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  2. Print
October 27, 1997 12:00 AM

MASTER TRUST/ GLOBAL CUSTODY: CUSTODY

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    Norwest Bank

    Sixth & Marquette, Minneapolis, Minn. 55479; phone: (612) 667-8022; fax: (612) 316-0366; Web site: www.norwest.com

    ($ millions)

    Total global custody assets 2,012

    Countries serviced by network 75

    Countries serviced by subcustodian 75

    Reports available online:

    Monthly transaction

    Performance measurement

    Securities lending

    Norwest Bank, as of June 30, oversaw $2.012 billion in total global custody assets; the entire amount was passed to other banks for subcustody.

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

    The bank assists clients with foreign tax withholding.

    Fees are calculated by transactions and basis points.

    Record-keeping services offered include multicurrency, commission by broker, securities lending, options/future accounting, unitized or plan accounting, average cost, LIFO and FIFO.

    The bank lends securities for 17 tax-exempt institutions. The minimum portfolio size of lendable assets is $40 million.

    The client contact is Melissa Dress.

    PNC Bank N.A.

    200 Stevens Drive, Suite 440, Lester, Pa. 19113; phone: (610) 521-7888; fax: (610) 595-4373; Web site: www.pncbank.com

    ($ millions)

    Total global custody assets 8,000

    U.S. tax-exempt 600

    U.S. taxable 7,400

    Countries serviced by network 73

    Countries serviced by subcustodian 73

    Reports available online:

    Monthly transaction

    Asset & liability

    Performance measurement

    Securities lending

    PNC Bank N.A., as of June 30, oversaw $8 billion in total global custody assets; the entire amount was passed to other banks for subcustody.

    In the past 12 months, the bank gained $150 million in new global custody business from U.S. institutional tax-exempt clients.

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

    The bank assists clients with foreign tax withholding.

    Fees are calculated by assets and transactions.

    Record-keeping services include investment accounting.

    The client contact is Edward A. Smith III.

    Royal Trust Corp. of Canada

    P.O. Box 7500, Station "A", Toronto, Ontario M5W 1P9 Canada; phone: (416) 955-3350; fax: (416) 953-3377

    ($ millions)

    Total global custody assets 167,000

    Countries serviced by network 74

    Countries serviced by subcustodian 73

    Reports available online:

    Cash

    Securities holdings

    Trade status

    Accruals & receivables

    Corporate actions

    Royal Trust Corp. of Canada, as of June 30, oversaw $167 billion in total global custody assets. Of this, $86 billion was as a subcustodian for other banks and $81 billion was passed to other banks for subcustody.

    The bank assists clients with foreign tax withholding.

    Fees are calculated by number of accounts; preferred method of communication; level of activity and transaction volumes; and complexity, including custom reporting.

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

    The bank lends securities for more than 130 tax-exempt institutions. The minimum portfolio size of lendable assets is typically in excess of $20 million.

    The client contacts are Robert Wright and Antony D. Johnson.

    State Street Bank & Trust

    1 Enterprise Drive, North Quincy, Mass. 02171; phone: (617) 985- 3784; fax: (617) 537-6600

    ($ millions)

    Total global custody assets 573,900

    U.S. tax-exempt 117,200

    U.S. taxable 136,200

    Countries serviced by network 71

    Countries serviced by subcustodian 71

    Reports available online:

    Monthly transaction

    Asset & liability

    Performance measurement

    Performance analytics

    Portfolio holdings

    Security transactions

    Foreign exchange

    Income receivables

    Cash transactions

    Multicurrency performance

    Month-end

    Trial balances

    Graphics

    Securities lending

    International market portfolios

    Cash forecasting

    Electronic trade entry/delivery

    State Street Bank & Trust Co., as of June 30, oversaw $573.9 billion in total global custody assets. Of this, $31 billion was as a subcustodian for other banks; $435.6 billion was passed to other banks for subcustody; and $107.3 billion was held in direct, in-house custody.

    Of the global custody assets overseen for U.S., institutional tax-exempt clients, $92 billion was passed to others for subcustody and $25.2 billion was held in direct, in-house custody.

    In the past 12 months, the bank gained $30.2 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, number of 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 140 tax-exempt institutions. The minimum portfolio size of lendable assets is $100 million.

    The client contact is Robert R. Tarter.

    SunTrust Banks Inc.

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

    ($ millions)

    Total global custody assets 2,025

    U.S. tax-exempt 1,426

    U.S. taxable 599

    Countries serviced by network 58

    Countries serviced by subcustodian 57

    Reports available online:

    Monthly transaction

    Asset & liability

    Performance measurement

    SunTrust Banks Inc., as of June 30, oversaw $2.025 billion in total global custody assets. Of this, $1.426 billion was passed to other banks for subcustody and $599 million was held in direct, in-house custody.

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

    In the past 12 months, the bank gained $571 million in new global custody business from U.S. institutional tax-exempt clients.

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

    The bank assists clients with foreign tax withholding.

    Fees are calculated by market value and transactions.

    Record-keeping services include tax reclaim and other receivables.

    The client contact is James F. Winters III.

    Union Bank of California

    475 Sansome St., Suite 1500, San Francisco, Calif. 94111; phone: (800) 880-0818; fax: (415) 291-7715

    ($ millions)

    Total global custody assets 9,212

    U.S. tax-exempt 1,663

    U.S. taxable 5,808

    Countries serviced by network 56

    Countries serviced by subcustodian 55

    Reports available online:

    Monthly transaction

    Asset & liability

    Performance measurement

    Securities lending

    Enhanced proxy services

    Union Bank of California N.A., as of June 30, oversaw $9.212 billion in total global custody assets. Of this, $5.459 billion was as a subcustodian for other banks and $3.753 billion was held in direct, in-house custody.

    Of the global custody assets overseen for U.S., institutional tax-exempt clients, $712 million was as a subcustodian for other banks and $951 million was held in direct, in-house custody.

    In the past 12 months, the bank gained $396 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 a combination of ad valorem and transaction activity.

    Record-keeping services include fully integrated, multicurrency accrual accounting; derivatives reporting; and forward foreign currency valuation.

    The bank lends securities for nine tax-exempt institutions.

    The client contact is Kevin P. Galvin.

    Wachovia Bank N.A.

    100 N. Main St., Winston-Salem, N.C. 27150; phone: (800) 642-0891; fax: (910) 732-6131; Web site: www.wachovia.com

    ($ millions)

    Total global custody assets 1,800

    U.S. tax-exempt 1,300

    U.S. taxable 500

    Countries serviced by network 80

    Countries serviced by subcustodian 80

    Reports available online:

    Monthly transaction

    Asset & liability

    Performance measurement

    Securities lending

    Wachovia Bank N.A., as of June 30, oversaw $1.8 billion in total global custody assets. Of this, $1.62 billion was passed to other banks for subcustody and $180 million was held in direct, in-house custody.

    Of the global custody assets overseen for U.S., institutional tax-exempt clients, $1.144 billion was passed to others for subcustody and $156 million was held in direct, in-house custody.

    In the past 12 months, the bank gained $175 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 safekeeping and transaction costs per individual country.

    Record-keeping services include foreign exchange capabilities, multicurrency reporting and tax reclamation.

    The client contact is Maureen Tomshack.

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