directors selecting the Adviser as investment adviser
to the Fund and approving the form of the Investment Advisory Agreement
and resolutions adopted by the initial shareholder of the Fund approving
the form of the Investment Advisory Agreement;
(e) The Adviser's Investment Advisory Agreement;
(f) Commitments, limitations and undertakings made by the Company to state
"blue sky" authorities for the purpose of qualifying shares of the Fund
for sale in such states; and
(g) The Company's registration statement, including the Fund's prospectus and
statement of additional information (collectively called the
"Prospectus").
The Adviser will furnish the Subadviser from time to time with copies, properly
certified or otherwise authenticated, of all amendments of or supplements to the
foregoing, if any. The Adviser will also furnish the Subadviser with copies of
the documents listed on Schedule 1 to this Agreement, and shall promptly notify
the Subadviser of any material change in any of the Fund's investment
objectives, policies, limitations, guidelines or procedures set forth in any of
the documents listed in Schedule 1.
The Subadviser has furnished the Adviser with a copy of the Subadviser's Form
ADV most recently filed with the Securities and Exchange Commission, (which Form
ADV includes a description of the Subadviser's policies regarding allocation of
securities among clients with common investment objectives, soft dollars and
brokerage selection) and the code of ethics established by the Subadviser
pursuant to Rule 17j-1 of the 1940 Act ("Subadviser's Code of Ethics"). The
Subadviser will promptly furnish the Adviser with copies of any amendments to
such documents. The Subadviser will also provide the Adviser with the
Subadviser's approved list of securities for equity portfolios and any updates
or revisions thereto at least monthly.
The Subadviser will also provide Adviser with a list and specimen signatures of
the parties who are authorized to act on behalf of the Subadviser and will
promptly notify Adviser in writing of any changes thereto.
2. INVESTMENT SERVICES. Subject to the supervision and review of the Adviser and
the Directors, the Subadviser will manage the investments of the Fund on a
discretionary basis, including the purchase, retention and disposition of
securities, in accordance with the investment policies, objectives and
restrictions of the Fund as set forth in the Fund's Prospectus, and in
conformity with the 1940 Act, the Internal Revenue Code of 1986, as amended
(including the requirements for qualification as a regulated investment
company), all other applicable laws and regulations, instructions and
directions received in writing from the Adviser or the Board of Directors,
and the provisions contained in the documents delivered to the Subadviser
pursuant to Section 1 above, as each of the same may from time to time be
amended or supplemented, and copies delivered to the Subadviser.
The Subadviser will discharge its duties under this Agreement with the care,
skill, prudence, and diligence under the circumstances then prevailing that a
prudent person acting in the capacity of any investment adviser to a registered
investment company and familiar with such matters would use. The Subadviser
will, at its own expense:
(a) Manage on a discretionary basis the Fund's investments and determine from
time to time what securities will be purchased, retained, sold or loaned by
the Fund, and what portion of the Fund's assets will be invested or held
uninvested as cash.
(b) Place orders with or through such persons, brokers or dealers to carry out
the policy with respect to brokerage as set forth in the Fund's Prospectus
or as the Directors may direct from time to time, subject to the
Subadviser's duty to obtain best execution.
In using its best efforts to obtain for the Fund best execution, the
Subadviser, bearing in mind the Fund's best interests at all times, shall
consider all factors it deems relevant, including by way of illustration, price,
the size of the transaction, the nature of the market for the security, the
amount of the commission, the timing of the transaction, taking into account
market prices and trends, the reputation, experience and financial stability of
the broker or dealer involved and the quality of service rendered by the broker
or dealer in other transactions. Subject to such policies as the Directors of
the Company may determine, the Subadviser shall not be deemed to have acted
unlawfully or to have breached a duty created by this Agreement or otherwise,
solely by reason of its having caused the Fund to pay a broker or dealer that
provides brokerage and research services to the Subadviser or the Adviser an
amount of commission for effecting a Fund investment transaction that is greater
than the amount of commission that another broker or dealer would have charged
for effecting the transaction.
(c) Submit such reports relating to the valuation of the Fund's securities as
the Adviser may reasonably request.
(d) Maintain detailed books and records of all matters pertaining to the Fund
(the "Fund's Books and Records"), including, without limitation, a daily
ledger of such assets and liabilities relating thereto, and brokerage and
other records of all securities transactions. The Subadviser shall also
require that its Access Persons (as such term is defined in Rule 17j-1
under the 0000 Xxx) provide the Subadviser with quarterly reports of their
personal securities transactions and otherwise require such of those
persons as is appropriate to be subject to the Subadviser's Code of Ethics.
The Fund's Books and Records shall be available to the Adviser at any time
upon request and shall be available for telecopying without delay to the
Adviser during any day that the Fund is open for business.
(e) From time to time, as the Adviser or the Directors may reasonably request,
furnish the Adviser and to each of the Directors reports of Fund
transactions and reports on securities held in the Fund's portfolio, all in
such detail as the Adviser or the Directors may reasonably request.
(f) Inform the Adviser and the Directors of material or significant changes in
investment strategy or tactics or in key personnel of the Subadviser
(including any change in the personnel who manage the investments of the
Fund.)
(g) Make its officers and employees available to meet with the Directors and
the Adviser at such times and with such frequency as the Directors or the
Adviser reasonably requests, on due notice to the Subadviser, but at least
quarterly, to review the Fund's investments in light of current and
prospective market conditions.
(h) Furnish to the Directors such information as may be requested by the
Directors and reasonably necessary in order for the Directors to evaluate
this Agreement or any proposed amendments thereto for the purpose of
casting a vote pursuant to Section 11 or 12 hereof. Furnish to the Adviser
such information as may be required by the Adviser and reasonably necessary
in order for the Adviser to evaluate this Agreement and the Subadviser's
performance hereunder.
(i) The Subadviser will advise the Adviser, and, if instructed by the Adviser,
the Fund's custodian on a prompt basis each day by electronic communication
of each confirmed purchase and sale of a Fund security specifying the name
of the issuer, the full description of the security including its class,
and amount or number of shares of the security purchased or sold, the
market price, commission, government charges and gross or net price, trade
date, settlement date, and identity of the effecting broker or dealer and,
if different, the identity of the clearing broker.
(j) Cooperate generally with the Fund and the Adviser to provide information
requested by them in the possession of the Subadviser, or reasonably
available to it, necessary for the preparation of registration statements
and periodic reports to be filed by the Fund or the Adviser with the
Securities and Exchange Commission, including Form N-1A, semi-annual
reports on Form N-SAR, periodic statements, shareholder communications and
proxy materials furnished to holders of shares of the Fund, filings with
state "blue sky" authorities and with United States agencies responsible
for tax matters, and other reports and filings of like nature.
(k) Allow Adviser, its representative, internal or external auditors and
regulators to visit and audit Subadviser's operations relating to
Subadviser's services under this Agreement at such times and frequencies as
Adviser reasonably requests, at reasonable times and upon reasonable
notice, but at least annually.
(l) Deliver instructions or directions to Adviser via Eligible Trade Reports
through the Depository Trust Company Institutional Delivery system, in
writing, or orally (if confirmed in writing as soon as practicable
thereafter.) Subadviser shall instruct all brokers, dealers or other
persons executing orders with respect to the Fund to forward to Adviser
copies of all brokerage or dealer confirmations promptly after execution of
all transactions.
3. EXPENSES PAID BY THE SUBADVISER. The Subadviser will pay the cost of
maintaining the staff and personnel necessary for it to perform its obligations
under this Agreement, the expenses of office rent, telephone, telecommunications
and other facilities it is obligated to provide in order to perform the services
specified in Section 2, and any other costs and expenses incurred by it in
connection with the performance of its duties hereunder.
4. EXPENSES OF THE FUND NOT PAID BY THE SUBADVISER. The Subadviser will not be
required to pay any expenses which this Agreement does not expressly state shall
be payable by the Subadviser. In particular, and without limiting the generality
of the foregoing, the Subadviser will not be required to pay under this
Agreement:
(a) the compensation and expenses of Directors and of independent advisers,
independent contractors, consultants, managers and other agents employed by
the Company or the Fund other than through the Subadviser;
(b) legal, accounting and auditing fees and expenses of the Company or the
Fund;
(c) the fees and disbursements of custodians and depositories of the Company or
the Fund's assets, transfer agents, disbursing agents, plan agents and
registrars;
(d) taxes and governmental fees assessed against the Company or the Fund's
assets and payable by the Company or the Fund;
(e) the cost of preparing and mailing dividends, distributions, reports,
notices and proxy materials to shareholders of the Company or the Fund
except that the Subadviser shall bear the costs of providing the
information referred to in Section 2(j) to the Adviser;
(f) brokers' commissions and underwriting fees; and
(g) the expense of periodic calculations of the net asset value of the shares
of the Fund.
5. REGISTRATION AS AN ADVISER. The Subadviser hereby represents and warrants
that it is registered as an investment adviser under the Investment Advisers Act
of 1940, as amended (the "Advisers Act"), and covenants that it will remain so
registered for the duration of this Agreement. Subadviser shall notify the
Adviser immediately in the event that Subadviser ceases to be registered as an
investment adviser under the Advisers' Act.
6. COMPENSATION OF THE SUBADVISER. For all services to be rendered, facilities
furnished and expenses paid or assumed by the Subadviser as herein provided for
the Fund, the Adviser will pay the Subadviser an annual fee equal to 0.40% of
the Fund's average daily net assets up to $500 million and 0.35% of such assets
in excess thereof. Such fee shall accrue daily and be paid monthly. The "average
daily net assets" of the Fund shall be determined on the basis set forth in the
Fund's Prospectus or, if not described therein, on such basis as is consistent
with the 1940 Act and the regulations promulgated thereunder. The Subadviser
will receive a pro rata portion of such monthly fee for any periods in which the
Subadviser advises the Fund less than a full month. The Subadviser understands
and agrees that neither the Company nor the Fund has any liability for the
Subadviser's fee hereunder. Calculations of the Subadviser's fee will be based
on average net asset values as provided by the Adviser or the Company.
In addition to the foregoing, the Subadviser may from time to time agree in
writing not to impose all or a portion of its fee otherwise payable hereunder
(in advance of the time such fee or portion thereof would otherwise accrue)
and/or undertake to pay or reimburse the Fund for all or a portion of its
expenses not otherwise required to be borne or reimbursed by the Subadviser. Any
such fee reduction or undertaking may be discontinued or modified by the
Subadviser at any time.
7. OTHER ACTIVITIES OF THE SUBADVISER AND ITS AFFILIATES. Nothing herein
contained shall prevent the Subadviser or any of its affiliates or associates
from engaging in any other business or from acting as investment adviser or
investment manager for any other person or entity, whether or not having
investment policies or a portfolio similar to the Fund. It is specifically
understood that officers, directors and employees of the Subadviser and those of
its affiliates may engage in providing portfolio management services and advice
to other investment advisory clients of the Subadviser or of its affiliates.
8. AVOIDANCE OF INCONSISTENT POSITION. In connection with purchases or sales of
portfolio securities for the account of the Fund, neither the Subadviser nor any
of its directors, officers or employees will act as principal or agent or
receive any commission, except in compliance with applicable law and the
relevant procedures of the Fund. The Subadviser shall not knowingly recommend
that the Fund purchase, sell or retain securities of any issuer in which the
Subadviser has a financial interest without obtaining prior approval of the
Adviser prior to the execution of any such transaction.
Nothing herein contained shall limit or restrict the Subadviser or any of its
officers, affiliates or employees from buying, selling or trading in any
securities for its or their own account or accounts. The Company and Fund
acknowledge that the Subadviser and its officers, affiliates and employees, and
its other clients may at any time have, acquire, increase, decrease or dispose
of positions in investments which are at the same time being acquired or
disposed of by the Fund. The Subadviser shall have no obligation to acquire with
respect to the Fund, a position in any investment which the Subadviser, its
officers, affiliates or employees may acquire for its or their own accounts or
for the account of another client if, in the sole discretion of the Subadviser,
it is not feasible or desirable to acquire a position in such investment on
behalf of the Fund. Nothing herein contained shall prevent the Subadviser from
purchasing or recommending the purchase of a particular security for one or more
funds or clients while other funds or clients may be selling the same security.
The Subadviser expressly acknowledges and agrees, however, that in any of the
above described transactions, and in all cases, the Subadviser is obligated to
fulfill its fiduciary duty as Subadviser to the Fund and it shall require such
of its Access Persons as is appropriate to comply with the requirements of the
Subadviser's Code of Ethics.
When a security proposed to be purchased or sold for the Fund is also to be
purchased or sold for other accounts managed by the Subadviser at the same time,
the Subadviser shall make such purchase or sale on a pro-rata, rotating or other
equitable basis so as to avoid any one account being preferred over any other
account. The Subadviser shall disclose to the Adviser and to the Directors the
method used to allocate purchases and sales among the Subadviser's investment
advisory clients.
9. NO PARTNERSHIP OR JOINT VENTURE. The Company, the Fund, the Adviser and the
Subadviser are not partners of or joint venturers with each other and nothing
herein shall be construed so as to make them such partners or joint venturers or
impose any liability as such on any of them.
10. LIMITATION OF LIABILITY AND INDEMNIFICATION.
(a) In the absence of willful misfeasance, bad faith or gross negligence on the
part of the Subadviser, or of reckless disregard of its obligations and
duties hereunder, the Subadviser shall not be subject to any liability to
the Adviser, the Company or the Fund, any shareholder of the Fund, or to
any person, firm or organization, for any act or omission in the course of
or connected with, rendering services hereunder. Nothing herein, however,
shall derogate from the Subadviser's obligations under federal and state
securities laws. Any person, even though also employed by the Subadviser,
who may be or become an employee of and paid by the Company or the Fund
shall be deemed, when acting within the scope of his employment by the
Company or the Fund, to be acting in such employment solely for the Company
or the Fund and not as the Subadviser's employee or agent. Subadviser will
maintain appropriate fidelity bond insurance coverage in a reasonable
amount and shall provide evidence of such coverage upon request of Adviser.
(b) In the absence of willful misfeasance, bad faith or gross negligence on the
part of Adviser, or reckless disregard of its obligations and duties
hereunder, Adviser shall not be subject to any liability to Subadviser for
any act or omission in the course of or connected with, the Adviser's
carrying out its duties and obligations under this Agreement.
(c) Subadviser and Adviser shall each defend, indemnify and hold harmless the
other party and the other party's affiliates, officers, directors,
employees and agents, from and against any claim, loss liability, damages,
deficiency, penalty, cost or expense (including without limitation
reasonable attorneys' fees and disbursements for external counsel)
resulting from the reckless disregard of the indemnifying party's
obligations and duties hereunder or willful misfeasance, bad faith or gross
negligence on the part of the indemnifying party, its officers, directors,
employees and agents with respect to this Agreement or the Fund whether
such claim, loss, liability, damages, deficiency, penalty, cost or expense
was incurred or suffered directly or indirectly.
11. ASSIGNMENT AND AMENDMENT. This Agreement may not be assigned by the
Subadviser, and shall automatically terminate, without the payment of any
penalty, in the event of: (a) its assignment, including any change in control of
the Adviser or the Subadviser which is deemed to be an assignment under the 1940
Act, or (b) the termination of the Investment Advisory Agreement. Trades that
were placed prior to such termination will not be canceled; however, no new
trades will be placed after notice of such termination is received. Termination
of this Agreement shall not relieve the Adviser or the Subadviser of any
liability incurred hereunder.
The terms of this Agreement shall not be changed unless such change is agreed to
in writing by the parties hereto and is approved by the affirmative vote of a
majority of the Directors of the Company voting in person, including a majority
of the Directors who are not interested persons of the Company, the Adviser or
the Subadviser, at a meeting called for the purpose of voting on such change,
and (to the extent required by the 0000 Xxx) unless also approved at a meeting
by the affirmative vote of the majority of outstanding voting securities of the
Fund.
12. DURATION AND TERMINATION. This Agreement shall become effective as of the
date first above written and shall remain in full force and effect for a period
of two years from such date, and thereafter for successive periods of one year
(provided such continuance is approved at least annually in conformity with the
requirements of the 0000 Xxx) unless the Agreement is terminated automatically
as set forth in Section 11 hereof or until terminated as follows:
(a) The Company or the Adviser may at any time terminate this Agreement,
without payment of any penalty, by not more than 60 days' prior written
notice delivered or mailed by registered mail, postage prepaid, or by
nationally recognized overnight delivery service, receipt requested, to
the Subadviser. Action of the Company under this subsection may be taken
either by (i) vote of its Directors, or (ii) the affirmative vote of the
outstanding voting securities of the Fund; or
(b) The Subadviser may at any time terminate this Agreement by not less than
one hundred twenty (120) days' prior written notice delivered or mailed by
registered mail, postage prepaid, or by nationally recognized overnight
delivery service, receipt requested, to the Adviser.
Termination of this Agreement pursuant to this Section shall be without payment
of any penalty.
Fees payable to Subadviser for services rendered under this Agreement will be
prorated to the date of termination of the Agreement.
In the event of termination of this Agreement for any reason, the Subadviser
shall, immediately upon notice of termination or a receipt acknowledging
delivery of a notice of termination to Adviser, or such later date as may be
specified in such notice, cease all activity on behalf of the Fund and with
respect to any of its assets, except as expressly directed by the Adviser, and
except for the settlement of securities transactions already entered into for
the account of the Fund. In addition, the Subadviser shall deliver copies of the
Fund's Books and Records to the Adviser by such means and in accordance with
such schedule as the Adviser shall reasonably direct and shall otherwise
cooperate, as reasonably directed by the Adviser, in the transition of Fund
investment management to any successor to the Subadviser, including the Adviser.
13. SHAREHOLDER APPROVAL OF AGREEMENT. The parties hereto acknowledge and agree
that the obligations of the Company, the Adviser, and the Subadviser under this
Agreement shall be subject to the following conditions precedent: (a) this
Agreement shall have been approved by the vote of a majority of the Directors,
who are not interested persons of the Company, the Adviser or the Subadviser, at
a meeting called for the purpose of voting on such approval, and (b) this
Agreement shall have been approved by the vote of a majority of the outstanding
voting securities of the Fund.
14. MISCELLANEOUS.
(a) The captions in this Agreement are included for convenience of reference
only and in no way define or limit any of the provisions hereof or
otherwise affect their construction or effect. This Agreement may be
executed simultaneously in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the
same instrument. The obligations of the Company and the Fund are not
personally binding upon, nor shall resort be had to be private property of,
any of the Directors, shareholders, officers, employees or agents of the
Company or the Fund, but only the Fund's property shall be bound. The
Company or the Fund shall not be liable for the obligations of any other
series of the Company.
(b) Any information supplied by the Company or the Adviser to the Subadviser in
connection with the performance of its duties hereunder, or learned by the
Subadviser as a result of its position as Subadviser to the Fund, which is
not otherwise in the public domain, is to be regarded as confidential and
for use only by the Subadviser in connection with the performance of its
duties hereunder. Any information supplied by the Subadviser, which is not
otherwise in the public domain, in connection with the performance of its
duties hereunder is to be regarded as confidential and for use only by the
Adviser, the Fund and/or its agents, and only in connection with the Fund
and its investments. Any such information in the hands of either party may
be disclosed as necessary to comply with any law, rule, regulation or order
of a court or government authority.
(c) The parties hereto acknowledge that Manufacturers and Traders Trust Company
has reserved the right to grant the non-exclusive use of the name "VISION"
or any derivative thereof to any other investment company, investment
company portfolio, investment adviser, distributor or other business
enterprise, and to withdraw from the Company and one or more of the funds
the use of the name "VISION."
(d) The Subadviser agrees to submit any proposed sales literature (including
advertisements, whether in paper, electronic or Internet medium) for the
Company, the Fund, the Subadviser or for any of its affiliates which
mentions the Company, the Fund or Adviser (other than the use of the Fund's
name in a list of clients of the Subadviser) to the Adviser and to the
Fund's distributor for review and filing with the appropriate regulatory
authority prior to public release of any such sales literature; provided,
however, that nothing herein shall be construed so as to create any
obligation or duty on the part of the Subadviser to produce sales
literature for the Company or the Fund. The Company and the Adviser agree
to submit any proposed sales literature that mentions the Subadviser to the
Subadviser for review prior to use and the Subadviser agrees to promptly
review such materials by a reasonable and appropriate deadline. The Company
agrees to cause the Adviser and the Company's distributor to promptly
review all such sales literature for compliance with relevant requirements,
to promptly advise the Subadviser of any deficiencies contained in such
sales literature, and to promptly file complying sales literature with the
relevant authorities.
(e) All notices, consents, waivers and other communications under this
Agreement must be in writing and, other than notices governed by Section 12
above, will be deemed to have been duly given when (i) delivered by hand
(with written confirmation of receipt), (ii) sent by telecopier, provided
that receipt is confirmed by return telecopy and a copy is sent by
overnight mail via a nationally recognized overnight delivery service
(receipt requested); (iii) when received by the addressee, if sent via a
nationally recognized overnight delivery service (receipt requested) or
U.S. mail (postage prepaid), in each case to the appropriate address and
telecopier number set forth below (or to such other address and telecopier
number as a party may designate by notice to the other parties):
Subadviser: Independence Investment Associates, Inc.
00 Xxxxx Xxxxxx
Xxxxxx, Xxxxxxxxxxxxx 00000
Attention: President
Facsimile Number: 617-228-8895
Adviser: Manufacturers and Traders Trust Company
One M&T Plaza
Buffalo, New York 14203
Attention: Xxxxxxx X. Xxxxxx
Facsimile Number: 000-000-0000
Company: Vision Group of Funds, Inc.
0000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, Xxxxxxxxxxxx 00000-0000
Attention: Secretary
Facsimile Number: 000-000-0000
(f) For purposes of this Agreement: (i) "affirmative vote of a majority of the
outstanding voting securities of the Fund" means the affirmative vote, at
an annual meeting or a special meeting of the shareholders of the Fund,
duly called and held, (A) of 67% or more of the shares of the Fund present
(in person or by proxy) and entitled to vote at such meeting, if the
holders of more than 50% of the outstanding shares of the Fund entitled to
vote at such meeting are present (in person or by proxy), or (B) of more
than 50% of the outstanding shares of the Fund entitled to vote at such
meeting, whichever is less; and (ii) "interested person" and "assignment"
shall have the respective meanings as set forth in the 1940 Act, subject,
however, to such exemptions as may be granted by the Securities and
Exchange Commission under said Act.
(g) This Agreement shall be construed in accordance with the laws of the State
of New York and the applicable provisions of the 1940 Act.
(f) The provisions of this Agreement are independent of and separable from
each other and no provision shall be affected or rendered invalid or
unenforceable by virtue of the fact that for any reason any other or
others of them may be deemed invalid or unenforceable in whole or in part.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be signed
on their behalf by their duly authorized officers as of the date first above
written.
VISION GROUP OF FUNDS, INC.
/S/ XXXX X. XXXXXXXXX
By: Xxxx X. Xxxxxxxxx
Title: Vice President
MANUFACTURERS AND TRADERS
TRUST COMPANY
/S/ XXXXXXX X. XXXXXX
By: Xxxxxxx X. Xxxxxx
Title: Vice President
INDEPENDENCE INVESTMENT
ASSOCIATES, INC.
/S/ XXXX X. XXXXXX
By: Xxxx X. Xxxxxx
Title: President
SCHEDULE 1
Custody Agreement between the Company and the Fund's custodian ("Custodian"),
including information as to:
The Fund's nominee
The federal tax identification numbers of the Fund and its nominee All
routing, bank participant and account numbers and other information
necessary to provide proper instructions for transfer and delivery of
securities to the Fund's account at the Custodian
The name address and telephone and Fax number of the Custodian's employees
responsible for the Fund's accounts
The Fund's pricing service and contact persons
All procedures and guidelines adopted by the Board of Directors or the Adviser
regarding:
Transactions with affiliated persons
Evaluating the liquidity of securities
Segregation of liquid assets in connections with firm commitments and
standby commitments
Derivative contracts and securities
Rule 10f-3 (relating to affiliated underwriting syndicates) Rule 17a-7
(relating to interfund transactions) Rule 17e-1 (relating to transactions
with affiliated brokers) and
Release No. IC-22362 (granting exemptions for investments in money market
funds)
Any master agreements that the Company has entered into on behalf of the Fund,
including:
Master Repurchase Agreement
Master Futures and Options Agreements
Master Foreign Exchange Netting Agreements
Master Swap Agreements
CFTC Rule 4.5 letter
