Appendix B

                                Hewitt Associates
                               Annual Fee Schedule
                   For Two Money Market Funds- One Class Each
                                   May 2, 2002

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      Fund Accounting, Custody and Calculation of N.A.V., Transfer Agency,
        Fund Administration, Financial Statement Preparation and Blue Sky

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A.   Fund Accounting, Custody and Calculation of N.A.V., Transfer Agency, Fund
     Administration, Financial Statement Preparation and Blue Sky

     The Annual Fee for Fund Accounting, Custody and Calculation of N.A.V.,
     Transfer Agency, Fund Administration, Financial Statement Preparation and
     Blue Sky for the two (2) Hewitt Associates Money Market Funds (including
     two classes per fund) will be charged according to the following schedule.
     The following schedule is exclusive of transaction costs and out-of-pocket
     expenses.

                                                     Annual Fee
                                                     ----------
     Annual Fee For Two Funds                         $140,000

     For each additional class added beyond the first two classes(per fund)
     there will be an annual fee of $28,000 for the above services.

     Blue Sky services, which are to be billed separately from the above, will
     be billed at an annual rate of $100.00 per permit filed.

B.   Transaction Costs                               Per Transaction
     -----------------                               ---------------
     Incoming Wires                                       5.00
     Outgoing Wires                                       7.00

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                                  Miscellaneous

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A.   Out-of-Pocket

     These charges consist of:
          .    Telephone
          .    Ad Hoc Reporting
          .    TA - Non-current Day Inquiry ($1.00 per inquiry)
          .    Third Party Review
          .    Forms and Supplies

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          .    Printing/Postage/Delivery
          .    Systems Development/Reports/Transmissions
          .    Equipment Rental
          .    Legal costs associated with substantial alterations of IBT's
               standard agreements

B.   Balance Credits

     We allow use of balance credit against fees (excluding out-of-pocket
     charges) for collected fund balances arising out of the custody
     relationship. The monthly earnings allowance is equal to 75% of the 90-day
     T-bill rate.

C.   Systems

     The details of any systems work required to service this fund will be
     determined after a thorough business analysis. All systems work, including
     creating customized reports and establishing systems/communications
     interfaces with Hewitt, other providers, etc., will be billed on a time and
     materials basis.

D.   Other

     Assumptions:

     The fee schedule assumes that there will be two (2) classes of shares per
     fund. Also, this schedule reflects the fact that one fund will declare a
     distribution daily, and one fund will distribute monthly. Increases in the
     number of classes or any change in the frequency of distributions will
     result in an increase in the fees noted above.

     This fee schedule does not reflect the impact, if any, on IBT's processing
     transactions using FundServe or other NSCC applications. The fees
     associated with such applications and any related systems development costs
     will be determined at a later date prior to implementation.

     The above fees will be charged against the funds' custodian checking
     account five business days after the invoice is mailed to the fund.

     This annual fee schedule is valid for 30 days and assumes the execution of
     IBT's standard contractual agreements for a minimum term of one (1) year.
     All charges will be billed monthly. The fee schedule will be effective upon
     start-up of the fund.

Agreed:


/s/ Anthony Sartori                          /s/ Andrew M. Nesvet
---------------------------------            -----------------------------------
Hewitt Series Trust                          Investors Bank & Trust Company
Name:  Anthony Sartori                       Name:  Andrew M. Nesvet
Title: Treasurer                             Title: Managing Director

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