Stable Value Fund - Union Bank

Investment Advisor:Union Bankof California, N.A.Stable Value FundDISC L05 URE 5TAT EM ENTThis Fund is not an obligationor deposit of Union Bankof California, N.A. and is notinsured by the FDIC or anyother governmental agency.UNIONBANKOFCALIFORNIA®83047 (rev.3/05)THIS DISCLOSURE STATEMENTIS A DOCUMENT RELATED TO THE PLANOF THE POOLED INVESTMENT FUNDS OFUNION BANK OF CALIFORNIA, N.A.(As amended and restated effective January 1, 2003)

STABLE VALUE FUNDSponsored by Union Bank of California, N.A.DISCLOSURE STATEMENTTHIS DISCLOSURE STATEMENT IS A DOCUMENT RELATED TO THE PLAN OF THE POOLED INVESTMENT FUNDSOF UNION BANK OF CALIFORNIA, N.A. (As amended and restated effective January 1, 2003)STABLE VALUE FUNDUnion Bank of California, N.A. ("the "Bonk"], has established the Stable Value Fund (the "Stable Value Fund" or the"Fund") as a convenient and economical means for its trust, custody, and managing agency clients which are qualifiedtax exempt employee benefit plans and eligible government retirement plans ("Participants"), to invest in a professionallymanaged portfolio of Stable Value Instruments issued by insurance companies, banks, or other financial institutions.Union Bank of California, in its role as sponsor, is responsible for managing the Fund. HighMark Capital Management,Inc. ("HeM"), a wholly owned subsidiary of the Bank, has been appointed as the Investment Adviser to manage theassets of the Fund. Gartmore Morley Capital Management, Inc. ("Gartmore") has been retained as a sub-adviser tothe Fund and provides asset management services. The Fund is a part of the Pooled Investment Funds of Union Bankof California, N.A.Although the objective of the Fund is to provide dependable current income and safety of principal, there can be noassurance that this or any fund will achieve its objective. Therefore, upon redemption, units in the Fund may be worthmore or less than their original $1 .00 per unit.The Fund is not a mutual fund. The price of units of the Fund is not published in newspapers, and there are certainrestrictions on investments in and withdrawals from the Fund.THE FUND IS NOT A DEPOSIT OR OTHER OBLIGATION OF, AND IS NOT GUARANTEED B~UNION BANK OF CALIFORNIA, N.A., ITS SUBSIDIARIES OR AFFILIATES; IS NOT INSURED ORGUARANTEED BY THE FDIC OR ANY GOVERNMENTAL AGENCY; AND INVOLVES RISK,INCLUDING POSSIBLE LOSS OF PRINCIPAL.

2SUMMARY: Basic Information about the Stable Value FundWhat is the Fund? The Stable Value Fund is one of a group of collective investment funds that forms a trust (the"Trust"] maintained by Union Bank of California, N.A. as the trustee (the 'Trustee"). The Stable Value Fund is subject tothe "Plcn of the Pooled Investment Funds of Union Bank of California, National Association" (as amended and restatedeffective January 1, 2003 (the "Plan" or the "Plan Document")), a copy of which is available upon request. The Trustis exempt from taxation under IRS Revenue Ruling 81- 100 and is exempt from reqistrotion under the Securities Act of1933 and the Investment Company Act of 1940. All participating employee benefit plans and government retirementplans must incorporate the provisions of the Trust in their governing instruments.What is the Investment Objective? The Fund seeks to provide dependable current income and safety of principal.What are the Permitted Investments? The Fund invests primarily in Stable Value Instruments consisting ofInvestment Contracts ("ICs"), Bank Investment Contracts ("BICs"), or Alternative or Synthetic Investment Contracts('~ICs" and "SICs") issued by major insurance companies and other financial institutions, Investment contracts purchasedwill contain benefit responsive provisions (as discussed below). Liquid funds may be kept in approved money marketvehicles or short-term investments, including registered mutual funds for which the Trustee or an affiliate providesadvice and/or other services for a fee.Who ts the Fund Investment Adviser? HighMark Capital Management, Inc. has been appointed the investmentadviser to the Fund for asset management. Gartmore Morley Capital Management, Inc. has also been retained asan adviser.How do we Purchase and Redeem Units? Units can be purchased on any Business Day. "Business Dey" meansany day except Saturdays and Sundays on which the Bank and the securities markets are open for·business. Purchasesof $1 million or more must he communicated in advance to the Trustee for approval, since sequencing new investmentsis critical to seeking a stable return for all participating accounts and for consistent operational and administrativemanagement. Qualified Withdrawals may be made on any Business Day. Non-Qualified Withdrawals may bemade twelve (12) months after the Trust receives notice or earlier, at the Trustee's discretion. Qualifiedand Non-Qualified Withdrawals are allowed as described more fully below in this Disclosure Statement.How;s Income Paid? The net investment income of the Fund is determined and declared on each Business Day asa dividend for participating accounts of record as of the close of business on that day. Income is distributed monthly,and is used to purchase additional units, unless otherwise instructed.What are the fund Expenses? The Fund pays a fee to the Trustee covering both trustee expenses and investmentmanagement expenses. The Trustee may establish multiple management fee levels, resulting in various classes of unitswhich earn different numbers of units. The details of these fee levels and unit classes are discussed below, and are setforth in Schedule A to this Disclosure Statement, which may be amended from time to time upon 30 days notice, allterms of which are incorporated into this Disclosure Statement by reference. Audit fees, brokerage costs, and advisoryfees paid to independent third parties, as well as other administrative expenses are also charged to the Fund. Any suchfees which are directly charged to the Fund will be presented on an aggregate basis, as a separate line item in theFund's annual report.

3STABLE VALUE FUNDA Collective Investment Fund of Union Bank Of California, N.A.Disclosure Statement & Policies And Procedures. This Disclosure Statement, as amended and restated effective September 1, 2004 ("Disclosure Statement"), to the"Plan of the Pooled Investment Funds of Union Bank of California, National Association" as amended and restatedeffective January 1, 2003, more fully sets forth the policies and procedures and plan of operation of the Fund formerlyknown as the Employee Benefit Investment Contract Fund. To the extent that any of the language of this DisclosureStatement conflicts with the language in the Plan Document, the provisions of this Disclosure Statement will govern.A copy of the Plan Document is available upon request to the Trustee.GENERAL INFORMATIONThe Stable Value Fund originated as the Employee Benefit Investment Contract Fund which was established as a collectiveinvestment fund by The Bank of California, NA, a national banking association, under a Declaration of Trust datedJune 11, 1986, as amended. The name of the bank and of the Fund were subsequently changed, following acombination with Union Bank. .The Fund is one of a group of collective investment funds that forms a trust (the "Trust") maintained by Union Bank ofCalifornia, N.A., a national banking association, (the "Trustee") for investment by certain qualified employee benefittrusts and eligible government retirement plans. The Trustee retains its wholly owned subsidicry, HighMark CapitalManagement, Inc., ("HCM") as Investment Adviser. There is no minimum investment required. Because the Fund isa Bank collective investment fund, and not a mutual fund, it is regulated by the Office of the Comptroller of theCurrency and not by the Securities and Exchange Commission.The Fund is valued each Business Day. The Fund's yield may therefore fluctuate. Yield for anyone valuation dateshould not be construed as an indication of the Fund's future yield.

4INVESTMENT INFORMATION & POLICIESINVESTMENT OBJECTIVESThe investment objective of the Fund is to providedependable current income and safety of principalthrough direct investments primarily in Stable ValueInstruments, in a variety of collective investment vehicles,including mutual funds which invest in Stable ValueInstruments, or in certain other fixed income or moneymarket obligations (see below).INVESTMENT POLICIESInvestment DurationThe maximum effective duration of the Fund is3.5 years.STABLE VALUE INSTRUMENTSFor the purposes of this Disclosure Statement, a StableValue Instrument is a fixed income obligation the rate ofreturn of which is guaranteed by the issuing insurancecompany, bank, or other financial institution, or a debtinstrument or portfolio of debt instruments owned by theFund combined with a wrapper. A "wrapper" is a 100%benefit responsive contract issued by an insurance company,bank, or other financial institution which providesassurance that qualified benefit withdrawals may bemade at book value (defined as cost plus accruedinterest as of the date of withdrawal) prior to maturity ofthe wrapped debt instruments.Issuers of Stable Value Instruments as listed below, includingthe debt instruments wrapped by contract, must, if rated,carry a credit rating in one of the three highest bondrating categories by a nationally recognized statisticalrating organization ("NRSRO"), e.g., at least "A3" fromMoody's Investors Service, Inc. ("Moody's") or "A-" orbetter from Standard & Poor's Corporation ("S&P"). TheFund Investment Adviser monitors such ratings. If unrated,the issuer must be of equivalent credit quality.1) Traditional Investment ContractsInvestment Contracts (1IIC'sll) and Bank InvestmentContracts ("SIC'sll) are instruments under which thepurchaser agrees to pay money either to aninsurance compcny or to a bank, or other financialinstitution in return for the issuer's promise toaccrue and pay interest to the purchaser at aguaranteed formula or rate for the life of thecontract. The purchase price paid for an IC ora SIC becomes part of the general assets of theissuer and the contract is an unsecured liabilityof the issuer which is paid at maturity from thegeneral assets or a separate asset account of theissuer. Virtually all contracts contain a provisionthat the issuer will, if required, repay principalat the stated contract value for the purpose ofmaking benefit payments (i.e., it is 100%"benefit responsive").IC's may be purchased from major insurancecompanies and BIC's may be purchased frommajor banks, or other financial institutions. Inselecting individual IC's or BIC's, the issuer'sfinancial condition, profitability, leadership in theindustry and ability to survive adverse economicconditions, among other factors, will be considered.The IC's held by the Fund are not deposits in orobligations of the Trustee and are not insured orguaranteed by the Trustee, the FDIC or any Stateor U.S. Government agency.Although all BIC issuers must be members of the FDIC,under the 1991 amendments to the banking laws, FDICinsurance is not available for BIC contracts which arebenefit responsive (as defined above). Virtually all BICcontracts which are considered for purchase by the Fundare benefit responsive. Thus, like IC's, BIC contracts heldby the Fund are not deposits in or obligations of theTrustee and are not insured or guaranteed by the Trustee,the FDIC or any State or U.S. Government agency.2) Alternative Investment ContractsAlternotive or Synthetic Investment Contracts(IiAIC'sll) consist of either a single debt instrumentor a portfolio of debt instruments owned by theFund with a wrapper.

5The Fund derives credit exposure primarily fromthe underlying debt instrument(s) within the Fund.This is because the underlying securities areowned by the Fund, and the wrapper contract onlyprovides assurance that Qualified Withdrawalscan be made, but does not assure the performanceof the underlying securities. Therefore,potential credit exposure to the issuing insurancecompany, bank, or other financial institution is afraction of the contract book value.AIC's are generally manufactured or packaged bya broker or investment adviser who arranges forthe contracts with major insurance companies,banks, or other financial institutions. In selectinginsurance, banking, or other financial institutionsto issue the contract, as applicable, the Trustee orInvestment Adviser will consider the same factorsconsidered in investing directly in IC's or SIC's.Issuers of securities used for AIC's, must, if rated,carry a credit rating in one of the three highestbond rating categories by an NRSRO, e.g., atleast ''A3'' from Moody's or ''A-'' or better fromS&P. The Fund Investment Adviser monitors suchrating. If unrated, the issuer must be of equivalentcredit quality.COLLECTIVE INVESTMENT VEHICLES ANDMUTUAL FUNDSIn addition to direct investment in Stable ValueInstruments, the Fund may be invested in collective fundswhich are offered by banks or trust companies or inmutual funds registered under the Investment CompanyAct of 1940, which invest in such instruments and whichmeet the Trustee's quality criteria. Minimum criteria forinvestment in such collective investment vehicles includethe following:1) Collective investment vehicles considered forinvestment may only purchase Stable ValueInstruments meeting the quality criteria set forthabove, except that such vehicles may have alonger effective duration then the Fund.2) All assets are valued at their fair market value;however, the Trustee shall be entitled to rely onthe valuations of the sponsors of any collectiveinvestment vehicles in which the Fund may invest.Investments in collective investment vehicles issued byother entities will be actively monitored, and are subjectto change depending on such vehicles' ability to meet theFund's quality criteria and investment needs.Investments in collective investment vehicles and mutualfunds may include investment in mutual funds advised bythe Investment Adviser or for which the Trustee orInvestment Adviser provides other services for a fee.FIXED INCOME OR MONEY MARKETOBLIGATIONSUnder normal market conditions, the Trustee anticipatesthat Fund assets not invested in Stable Value Instrumentsor in collective investment vehicles investing primarilyin Stable Value instruments will be invested in cashequivalents such as money market mutual funds, or shorttermfixed income obligations with maturities of one yearor less at the time of investment. Such short-term investmentswill be primarily in obligations issued or guaranteed bythe U.S. government, its agencies or instrumentalities,bank certificates of deposit, master notes, commercialpaper and sirnilcr short-term obligations.1) Interest Bearing DepositsThe Trustee or Investment Adviser may, in itsdiscretion, invest funds cwoitinq investment ordistribution in interest bearing deposits of theTrustee or its affiliates, provided that it is prudentto do so, and that all Participants in the Fund atthe time of making such investment allow for interestbearing deposits in accounts of the Trustee.2) Other Fixed Income SecuritiesAt times the supply of Stable Value Instruments meetingthe Trustee's quality criteria may be limited or, due togeneral market or economic conditions, the Trusteeor InvestmentAdviser may find the investment in StableValue Instruments to be temporarily unattractive. Insuch event, for a limited time, the Fund may be directlyinvested in other high-quality fixed income securities,including securities issued by companies publicly tradedin the U.S. market and obligations issued or guaran­

7California, Oregon and Washington. The Trusteeis a wholly owned subsidiary of UnionBanCalCorporation, which, in turn, is principally ownedby Tokyo-Mitsubishi Financial Group.The Trustee may employ one or more persons torender advice with regard to any responsibility thatthe Trustee has under the Plan. The Trustee mayalso appoint an investment adviser or advisers tomanage the investment of Plan assets (includingthe power to acquire and dispose of Plan assets).The Fund is not a deposit or other obligation of,and is not guaranteed by, Union Bank of California,N.A., its subsidiaries or affiliates; is not insured orguaranteed by the FDIC or any governn1enfalagency; and involves risk, including possible lossof principal.2) Investment AdvisersUnder an agreement with the Trustee, HCM hasbeen retained to provide investment advisoryservices to the Trustee for the Fund. HCM is awholly owned subsidiary of the Trustee with over80 years of institutional money managementexperience. HCM employs a disciplined portfoliomanagement approach supported by bothtechnology and seasoned portfolio managers whohave extensive experience with security analysis,risk management and financial markets.Under an agreement with the Trustee, the Fundhas retained Gartmore to provide investmentadvisory services to the Trustee for the Fund.Gartmore has been in the investment managementbusiness since 1982 and provides investmentservices to over 5,000 clients, including corporatepension funds, Taft-Hartley funds, leading banksand investment counselors across the UnitedStates. Gartmore offers an extensive investmentprocess for stable value investors and negotiates100% benefit responsive wra p contracts for debtinstruments identified by HCM to form AIC's.INDEPENDENT PUBLIC ACCOUNTANTSPricewaterhouseCoopers LLP serves as the independentpublic accountant to the Fund.FUND EXPENSESThe Fund pays the Trustee both administrative expensesand an investment management services fee.The details of the expense reimbursement and the investmentmanagement services fee are set forth in Schedule Ato this Disclosure Statement, which may be amended fromtime to time upon 30 days notice, all terms of which areincorporated in this Disclosure Statement by reference.Investment returns of the Fund will be presented net ofall expenses including investment rncncqernent fees. Suchfees will be presented, on an aggregate basis, as a separateline item in the Fund's annual report. To the extentthe Trustee's management fee is paid directly by the Fund,the Trustee does not charge an investment managementfee on the account level for assets invested in the Fund.Collective funds in which the Fund may invest will chargea fee either within their own funds or directly to theTrustee. Such fees will be charged to the Fund. Investmentreturns of the Fund will be presented net of such fees.The Trustee has the option of hiring agents in connectionwith its Fund, including advisers. In the event it choosesto hire one or more advisers, the Trustee shall retain managementauthority and control over the Fund at all times.Advisory fees charged by any such adviser, including feescharged for the packaging or manufacture of Ale's, may,in the discretion of the Trustee, be charged to the Fund.Alternately, advisory fees may be paid in the form ofbrokerage commissions paid to the adviser by the insurancecarriers issuing contracts to the Fund. Payment of suchbrokerage fees has the effect of reducing the yield paid byinsurance companies on contracts issued to the Fund, andso constitutes an indirect payment by the Fund of suchadvisory fees. The Trustee shall not pass on to the Fund,directly or indirectly, advisory fees assessed by partiesother than the Trustee in excess of the amount set forthfor this on Schedule A. Any such fees which are directlycharged to the Fund will be presented, on an aggregatebasis, as a separate line item in the Fund's annual report.

8Normal operating expenses of the Fund, including butnot limited to brokerage and other costs of purchaseand audit fees, are paid out of the Fund. All costs ofestablishing and maintaining the Fund are, however,paid by the Trustee.CLASSES OF UNITSThe Fund has multiple management services fee levels,represented by Class ''J{', Class "B" and Class "C" Units.Class ''J{' Units: (Full Fee) Participants of Class "1\' unitsare full service customers receiving trustee, record keeping,and investment management services within the Fund.Class ''J{' Participants generally have a balance in theFund of less than $10 million per investment account.Class "B" Units: (Base Fee) Participants of Class "B" unitsare generally large accounts with a balance in the Fundin excess of $1 0 million per investment account. Largeaccount balances provide multiple efficiencies whichresult in reduced administrative, record keeping andinvestment management expenses for the Bank.Class "C" Units: (Institutional Full Service Fee)Participants of Class "C" units are larger institutionalaccounts with a balance in the Fund in excess of $100million per investment account. Larger account balancesprovide multiple efficiencies which result in reducedadminis·trative, record keeping and investment managementexpenses for the Bank.The amount of the investment management services feeat each level is set forth in Schedule A. For Participants ofthe Fund, the number of the Fund's units earned will varydepending on the class of units the Participant's accountholds. The Bank will adjust the number of units earnedby each class of units so that the number of units theParticipant's account earns will be subject to the feecharged for the level of service provided. The number ofunits earned by a Participant investing in full service levelunits will be lower than the number of units earned bya Participant investing in base service level units orinstitutionol full service level units, and the nurnber ofunits earned by a Participant investing in base service levelunits will be lower than the number of units earned byParticipants investing in institutionol full service level units.TAX STATUSThe Fund qualifies as exempt from Federal income tax,pursuant to IRS Revenue Ruling 81-100.VALUATION OF UNITSThe Fund is valued each Business Day. If required by theOffice of the Comptroller of the Currency (the "OCC"),the Fund assets will be valued at fair market as determinedin good faith by the Trustee in accordance withwritten valuation policies and procedures adopted bythe Trustee. Otherwise, the Fund assets will generally bevalued in accordance with generally accepted accountingprinciples. Generally accepted accounting principlescurrently allow investment contracts held by certainemployee benefit plans to be valued at book value(cost plus accrued interest) under most circumstances.The Trustee will exert every effort to maintain the unitvalue of the Fund at $1.00. However, in accordance withthe rules of the OCC and generally accepted accountingprinciples, in ,the event financial circumstances so mandate,the Trustee may value a Stable Value Instrument at moreor less than its approximate book value. This could causethe unit value of the Fund to fluctuate.To the extent that the Fund has invested in another fund,the Trustee will rely on the value supplied by the issuer ofsuch fund.PARTICIPATION IN THE FUNDWho May Invest in the Stable Value FundThe Plan of the Pooled investment Funds limits investmentin the Stable Value Fund to Eligible Accounts.An "Eligible Account" is an account: (1) for which theBank serves as trustee or managing agent or custodian;and (2) which consists of assets of (i) an employee benefitplan that is qualified under Section 401 of the InternalRevenue Code of 1954, as amended from time to time,or any similar provisions hereafter adopted ("Code") andthe related trust which is exempt from tax under Section501 (a) of the Code, provided the plan or the trust adoptthe Plan and this Disclosure Statement, as amended fromtime to time, or (ii) an employee benefit plan that isrelated to a governmental retirement plan as defined in

9Sections 414(d) or 457(b) of the Code, or (iii) a collectiveinvestment fund or group trust exempt from taxationunder Section 584 of the Code or Revenue Ruling 81­100 which is maintained by a bank (other than Trustee)or by another qualified trustee, and consisting solely ofassets of qualified employee benefit plans or governmentalplans, provided such other collective investment fund(.. account has authorized investment in the Stable ValueFund and has adopted the Plan and this DisclosureStatement, as amended from time to time.A trust which consists of the assets of an employee benefitplan pending a determination of qualified status by theInternal Revenue Service shall be deemed an EligibleAccount provided the employer sponsor or other grantorof the trust agrees to furnish a copy of the determinationletter from the Internal Revenue Service promptly whenreceived. In any event, the Trustee reserves the right atany time to refuse admission to or require withdrawalof any Participant.WITHDRAWALSQualified Withdrawals"Qualified Withdrawals" are withdrawals and distributionsto participants, beneficiaries, and alternate payees (a)to make distribution on account of the retirement, death,disability, or termination of employment of an employee;or (b) to honor investment change requests by individualparticipants in participant-directed accounts when thefunds which are the subject of such change will not bedirectly or indirectly reinvested in a cornpeting investmentproduct, including any money market or fixed incomeinstrument or collective investment vehicle which investsprimarily in such investments, including, without lirnitotion,money market funds, but excluding participant loans.Participants, through an authorized directing party("Authorized Party"), may request Qualified Withdrawalsfrom the Fund on any Business Day. Such withdrawalsmay require 30 days or more to settle, depending on thecash position of the Fund.Non-Qualified Withdrawals"Non-Qualified Withdrawals" include: (1) withdrawalsrelated to participant or employer- directed investmentchanges in which the funds withdrawn are to be reinvestedin a similar investment product, including moneymarket instruments, money market funds, or bond funds;(2) withdrawals caused directly or indirectly by thetermination of the Fund as an investment option of theParticipant; and (3) termination of the Stable Value Fundas an investment option due to a termination of the planor a transfer of the plan's trust to a successor trustee.Redemptions based on Non-Qualified Withdrawalrequests will be effected for Participants on the "EffectiveWithdrawal Date" which is defined as "the first ValuationDate occurring 12 months after the later of the date theTrustee receives written notice sufficiently describing thewithdrawal request (which can be submitted on Trustee'sform "Notice of Withdrawal") or the date the AuthorizedParty irrevocably sets to accept distributions from the Fund.Non-Qualified Withdrawal requests must be submittedto the Trustee as described above and may be cancelledprior to the Effective Withdrawal Date only at the discretionof the Trustee. A withdrawal request cannot bechanged or cancelled after the Effective Withdrawal Date.The 12-month notice period applicable to Non-QualifiedWithdrawals may, in the sale and absolute discretionof the Trustee, be partially waived, provided that allwithdrawal requests scheduled for redemption for thesame Valuation Date shall be treated similarly. As aconsequence, Participants may receive distributions at anytime and from time to time during the 12-month period.Further, to preserve the integrity of the Fund and theFund's ability to achieve its investment objective, aParticipant may receive distributions any time between theEffective Withdrawal Date and the end of the 12-monthnotice period.Units of participation in the Fund are sold at their valuedetermined on the date of redemption (whether redemptionoccurs on a specifically requested date or a date selectedby the Trustee in accordance with the liquidity needs of theFund). All requests for withdrawals from the Fund areprocessed following valuation on the date of redemption.

10Other WithdrawalsWithdrawals necessary to preserve the tax exemption of theFund will be processed on the earliest Valuation Dateadministratively feasible occurring immediately after the Trusteehas actual knowledge of a situation causing such need. If suchwithdrawals would cause the Fund to incur penalties or losses,such penalties or losses may be allocated entirely and directly tothe account of the Participant necessitating such a withdrawal.For additional information on the Stable Value Fundsponsored by Union Bank of California, N.A., pleasefeel free to call your Business Trust Officer.SCHEDULE AStable Value Fund Schedule of FeesCLASS “C" UNITSThe following annual asset-based fees are accrued daily on apro rata basis and paid from the Fund at the end of eachcalendar month.Bank's Investment Management Services Fee:Class 'C” Units 0.20%Subadviser Fee paid to Gartmore Morley0.10% on first $100 million0.05% on the next $900 million0.03% on amounts over $1 billionThe Fund's Adviser, HighMark Capital Management, Inc., is paidits advisory fee by the Bank. HighMark Capital Management, Inc.is a wholly owned subsidiary of the Bank.In addition, the Fund will periodically reimburse the Bank foradministrative costs and expenses such as independent auditfees, fund accountinq fees, and administrative costs andexpenses incurred on behalf of the Fund. These costs will bepresented on a cumulative basis as a separate line item on theFund's Annual report, and historically have not exceeded 0.04%of total Fund assets.