SPECIAL REPORT: MASTER TRUST/GLOBAL CUSTODY;GLOBAL
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October 30, 1995 12:00 AM

SPECIAL REPORT: MASTER TRUST/GLOBAL CUSTODY;GLOBAL

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    Northern Trust

    50 S. LaSalle St., Chicago, Ill. 60675; phone: (312) 630-6000

    ($ millions)

    Total global custody assets81,500

    U.S. tax-exempt22,100

    U.S. taxable10,168

    Countries serviced by network64

    Reports available on-line:

    Monthly transaction

    Asset & liability

    Performance measurement

    Foreign exchange

    Manager mixes with accruals

    Asset/local-base currency

    Trade fails

    Plan valuation

    Securities lending

    Proxy

    Northern Trust, as of June 30, oversaw $81.5 billion in total global custody assets. Of this, $2.3 billion was as a subcustodian for other banks and $79.2 billion was held in direct custody.

    Of the global custody assets overseen for U.S., institutional tax-exempt clients $22.1 billion was held in direct, in-house custody.

    In the past 12 months, the bank gained $3.2 billion in new global custody business from U.S. institutional tax-exempt clients.

    The bank assists clients with foreign tax withholding.

    Fees are based on assets, transactions, geographic schedules and special requirements.

    Record-keeping services are provided by the bank's wholly owned subsidiary, Hazlehurst & Associates Inc.

    The bank lends securities for 180 tax-exempt institutions.

    The client contact is Jean E. Sheridan.

    Norwest Bank

    Sixth Street and Marquette Avenue, Norwest Center, Minneapolis, Minn. 55479-0065; phone: (612) 667-4055; fax: (612) 667-2356

    ($ millions)

    Total global custody assets1,400

    U.S. tax-exempt1,200

    U.S. taxable1,200

    Countries serviced by network60

    Countries serviced by subcustodian60

    Reports available on-line:

    Monthly transaction

    Asset & liability

    Performance measurement

    Norwest Bank, as of June 30, oversaw $1.4 billion in total global custody assets. All was passed to other banks for subcustody.

    Of the global custody assets overseen for U.S., institutional tax-exempt clients, $1.2 billion was passed to others for subcustody.

    In the past 12 months, the bank gained $200 million in new global custody business from U.S. institutional tax-exempt clients.

    The bank assists clients with foreign tax withholding.

    Fees are calculated by assets, transactions and geographic schedule.

    The bank lends securities for 30 tax-exempt institutions. The minimum portfolio size of lendable assets is $50 million.

    The client contact is Ranee A. Jacobus.

    PNC Bank N.A.

    200 Stevens Drive, Suite 440, Lester, Pa. 19113; phone: (610) 521-7747; fax: (610) 595-4373

    ($ millions)

    Total global custody assets5,000

    U.S. tax-exempt100

    U.S. taxable4,900

    Countries serviced by network66

    Countries serviced by subcustodian38

    Reports available on-line:

    Monthly transaction

    Asset & liability

    Performance measurement

    Cash journal

    Pending settlements

    Income due

    Broker

    PNC Bank N.A., as of June 30, oversaw $5 billion in total global custody assets, all of which was passed to other banks for subcustody.

    Of the global custody assets overseen for U.S., institutional tax-exempt clients, $100 million was passed to others for subcustody.

    In the past 12 months, the bank gained $50 million in new global custody business from U.S. institutional tax-exempt clients.

    The bank offers a "private label" product, for which Barclays Bank is the primary supplier of the subcustodial network.

    The bank assists clients with foreign tax withholding.

    Fees are calculated by assets, transactions and geographic schedules.

    Record-keeping services are provided by Barclays Bank.

    The bank lends securities for tax-exempt institutions. The minimum portfolio size of lendable assets is $100 million.

    The client contact is Carl Rice.

    Royal Trust Corp. of Canada

    P.O. Box 7500, Station A, Toronto, Ontario M5W 1P9, Canada; phone: (416) 955-3350; fax: (416) 955-3377

    ($ millions)

    Total global custody assets*..104,748

    Countries serviced by network60

    Countries serviced by subcustodian58

    Reports available on-line:

    Cash

    Securities holdings

    Trade status

    Accruals and receivables

    Corporate actions

    *Assets as of April 30, 1995

    Royal Trust Corp. of Canada, as of April 30, oversaw $104.748 billion in total global custody assets.

    The bank assists clients with foreign tax withholding.

    Fees are calculated by number of accounts, method of communication, transactions and custom reporting.

    Record-keeping services include benefit payments, defined contribution plan record keeping and mutual/pooled fund unit holder record keeping.

    The bank lends securities for more than 100 tax-exempt institutions.

    The client contact is Mary Taylor.

    State Street Bank & Trust

    1 Enterprise Drive, North Quincy, Mass. 02171; phone: (617) 985-7505; fax: (617) 537-6590

    ($ millions)

    Total global custody assets268,000

    U.S. tax-exempt74,000

    U.S. taxable79,000

    Countries serviced by network68

    Countries serviced by subcustodian68

    Reports available on-line:

    Monthly transaction

    Asset & liability

    Performance measurement

    Performance analytics

    Portfolio holdings

    Security transactions

    Foreign exchange

    Income receivables

    Cash transactions

    Multicurrency performance

    Month-end reports

    Trial balances

    Securities lending

    International market portfolios

    Cash forecasting

    Electronic trade entry/delivery

    State Street Bank & Trust Co., as of June 30, oversaw $268 billion in total global custody assets. Of this, $15 billion was as a subcustodian for other banks; $203 billion was passed to other banks for subcustody; and $50 billion was held in direct custody.

    Of the global custody assets overseen for U.S., institutional tax-exempt clients, $58 billion was passed to others for subcustody and $16 billion was held in direct, in-house custody.

    In the past 12 months, the bank gained $12 billion in new global custody business from U.S. institutional tax-exempt clients.

    The bank assists clients with foreign tax withholding.

    Fees are calculated by asset values, transactions, number of portfolios, frequency of audited valuations and subcustodian holding costs.

    Record-keeping services include participant record keeping, plan accounting, mutual fund accounting and insurance reporting.

    The bank lends securities for 142 tax-exempt institutions. The minimum portfolio size of lendable assets is $100 million.

    The client contact is James J. Darr.

    SunTrust Banks Inc.

    25 Park Place NE, Atlanta, Ga. 30303; phone: (404) 588-8636; fax: (404) 588-8136

    ($ millions)

    Total global custody assets400

    U.S. tax-exempt275

    U.S. taxable125

    Countries serviced by network35

    Countries serviced by subcustodian35

    SunTrust Banks Inc., as of June 30, oversaw $400 million in total global custody assets, all of which was passed to other banks for subcustody.

    Of the global custody assets overseen for U.S., institutional tax-exempt clients, $275 million was passed to others for subcustody.

    In the past 12 months, the bank gained $125 million in new global custody business from U.S. institutional tax-exempt clients.

    The bank offers a "private label" product, for which Mitsubishi Global Custody is the primary supplier of the subcustodial network.

    Fees are calculated by asset value and transaction fees.

    Record-keeping services include tax reclaim and receivables.

    The client contact is James Winters III.

    Wachovia Corp.

    301 N. Main St., Winston-Salem, N.C. 27150; phone: (910) 770-4182; fax: (910) 770-5758

    ($ millions)

    Total global custody assets1,298

    U.S. tax-exempt1,212

    U.S. taxable86

    Countries serviced by network48

    Countries serviced by subcustodian48

    Reports available on-line:

    Monthly transaction

    Asset & liability

    Performance measurement

    Daily pricing

    Treaty information

    Wachovia Corp., as of June 30, oversaw $1.298 billion in total global custody assets. All was passed to other banks for subcustody.

    Of the global custody assets overseen for U.S., institutional tax-exempt clients, $1.212 billion was passed to others for subcustody.

    In the past 12 months, the bank gained $172 million in new global custody business from U.S. institutional tax-exempt clients.

    The bank assists clients with foreign tax withholding.

    Fees are calculated by market value and transactions.

    Record-keeping services include integrated domestic and international asset reporting and foreign tax reclamation reporting.

    The client contact is Marianne B. Price.

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