Amendment to the Index License Agreement for funds, dated July 1, 2006



 Exhibit 10.7 
 Client Code/Reference No:              
 AMENDMENT 
 Effective Date as of July 1, 2006 
 AMENDMENT to the Index License Agreement for Funds (the “Agreement”), dated as of March 18, 2000, by and between Morgan Stanley Capital International Inc. (“MSCI”) and Barclays
Global Investors, N.A. (“Licensee”), as previously amended. 
  

	1.	Term: Section 1 of the Amendment dated as of December 3, 2004 to the Agreement is hereby deleted. The term of the Agreement is extended until ****, unless earlier
terminated as provided therein or herein. Thereafter, the Agreement shall renew for successive one-year periods unless either party provides written notice to the other of its intent not to renew at least ninety (90) days prior to the end of
the then-current term. 

  

	2.	Fees: Section 2 of the Amendment dated as of December 3, 2004 to the Agreement is hereby deleted. The license fees shall be calculated and payable on a calendar
quarterly basis as follows commencing as of July 1, 2006: 

  

	 	a.	****: Licensee shall pay MSCI a **** with respect to the use of the MSCI Standard International Equity Index **** as the basis for, or a component of, any passively managed fund.
The **** license fee shall equal: 

  

	 	•	 	 **** multiplied by **** subject to a ****. 


 To the extent that the license fees payable to MSCI for a passively managed Fund based on **** such licensee fees payable to MSCI, when expressed as **** the applicable period **** such Fund **** when expressed as **** for such ****.

  

	 	b.	OTHER MSCI INDICES: For use of all other MSCI Indices licensed under the Agreement, Licensee shall pay MSCI a **** license fee with respect to the use of each such Index as
the basis for, or a component of a passively managed Fund. The **** license fee shall be calculated as **** during the applicable **** per Fund and a **** as follows: 

  

			
	 ****
	  	 ****

		
	 First ****
	  	 ****

		
	 From ****
	  	 ****

		
	 From ****
	  	 ****

		
	 From ****
	  	 ****

		
	 Greater than ****
	  	 ****


 [****] Represents material which has been redacted and filed separately with the Securities and Exchange
Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. 








	 	c.	**** 

  

	 	d.	Payment: The license fees shall be paid in arrears to MSCI by the fifteenth day of the following quarter and shall be accompanied by a statement from Licensee stating that
such fees are accurate. Any license fees or any other amounts due hereunder that are not timely paid shall accrue interest at the rate of **** or the maximum amount permitted by law, whichever is less, which interest charges shall begin accruing on
the relevant due date and shall continue to accrue until such license fees and all other amounts due hereunder are paid in full. 

  

	 	e.	Records: Licensee shall maintain detailed and accurate records with respect to the assets of the Funds and any of Licensee’s payment to MSCI hereunder. During the term
of the Agreement and for a period of **** after its termination, Licensee, upon written request by MSCI, shall provide access to such records during normal business hours to MSCI and/or an independent accounting organization, chosen and compensated
by MSCI. Licensee shall promptly pay any underreported license fees and all other amounts due hereunder determined by such audit ****, whichever is less, for the period of time during which such amount was owed and unpaid. If such audit reveals an
underpayment in excess **** of the amount due hereunder, then Licensee shall also pay for the reasonable cost of such audit. 

  

	 	f.	Taxes: Licensee will promptly pay **** arising as a result of the Agreement, other than ****. 

  

	3.	Additional Licensees: 

  

	 	a.	If MSCI grants **** after the effective date of this Amendment a **** the basis for any passively managed fund to be listed by the licensee for trading on an exchange ****, then the
license fees payable hereunder for the relevant Index shall ****. For purposes of clarity and by way of illustration only, the parties acknowledge that **** licensed after the date hereof **** to serve as the ****, only the license fees ****.


  

	 	b.	Licensee acknowledges that prior to the effective date of this Amendment MSCI has **** confidential basis to ****. 

 The **** which the parties agree is not subject to Section 3(a) above. If the **** MSCI shall inform Licensee and the parties shall negotiate in good
faith to consider whether **** (as defined in Section 5 below) payable hereunder for Licensee’s Funds based on **** is appropriate. Any **** would consider the **** Licensee’s ability to continue paying ****. MSCI and BGI will jointly
consider any impact of the **** over a reasonable period of time (not less than one year), including factors such as ****. 
  

	 	c.	Licenses granted by MSCI **** based on customized versions, or sub-indices (e.g., sector indices or market-cap sub-indices) or aggregated indices (e.g., regional indices), of


 [****] Represents material which has been redacted and filed separately with the Securities and Exchange Commission pursuant to a request
for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. 
  

 2 








 **** are not subject to Section 3(a) above. If the name of any such **** based on a **** index
includes the **** it shall use a **** index name (e.g., ****). 
 Further, for purposes of clarity and by way of illustration only the parties
acknowledge that licenses granted by MSCI **** (x) as a benchmark for actively managed funds or (y) as the basis for, or a component of, funds that aim to provide a **** (e.g., ****) or an **** (e.g., ****) linked to such Indices, are also
****. 
  

	 	d.	If Licensee **** that **** may license the relevant **** without the **** otherwise required by Section 3(a) above. 

 The determination of whether an index **** an MSCI Index shall be based on the information available **** based on such other index. To determine whether
an index **** with **** the parties agree that factors to be considered should include the following: 
  

	 	i.	**** 


	 	ii.	**** 


	 	iii.	**** 

 For purposes of illustration, the parties agree that
as of today (x) a ****, (y) a ****, and (z) a ****. 
 Additionally, the parties agree that **** (e.g., a third party ****) do
not **** provided that the **** is reflected in the index name and the Fund name. 
  

	4.	Index Definitions: 

 For the avoidance of doubt, the
parties acknowledge that the **** are defined as the then-current versions of such indices as part of the MSCI Standard International Equity Index Series, and the Agreement and this Amendment shall apply with respect to any successor index, or any
methodology changes to, any such Index; resulting in such index remaining an MSCI Standard International Equity Index. 
  

	5.	Index Marketing: 

  

	 	a.	The parties acknowledge that immediately prior to the effective date of this Amendment, the license fees payable to MSCI under the Agreement for **** as the basis for, or a
component of, any Fund were calculated using the formulas set forth in the table in Section 2(b) above. 

  

	 	b.	**** means the difference (if any) in the **** for the use of **** collectively, as the basis for or a component of any Fund calculated using the formula set forth in
Section 2(a) above ****. 

  

	 	c.	For any **** received by MSCI in each annual period measured from the effective date of this Amendment and **** during the succeeding annual period. Such marketing or promotional
efforts may include the cost of advertisements, road-shows, sales and marketing personnel, speaking engagements, research articles and other publications, conference sponsorships and other such activities. 

  

	 	d.	Licensee acknowledges that MSCI’s marketing and promotional efforts shall be limited to MSCI’s international indices, and that MSCI has no obligation or intent to market
or promote any Funds or Licensee’s products or services generally.**** 

 [****] Represents material which has been redacted and filed
separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. 
  


 3 









	 	****. 

  

	6.	Miscellaneous: 

 This Amendment is intended to amend
and operate in conjunction with the Agreement and together this Amendment and the Agreement constitute the complete and exclusive statement of the agreement between the parties and supersede in full all prior proposals and understanding, oral or
written, relating to the subject matter hereof. No right or license of any kind is granted to Licensee except as expressly provided in the Agreement and this Amendment. This Amendment shall be governed by, and construed in accordance with, the laws
of the State of New York without regard to its conflict or choice of laws principles. 
  

									
	BARCLAYS GLOBAL INVESTORS, N.A.	 		 	MORGAN STANLEY CAPITAL INTERNATIONAL INC.
					
	By	 	/s/ Michael Latham	 		 	By	 	/s/ Allen Heery
	Name and Title	 	Michael Latham	 		 	Name and Title	 	Allen Heery
		 		 		 		 	Executive Director

  

			
	BARCLAYS GLOBAL INVESTORS, N.A.
		
	By	 	/s/ Greg Friedman
	Name and Title	 	Greg Friedman
		 	Principal

 [****] Represents material which has been redacted and filed separately with the Securities and Exchange
Commission pursuant to a request for confidential treatment pursuant to Rule 406 under the Securities Act of 1933, as amended. 
  

 4