Custodial Account Agreement

For Individual Retirement Accounts

Mail to:Brookfield Investment Funds
c/o U.S. Bank Global Fund Services
PO Box 701
Milwaukee, WI 53201-0701

Overnight Express Mail To:
Brookfield Investment Funds
c/o U.S. Bank Global Fund Services
615 E. Michigan St., FL3
Milwaukee, WI 53202-5207

For additional information please call toll-free 855-244-4859
or visit us on the web at www.brookfield.com.

REV. 01-2024

Table of Contents
General Information.........................................................................................................................................1
Disclosure Statement for Traditional IRAs......................................................................................................1
Simplified Employee Pension Plan (“SEP Plan”)
Used in Conjunction with a Traditional IRA.....................................................................................................4
Savings and Incentive Match Plan for Employees of Small Employers (“SIMPLE”)
Used in Conjunction with a Traditional IRA*...................................................................................................4
Traditional IRA Custodial Account...................................................................................................................6
SIMPLE Individual Retirement Custodial Account*......................................................................................10
Disclosure Statement for Roth IRAs.............................................................................................................. 11
Roth IRA Custodial Account...........................................................................................................................15*Please refer to the Fund’s prospectus for the availability of this account type.

Brookfield Investment Funds
Individual Retirement Account DisclosureStatement

or more of the regulated investment companies for which Brookfield
Public Securities Group LLC serves as Investment Advisor or any otherregulated investment company designated by Brookfield Investment
Funds. No part of the account(s) may be invested in life insurance
contracts; further, the assets of the account(s) may not be commingledwith other property.

General Information

Please read the following information together with the Individual
Retirement Account Custodial Agreement and the Prospectus(es) for
the Fund(s) you select for investment.

Information about the shares of each mutual fund available for investmentby your account(s) must be furnished to you in the form of a prospectus
governed by rules of the Securities and Exchange Commission. Pleaserefer to the prospectus for detailed information concerning your mutual
fund. You may obtain further information concerning IRAs from any
District Office of the Internal Revenue Service. You can also obtainfurther information concerning IRAs by accessing IRS Publication 590
on the IRS web site at http://www.irs.gov.

General Principles
1. Are There Different Types of IRAs or Other Tax Deferred
Accounts?
Yes. Upon creation of a tax deferred account, you must designate
whether the account will be a Traditional IRA or a Roth IRA, . (Inaddition, there are Simplified Employee Pension Plan (“SEP”) IRAs andSavings Incentive Matched Plan for Employees of Small Employers(“SIMPLE”) IRAs, which are discussed in the Disclosure Statement for
Traditional IRAs).
••

Fees and other expenses of maintaining the account(s) may be charged
to you or the account(s). The current fee schedule is per account andshown below:

In a Traditional IRA, amounts contributed to the IRA may be tax
deductible at the time of contribution. Distributions from the IRA will
be taxed upon distribution except to the extent that the distribution
represents a return of your own contributions for which you did not
claim (or were not eligible to claim) a deduction.
In a Roth IRA, amounts contributed to your IRA are taxed at thetime of contribution, but distributions from the IRA are not subject
to tax if you have held the IRA for certain minimum periods of time
(generally, until age 59½ but in some cases longer).

Traditional, SEP, SIMPLE, and Roth IRA annual
maintenance fee$15.00*Transfer to successor trustee$25.00Distribution to a participant (exclusive ofsystematic withdrawal plans)$25.00Refund of excess contribution$25.00Federal wire fee$15.00Recharacterization$25.00*capped at $30.00 per Social Security number.

Each type of account is a custodial account created for the exclusive
benefit of the beneficiary – you (or your spouse) in the case of theTraditional IRA and Roth IRA. U.S. Bank, National Association serves
as Custodian of the account. Your, your spouse’s or your beneficiary’s(as applicable) interest in the account is nonforfeitable.

(An account is defined as an investment in a single regulated investmentcompany within a Mutual Fund complex, regardless of whether youraccount number is the same for more than one fund.)If you decide not to prepay the annual maintenance fee, it will be
deducted from your account(s) after September 15th of each year,
and enough shares will be redeemed to cover the fee. The Custodian
may change the fees payable in connection with the custodial accountwithout prior notification.
The method for computing and allocating annual earnings on your IRA
will differ based on the investments chosen. Refer to the investment
prospectus for the methods used for computing and allocating annual
earnings. The growth in value of your IRA is neither guaranteed nor
protected.

2. Can I Revoke My Account?
This account may be revoked any time within seven calendar days after
it is established by mailing or delivering a written request for revocation
to: Brookfield Investment Funds, c/o U.S. Bank Global Fund Services,
P.O. Box 701, Milwaukee, Wisconsin 53201-0701. If the revocation
is mailed, the date of the postmark (or the date of certification if sentby certified or registered mail) will be considered the revocation date.
Upon proper revocation, a full refund of the initial contribution will be
issued, without any adjustments for items such as administrative feesor fluctuations in market value. You may always redeem your accountafter this time, but the amounts distributed to you will be subject to thetax rules applicable upon distribution from a tax deferred account as
discussed later and the redemption amount will be subject to market
fluctuations. (While current regulations technically only extend the rightto redeem a Traditional IRA, it has been assumed that the right applies
to all Roth IRAs. These accounts will be administered consistently withthat interpretation until the IRS issues guidance to the contrary.)

Disclosure Statement for Traditional IRAs
1. Am I Eligible to Contribute to a Traditional IRA?
Employees with compensation income and self-employed individuals
with earned income are eligible to contribute to a Traditional IRA.
(For convenience, all future references to compensation are deemed
to mean “earned income” in the case of a self-employed individual.)
Employers may also contribute to Traditional IRAs established for the
benefit of their employees. In addition, you may establish a Traditional
IRA to receive rollover contributions and transfers from the trustee or

3. Financial Disclosure
Contributions made to an IRA will be invested, at your election, in one
1

Custodian of another Traditional IRA or the Custodian or trustee ofcertain other retirement plans.

Traditional IRAs may be made once every 12 months and must be
accomplished within 60 days after the distribution. Beginning in 2015,
just one 60 day rollover is allowed in any 12 month period, inclusiveof all Traditional, Roth, SEP, and SIMPLE IRAs owned. Under certain
conditions, you may roll over (tax-free) all or a portion of a distribution
received from a qualified plan or tax-sheltered annuity in which you
participate or in which your deceased spouse participated. In addition,
you may also make a rollover contribution to your Traditional IRA froma qualified deferred compensation arrangement. Amounts from a RothIRA may not be rolled over into a Traditional IRA. If you have a 401(k),Roth 401(k) or Roth 403(b) and you wish to rollover the assets into an
IRA you must roll any designated Roth assets, or after tax assets, toa Roth IRA and roll the remaining plan assets to a Traditional IRA. In
the event of your death, the designated beneficiary of your 401(k) Plan
may have the opportunity to rollover proceeds from that Plan into a
Beneficiary IRA account. In general, strict limitations apply to rollovers,
and you should seek competent advice in order to comply with all of therules governing rollovers.

2. When Can I Make Contributions?
You may make regular contributions to your Traditional IRA any time
up to and including the due date for filing your tax return for the year,
not including extensions. Beginning in 2020, you may continue to makeregular contributions to your Traditional IRA even after you attain RMDage, so long as you have sufficient compensation income. Employer
contributions to a Simplified Employee Pension Plan or a SIMPLE
Plan may be continued after you attain RMD age. Eligible rollover
contributions and transfers may be made at any time, including after
you reach RMD age.”
3. How Much May I Contribute to a Traditional IRA?

Year

2023

2024

IRA Contribution Limit$6,500$7,000

Most distributions from qualified retirement plans will be subject to a
20% withholding requirement. The 20% withholding can be avoided
by electing a “direct rollover” of the distribution to a Traditional IRA
or to certain other types of retirement plans. You should receive
more information regarding these withholding rules and whether
your distribution can be transferred to a Traditional IRA from the plan
administrator prior to receiving your distribution.

As a result of the Economic Growth and Tax Relief Reconciliation Act(“EGTRRA”) of 2001, the maximum dollar amount of annual contributions
you may make to a Traditional IRA is $5,500 for tax years beginning in2013 with the potential for Cost-of-Living Adjustment (COLA) increases
in $500 increments.
You may make annual contributions to a Traditional IRA in any amount up
to 100% of your compensation for the year or the maximum contribution
shown in the table above, whichever is less. The limitation is reduced bycontributions you make to another Traditional IRA or to a Roth IRA, but is
not reduced by contributions to a Coverdell Education Savings Accountfor the benefit of another taxpayer. Qualifying rollover contributions andtransfers are not subject to these limitations. All contributions must be in
cash, check, Automated Clearing House (ACH) or wire.

5. Are My Contributions to a Traditional IRA Tax Deductible?
Although you may make a contribution to a Traditional IRA within thelimitations described above, all or a portion of your contribution may
be nondeductible. No deduction is allowed for a rollover contribution(including a “direct rollover”) or transfer. For “regular” contributions,the taxability of your contribution depends upon your tax filing status,
whether you (and in some cases your spouse) are an “active participant”
in an employer-sponsored retirement plan, and your income level.

If you are age 50 or older by the end of the year, you may make additional“catch-up” contributions to an IRA. The “catch-up” contribution limit is$1,000 for tax years 2007 and beyond.

An employer-sponsored retirement plan includes any of the following
types of retirement plans:•

In addition, if you are married and file a joint return, you may makecontributions to your spouse’s Traditional IRA. However, the maximum
amount contributed to both your own and to your spouse’s Traditional
IRA may not exceed 100% of your combined compensation or the
maximum contribution shown in the table above, whichever is less. The
maximum amount that may be contributed to either your Traditional IRA
or your spouse’s Traditional IRA is shown in the table above. Again,
these dollar limits are reduced by any contributions you or your spousemake to a Roth IRA, but are not affected by contributions either ofyou make to a Coverdell Education Savings Account for the benefit ofanother taxpayer.

•
•
•
•
•

a qualified pension, profit-sharing, or stock bonus plan establishedin accordance with IRC 401(a) or 401(k);a Simplified Employee Pension Plan (SEP) (IRC 408(k));
a deferred compensation plan maintained by a governmental unit
or agency;
tax-sheltered annuities and custodial accounts (IRC 403(b) and403(b)(7));
a qualified annuity plan under IRC Section 403(a); ora Savings Incentive Match Plan for Employees of Small Employers(SIMPLE Plan).

Generally, you are considered an “active participant” in a defined
contribution plan if an employer contribution or forfeiture was credited toyour account during the year. You are considered an “active participant”
in a defined benefit plan if you are eligible to participate in a plan, eventhough you elect not to participate. You are also treated as an “active
participant” if you make a voluntary or mandatory contribution to any
type of plan, even if your employer makes no contribution to the plan.

If you are the beneficiary of a Coverdell Education Savings Account,certain additional limits may apply to you. Please contact your tax
advisor for more information.
4. Can I Roll Over or Transfer Amounts from Other IRAs or
Employer Plans?
If properly executed, you are allowed to roll over a distribution fromone Traditional IRA to another without tax penalty. Rollovers between

If you are not married (including a taxpayer filing under the “head of2household” status), the following rules apply:• If you are not an “active participant” in an employer-sponsored
retirement plan, you may make a contribution to a Traditional IRA(up to the contribution limits detailed in Section 3).
• If you are single and you are an “active participant” in an employersponsored retirement plan, you may make a fully deductible
contribution to a Traditional IRA (up to the contribution limits detailedin Section 3), but then the deductibility limits of a contribution are
related to your Modified Adjusted Gross Income (AGI) as follows:Year

deductible. Your spouse, as an “active participant” in an employersponsored retirement plan, may make a fully deductible contribution
to a Traditional IRA if your combined modified adjusted grossincome does not exceed the amounts listed in the table above.
Conversely, if you are an “active” participant” and your spouse isnot, a contribution to your Traditional IRA will be deductible if yourcombined modified adjusted gross income does not exceed theamounts listed above.
•

Eligible to Make Eligible to Make Not Eligible
a Deductiblea Partiallyto Make aContribution if
Deductible
Deductible
AGI is Less Than Contribution if Contribution if
or Equal to:
AGI is Between: AGI is Over:

2023$73,000$73,000 - $83,000$83,000

2024 & After subject to COLA
increases$77,000$77,000 - $87,000$87,000

Please note that the deduction limits are not the same as the contribution
limits. You can contribute to your Traditional IRA in any amount up to thecontribution limits detailed in Section 3. The amount of your contributionthat is deductible for federal income tax purposes is based upon therules described in this section. If you (or where applicable, your spouse)
are an “active participant” in an employer- sponsored retirement plan,
you can refer to IRS Publication 590-A: Figuring Your Modified AGI
and Figuring Your Reduced IRA Deduction to calculate whether yourcontribution will be fully or partially deductible.

If you are married, the following rules apply:• If you and your spouse file a joint tax return and neither you nor
your spouse is an “active participant” in an employer-sponsored
retirement plan, you and your spouse may make a fully deductible
contribution to a Traditional IRA (up to the contribution limits
detailed in Section 3).
• If you and your spouse file a joint tax return and both you and your
spouse are “active participants” in employer-sponsored retirement
plans, you and your spouse may make fully deductible contributions
to a Traditional IRA (up to the contribution limits detailed in Section3), but then the deductibility limits of a contribution are as follows:

Year

•

Eligible to Make Eligible to Makea Deductiblea PartiallyContribution if
Deductible
AGI is Less Than Contribution if
or Equal to:
AGI is Between:

Even if your income exceeds the limits described above, you may makea contribution to your IRA up to the contribution limitations described in
Section 3. To the extent that your contribution exceeds the deductible
limits, it will be nondeductible. However, earnings on all IRA contributions
are tax deferred until distribution. You must designate on your federal
income tax return the amount of your Traditional IRA contribution thatis nondeductible and provide certain additional information concerning
nondeductible contributions. Overstating the amount of nondeductible
contributions will generally subject you to a penalty of $100 for eachoverstatement.

Not Eligible
to Make a
Deductible
Contribution if
AGI is Over:

2023$116,000$116,000 $136,000$136,000

2024 & After subject to COLA
increases$123,000$123,000 $143,000$143,000

If you are married and file a separate return, and neither you nor
your spouse is an “active participant” in an employer-sponsored
retirement plan, you may make a fully deductible contribution to a
Traditional IRA (up to the contribution limits detailed in Section 3).
If you are married, filing separately, and either you or your spouseis an “active participant” in an employer-sponsored retirement plan,
you may not make a fully deductible contribution to a Traditional
IRA.

Saver’s Credit for IRA Contributions:
A credit of up to $1,000, or up to $2,000 if married filing jointly,
may be available to certain taxpayers having a joint AGI of lessthan $73,000 in 2023, or $76,500 in 2024. The credit may also be
available to certain taxpayers who are heads of household with
an AGI of less than $54,750 in 2023, $57,375 in 2024, or married
individuals filing separately and singles with an AGI less than
$36,500 in 2023, or $38,250 in 2024. Some of the restrictions that
apply include:• the individual must be at least 18;• not a full-time student;• not declared as a dependent on another taxpayer’s return; or• any distribution from most retirement plans (qualified and nonqualified) will decrease the eligible contribution.

If you and your spouse file a joint tax return and only one of you isan “active participant” in an employer-sponsored retirement plan,
special rules apply. If your spouse is the “active participant,” afully deductible contribution can be made to your IRA (up to thecontribution limits detailed in Section 3) if your combined modified
adjusted gross income does not exceed $218,000 in 2023 or$230,000 in 2024. If your combined modified adjusted grossincome is between $218,000 and $228,000 in 2023, or $230,000
and $240,000 in 2024, your deduction will be limited as described
below. If your combined modified adjusted gross income exceeds$228,000 in 2023 or $240,000 in 2024, your contribution will not be

6. What if I Make an Excess Contribution?
3

Contributions that exceed the allowable maximum for federal income
tax purposes are treated as excess contributions. A nondeductible
penalty tax of 6% of the excess amount contributed will be added toyour income tax for each year in which the excess contribution remains
in your account.

When this is done, the IRA is known as a SIMPLE IRA, although it
is similar to a Traditional IRA with the exceptions described below.
Under a SIMPLE Plan, you may elect to have your employer makesalary reduction contributions to your SIMPLE IRA up to $15,500 in
2023 and $16,000 in 2024. The limits may be adjusted periodicallyfor cost of living increases. In addition, your employer will contributecertain amounts to your SIMPLE IRA, either as a matching contribution
to those participants who make salary reduction contributions or as a
non-elective contribution to all eligible participants whether or not they
make salary reduction contributions. A number of special rules apply
to SIMPLE Plans, including (1) a SIMPLE Plan generally is available
only to employers with fewer than 100 employees, (2) contributions
must be made on behalf of all employees of the employer (other thanbargaining unit employees) who satisfy certain minimum participation
requirements, (3) contributions are made to a special SIMPLE IRA
that is separate and apart from your other IRAs, (4) if you withdraw
from your SIMPLE IRA during the two-year period during which you
first began participation in the SIMPLE Plan, the early distribution
excise tax (if otherwise applicable) is increased to 25%; and (5) during
this two-year period, any amount withdrawn may be rolled over taxfree only into another SIMPLE IRA (and not to a Traditional IRA (thatis not a SIMPLE IRA) or to a Roth IRA). Rollovers from Traditional
IRAs, SEP IRAs, and Qualified Plans are restricted until after 2 yearsof participation in the SIMPLE IRA Plan. It is your responsibility andthat of your employer to see that contributions in excess of normal IRA
limits are made under and in accordance with a valid SIMPLE Plan.
If you are at least age 50 before the end of the plan year, you may makeadditional “catch-up” contributions in the amount of $3,500 in 2023, and$3,500 in 2024. The limits may be adjusted periodically for cost of living
increases.

7. How Do I Correct an Excess Contribution?
If you make a contribution in excess of your allowable maximum, you
may correct the excess contribution and avoid the 6% penalty tax under
Section 4973 of the Internal Revenue Code for that year by withdrawing
the excess contribution and its earnings on or before the due date,including extensions, of the tax return for the tax year for which thecontribution was made (generally October 15th). Any earnings on thewithdrawn excess contribution may be subject to a 10% early distribution
penalty tax if you are under age 59½. In addition, in certain cases anexcess contribution may be withdrawn after the time for filing your tax
return. Finally, excess contributions for one year may be carried forward
and applied against the contribution limitation in succeeding years.
8. Can a Simplified Employee Pension Plan Be Used in
Conjunction with a Traditional IRA?
A Traditional IRA may also be used in connection with a Simplified
Employee Pension Plan (SEP Plan) established by your employer(or by you if you are self-employed). In addition, if your SEP Plan
was in effect on December 31, 1996 and permitted salary reduction
contributions, you may elect to have your employer make salary
reduction contributions. Several limitations on the amount that may becontributed apply. First, salary reduction contributions (for plans thatare eligible) may not exceed $22,500 in 2023 and $23,000 in 2024.
The limits may be adjusted periodically for cost of living increases.
Second, the combination of all contributions for any year (including
employer contributions and, if your SEP Plan is eligible, salary reduction
contributions) cannot exceed the lesser of 25% of compensation,
or $66,000 in 2023 and $69,000 in 2024. The compensation limit is$330,000 in 2023 and $345,000 in 2024. It may be adjusted periodicallyfor cost of living increases. A number of special rules apply to SEP
Plans, including a requirement that contributions generally be made on
behalf of all employees of the employer (including for this purpose a sole
proprietorship or partnership) who satisfy certain minimum participation
requirements. It is your responsibility and that of your employer to seethat contributions in excess of normal IRA limits are made under and inaccordance with a valid SEP Plan.

Please note that IRS Model 5304-SIMPLE IRA and 5305-SA Forms
must be provided to any participating SIMPLE-IRA Employee.
10. When can Distributions be taken from a Traditional IRA?
You may at any time request distribution of all or any portion of youraccount. However, distributions made prior to age 59½ may besubject to an additional 10% penalty tax, unless some other exception
applies, as discussed in more detail in paragraph 18 below. IRA assets
escheated under state abandoned property laws may be treated as a
distribution and may be subject to tax withholding.
11. When Must Distributions from a Traditional IRA Begin?
You must begin receiving the assets in your account no later than April
1 following the calendar year in which you reach RMD age.

If making a Traditional IRA contribution to a SEP IRA and if you are atleast age 50 before the end of the plan year, you may make additional“catch-up” contributions in the amount of $1,000 for 2023 and $1,000
for 2024.

12. How are Required Minimum Distributions Computed?
A required minimum distribution (“RMD”) is determined by dividing theaccount balance (as of the prior calendar year end) by the distribution
period. For lifetime RMDs, there is a uniform distribution period for almost
all IRA owners of the same age. The uniform distribution period tableis based on the joint life and last survivor expectancy of an individual
and a hypothetical beneficiary 10 years younger. However, if the IRA
owner’s sole beneficiary is his/her spouse and the spouse is more than

Please note that an IRS Model 5305-SEP Form must be provided toany participating employee in a Simplified Employee Pension Plan.
9. Can a Savings and Incentive Match Plan for Employees of
Small Employers (“SIMPLE”) Be Used in Conjunction with a
Traditional IRA?
A Traditional IRA may also be used in connection with a SIMPLE Planestablished by your employer (or by you if you are self-employed).
410 years younger than the account owner, then a longer distribution
period based upon the joint life and last survivor life expectancy of the
IRA owner and spouse will apply. An IRA owner may, however, elect totake more than his/her RMD at any time.

commence by April 1 following the calendar year in which your spouseattains RMD age.
15. How do the RMD Rules Impact my Designated Beneficiary or
Beneficiaries?
The RMD rules provide for the determination of your designatedbeneficiary or beneficiaries as of September 30 of the year following
your death. Consequently, any beneficiary may be eliminated for
purposes of calculating the RMD by the distribution of that beneficiary’s
benefit, through a valid disclaimer between your death and the endof September following the year of your death, or by dividing your
IRA account into separate accounts for each of several designatedbeneficiaries you may have designated.

13. What happens if I do not take my RMD?
A federal excise tax penalty under Section 4974 of the Internal Revenue
Code may be imposed against you if the RMD is not made for the year
you reach RMD age and for each year thereafter. The penalty is equal
to 50% of the amount by which the actual distribution is less than therequired minimum.
14. Are There Distribution Rules that Apply after My Death?
Yes. If you die before receiving the balance of your Traditional IRA,
distribution of your remaining account balance is subject to several
special rules, depending upon the year of your death, whether the
beneficiary is an “eligible designated beneficiary,” and whether you died
before or on or after your required begin date. Your required begin dateis April 1 of the year after you reach RMD age. An eligible designatedbeneficiary is a surviving spouse, a minor child, chronically ill or disabled,or anyone not listed above who is not more than 10 years younger thanthe original owner. In the case of a minor child, then full distribution
must occur within 10 years of the child attaining the age of majority. If
you die on or after your required begin date, and the death occurred in2019 or earlier, or the beneficiary is an eligible designated beneficiaryas described above, the beneficiary can stretch payments out over the
longer of the beneficiary’s remaining life expectancy (using the age ofthe beneficiary in the year following the year of your death) or yourremaining life expectancy (determined using your age in the year of yourdeath) beginning in the year after the year of your death and reduced by
1.0 for each succeeding year. If you die on or after your required begin
date, and the death occurred in 2020 or later, and the beneficiary is not
an eligible designated beneficiary, then payments are made using theage of the beneficiary in the year following the year of your death andreduced by 1.0 for each succeeding year and full distribution must occur
no later than the year containing the 10th anniversary of your death. If
you die before your required beginning date, and the death occurred in2019 or earlier, or the beneficiary is an eligible designated beneficiaryas described above, your remaining interest may begin to be distributedby December 31 of the year following your death over a period notexceeding the life expectancy or expectancies of your designatedbeneficiary or beneficiaries. If you die before your required begin date,
and the death occurred in 2020 or later, and the beneficiary is not an
eligible designated beneficiary, then full distribution must occur no later
than the year containing the 10th anniversary of your death. An eligible
designated beneficiary may choose the 10-year distribution option.

16. How Are Distributions From a Traditional IRA Taxed for Federal
Income Tax Purposes?
Amounts distributed to you are generally includable in your grossincome in the taxable year you receive them and are taxable as
ordinary income. To the extent, however, that any part of a distribution
constitutes a return of your nondeductible contributions, it will not be
included in your income. The amount of any distribution excludablefrom income is the portion that bears the same ratio as your aggregate
non-deductible contributions bear to the balance of your Traditional IRA
at the end of the year (calculated after adding back distributions during
the year). For this purpose, all of your Traditional IRAs are treated as asingle Traditional IRA. Furthermore, all distributions from a Traditional
IRA during a taxable year are to be treated as one distribution. The
aggregate amount of distributions excludable from income for all years
cannot exceed the aggregate non-deductible contributions for all
calendar years.
You must elect the withholding treatment of your distribution, as
described in paragraph 22 below. No distribution to you or anyone elsefrom a Traditional IRA can qualify for capital gains treatment under thefederal income tax laws. Similarly, you are not entitled to the special
five- or ten-year averaging rule for lump-sum distributions that may beavailable to persons receiving distributions from certain other types ofretirement plans. Historically, so-called “excess distributions” to you aswell as “excess accumulations” remaining in your account as of yourdate of death were subject to additional taxes. These additional taxes
no longer apply.
Any distribution that is properly rolled over will not be includable in yourgross income.
17. What Are the Qualifications for Charitable Donations?
The Pension Protection Act of 2006 allows Traditional IRA holders who
are RMD age or older at the time of a distribution to annually exclude
qualified charitable distribution amounts up to $100,000 per year fromgross income. The provision was made permanent by the PATH Act of2015. A qualified charitable distribution must be made payable directly
to the qualified charity as described in Section 170(b) of the Internal
Revenue Code. A qualified charitable distribution may be allowed froma SEP or SIMPLE IRA designated as “not ongoing.” Please contact theInternal Revenue Service or a tax advisor to determine if your SEP or

Two additional distribution options are available if your spouse is thebeneficiary: (i) payments to your spouse may commence as late as
December 31 of the year you would have attained RMD age and be
distributed over a period not exceeding the life expectancy of your
spouse, or (ii) your spouse can simply elect to treat your Traditional
IRA as her or his own, in which case distributions will be required to5

SIMPLE IRA qualifies for this designation.

non-deductible contributions are made by you during a tax year, suchamounts must be reported on Form 8606 and attached to your Federal
Income Tax Return for the year contributed. If you report a non-deductible
contribution to your Traditional IRA and do not make the contribution,
you will be subject to a $100 penalty for each overstatement unless areasonable cause is shown for not contributing. Other reporting will be
required by you in the event that special taxes or penalties describedherein are due. You must also file Form 5329 with the IRS for eachtaxable year in which the contribution limits are exceeded, a premature
distribution takes place, or less than the required minimum amount is
distributed from your Traditional IRA.

18. Are There Penalties for Early Distribution from a Traditional
IRA?
Distributions from your Traditional IRA made before age 59½ will be
subject (in addition to ordinary income tax) to a 10% non-deductible
penalty tax unless (i) the distribution is a return of non-deductible
contributions, (ii) the distribution is made because of your death,disability, or as part of a series of substantially equal periodic payments
over your life expectancy or the joint life expectancy of you and yourbeneficiary, (iii) the distribution is made for unreimbursed medical
expenses in excess of 7.5% of adjusted gross income or is made forreimbursement of medical premiums while you are unemployed, (iv)the distribution is made to pay for certain higher education expenses foryou, your spouse, your child, your grandchild, or the child or grandchildof your spouse, (v) subject to various limits, the distribution is used topurchase a first home or, in limited cases, a second or subsequent
home for you, your spouse, or you or your spouse’s child, grandchildor ancestor, (vi) the distribution is an exempt withdrawal of an excess
contribution, (vii) the distribution is made due to an IRS tax levy, or (viii)
the distribution is made by member of the Armed Forces Reserve calledto active duty for either a period exceeding 179 days or for an indefinite
period and is effective for members called to active duty. The penalty tax
may also be avoided if the distribution is rolled over to another individual
retirement account. See Item 9 above for special rules applicable to
distributions from a SIMPLE IRA.

22. Income Tax Withholding
You may indicate on distribution requests whether or not federal tax
should be withheld. Distribution requests without a federal withholding
statement require the Custodian to withhold federal tax in accordancewith IRS regulations. State withholding may also apply for distribution
requests received without a withholding statement. To determine yourwithholding rate, please consult IRS Form W-4R available from www.
irs.gov/pub/irs-pdf/fw4r.pdf. You may use these tables to help you selectthe appropriate withholding rate for this payment or distribution. Add
your income from all sources and use the column that matches yourfiling status to find the corresponding rate of withholding. Review the“Suggestion for determining withholding” section of the instructions to
help determine the rate of withholding appropriate to your tax situation.
23. Other Information
The form of your Individual Retirement Account Plan has been approvedby the Internal Revenue Service. The Internal Revenue Service approval
is a determination only as to the form of the Plan and does not represent
a determination of the merits of the Plan as adopted by you. You may
obtain further information with respect to your Individual Retirement
Account from any district office of the Internal Revenue Service.

19. What If I Engage in a Prohibited Transaction?
If you engage in a “prohibited transaction,” as defined in Section 4975
of the Internal Revenue Code, your account will be disqualified, andthe entire balance in your account will be treated as if distributed to you
and will be taxable to you as ordinary income. Examples of prohibited
transactions are:a. the sale, exchange, or leasing of any property between you andyour account;b. the lending of money or other extensions of credit between you andyour account; orc. the furnishing of goods, services, or facilities between you and youraccount.
If you are under age 59½, you may also be subject to the 10% penalty
tax on early distributions in addition to ordinary income taxes.

Information about the shares of each mutual fund available for investmentby your IRA must be furnished to you in the form of a prospectus
governed by rules of the Securities and Exchange Commission. Pleaserefer to the prospectus for detailed information concerning your mutual
fund.

Traditional Individual Retirement
Custodial Account

20. What If I Pledge My Account?
If you use (pledge) all or part of your Traditional IRA as security for aloan, then the portion so pledged will be treated as if distributed to you
and will be taxable to you as ordinary income during the year in which
you make such pledge. The 10% penalty tax on early distributions may
also apply in addition to ordinary income taxes.

The following constitutes an agreement establishing an Individual
Retirement Account (under Section 408(a) of the Internal RevenueCode) between the depositor and the Custodian.
Article I
Except in the case of a rollover contribution described in section 402(c),403(a)(4), 403(b)(8), 408(d)(3), or 457(e)(16), an employer contribution
to a simplified employee pension plan as described in section 408(k),or a recharacterized contribution described in section 408A(d)(6), thecustodian will accept only cash contributions up to $5,500 per year for2013 through 2017. For individuals who have reached the age of 50

21. How Are Contributions to a Traditional IRA Reported forFederal Tax Purposes?
Deductible contributions to your Traditional IRA may be claimed as adeduction on your IRS Form 1040 for the taxable year contributed. If any
6

by the end of the year, the contribution limit is increased to $6,500 per
year for 2013 through 2017. For years after 2017, these limits will be
increased to reflect a cost-of-living adjustment, if any.

iii. the designated beneficiary is not the depositor’s surviving
spouse, the remaining interest will be distributed over the
beneficiary’s remaining life expectancy as determined in
the year following the death of the depositor and reduced
by 1.0 for each subsequent year, or over the period inparagraph (a)(iii) below if longer;

Article II
The depositor’s interest in the balance in the custodial account is nonforfeitable.

iv. there is no designated beneficiary, the remaining interest
will be distributed over the remaining life expectancy ofthe depositor as determined in the year of the depositor’s
death and reduced by 1.0 for each subsequent year.

Article III
1. No part of the custodial account funds may be invested in life
insurance contracts, nor may the assets of the custodial accountbe commingled with other property except in a common trust fundor common investment fund (within the meaning of Section 408(a)(5)).
2. No part of the custodial account funds may be invested incollectibles (within the meaning of Section 408(m)) except asotherwise permitted by Section 408(m)(3) which provides an
exception for certain gold, silver, and platinum coins, coins issued
under the laws of any state, and certain bullion.

b. If the depositor dies before the required beginning date, theremaining interest will be distributed in accordance with (i)below or, if elected or there is no designated beneficiary, in
accordance with (ii) below:iii. the remaining interest will be distributed in accordancewith paragraphs (a)(i) and (a)(ii) above (but not overthe period in paragraph (a)(iii), even if longer), startingby the end of the calendar year following the year of thedepositor’s death. If, however, the designated beneficiaryis the depositor’s surviving spouse, then this distribution
is not required to begin before the end of the calendar
year in which the depositor would have reached RMDage. But, in such case, if the depositor’s surviving spousedies before distributions are required to begin, thenthe remaining interest will be distributed in accordancewith (a)(ii) above (but not over the period in paragraph(a)(iii), even if longer), over such spouse’s designatedbeneficiary’s life expectancy, or in accordance with (ii)below if there is no such designated beneficiary;
iv. the remaining interest will be distributed by the end of
the calendar year containing the fifth anniversary of thedepositor’s death.

Article IV
1. Notwithstanding any provision of this agreement to the contrary,
the distribution of the depositor’s interest in the custodial accountshall be made in accordance with the following requirements andshall otherwise comply with Section 408(a)(6) and the regulations
thereunder, the provisions of which are herein incorporated byreference.
2. The depositor’s entire interest in the custodial account must be,
or begin to be, distributed not later than the depositor’s required
beginning date, April 1 following the calendar year in which thedepositor reaches RMD age. By that date, the depositor may elect,
in a manner acceptable to the Custodian, to have the balance inthe custodial account distributed in:

4. If the depositor dies before his or her entire interest has been
distributed and if the designated beneficiary is not the depositor’ssurviving spouse, no additional contributions may be accepted in
the account.

a. A single sum; orb. Payments over a period not longer than the life of the depositor
or the joint lives of the depositor and his or her designatedbeneficiary.

5. The minimum amount that must be distributed each year, beginningwith the year containing the depositor’s required beginning date, isknown as the “required minimum distribution” and is determined
as follows:

3. If the depositor dies before his or her entire interest is distributed
to him or her, the remaining interest will be distributed as follows:a. If the depositor dies on or after the required beginning date
and:
ii.

a. the required minimum distribution under paragraph 2(b) for
any year, beginning with the year the depositor reaches
RMD age, is the depositor’s account value at the close ofbusiness on December 31 of the preceding year divided
by the distribution period in the uniform lifetime table inRegulations Section 1.401(a)(9)-9. However, if the depositor’s
designated beneficiary is his or her surviving spouse, therequired minimum distribution for a year shall not be morethan the depositor’s account value at the close of businesson December 31 of the preceding year divided by the numberin the joint and last survivor table in Regulations Section
1.401(a)(9)-9. The required minimum distribution for a year

the designated beneficiary is the depositor’s surviving
spouse, the remaining interest will be distributed overthe surviving spouse’s life expectancy as determinedeach year until such spouse’s death, or over the period inparagraph (a)(iii) below if longer. Any interest remaining
after the spouse’s death will be distributed over suchspouse’s remaining life expectancy as determined in theyear of the spouse’s death and reduced by 1.0 for eachsubsequent year, or, if distributions are being made overthe period in paragraph (a)(iii) below, over such period;
7

under this paragraph (a) is determined using the depositor’s(or, if applicable, the depositor and spouse’s) attained age (orages) in the year;

depositor’s account number and be accompanied by a signed
statement directing the investment of that contribution. The
Custodian may return to the depositor, without liability forinterest thereon, any contribution which is not accompanied
by adequate account identification or an appropriate signed
statement directing investment of that contribution.

b. the required minimum distribution under paragraphs 3(a) and3(b)(i) for a year, beginning with the year following the year ofthe depositor’s death (or the year the depositor would havereached RMD age, if applicable under paragraph 3(b)(i) is theaccount value at the close of business on December 31 of thepreceding year divided by the life expectancy (in the single
life table in Regulations Section 1.401(a)(9)-9 of the individual
specified in such paragraphs 3(a) and 3(b)(i));

d. Contributions shall be invested in whole and fractional
Investment Company Shares at the price and in the mannersuch shares are offered to the public. All distributions received
on Investment Company Shares, including both dividend andcapital gain distributions, held in the custodial account shallbe reinvested in like shares. If any distribution of Investment
Company Shares may be received in additional like shares orin cash or other property, the Custodian shall elect to receive
such distribution in additional like Investment Company
Shares.

c. the required minimum distribution for the year the depositor
reaches RMD age can be made as late as April 1 of thefollowing year. The required minimum distribution for any
other year must be made by the end of such year.
6. The owner of two or more traditional IRAs may satisfy the minimum
distribution requirements described above by taking from one
traditional IRA the amount required to satisfy the requirement foranother in accordance with the regulations under Section 408(a)(6).

e. All Investment Company Shares acquired by the Custodianshall be registered in the name of the Custodian or its nominee.
The depositor shall be the beneficial owner of all Investment
Company Shares held in the custodial account.
f.

Article V
1. The depositor agrees to provide the Custodian with all informationnecessary to prepare any reports required by Section 408(i) andRegulations Sections 1.408-5 and 1.408-6.
2. The Custodian agrees to submit to the Internal Revenue Service(IRS) and depositor the reports prescribed by the IRS.
Article VI
Notwithstanding any other articles which may be added or incorporated,
the provisions of Articles I through III and this sentence will be controlling.
Any additional articles inconsistent with Section 408(a) and related
regulations will be invalid.
Article VII
This agreement will be amended as necessary to comply with theprovisions of the Code and the related regulations. Other amendments
may be made with the consent of the persons whose signatures appear
below.

The Custodian agrees to forward to the depositor eachprospectus, report, notice, proxy and related proxy soliciting
materials applicable to Investment Company Shares held in thecustodial account received by the Custodian. By establishingor having established the custodial account, the depositor
affirmatively directs the Custodian to vote any Investment
Company Shares held on the applicable record date that havenot been voted by the depositor prior to a shareholder meetingfor which prior notice has been given. The Custodian shall votewith the management of the Investment Company on each
proposal that the Investment Company’s Board of Directors
has approved unanimously. If the Investment Company’s
Board of Directors has not approved a proposal unanimously,
the Custodian shall vote in proportion to all shares voted by
the Investment Company’s shareholders.

g. The depositor may, at any time, by written notice to theCustodian, in a form acceptable to the Custodian, redeem any
number of shares held in the custodial account and reinvest
the proceeds in the shares of any other Investment Company
upon the terms and within the limitations imposed by thencurrent prospectus of such other Investment Company in which
the depositor elects to invest. By giving such instructions,the depositor will be deemed to have acknowledged receipt
of such prospectus. Such redemptions and reinvestments
shall be done at the price and in the manner such shares arethen being redeemed or offered by the respective Investment
Companies.

Article VIII
1. Investment of Account Assetsb. All contributions to the custodial account shall be invested in theshares of the Brookfield Investment Funds or, if available, anyother series of Brookfield Investment Funds or other regulated
investment companies for which Brookfield Public Securities
Group LLC serves as Investment Advisor or designates as
being eligible for investment. Shares of stock of an Investment
Company shall be referred to as “Investment Company
Shares”. To the extent that two or more funds are available forinvestment, contributions shall be invested in accordance withthe depositor’s investment election.

2. Amendment and Terminationc.

c. Each contribution to the custodial account shall identify the
8

The Custodian may amend the custodial account (including
retroactive amendments) by delivering to the depositor written
notice of such amendment setting forth the substance andeffective date of the amendment. The depositor shall be deemed
to have consented to any such amendment not objected to inwriting by the depositor within thirty (30) days of receipt of thenotice, provided that no amendment shall cause or permit any
part of the assets of the custodial account to be diverted topurposes other than for the exclusive benefit of the depositor or
his or her beneficiaries.

does not have a spouse, then to the depositor’s estate.
The depositor may also change or revoke any previously madedesignation of beneficiary. A designation or change or revocation of adesignation shall be made by written notice in a form acceptable toand filed with the Custodian, prior to the complete distribution of thebalance in the custodial account. The last such designation on file at thetime of the depositor’s death shall govern. If a beneficiary dies after thedepositor, but prior to receiving his or her entire interest in the custodial
account, the remaining interest in the custodial account shall be paid tothe beneficiary’s estate.

d. The depositor may terminate the custodial account at any time bydelivering to the Custodian a written notice of such termination.
e. The custodial account shall automatically terminate upon
distribution to the depositor or his or her beneficiaries of its entirebalance.

6. Multiple Individual Retirement Accounts

3. Taxes and Custodial Fees

In the event the depositor maintains more than one Individual Retirement
Account (as defined in Section 408(a)) and elects to satisfy his or her
minimum distribution requirements described in Article IV above bymaking a distribution from another individual retirement account inaccordance with Item 6 thereof, the depositor shall be deemed to haveelected to calculate the amount of his or her minimum distribution under
this custodial account in the same manner as under the Individual
Retirement Account from which the distribution is made.

Any income taxes or other taxes levied or assessed upon or in respectof the assets or income of the custodial account and any transfer taxes
incurred shall be paid from the custodial account. All administrative
expenses incurred by the Custodian in the performance of its duties,
including fees for legal services rendered to the Custodian, in connection
with the custodial account, and the Custodian’s compensation shall be
paid from the custodial account, unless otherwise paid by the depositor
or his or her beneficiaries. Sufficient shares will be liquidated from thecustodial account to pay such fees and expenses.

7. Inalienability of Benefits

The Custodian’s fees are set forth in Section 3 of the General Information
section at the beginning of this booklet. Extraordinary charges resulting
from unusual administrative responsibilities not contemplated by theschedule will be subject to such additional charges as will reasonablycompensate the Custodian. Fees will be charged for any liquidation
including transferring to a successor trustee or custodian. The fee will
be taken from the remaining balance of the account in the event of apartial liquidation. The fee will be taken from the proceeds in the eventof a total liquidation and the balance of the account will be forwarded inaccordance with the depositor’s instructions.

Neither the benefits provided under this custodial account nor the assets
held therein shall be subject to alienation, assignment, garnishment,
attachment, execution or levy of any kind and any attempt to causesuch benefits or assets to be so subjected shall not be recognizedexcept to the extent as may be required by law.

4. Reports and Notices

9. Conflict in Provisions

8. Rollover Contributions and Transfers
The Custodian shall have the right to receive rollover contributions
and to receive direct transfers from other custodians or trustees. All
contributions must be made in cash or check.

a. The Custodian shall keep adequate records of transactions it isrequired to perform hereunder. After the close of each calendar
year, the Custodian shall provide to the depositor or his or her
legal representative a written report or reports reflecting thetransactions effected by it during such year and the assets andliabilities of the custodial account at the close of the year.

To the extent that any provisions of this Article VIII shall conflict with theprovisions of Articles IV, V and/or VII, the provisions of this Article VIII
shall govern.
10. Applicable State Law
This custodial account shall be construed, administered and enforced
according to the laws of the State of Wisconsin.

b. All communications or notices shall be deemed to be given
upon receipt by the Custodian at: U.S. Bank, N.A., P.O. Box
701, Milwaukee, Wisconsin 53201-0701 or the depositor at hisor her most recent address shown in the Custodian’s records.
The depositor agrees to advise the Custodian promptly, inwriting, of any change of address.

11. Resignation or Removal of Custodian
The Custodian may resign at any time upon thirty (30) days notice in writing
to the Investment Company. Upon such resignation, the Investment
Company shall notify the depositor, and shall appoint a successor
custodian under this Agreement. The depositor or the Investment
Company at any time may remove the Custodian upon 30 days written
notice to that effect in a form acceptable to and filed with the Custodian.
Such notice must include designation of a successor custodian. The
successor custodian shall satisfy the requirements of Section 408(h) of
the Code. Upon receipt by the Custodian of written acceptance of suchappointment by the successor custodian, the Custodian shall transfer
and pay over to such successor the assets of and records relating to

5. Designation of Beneficiary
The depositor may designate a beneficiary or beneficiaries to receive
benefits from the custodial account in the event of the depositor’s
death. In the event the depositor has not designated a beneficiary, or if
all beneficiaries shall predecease the depositor, the following persons
shall take in the order named:a. the spouse of the depositor;b. if the spouse shall predecease the depositor or if the depositor
9the custodial account. The Custodian is authorized, however, to reserve
such sum of money as it may deem advisable for payment of all its fees,
compensation, costs and expenses, or for payment of any other liability
constituting a charge on or against the assets of the custodial accountor on or against the Custodian, and where necessary may liquidate
shares in the custodial account for such payments. Any balance of suchreserve remaining after the payment of all such items shall be paid overto the successor custodian. The Custodian shall not be liable for theacts or omissions of any predecessor or successor custodian or trustee.

IRA plan described in section 408(p). In addition, the custodian will accept
transfers or rollovers from other SIMPLE IRAs of the participant and, after
the 2-year period of participation defined in section 72(t)(6), transfers or
rollovers from any eligible retirement plan (as defined in section 402(c)(8)(B)) other than a Roth IRA or a designated Roth account. No othercontributions will be accepted by the custodian.

12. Limitation on Custodian Responsibility

Article III

Article II
The participant’s interest in the balance in the custodial account is
nonforfeitable.

The Custodian will not under any circumstances be responsible for thetiming, purpose or propriety of any contribution or of any distribution madehereunder, nor shall the Custodian incur any liability or responsibility for
any tax imposed on account of any such contribution or distribution.
Further, the Custodian shall not incur any liability or responsibility intaking or omitting to take any action based on any notice, election,or instruction or any written instrument believed by the Custodian tobe genuine and to have been properly executed. The Custodian shallbe under no duty of inquiry with respect to any such notice, election,
instruction, or written instrument, but in its discretion may request any
tax waivers, proof of signatures or other evidence which it reasonably
deems necessary for its protection. The depositor and the successorsof the depositor including any executor or administrator of the depositor
shall, to the extent permitted by law, indemnify the Custodian and its
successors and assigns against any and all claims, actions or liabilitiesof the Custodian to the depositor or the successors or beneficiariesof the depositor whatsoever (including without limitation all reasonable
expenses incurred in defending against or settlement of such claims,
actions or liabilities) which may arise in connection with this Agreement
or the custodial account, except those due to the Custodian’s own bad
faith, gross negligence or willful misconduct. The Custodian shall not be
under any duty to take any action not specified in this Agreement, unlessthe depositor shall furnish it with instructions in proper form and such
instructions shall have been specifically agreed to by the Custodian, orto defend or engage in any suit with respect hereto unless it shall havefirst agreed in writing to do so and shall have been fully indemnified toits satisfaction.

1. No part of the custodial account funds may be invested in life insurance
contracts, nor may the assets of the custodial account be commingledwith other property except in a common trust fund or common
investment fund (within the meaning of section 408(a)(5)).

SIMPLE Individual Retirement Custodial Account

3. If the participant dies before his or her entire interest is distributed tohim or her, the remaining interest will be distributed as follows:

2. No part of the custodial account funds may be invested in collectibles(within the meaning of section 408(m)) except as otherwise permitted
by section 408(m)(3), which provides an exception for certain gold,
silver, and platinum coins, coins issued under the laws of any state,
and certain bullion.
Article IV
1. N otwithstanding any provision of this agreement to the contrary, thedistribution of the participant’s interest in the custodial account shall bemade in accordance with the following requirements and shall otherwise
comply with section 408(a)(6) and the regulations thereunder, theprovisions of which are herein incorporated by reference.
2. The participant’s entire interest in the custodial account must be,
or begin to be, distributed not later than the participant’s required
beginning date, April 1 following the calendar year in which theparticipant reaches RMD age. By that date, the participant may elect,
in a manner acceptable to the custodian, to have the balance in thecustodial account distributed in:(a) A single sum or(b) Payments over a period not longer than the life of the participantor the joint lives of the participant and his or her designatedbeneficiary.

(Under section 408(p) of the Internal Revenue Code)(a) If the participant dies on or after the required beginning date and:The participant named above is establishing a savings incentive matchplan for employees of small employers individual retirement account(SIMPLE IRA) under sections 408(a) and 408(p) to provide for his or her
retirement and for the support of his or her beneficiaries after death.

Article I(i) the designated beneficiary is the participant’s surviving spouse,
the remaining interest will be distributed over the surviving
spouse’s life expectancy as determined each year until suchspouse’s death, or over the period in paragraph (a)(iii) below if
longer. Any interest remaining after the spouse’s death will be
distributed over such spouse’s remaining life expectancy as
determined in the year of the spouse’s death and reduced by
1 for each subsequent year, or, if distributions are being madeover the period in paragraph (a)(iii) below, over such period.

The custodian will accept cash contributions made on behalf of theparticipant by the participant’s employer under the terms of a SIMPLE(ii) the designated beneficiary is not the participant’s surviving
spouse, the remaining interest will be distributed over the

The custodian named above has given the participant the disclosurestatement required by Regulations section 1.408-6.
The participant and the custodian make the following agreement:

10beneficiary’s remaining life expectancy as determined in theyear following the death of the participant and reduced by 1
for each subsequent year, or over the period in paragraph (a)(iii) below if longer.

ages) in the year.
(b) T he required minimum distribution under paragraphs 3(a) and3(b)(i) for a year, beginning with the year following the year of theparticipant’s death (or the year the participant would have reached
RMD age, if applicable under paragraph 3(b)(i)) is the accountvalue at the close of business on December 31 of the preceding
year divided by the life expectancy (in the single life table inRegulations section 1.401(a)(9)-9) of the individual specified insuch paragraphs 3(a) and 3(b)(i).

(iii) there is no designated beneficiary, the remaining interest
will be distributed over the remaining life expectancy of theparticipant as determined in the year of the participant’s deathand reduced by 1 for each subsequent year.
(b) If the participant dies before the required beginning date, theremaining interest will be distributed in accordance with (i) below
or, if elected or there is no designated beneficiary, in accordancewith (ii) below:(c) The required minimum distribution for the year the participant
reaches RMD age can be made as late as April 1 of the following
year. The required minimum distribution for any other year must be
made by the end of such year.

(i) The remaining interest will be distributed in accordance withparagraphs (a)(i) and (a)(ii) above (but not over the period inparagraph (a)(iii), even if longer), starting by the end of thecalendar year following the year of the participant’s death.
If, however, the designated beneficiary is the participant’ssurviving spouse, then this distribution is not required to
begin before the end of the calendar year in which theparticipant would have reached RMD age. But, in such case,if the participant’s surviving spouse dies before distributions
are required to begin, then the remaining interest will be
distributed in accordance with (a)(ii) above (but not over theperiod in paragraph (a)(iii), even if longer), over such spouse’s
designated beneficiary’s life expectancy, or in accordance with(ii) below if there is no such designated beneficiary.

6. The owner of two or more IRAs (other than Roth IRAs) may satisfy
the minimum distribution requirements described above by taking fromone IRA the amount required to satisfy the requirement for another inaccordance with the regulations under section 408(a)(6).
Article V
1. The participant agrees to provide the custodian with all informationnecessary to prepare any reports required by sections 408(i) and 408(l)(2) and Regulations sections 1.408-5 and 1.408-6.
2. The custodian agrees to submit to the Internal Revenue Service (IRS)
and participant the reports prescribed by the IRS.
3. The custodian also agrees to provide the participant’s employer thesummary description described in section 408(l)(2) unless this SIMPLE
IRA is a transfer SIMPLE IRA.

(ii) The remaining interest will be distributed by the end of thecalendar year containing the fifth anniversary of the participant’s
death.

Article VI
Notwithstanding any other articles which may be added or incorporated,
the provisions of Articles I through III and this sentence will be controlling.
Any additional articles inconsistent with sections 408(a) and 408(p) andthe related regulations will be invalid.

4. If the participant dies before his or her entire interest has been
distributed and if the designated beneficiary is not the participant’ssurviving spouse, no additional contributions may be accepted in theaccount.

Article VII
This agreement will be amended as necessary to comply with theprovisions of the Code and the related regulations. Other amendments
may be made with the consent of the persons whose signatures appear
below.

5. The minimum amount that must be distributed each year, beginningwith the year containing the participant’s required beginning date, isknown as the “required minimum distribution” and is determined asfollows:

Article VIII(a) The required minimum distribution under paragraph 2(b) for any
year, beginning with the year the participant reaches RMD age,is the participant’s account value at the close of business on
December 31 of the preceding year divided by the distribution
period in the uniform lifetime table in Regulations section 1.401(a)(9)-9. However, if the participant’s designated beneficiary is hisor her surviving spouse, the required minimum distribution for ayear shall not be more than the participant’s account value at theclose of business on December 31 of the preceding year divided
by the number in the joint and last survivor table in Regulations
section 1.401(a)(9)-9. The required minimum distribution for ayear under this paragraph (a) is determined using the participant’s(or, if applicable, the participant and spouse’s) attained age (orArticle VIII may be used for any additional provisions. If no other provisions
will be added, draw a line through this space. If provisions are added, theymust comply with applicable requirements of state law and the Internal
Revenue Code and may not imply that they have been reviewed or preapproved by the IRS.

Disclosure Statement for Roth IRAs
1. Am I Eligible to Contribute to a Roth IRA?
Anyone with compensation income whose Modified Adjusted Gross
Income (AGI) does not exceed the limits described below is eligible
to contribute to a Roth IRA. (For convenience, all future references tocompensation are deemed to mean “earned income” in the case of a11

self-employed individual.) Employers may also contribute to Roth IRAs
established for the benefit of their employees. You may also establisha Roth IRA to receive rollover contributions or transfers from anotherRoth IRA or, in some cases, from a Traditional IRA. A Qualified Rollover
Contribution can be made to a Roth IRA and is a distribution from an
IRA that meets the requirements of section 408(d)(3), a rollover from adesignated Roth account described in section 402A, or a rollover from aneligible retirement plan as described in section 402(c)(8)(B).

AGI (as defined below). The amount that you may contribute to a Roth IRA is
reduced proportionately for AGI which exceeds the applicable dollar amount.
For the 2023 and 2024 tax years, the amount that you may contribute to yourRoth IRA is as follows:
Single Individual

2. When Can I Make Contributions?
You may make annual contributions to your Roth IRA any time up to andincluding the due date for filing your tax return for the year, not including
extensions. You may continue to make regular contributions to your RothIRA even after you attain RMD age. In addition, rollover contributions andtransfers (to the extent permitted as discussed below) may be made at any
time, regardless of your age.

Year

Eligible to Makea Contribution
if AGIis Less Than:

Eligible toMake a Partial
Contribution if
AGI is Between:

Not Eligible
to Make A
Contribution if
AGI is Over:

2023$138,000$138,000 - $153,000$153,000$146,000$146,000 - $161,000$161,000

2024 & After- subject
to COLA
increases

3. How Much May I Contribute to a Roth IRA?
As a result of the Economic Growth and Tax Relief Reconciliation Act(“EGTRRA”) of 2001, the maximum dollar amount of annual contributions
you may make to a Roth IRA is $5,500 for tax years beginning in 2013
with the potential for Cost-of-Living Adjustment (COLA) increases in$500 increments. However, these amounts are phased out or eliminatedentirely if your adjusted gross income is over a certain level, as explainedin more detail below.

Married Individual Filing a Joint Income Tax Return

Year

2023

2024

2024 & After

Roth IRA Contribution Limit$6,500$7,000Year

Eligible to Makea Contribution
if AGIis Less Than:

Eligible toMake a Partial
Contribution if
AGI is Between:

Not Eligible
to Make A
Contribution if
AGI is Over:

2023$218,000$218,000 - $228,000$228,000$230,000$230,000 - $240,000$240,000- subject
to COLA
increases

You may make annual contributions to a Roth IRA in any amount up to
100% of your compensation for the year or the maximum contribution
limits shown in the table above, whichever is less. The limitation is
reduced by any contributions made by you or on your behalf to any
other individual retirement plan (such as a Traditional IRA) except SEP
IRAs and SIMPLE IRAs. Your annual contribution limitation is not
reduced by contributions you make to a Coverdell Education Savings
Account that covers someone other than yourself. In addition, qualifying
rollover contributions and transfers are not subject to these limitations.

If you are a married taxpayer filing separately, your contribution phases out
over the first $10,000 of AGI, so that if your AGI is $10,000 or more you may
not contribute to a Roth IRA for the year. Note that the amount you may
contribute to a Roth IRA is not affected by your participation in an employersponsored retirement plan.
To determine the amount you may contribute to a Roth IRA (assuming
it does not exceed 100% of your compensation), you can refer to
IRS Publication 590-A: Modified Adjusted Gross Income for Roth IRA
Purposes and Determining Your Reduced Roth IRA Contribution Limit.

If you are age 50 or older by the end of the year, you may make additional“catch-up” contributions to a Roth IRA. The “catch-up” contribution limit
is $1,000 for tax years 2009 and beyond.

The amount you contribute may not exceed the maximum contribution
limits shown in the table above reduced by the amount contributed onyour behalf to all other individual retirement accounts (except SEP IRAs
and SIMPLE IRAs).

If you are married and file a joint return, you may make contributions toyour spouse’s Roth IRA. However, the maximum amount contributed toboth your own and to your spouse’s Roth IRA may not exceed 100%of your combined compensation or the maximum contribution shownin the table above, whichever is less. The maximum amount that may
be contributed to either your Roth IRA or your spouse’s Roth IRA isshown in the table above. Again, these dollar limits are reduced by any
contributions made by or on behalf of you or your spouse to any otherindividual retirement plan (such as a Traditional IRA) except SEP IRAs
and SIMPLE IRAs. Again, the limit is not reduced for contributions eitherof you make to a Coverdell Education Savings Account for someone
other than yourselves.

Your contribution to a Roth IRA is not reduced by any amount you
contribute to a Coverdell Education Savings Account for the benefit ofsomeone other than yourself.
If you are the beneficiary of a Coverdell Education Savings Account,additional limits may apply to you. Please contact your tax advisor for
more information.
4. Can I Roll Over or Transfer Amounts from Other IRAs?

As noted in Item 1, your eligibility to contribute to a Roth IRA depends on yourYou are allowed to “roll over” a distribution or transfer your assets from12

one Roth IRA to another without any tax liability. Rollovers between
Roth IRAs are permitted every 12 months and must be accomplishedwithin 60 days after the distribution. Beginning in 2015, just one 60 day
rollover is allowed in any 12 month period, inclusive of all Traditional,
Roth, SEP, and SIMPLE IRAs owned.

tax purposes are treated as “excess contributions.” A non-deductible
penalty tax of 6% of the excess amount contributed will be added toyour income tax for each year in which the excess contribution remains
in your account.
7. How Do I Correct an Excess Contribution?
If you make a contribution in excess of your allowable maximum, you may
correct the excess contribution and avoid the 6% penalty tax for that year
by withdrawing the excess contribution and its earnings on or before thedate, including extensions, for filing your tax return for the tax year forwhich the contribution was made (generally October 15th). Any earnings
on the withdrawn excess contribution may also be subject to the 10% early
distribution penalty tax if you are under age 59½. In addition, although you
will still owe penalty taxes for one or more years, excess contributions may
be withdrawn after the time for filing your tax return. Excess contributions
for one year may be carried forward and applied against the contribution
limitation in succeeding years.

If you are single, head of household or married filing jointly, you may
convert amounts from another individual retirement plan (such as a
Traditional IRA) to a Roth IRA, there are no AGI restrictions. Mandatory
required minimum distributions from Traditional IRAs, must be removed
from the Traditional IRA prior to conversion. Rollover amounts (except
to the extent they represent non-deductible contributions) are includable
in your income and subject to tax in the year of the conversion, but suchamounts are not subject to the 10% penalty tax. However, if an amountrolled over from a Traditional IRA is distributed from the Roth IRA before
the end of the five-tax-year period that begins with the first day of the tax
year in which the rollover is made, a 10% penalty tax will apply. Effectivein the tax year 2008, assets may be directly rolled over (converted) froma 401(k) Plan, 403(b) Plan or a governmental 457 Plan to a Roth IRA.

An individual who is partially or entirely ineligible to make contributions
to a Roth IRA may transfer amounts of up to the yearly contribution limits
to a non-deductible Traditional IRA (subject to reduction for amounts
remaining in the Roth IRA plus other Traditional IRA contributions).

Subject to the foregoing limits, you may also directly convert a Traditional
IRA to a Roth IRA with similar tax results.
Furthermore, if you have made contributions to a Traditional IRA during
the year in excess of the deductible limit, you may convert those nondeductible IRA contributions to contributions to a Roth IRA (assumingthat you otherwise qualify to make a Roth IRA contribution for the year
and subject to the contribution limit for a Roth IRA).

8. When Can I Take Distribution from a Roth IRA?
You may at any time request distribution of all or any portion of youraccount. However, distributions made prior to your attainment of age
59½ (or in some cases within five years of establishing your account)
may produce adverse tax consequences, unless an exception applies.

You must report a rollover or conversion from a Traditional IRA to a RothIRA by filing Form 8606 as an attachment to your federal income tax return.
Beginning in 2006, you may roll over amounts from a “designated RothIRA account” established under a qualified retirement plan. Roth IRA, Roth
401(k) or Roth 403(b) assets may only be rolled over either to anotherdesignated Roth Qualified account or to a Roth IRA. Upon distribution of
employer sponsored plans the participant may roll designated Roth assets
into a Roth IRA but not into a Traditional IRA. In addition, Roth assets cannot
be rolled into a Profit-Sharing-only plan or pretax deferral-only 401(k) plan.
In the event of your death, the designated beneficiary of your Roth 401(k)or Roth 403(b) Plan may have the opportunity to rollover proceeds from that
Plan into a Beneficiary Roth IRA account. Strict limitations apply to rollovers,
and you should seek competent advice in order to comply with all of therules governing any type of rollover.

9. When Must Distributions from a Roth IRA Begin?
Unlike Traditional IRAs, there is no requirement that you begin
distribution of your account during your lifetime at any particular age.

5. What if I Make a Contribution for Which I Am Ineligible or
Change My Mind About the Type of IRA to Which I Wish toContribute?
Prior to the due date (including extensions) for filing your tax return,you may elect to “recharacterize” amounts that you contributed to an
IRA during the year by making a recharacterization of the contributed
amount and earnings. Thus, for example, if you contribute amounts to aRoth IRA and later determine that you are ineligible to make a Roth IRA
contribution for the year, you may at any time prior to the tax return due
date for the year (including extensions) make a recharacterization of thecontributions and earnings to a Traditional IRA.

10. Are There Distribution Rules that Apply after My Death?
Yes. If you die before receiving the balance of your Roth IRA, distributionof your remaining account balance is subject to several special rules,
depending upon the year of death and whether the beneficiary is an “eligible
designated beneficiary.” An eligible designated beneficiary is a surviving
spouse, a minor child, chronically ill or disabled, or anyone not listed above
who is not more than 10 years younger than the original owner. In the caseof a minor child, full distribution must occur within 10 years of the childattaining the age of majority. If you die in 2019 or earlier, or the beneficiaryis an eligible designated beneficiary as described above, your remaining
interest may begin to be distributed by December 31 of the year following
your death over a period not exceeding the life expectancy or expectancies
of your designated beneficiary or beneficiaries. The minimum amountthat must be distributed is the account value at the close of business on
December 31 of the preceding year divided by the life expectancy of thedesignated beneficiary using the age of the beneficiary in the year following
the year of the depositor’s death and subtracting 1 from the divisor for eachsubsequent year. If you die in 2020 or later, and the beneficiary is not an
eligible beneficiary as described above, then full distribution must occur nolater than 10 years after the date of death. An eligible designated beneficiary
may choose the 10-year distribution option.

6. What if I Make an Excess Contribution?
Contributions that exceed the allowable maximum for federal income

Two additional distribution options are available if your spouse is thebeneficiary: (i) payments to your spouse may commence as late as13

December 31 of the year you would have attained RMD age and be
distributed over a period not exceeding the life expectancy of your spouse,or (ii) your spouse can simply elect to treat your Roth IRA as her or his own.

distributed from your account. Similarly, you are not entitled to the special
five- or ten-year averaging rule for lump-sum distributions that may beavailable to persons receiving distributions from certain other types ofretirement plans. Rather, the taxable portion of any distribution is taxed to
you as ordinary income. Your Roth IRA is not subject to taxes on excess
distributions or on excess amounts remaining in your account as of yourdate of death.

11. How Are Distributions from a Roth IRA Taxed for Federal
Income Tax Purposes?
Amounts distributed to you are generally excludable from your grossincome if they (i) are paid after you attain age 59½, (ii) are made to
your beneficiary after your death, (iii) are attributable to your becoming
disabled, (iv) subject to various limits, the distribution is used to purchasea first home or, in limited cases, a second or subsequent home for you,your spouse, or you or your spouse’s grandchild or ancestor, or (v) arerolled over to another Roth IRA.

You may indicate on your distribution request whether federal income
taxes should be withheld on a distribution from a Roth IRA. If you do
not make a withholding election, we will not withhold federal or state
income tax. To determine your withholding rate, please consult IRS
Form W-4R available from www.irs.gov/pub/irs-pdf/fw4r.pdf. You may
use these tables to help you select the appropriate withholding rate forthis payment or distribution. Add your income from all sources and use
the column that matches your filing status to find the corresponding rateof withholding. Review the “Suggestion for determining withholding”
section of the instructions to help determine the rate of withholding
appropriate to your tax situation.

Regardless of the foregoing, if you or your beneficiary receives a
distribution within the five-taxable-year period starting with the beginningof the year to which your initial contribution to your Roth IRA applies, theearnings on your account are includable in taxable income. In addition,
if you roll over (convert) funds to your Roth IRA from another individual
retirement plan (such as a Traditional IRA or another Roth IRA into whichamounts were rolled from a Traditional IRA), the portion of a distribution
attributable to rolled-over amounts which exceeds the amounts taxedin connection with the conversion to a Roth IRA is includable in income(and subject to penalty tax) if it is distributed prior to the end of the fivetax-year period beginning with the start of the tax year during which therollover occurred. An amount taxed in connection with a rollover is subject
to a 10% penalty tax if it is distributed before the end of the five-tax-year
period.

Note that, for federal tax purposes (for example, for purposes of applying
the ordering rules described above), Roth IRAs are considered separatelyfrom Traditional IRAs.
12. What Are the Qualifications for Charitable Donations?
The Pension Protection Act of 2006 allows Roth IRA holders who are
RMD age or older at the time of a distribution to annually exclude
qualified charitable distribution amounts up to $100,000 per year fromgross income. The provision was made permanent by the PATH Act of2015. A qualified charitable distribution must be made payable directly
to the qualified charity as described in Section 170(b) of the Internal
Revenue Code.

As noted above, the five-year holding period requirement is measured
from the beginning of the five-taxable-year period beginning with the firsttaxable year for which you (or your spouse) made a contribution to a RothIRA on your behalf. Previously, the law required that a separate five-year
holding period apply to regular Roth IRA contributions and to amounts
contributed to a Roth IRA as a result of the rollover or conversion of a
Traditional IRA. Even though the holding period requirement has been
simplified, it may still be advisable to keep regular Roth IRA contributions
and rollover/conversion Roth IRA contributions in separate accounts. Thisis because amounts withdrawn from a rollover/conversion Roth IRA within
five years of the rollover/conversion may be subject to a 10% penalty tax.

13. Are There Penalties for Early Distribution from a Roth IRA?
As indicated above, earnings on your contributions, as well as amounts
contributed to a Roth IRA as a rollover from a Traditional IRA, that are
distributed before certain events are subject to various taxes. Pleasesee IRS Publication 590 for further information about Roth IRA rules
and restrictions.
14. What if I Engage in a Prohibited Transaction?
If you engage in a “prohibited transaction,” as defined in Section 4975
of the Internal Revenue Code, your account could lose its tax-favoredstatus. Examples of prohibited transactions are:a. the sale, exchange, or leasing of any property between you andyour account;b. the lending of money or other extensions of credit between you andyour account;c. the furnishing of goods, services, or facilities between you and youraccount.

As noted above, a distribution from a Roth IRA that complies with all of
the distribution and holding period requirements is excludable from yourgross income. If you receive a distribution from a Roth IRA that does
not comply with these rules, the part of the distribution that constitutes areturn of your contributions will not be included in your taxable income,and the portion that represents earnings will be includable in your income.
For this purpose, certain ordering rules apply. Amounts distributed to you
are treated as coming first from your non-deductible contributions. The
next portion of a distribution is treated as coming from amounts whichhave been rolled over (converted) from any non-Roth IRAs in the ordersuch amounts were rolled over. Any remaining amounts (including all
earnings) are distributed last. Any portion of your distribution which does
not meet the criteria for exclusion from gross income may also be subject
to a 10% penalty tax.

15. What if I Pledge My Account?
If you use (pledge) all or part of your Roth IRA as security for a loan,
your account may lose its tax-favored status.

Note that to the extent a distribution would be taxable to you, neither
you nor anyone else can qualify for capital gains treatment for amounts
14

16. How Are Contributions to a Roth IRA Reported for Federal Tax
Purposes?
You must file Form 5329 with the IRS to report and remit any penalties

or excise taxes. In addition, certain contribution and distribution
information must be reported to the IRS on Form 8606 (as an attachment
to your federal income tax return.)

2. No part of the custodial account funds may be invested incollectibles (within the meaning of Section 408(m)) except asotherwise permitted by Section 408(m)(3), which provides an
exception for certain gold, silver, and platinum coins, coins issued
under the laws of any state, and certain bullion.

17. Is There Anything Else I Should Know?
Your Roth Individual Retirement Account Plan has been approved as
to form by the Internal Revenue Service. The Internal Revenue Service
approval is a determination only as to the form of the Plan and does
not represent a determination of the merits of the Plan as adopted
by you. You may obtain further information with respect to your RothIndividual Retirement Account from any district office of the Internal
Revenue Service. The statute provides that Roth IRAs are to be treatedthe same as Traditional IRAs for most purposes. As the IRS clarifies
its interpretation of the statute, revised or updated information will be
provided.

Article V
1. If the depositor dies before his or her entire interest is distributed
to him or her and the depositor’s surviving spouse is not thedesignated beneficiary, the remaining interest will be distributed inaccordance with (a) below or, if elected or there is no designatedbeneficiary, in accordance with (b) below:b. The remaining interest will be distributed, starting by the end of
the calendar year following the year of the depositor’s death,over the designated beneficiary’s remaining life expectancy as
determined in the year following the death of the depositor;

Roth Individual Retirement Custodial Account
The following constitutes an agreement establishing a Roth IRA (under
Section 408A of the Internal Revenue Code) between the depositor andthe Custodian.

c. The remaining interest will be distributed by the end of thecalendar year containing the fifth anniversary of the depositor’s
death.

Article I
Except in the case of a qualified rollover contribution described in section
408A(e) or a recharacterized contribution described in section 408A(d)(6), the custodian will accept only cash contributions up to $5,500 per
year for 2013 through 2017. For individuals who have reached the ageof 50 by the end of the year, the contribution limit is increased to $6,500
per year for 2013 through 2017. For years after 2017, these limits will
be increased to reflect a cost-of-living adjustment, if any.

2. The minimum amount that must be distributed each year underparagraph 1(a) above is the account value at the close of businesson December 31 of the preceding year divided by the life expectancy(in the single life table in Regulations Section 1.401(a)(9)-9) of thedesignated beneficiary using the attained age of the beneficiary in theyear following the year of the depositor’s death and subtracting 1.0
from the divisor for each subsequent year.
3. If the depositor’s surviving spouse is the designated beneficiary, suchspouse will then be treated as the depositor.

Article II
1. The annual contribution limit described in Article I is gradually
reduced to $0 for higher income levels. For a grantor who issingle or treated as single, the annual contribution is phased out
between adjusted gross income (AGI) of $118,000 and $133,000;
for a married grantor filing jointly, between AGI of $186,000 and$196,000; and for a married grantor filing separately, between AGI
of $0 and $10,000. These phase-out ranges are for 2017. For years
after 2017, the phase-out ranges, except for the $0 to $10,000
range, will be increased to reflect a cost-of-living adjustment, if any.
Adjusted gross income is defined in section 408A(c)(3).

Article VI
1. The depositor agrees to provide the Custodian with all informationnecessary to prepare any reports required by Sections 408(i) and408A(d)(3)(E), Regulations Sections 1.408-5 and 1.408-6, or otherguidance published by the Internal Revenue Service (IRS).
2. The Custodian agrees to submit to the IRS and depositor thereports prescribed by the IRS.
Article VII
Notwithstanding any other articles which may be added or incorporated,
the provisions of Articles I through IV and this sentence will becontrolling. Any additional articles inconsistent with Section 408A, therelated regulations, and other published guidance will be invalid.

2. In the case of a joint return, the AGI limits in the preceding paragraphapply to the combined AGI of the depositor and his or her spouse.
Article III
The depositor’s interest in the balance in the custodial account is nonforfeitable.

Article VIIIThis agreement will be amended as necessary to comply withthe provisions of the Code, the related regulations, and otherpublished guidance. Other amendments may be made withthe consent of the persons whose signatures appear below.

Article IV
1. No part of the custodial account funds may be invested in life
insurance contracts, nor may the assets of the custodial accountbe commingled with other property except in a common trust fundor common investment fund (within the meaning of Section 408(a)(5)).

Article IX
1. Investment of Account Assetsb. All contributions to the custodial account shall be invested in15

2. Amendment and Terminationc. The Custodian may amend the custodial account (including
retroactive amendments) by delivering to the depositor
written notice of such amendment setting forth the substanceand effective date of the amendment. The depositor shallbe deemed to have consented to any such amendment not
objected to in writing by the depositor within thirty (30) days ofreceipt of the notice, provided that no amendment shall cause
or permit any part of the assets of the custodial account to be
diverted to purposes other than for the exclusive benefit of thedepositor or his or her beneficiaries.

the shares of the Brookfield Investment Funds or, if available,
any other series of Brookfield Investment Funds or otherregulated investment companies for which Brookfield Public
Securities Group LLC serves as Investment Advisor ordesignates as being eligible for investment. Shares of stockof an Investment Company shall be referred to as “Investment
Company Shares”. To the extent that two or more funds areavailable for investment, contributions shall be invested inaccordance with the depositor’s investment election.
c. Each contribution to the custodial account shall identify thedepositor’s account number and be accompanied by a signed
statement directing the investment of that contribution. The
Custodian may return to the depositor, without liability forinterest thereon, any contribution which is not accompanied
by adequate account identification or an appropriate signed
statement directing investment of that contribution.

d. The depositor may terminate the custodial account at any
time by delivering to the Custodian a written notice of suchtermination.
e. The custodial account shall automatically terminate upon
distribution to the depositor or his or her beneficiaries of its
entire balance.

d. Contributions shall be invested in whole and fractional
Investment Company Shares at the price and in the mannersuch shares are offered to the public. All distributions received
on Investment Company Shares held in the custodial accountshall be reinvested in like shares. If any distribution of
Investment Company Shares may be received in additional
like shares or in cash or other property, the Custodian shallelect to receive such distribution in additional like Investment
Company Shares.

3. Taxes and Custodial Fees
Any income taxes or other taxes levied or assessed upon or in respectof the assets or income of the custodial account and any transfer taxes
incurred shall be paid from the custodial account. All administrative
expenses incurred by the Custodian in the performance of its duties,
including fees for legal services rendered to the Custodian, and theCustodian’s compensation shall be paid from the custodial account,unless otherwise paid by the depositor or his or her beneficiaries.
The Custodian’s fees are set forth in Section 3 of the General Information
section at the beginning of this booklet. Extraordinary charges resulting
from unusual administrative responsibilities not contemplated by theschedule will be subject to such additional charges as will reasonablycompensate the Custodian. Fees will be charged for any liquidation
including transferring to a successor trustee or custodian. The fee will
be taken from the remaining balance of the account in the event of apartial liquidation. The fee will be taken from the proceeds in the eventof a total liquidation and the balance of the account will be forwarded inaccordance with the depositor’s instructions.

e. All Investment Company Shares acquired by the Custodianshall be registered in the name of the Custodian or its nominee.
The depositor shall be the beneficial owner of all Investment
Company Shares held in the custodial account.
f.

The Custodian agrees to forward to the depositor eachprospectus, report, notice, proxy and related proxy soliciting
materials applicable to Investment Company Shares held in thecustodial account received by the Custodian. By establishingor having established the custodial account, the depositor
affirmatively directs the Custodian to vote any Investment
Company Shares held on the applicable record date that havenot been voted by the depositor prior to a shareholder meetingfor which prior notice has been given. The Custodian shall votewith the management of the Investment Company on each
proposal that the Investment Company’s Board of Directors
has approved unanimously. If the Investment Company’s
Board of Directors has not approved a proposal unanimously,
the Custodian shall vote in proportion to all shares voted by
the Investment Company’s shareholders.

4. Reports and Notices
e. The Custodian shall keep adequate records of transactions
it is required to perform hereunder. After the close of eachcalendar year, the Custodian shall provide to the depositor
or his or her legal representative a written report or reports
reflecting the transactions effected by it during such year andthe assets and liabilities of the custodial account at the closeof the year.
f.

g. The depositor may, at any time, by written notice to theCustodian, redeem any number of shares held in the custodial
account and reinvest the proceeds in the shares of any other
Investment Company. Such redemptions and reinvestments
shall be done at the price and in the manner such shares arethen being redeemed or offered by the respective Investment
Companies.

All communications or notices shall be deemed to be given
upon receipt by the Custodian at: U.S. Bank, N.A., P.O. Box
701, Milwaukee, Wisconsin 53201-0701 or the depositor at
his most recent address shown in the Custodian’s records.
The depositor agrees to advise the Custodian promptly, inwriting, of any change of address.

5. Designation of Beneficiary
The depositor may designate a beneficiary or beneficiaries to receive
benefits from the custodial account in the event of the depositor’s
16

death. In the event the depositor has not designated a beneficiary, or if
all beneficiaries shall predecease the depositor, the following persons
shall take in the order named:or instruction or any written instrument believed by the Custodian tobe genuine and to have been properly executed. The Custodian shallbe under no duty of inquiry with respect to any such notice, election,
instruction, or written instrument, but in its discretion may request any
tax waivers, proof of signatures or other evidence which it reasonably
deems necessary for its protection. The depositor and the successorsof the depositor including any executor or administrator of the depositor
shall, to the extent permitted by law, indemnify the Custodian and its
successors and assigns against any and all claims, actions or liabilitiesof the Custodian to the depositor or the successors or beneficiariesof the depositor whatsoever (including without limitation all reasonable
expenses incurred in defending against or settlement of such claims,
actions or liabilities) which may arise in connection with this Agreement
or the custodial account, except those due to the Custodian’s own bad
faith, gross negligence or willful misconduct. The Custodian shall not be
under any duty to take any action not specified in this Agreement, unlessthe depositor shall furnish it with instructions in proper form and such
instructions shall have been specifically agreed to by the Custodian, orto defend or engage in any suit with respect hereto unless it shall havefirst agreed in writing to do so and shall have been fully indemnified toits satisfaction.

a. The spouse of the depositor;
b. If the spouse shall predecease the depositor or if the depositor
does not have a spouse, then to the depositor’s estate.
6. Inalienability of Benefits
The benefits provided under this custodial account shall not be subject
to alienation, assignment, garnishment, attachment, execution or levyof any kind and any attempt to cause such benefits to be so subjectedshall not be recognized except to the extent as may be required by law.
7. Rollover Contributions and Transfers
Subject to the restrictions in Article I, the Custodian shall have the rightto receive rollover contributions and to receive direct transfers fromother Custodians or trustees. All contributions must be made by checkor wire (no cash).
8. Conflict in Provisions
To the extent that any provisions of this Article IX shall conflict with theprovisions of Articles V, VI and/or VIII, the provisions of this Article IX
shall govern.
9. Applicable State Law
This custodial account shall be construed, administered and enforced
according to the laws of the State of Wisconsin.
10. Resignation or Removal of Custodian
The Custodian may resign at any time upon thirty (30) days notice in writing
to the Investment Company. Upon such resignation, the Investment
Company shall notify the depositor, and shall appoint a successor
custodian under this Agreement. The depositor or the Investment
Company at any time may remove the Custodian upon 30 days written
notice to that effect in a form acceptable to and filed with the custodian.
Such notice must include designation of a successor custodian. The
successor custodian shall satisfy the requirements of Section 408(h) of
the Code. Upon receipt by the Custodian of written acceptance of suchappointment by the successor custodian, the Custodian shall transfer
and pay over to such successor the assets of and records relating to
the custodial account. The Custodian is authorized, however, to reserve
such sum of money as it may deem advisable for payment of all its fees,
compensation, costs and expenses, or for payment of any other liability
constituting a charge on or against the assets of the custodial accountor on or against the Custodian, and where necessary may liquidate
shares in the custodial account for such payments. Any balance of suchreserve remaining after the payment of all such items shall be paid overto the successor custodian. The Custodian shall not be liable for theacts or omissions of any predecessor or successor custodian or trustee.
11. Limitation on Custodian Responsibility
The Custodian will not under any circumstances be responsible for thetiming, purpose or propriety of any contribution or of any distribution madehereunder, nor shall the Custodian incur any liability or responsibility for
any tax imposed on account of any such contribution or distribution.
Further, the Custodian shall not incur any liability or responsibility intaking or omitting to take any action based on any notice, election,
17