Common use of Services on a Continuing Basis Clause in Contracts

Services on a Continuing Basis. The Administrator will perform on a regular basis (daily, weekly or as otherwise appropriate) all administrative services required for the operation of the Trust (other than those services provided by the Trust's adviser, distributor, custodian, transfer agent, accounting agent, independent accountants and legal counsel) including, without limitation, the following: (A) prepare and coordinate reports and other materials to be supplied to the Board of Trustees of the Trust as the officers of the Trustees of the Trust may request; (B) prepare, coordinate and/or supervise the preparation and filing of the following filings required by the federal securities laws (including, without limitation, periodic reports on Form N-SAR and Notices under 1940 Act Rule 24f- 2): periodic financial reports, shareholder reports and other regulatory reports or filings required of the Trust; (C) supervise and monitor the preparation of all required filings necessary to maintain the Trust's qualification and/or registration to sell shares of the series of the Trust in all states where the Trust currently sells, or intends to sell, shares of its series; (D) coordinate the preparation, printing and mailing of all materials (including, without limitation, Annual Reports and prospectuses) required to be sent to shareholders; (E) coordinate the preparation and payment of Trust related expenses; (F) monitor and oversee the activities of the Trust's servicing agents (including, without limitation, its transfer agent, custodian, and fund accountants); (G) monitor the calculation of the net asset value per share of each series on each business day, and review and adjust as necessary the Trust's daily expense accruals; (H) monitor the Trust's daily, monthly and periodic compliance with respect to the 1940 Act, Internal Revenue Code, Board of Trustees and prospectus guidelines, restrictions and policies; (I) send periodic information (including, without limitation, performance figures) to service organizations that compile and track investment company information; (J) assist the Trust's custodian, investment adviser, and sub-advisers, accounting agent, counsel and auditors as required to carry out the business and operations of the Trust; (K) oversee the maintenance by the Trust's custodian and accounting agent of the books and records pertaining to the Trust under the 1940 Act, and maintain such other books and records (other than those required to be maintained by the Trust's adviser and sub-advisers) as may be required by law or may be required for the proper operation of the Trust (which other books and records shall be the property of the Trust, shall be surrendered promptly to the Trust upon its request, and shall be preserved for the periods required by the 1940 Act). (L) perform such additional services as may be agreed upon by the Trust and the Administrator.

Services on a Continuing Basis. The Administrator (a) With respect to each Fund, UMB will perform the following accounting functions on a regular basis (daily, weekly or as otherwise appropriate) all administrative services required for the operation of the Trust (other than those services provided by the Trust's adviser, distributor, custodian, transfer agent, accounting agent, independent accountants and legal counsel) including, without limitation, the followingdaily basis: (A1) prepare Journalize the Fund's investment, capital share and coordinate reports income and other materials to be supplied to the Board of Trustees of the Trust as the officers of the Trustees of the Trust may requestexpense activities; (B2) prepareVerify investment buy/sell trade tickets received from the Fund's investment subadviser or from the Fund, coordinate and/or supervise as the preparation case might be, and filing transmit trades to the Fund's custodian for proper settlement; (3) Maintain individual ledgers for investment securities; (4) Maintain historical tax lots for each security; (5) Reconcile cash and investment balances of the following filings Fund with the Fund's custodian, and provide the Fund's investment subadviser with the beginning cash balance available for investment purposes; (6) Update the cash availability throughout the day as required by the federal securities laws (including, without limitation, periodic reports on Form N-SAR and Notices under 1940 Act Rule 24f- 2): periodic financial reports, shareholder reports and other regulatory reports or filings required of the TrustFund's investment subadviser; (C7) supervise Post to and monitor prepare the preparation Fund's Statement of all required filings necessary to maintain Assets and Liabilities and the Trust's qualification and/or registration to sell shares Statement of the series of the Trust in all states where the Trust currently sells, or intends to sell, shares of its seriesOperations; (D) coordinate the preparation8) Calculate various contractual expenses (e.g., printing advisory, subadvisory, administrative, transfer agency and mailing of all materials (including, without limitation, Annual Reports and prospectuses) required to be sent to shareholders; (E) coordinate the preparation and payment of Trust related expenses; (F) monitor and oversee the activities of the Trust's servicing agents (including, without limitation, its transfer agent, custodian, and fund accountantscustody fees); (G9) monitor Calculate capital gains and losses; (10) Determine the calculation Fund's net income; (11) Obtain security market quotes from services approved by the Fund's investment subadviser, or if such quotes are unavailable, then obtain such prices from the Fund's investment subadviser, and in either case calculate the market value of the Fund's investments; (12) Value the assets of the Fund, including the valuation of the Fund's commitments to acquire mortgage-backed securities secured by Qualified Mortgage Loans (as defined in the Fund's current registration statement) and originated through the ProLoan program according to the formula set forth on Appendix C attached hereto, and compute the net asset value per share of each series on the Fund at such times and dates and in the manner specified in the Fund's then currently effective prospectus and statement of additional information. The Fund's Manager, Capital Mortgage Management, Inc., will provide UMB with the price at which the Fund committed to acquire the outstanding mortgage-backed securities, the dollar amount of the outstanding commitments and the weighted average coupon rate of those commitments by no later than 3:00 p.m. Eastern standard each business day, and review and adjust as necessary the Trust's daily expense accruals; (H) monitor the Trust's daily, monthly and periodic compliance with respect to the 1940 Act, Internal Revenue Code, Board of Trustees and prospectus guidelines, restrictions and policies; (I) send periodic information (including, without limitation, performance figures) to service organizations that compile and track investment company information; (J) assist the Trust's custodian, investment adviser, and sub-advisers, accounting agent, counsel and auditors as required to carry out the business and operations of the Trust; (K) oversee the maintenance by the Trust's custodian and accounting agent of the books and records pertaining to the Trust under the 1940 Act, and maintain such other books and records (other than those required to be maintained by the Trust's adviser and sub-advisers) as may be required by law or may be required for the proper operation of the Trust (which other books and records shall be the property of the Trust, shall be surrendered promptly to the Trust upon its request, and shall be preserved for the periods required by the 1940 Act). (L13) perform such additional Monitor the expense accruals and notify Fund management of any proposed adjustments; and (14) Receive and act on notices, instructions, certificates, instruments or other communication from a Fund's shareholder servicing agent and/or transfer agents. (b) In addition to the accounting services as may be agreed upon described in the foregoing Paragraph 5(a), UMB will: (1) Prepare monthly financial statements, which will include the following items: Statement of Investments Statement of Assets and Liabilities Statement of Operations Statement of Changes in Net Assets Cash Statement Schedule of Capital Gains and Losses; and (2) At the reasonable request of the Fund, assist in the preparation of various reports or other financial documents required by the Trust federal, state and the Administratorother appropriate laws and regulations.

Services on a Continuing Basis. The Administrator (a) PIMC will perform the following accounting functions on a regular basis (daily, weekly or as otherwise appropriate) all administrative services required for the operation of the Trust (other than those services provided by the Trust's adviser, distributor, custodian, transfer agent, accounting agent, independent accountants and legal counsel) including, without limitation, the followingdaily basis: (A1) prepare Journalize the Fund's investment, capital share and coordinate reports income and other materials to be supplied to the Board of Trustees of the Trust as the officers of the Trustees of the Trust may requestexpense activities; (B2) prepare, coordinate and/or supervise Verify investment buy/sell trade tickets when received from the preparation Advisor and filing transmit trades to the Fund's custodian for proper settlement; (3) Maintain individual ledgers for investment securities; (4) Maintain historical tax lots for each security; (5) Reconcile cash and investment balances of the following filings Fund with the custodian, and provide the Advisor with the beginning cash balance available for investment purposes; (6) Update the cash availability throughout the day as required by the federal securities laws Advisor; (including7) Post to and prepare the Fund's Statement of Assets and Liabilities and the Statement of Operations; (8) Calculate various contractual expenses (e.g., without limitationadvisory and custody fees); (9) Control all disbursements from the Fund and authorize such disbursements upon Written Instructions; (10) Calculate capital gains and losses; (11) Determine the Fund's net income; (12) Obtain security market quotes from services approved by the Advisor, periodic reports or if such quotes are unavailable, then obtain such prices from the Advisor, and in either case calculate the market value of the Fund's investments; (13) Transmit or mail a copy of the daily portfolio valuation to the Advisor; (14) Compute the net asset value of the Fund; (15) Compute the Fund's yields, total return, expense ratios, portfolio turnover rate, and portfolio average dollar-weighted maturity; and, (16) Monitor the expense accruals and notify Fund management of any proposed adjustments. (b) In addition to the accounting services described in the foregoing Paragraph 5(a), PIMC will: (1) Prepare monthly financial statements, which will include the following items: Schedule of Investments Statement of Assets and Liabilities Statement of Operations Statement of Changes in Net Assets Cash Statement Schedule of Capital Gains and Losses; (2) Prepare monthly security transactions listings; (3) Prepare quarterly broker security transaction summaries; and (4) Supply various Fund statistical data as requested on an ongoing basis. (c) PIMC will provide the following administrative services: (1) Prepare for execution and file the Fund's Federal and state tax returns; (2) Prepare and file the Fund's Semi-Annual Reports with the SEC on Form N-SAR and Notices under 1940 Act Rule 24f- 2): periodic financial reports, shareholder reports and other regulatory reports or filings required of the TrustSAR; (C3) supervise Prepare and monitor file with the SEC the Fund's annual, semi-annual, and quarterly shareholder reports; (4) File and assist with the preparation of all required registration statements on form N-lA and other filings necessary relating to maintain the Trust's qualification and/or registration to sell shares of the series of the Trust in all states where the Trust currently sells, or intends to sell, shares of its seriesShares; (D5) coordinate Monitor the preparationFund's status as a regulated investment company under Sub-chapter M of the Internal Revenue Code of 1954, printing and mailing of all materials (including, without limitation, Annual Reports and prospectuses) required to be sent to shareholders;as amended; and (E6) coordinate Maintain the preparation and payment of Trust related expenses; (F) monitor and oversee the activities of the TrustFund's servicing agents (including, without limitation, its transfer agent, custodian, and fund accountants); (G) monitor the calculation of the net asset value per share of each series on each business day, and review and adjust fidelity bond as necessary the Trust's daily expense accruals; (H) monitor the Trust's daily, monthly and periodic compliance with respect to the 1940 Act, Internal Revenue Code, Board of Trustees and prospectus guidelines, restrictions and policies; (I) send periodic information (including, without limitation, performance figures) to service organizations that compile and track investment company information; (J) assist the Trust's custodian, investment adviser, and sub-advisers, accounting agent, counsel and auditors as required to carry out the business and operations of the Trust; (K) oversee the maintenance by the Trust's custodian and accounting agent of the books and records pertaining to the Trust under the 1940 Act, and maintain such other books and records (other than those required to be maintained by the Trust's adviser and sub-advisers) as may be required by law or may be required for the proper operation of the Trust (which other books and records shall be the property of the Trust, shall be surrendered promptly to the Trust upon its request, and shall be preserved for the periods required by the 1940 Act)Act and obtain a directors and officers liability policy. (L) perform such additional services as may be agreed upon by the Trust and the Administrator.

Services on a Continuing Basis. (a) The Administrator will perform on a regular basis (daily, weekly or as otherwise appropriate) all administrative services required be responsible for the operation of the Trust (other than those services provided by the Trust's adviser, distributor, custodian, transfer agent, following accounting agent, independent accountants and legal counsel) including, without limitation, the followingfunctions on an ongoing basis: (Ai) Journalize the Series' investment, capital share and income and expense activities; (ii) Maintain individual ledgers for investment securities; record all Series security transaction and corporate actions; (iii) Reconcile cash and investment balances of the Series with the Fund's custodian, and provide the Series with the beginning cash balance available for investment purposes; (iv) Post to and prepare the Series' Statement of Assets and coordinate reports Liabilities and other materials the Statement of Operations; (v) Calculate various contractual expenses (E.G., transfer agency fees of the Series); (vi) Control all disbursements from the Series and authorize such disbursements upon written instructions from authorized Series officers and agents; (vii) Calculate the Series' capital gains and losses; recommend capital gain distributions; (viii) Determine the Series' net income; recommend dividend distributions; (ix) Compute the net asset value on each business day of the Series utilizing security market quotes, obtained at the Series' expense and risk from commercially available pricing services or, if such quotes are unavailable, obtain such prices from the Series' investment adviser, if any, or from brokers or market-makers in such securities; proof net asset value calculations and security pricing daily; (x) Deliver a copy of the daily portfolio valuation to be supplied the Series; (xi) Compute the Series' yields, total return, expense ratios and portfolio turnover rate; (xii) Monitor the expense accruals and notify the Series of any proposed adjustments; and (xiii) Prepare periodic unaudited financial statements. (b) In addition to the accounting services described in the foregoing Paragraph 3(a), the Administrator will provide, assist third-parties in providing or arrange for the following services: (i) Preparation of periodic audited financial statements; (ii) Supplying various statistical data as requested by the Board of Trustees Directors of the Trust as the officers of the Trustees of the Trust may requestFund on an ongoing basis; (Biii) prepare, coordinate and/or supervise the preparation Preparation for execution and filing of the following filings required by Series' Federal and state tax returns; preparation of Form 1099-MISC to independent contractors and Directors, as required; (iv) Preparation and filing the federal securities laws Series' Semi-Annual Reports with the Securities and Exchange Commission (including, without limitation, periodic reports "SEC") on Form N-SAR and Notices under 1940 Act Rule 24f- 2): periodic financial reports, shareholder reports and other regulatory reports or filings required of the TrustSAR; (Cv) supervise Preparation and monitor filing with the preparation of all required filings necessary to maintain SEC the Trust's qualification and/or registration to sell shares of the series of the Trust in all states where the Trust currently sellsSeries' annual, or intends to sellsemi-annual, shares of its seriesand quarterly shareholder reports; (Dvi) coordinate Filing registration statements on Form N-1A and other filings relating to the preparation, printing registration of shares and mailing maintenance of all materials (including, without limitation, Annual Reports Federal and prospectuses) required to be sent to shareholdersstate registrations; (Evii) coordinate Monitoring the preparation and payment Series' status as a regulated investment company under Sub-Chapter M of Trust related expensesthe Internal Revenue Code of 1986, as amended; (Fviii) monitor Reviewing periodically the Series' fidelity bond and oversee the activities of the Trust's servicing agents (including, without limitation, its transfer agent, custodian, errors and fund accountants); (G) monitor the calculation of the net asset value per share of each series on each business day, and review and adjust omission insurance coverage as necessary the Trust's daily expense accruals; (H) monitor the Trust's daily, monthly and periodic compliance with respect to the 1940 Act, Internal Revenue Code, Board of Trustees and prospectus guidelines, restrictions and policies; (I) send periodic information (including, without limitation, performance figures) to service organizations that compile and track investment company information; (J) assist the Trust's custodian, investment adviser, and sub-advisers, accounting agent, counsel and auditors as required to carry out the business and operations of the Trust; (K) oversee the maintenance by the Trust's custodian and accounting agent of the books and records pertaining to the Trust under the 1940 Act, and maintain such other books and records (other than those required to be maintained by the Trust's adviser and sub-advisers) as may be required by law or may be required for the proper operation of the Trust (which other books and records shall be the property of the Trust, shall be surrendered promptly to the Trust upon its request, and shall be preserved for the periods required by the 1940 Act; (ix) Preparation of materials for and recording the proceedings of, in conjunction with the officers of the Fund, the meetings of the Fund's Board of Directors and the Series' shareholders; (x) Maintaining the Fund's existence and good standing under state law; (xi) Review and negotiate on behalf of the Fund normal course of business contracts and agreements; (xii) Assist the Fund in developing and maintaining a compliance program; provide periodic review of compliance program, potential regulatory issues, and brokerage allocation; (xiii) Coordinate purchase and redemption orders with the Series' transfer agent. (xiv) Furnishing the office space in the offices of the Administrator and office facilities, simple business equipment, supplies, utilities, and telephone service for administering the affairs and investments of the Series. These services are exclusive of the necessary services and records of any dividend disbursing agent, transfer agent, registrar or custodian, and accounting and bookkeeping services which may be provided by the custodian; (xv) Providing executive and clerical personnel for administering the affairs of the Fund, and compensating officers and Directors of the Fund if such persons are also employees of the Administrator or its affiliates, except as provided in Paragraph 3(a); (xvi) Preparation of any other regulatory reports to and for any Federal, local, state or foreign governmental agency or regulatory body as may be required; and (xvii) Monitor Series holdings for compliance with prospectus and SAI investment restrictions and assist in preparation of periodic compliance reports (i.e. Rule 12d-3 procedures). (Lc) perform The Administrator shall provide such additional other services and assistance relating to the affairs of the Series as may the Fund or the Series' investment adviser may, from time to time, reasonably request. (d) In carrying out its duties hereunder, as well as any other activities undertaken on behalf of the Series pursuant to this Agreement, the Administrator shall at all times be agreed upon by subject to the Trust control and direction of the AdministratorBoard of Directors of the Fund.

Services on a Continuing Basis. (a) The Administrator Administrator, at its own expense, will perform on a regular basis (daily, weekly or as otherwise appropriate) all administrative services required for the operation of the Trust (other than those services provided by the Trust's adviser, distributor, custodian, transfer agent, accounting agent, independent accountants and legal counsel) including, without limitation, the following: (A1) Journalize the Fund’s investment, capital share and income and expense activities; (2) Verify investment buy/sell trade tickets when received from the Fund and transmit trades to the Trust’s custodian for proper settlement; (3) Maintain individual ledgers for investment securities; (4) Reconcile cash and investment balances of the Fund with the Trust’s custodian, and provide the Fund with the beginning cash balance available for investment purposes; (5) Update the cash availability throughout the day as required by the Fund; (6) Post to and prepare the Trust’s Statement of Assets and coordinate reports Liabilities and other materials the Statement of Operations; (7) Calculate various contractual expenses (e.g., transfer agency fees); (8) Control all disbursements from the Fund and authorize such disbursements upon written instructions from authorized Fund officers and agents; (9) Calculate capital gains and losses; (10) Determine the Fund’s net income; (11) Obtain security market quotes, at the Fund’s expense, from services approved by the Trust, or if such quotes are unavailable, obtain such prices from the Fund investment advisor, and in either case calculate the market value of the Trust’s investments; (12) Deliver a copy of the daily portfolio valuation to be supplied the Fund; (13) Compute the net asset value of the Fund: (14) Compute the Fund’s yields, total return, expense ratios, portfolio turnover rate; (15) Monitor the expense accruals and notify the Fund of any proposed adjustments; and (16) Prepare periodic unaudited financial statements. (b) In addition to the accounting services described in the foregoing Paragraph 3(a), the Administrator will provide or arrange for the following services: (1) Prepare periodic audited financial statements; (2) Supply various statistical data as requested by the Board of Trustees of the Trust as the officers of the Trustees of the Trust may requeston an ongoing basis; (B3) prepare, coordinate and/or supervise Prepare for execution and file the preparation Fund’s Federal and filing of state tax returns; (4) Prepare and file the following filings required by Fund’s semi-annual reports with the federal securities laws Securities and Exchange Commission (including, without limitation, periodic reports the “SEC”) on Form N-SAR and Notices under 1940 Act Rule 24f- 2): periodic financial reports, shareholder reports and other regulatory reports or filings required of the TrustSAR; (C5) supervise Prepare and monitor file with the preparation of all required filings necessary to maintain SEC the Trust's qualification and/or registration to sell shares of the series of the Trust in all states where the Trust currently sells’s annual, or intends to sellsemi-annual, shares of its seriesand quarterly shareholder reports; (D6) coordinate File registration statements on Form N-1A and other filings relating to the preparation, printing and mailing registration of all materials (including, without limitation, Annual Reports and prospectuses) required to be sent to shareholdersShares; (E7) coordinate Monitor the preparation and payment Fund’s status as a regulated investment company under Sub-Chapter M of Trust related expensesthe Internal Revenue Code of 1986, as amended; (F) monitor and oversee 8) Maintain the activities of the Trust's servicing agents (including, without limitation, its transfer agent, custodian, and fund accountants); (G) monitor the calculation of the net asset value per share of each series on each business day, and review and adjust Fund’s fidelity bond as necessary the Trust's daily expense accruals; (H) monitor the Trust's daily, monthly and periodic compliance with respect to the 1940 Act, Internal Revenue Code, Board of Trustees and prospectus guidelines, restrictions and policies; (I) send periodic information (including, without limitation, performance figures) to service organizations that compile and track investment company information; (J) assist the Trust's custodian, investment adviser, and sub-advisers, accounting agent, counsel and auditors as required to carry out the business and operations of the Trust; (K) oversee the maintenance by the Trust's custodian and accounting agent of the books and records pertaining to the Trust under the 1940 Act, and maintain such other books and records (other than those required to be maintained by the Trust's adviser and sub-advisers) as may be required by law or may be required for the proper operation of the Trust (which other books and records shall be the property of the Trust, shall be surrendered promptly to the Trust upon its request, and shall be preserved for the periods required by the 1940 Act).; (L9) perform such additional services Prepare materials for and record the proceedings of, in conjunction with the officers of the Trust, the meetings of the Trust’s Board of Trustees; and (10) Prepare any other regulatory reports to and for any federal, local or state agency as may be agreed upon by required. In carrying out its duties hereunder, as well as any other activities undertaken on behalf of the Trust Fund pursuant to this Agreement, the Administrator shall at all times be subject to the control and direction of the AdministratorBoard of Trustees of the Trust.

Services on a Continuing Basis. (a) The Administrator Administrator, at its own expense, will perform the following accounting functions on a regular basis an ongoing basis: (daily1) Journalize the Initial Series' investment, weekly or as otherwise appropriatecapital share and income and expense activities; (2) all administrative services required Verify investment buy/sell trade tickets when received from the Initial Series and transmit trades to the Trust's custodian for the operation proper settlement; (3) Maintain individual ledgers for investment securities; (4) Reconcile cash and investment balances of the Trust Initial Series with the Trust's custodian, and provide the Initial Series with the beginning cash balance available for investment purposes; (other than those 5) Update the cash availability throughout the day as required by the Initial Series; (6) Post to and prepare the Trust's Statement of Assets and Liabilities and the Statement of Operations; (7) Calculate various contractual expenses (e.g., transfer agency fees); (8) Control all disbursements from the Initial Series and authorize such disbursements upon written instructions from authorized Initial Series officers and agents; (9) Calculate capital gains and losses; (10) Determine the Initial Series' net income; (11) Obtain security market quotes, at the Initial Series' expense, from services provided approved by the Trust, or if such quotes are unavailable, obtain such prices from the Initial Series investment advisor, and in either case calculate the market value of the Trust's adviser, distributor, custodian, transfer agent, accounting agent, independent accountants and legal counselinvestments; (12) including, without limitation, Deliver a copy of the followingdaily portfolio valuation to the Initial Series; (13) Compute the net asset value of the Initial Series: (A14) prepare Compute the Initial Series' yields, total return, expense ratios, portfolio turnover rate; (15) Monitor the expense accruals and coordinate reports and other materials notify the Initial Series of any proposed adjustments; and (16) Prepare periodic unaudited financial statements. (b) In addition to be supplied to the accounting services described in the foregoing Paragraph 3(a), the Administrator will provide or arrange for the following services: (1) Prepare periodic audited financial statements; (2) Supply various statistical data as requested by the Board of Trustees of the Trust as the officers of the Trustees of the Trust may requeston an ongoing basis; (B3) prepare, coordinate and/or supervise Prepare for execution and file the preparation Initial Series' Federal and filing of state tax returns; (4) Prepare and file the following filings required by Initial Series' Semi-Annual Reports with the federal securities laws (including, without limitation, periodic reports SEC on Form N-SAR and Notices under 1940 Act Rule 24f- 2): periodic financial reports, shareholder reports and other regulatory reports or filings required of the TrustSAR; (C5) supervise Prepare and monitor file with the preparation of all required filings necessary to maintain Securities and Exchange Commission the Trust's qualification and/or registration to sell shares of the series of the Trust in all states where the Trust currently sellsannual, or intends to sellsemi-annual, shares of its seriesand quarterly shareholder reports; (D6) coordinate File registration statements on form N-1A and other filings relating to the preparation, printing and mailing registration of all materials (including, without limitation, Annual Reports and prospectuses) required to be sent to shareholdersShares; (E7) coordinate Monitor the preparation and payment Initial Series' status as a regulated investment company under Sub-Chapter M of Trust related expensesthe Internal Revenue Code of 1986, as amended; (F) monitor and oversee 8) Maintain the activities of the Trust's servicing agents (including, without limitation, its transfer agent, custodian, and fund accountants); (G) monitor the calculation of the net asset value per share of each series on each business day, and review and adjust Initial Series' fidelity bond as necessary the Trust's daily expense accruals; (H) monitor the Trust's daily, monthly and periodic compliance with respect to the 1940 Act, Internal Revenue Code, Board of Trustees and prospectus guidelines, restrictions and policies; (I) send periodic information (including, without limitation, performance figures) to service organizations that compile and track investment company information; (J) assist the Trust's custodian, investment adviser, and sub-advisers, accounting agent, counsel and auditors as required to carry out the business and operations of the Trust; (K) oversee the maintenance by the Trust's custodian and accounting agent of the books and records pertaining to the Trust under the 1940 Act, and maintain such other books and records (other than those required to be maintained by the Trust's adviser and sub-advisers) as may be required by law or may be required for the proper operation of the Trust (which other books and records shall be the property of the Trust, shall be surrendered promptly to the Trust upon its request, and shall be preserved for the periods required by the 1940 Act).; (L9) perform such additional services Prepare materials for and record the proceedings of, in conjunction with the officers of the Trust, the meetings of the Trust's Board of Trustees; and (10) Prepare any other regulatory reports to and for any federal, local or state agency as may be agreed upon by required. In carrying out its duties hereunder, as well as any other activities undertaken on behalf of the Trust Initial Series pursuant to this Agreement, the Administrator shall at all times be subject to the control and direction of the AdministratorBoard of Trustees of the Trust.

Services on a Continuing Basis. (a) The Administrator Administrator, at Its own expense, will perform the following accounting functions on a regular basis an ongoing basis: (daily1) Journalize the Series' Investment, weekly or as otherwise appropriatecapital share and income and expense activities; (2) all administrative services required Verify investment buy/sell trade tickets when received from the Series and transmit trades to the Trusts custodian for the operation proper settlement; (3) Maintain individual ledgers for investment securities; (4) Reconcile cash and investment balances of the Trust Series with the Trust's custodian, and provide the Series with the beginning cash balance available for Investment purposes; (other than those 5) Update the cash availability throughout the day as required by the Series; (6) Post to and prepare the Trust's Statement of Assets and Liabilities and the Statement of Operations; (7) Calculate various contractual expenses (e.g,, transfer agency fees); (8) Control all disbursements from the Series and authorize such disbursements upon written instructions from authorized Series officers and agents; (9) Calculate capital gains and losses; (10) Determine the Series' net income; (11) Obtain security market quotes, at the Fund's expense, from services provided approved by the Trust's adviser, distributoror if such quotes are unavailable, custodianobtain such prices from the Series investment advisor, transfer agent, accounting agent, independent accountants and legal counselin either case calculate the market value of the Trusts investments; (12) including, without limitation, Deliver a copy of the followingdaily portfolio valuation to the Series; (13) Compute the net asset value of the Series: (A14) prepare Compute the Series' yields, total return, expense ratios, portfolio turnover rate; (15) Monitor the expense accruals and coordinate reports and other materials notify the Series of any proposed adjustments; and (16) Prepare periodic unaudited financial statements. (b) In addition to be supplied to the accounting services described in the foregoing Paragraph 3(a), the Administrator will provide or arrange for the following services: (1) Prepare periodic audited financial statements; (2) Supply various statistical data as requested by the Board of Trustees of the Trust as the officers of the Trustees of the Trust may requeston an ongoing basis; (B3) prepare, coordinate and/or supervise Prepare for execution and file the preparation Series' Federal and filing of state tax returns; (4) Prepare and file the following filings required by Series' Semi-Annual Reports with the federal securities laws (including, without limitation, periodic reports SEC on Form N-SAR and Notices under 1940 Act Rule 24f- 2): periodic financial reports, shareholder reports and other regulatory reports or filings required of the TrustSAR; (C5) supervise Prepare and monitor file with the preparation of all required filings necessary to maintain Securities and Commission Charge the Trust's qualification and/or registration to sell shares of the series of the Trust in all states where the Trust currently sellsannual, or intends to sellsemi-annual, shares of its seriesand quarterly shareholder reports; (D6) coordinate File registration statements on form N1-A and other filings relating to the preparation, printing and mailing registration of all materials (including, without limitation, Annual Reports and prospectuses) required to be sent to shareholdersShares; (E7) coordinate Monitor the preparation and payment Series' status as a regulated Investment company under Sub-Chapter M of Trust related expensesthe Internal Revenue Code of 1986, as amended; (F) monitor and oversee 8) Maintain the activities of the Trust's servicing agents (including, without limitation, its transfer agent, custodian, and fund accountants); (G) monitor the calculation of the net asset value per share of each series on each business day, and review and adjust Series' fidelity bond as necessary the Trust's daily expense accruals; (H) monitor the Trust's daily, monthly and periodic compliance with respect to the 1940 Act, Internal Revenue Code, Board of Trustees and prospectus guidelines, restrictions and policies; (I) send periodic information (including, without limitation, performance figures) to service organizations that compile and track investment company information; (J) assist the Trust's custodian, investment adviser, and sub-advisers, accounting agent, counsel and auditors as required to carry out the business and operations of the Trust; (K) oversee the maintenance by the Trust's custodian and accounting agent of the books and records pertaining to the Trust under the 1940 Act, and maintain such other books and records (other than those required to be maintained by the Trust's adviser and sub-advisers) as may be required by law or may be required for the proper operation of the Trust (which other books and records shall be the property of the Trust, shall be surrendered promptly to the Trust upon its request, and shall be preserved for the periods required by the 1940 Act).; (L9) perform such additional services Prepare materials for and record the proceedings of, in conjunction with the officers of the Trust, the meetings of the Trusts Board of Trustees; and (10) Prepare any other regulatory reports to and for any federal, local or state agency as may be agreed upon by required. In carrying out Its duties hereunder, as well as any other activities undertaken on behalf of the Trust Series pursuant to this Agreement, the Administrator shall at all times be subject to the control and direction of the AdministratorBoard of Trustees of the Trust.

Services on a Continuing Basis. (a) The Administrator will perform the following accounting functions on a regular basis an ongoing basis: (dailyi) Journalize the Trust's investment, weekly or as otherwise appropriatecapital share and income and expense activities; (ii) Maintain individual ledgers for investment securities; record all administrative services required for the operation Trust security transactions and corporate actions; (iii) Reconcile cash and investment balances of the Trust (other than those services provided by with the Trust's adviser, distributor, custodian, and provide the Trust with the beginning cash balance available for investment purposes; (iv) Post to and prepare the Trust's Statement of Assets and Liabilities and the Statement of Operations; (v) Calculate various contractual expenses (e.g., transfer agentagency fees of the Trust); (vi) Control all disbursements from the Trust and authorize such disbursements upon written instructions from authorized Trust officers and agents; (vii) Calculate the Trust's capital gains and losses; recommend capital gain distributions; (viii) Determine the Trust's net income; recommend dividend distributions; (ix) Compute the net asset value on each business day of the Trust utilizing security market quotes, obtained at the Trust's expense and risk from commercially available pricing services or, if such quotes are unavailable, obtain such prices from the Trust's investment advisor, sub-advisor or from brokers or market-makers in such securities; proof net asset value calculations and security pricing daily; (x) Deliver a copy of the daily portfolio valuation to the Trust; (xi) Compute the Trust's yields, total return, expense ratios and portfolio turnover rate; (xii) Monitor the expense accruals and notify the Trust of any proposed adjustments; and (xiii) Prepare periodic unaudited financial statements. (b) In addition to the accounting agent, independent accountants and legal counsel) including, without limitationservices described in the foregoing Paragraph 3(a), the followingAdministrator will provide, assist third-parties in providing or arrange for the following services: (Ai) prepare and coordinate reports and other materials to be supplied to Preparation of periodic audited financial statements; (ii) Supplying various statistical data as requested by the Board of Trustees of the Trust as the officers of the Trustees of the Trust may requeston an ongoing basis; (Biii) prepare, coordinate and/or supervise the preparation Preparation for execution and filing of the following filings required by Trust's Federal and state tax returns; preparation of form 1099-MISC to independent contractors and Trustees, as required; (iv) Preparation and filing the federal securities laws Trust's Semi-Annual Reports with the Securities and Exchange Commission (including, without limitation, periodic reports "SEC") on Form N-SAR and Notices under 1940 Act Rule 24f- 2): periodic financial reports, shareholder reports and other regulatory reports or filings required of the TrustSAR; (Cv) supervise Preparation and monitor filing with the preparation of all required filings necessary to maintain SEC the Trust's qualification and/or registration to sell shares of the series of the Trust in all states where the Trust currently sellsannual, or intends to sellsemi-annual, shares of its seriesand quarterly shareholder reports; (Dvi) coordinate Filing registration statements on Form N-1A and other filings relating to the preparation, printing registration of Shares and mailing maintenance of all materials (including, without limitation, Annual Reports federal and prospectuses) required to be sent to shareholdersstate registrations; (Evii) coordinate Monitoring the preparation and payment Trust's status as a regulated investment company under Sub-Chapter M of Trust related expensesthe Internal Revenue Code of 1986, as amended; (Fviii) monitor and oversee the activities of Reviewing periodically the Trust's servicing agents (including, without limitation, its transfer agent, custodian, fidelity bond and fund accountants); (G) monitor the calculation of the net asset value per share of each series on each business day, errors and review and adjust omission insurance coverage as necessary the Trust's daily expense accruals; (H) monitor the Trust's daily, monthly and periodic compliance with respect to the 1940 Act, Internal Revenue Code, Board of Trustees and prospectus guidelines, restrictions and policies; (I) send periodic information (including, without limitation, performance figures) to service organizations that compile and track investment company information; (J) assist the Trust's custodian, investment adviser, and sub-advisers, accounting agent, counsel and auditors as required to carry out the business and operations of the Trust; (K) oversee the maintenance by the Trust's custodian and accounting agent of the books and records pertaining to the Trust under the 1940 Act, and maintain such other books and records (other than those required to be maintained by the Trust's adviser and sub-advisers) as may be required by law or may be required for the proper operation of the Trust (which other books and records shall be the property of the Trust, shall be surrendered promptly to the Trust upon its request, and shall be preserved for the periods required by the 1940 Act; (ix) Preparation of materials for and recording the proceedings of, in conjunction with the officers of the Trust, the meetings of the Trust's Board of Trustees and the Trust's shareholders; (x) Maintaining the Trust's existence and good standing under state law; (xi) Review and negotiate on behalf of the Trust normal course of business contracts and agreements; (xii) Assist the Trust in developing and maintaining a compliance program; provide periodic reviews of compliance program, potential regulatory issues, and brokerage allocation; (xiii) Coordinate purchase and redemption orders with the Trust's transfer agent; (xiv) Furnishing the office space in the offices of the Administrator and office facilities, simple business equipment, supplies, utilities, and telephone service for administering the affairs and investments of the Trust. These services are exclusive of the necessary services and records of any dividend disbursing agent, transfer agent, registrar or custodian, and accounting and bookkeeping services which may be provided by the custodian; (xv) Providing executive and clerical personnel for administering the affairs of the Trust, and compensating officers and Trustees of the Trust if such persons are also employees of the Administrator or its affiliates, except as provided in Paragraph 3(a); (xvi) Preparation of any other regulatory reports to and for any federal, local, state or foreign governmental agency or regulatory body as may be required; and (xvii) Monitor Trust holdings for compliance with prospectus and SAI investment restrictions and assist in preparation of periodic compliance reports (i.e., 12 d-3 procedures). (Lc) perform The Administrator shall provide such additional other services as may be agreed upon by and assistance relating to the affairs of the Trust as the Trust or the Trust's investment advisor may, from time to time, reasonably request. (d) In carrying out its duties hereunder, as well as any other activities undertaken on behalf of the Trust pursuant to this Agreement, the Administrator shall at all times be subject to the control and direction of the AdministratorBoard of Trustees of the Trust.

Services on a Continuing Basis. (a) The Administrator will perform on a regular basis (daily, weekly or as otherwise appropriate) all administrative services required be responsible for the operation of the Trust (other than those services provided by the Trust's adviser, distributor, custodian, transfer agent, following accounting agent, independent accountants and legal counsel) including, without limitation, the followingfunctions on an ongoing basis: (Ai) Journalize the Series' investment, capital share and income and expense activities; (ii) Maintain individual ledgers for investment securities; record all Series security transaction and corporate actions; (iii) Reconcile cash and investment balances of the Series with the Fund's custodian, and provide the Series with the beginning cash balance available for investment purposes; (iv) Post to and prepare the Series' Statement of Assets and coordinate reports Liabilities and other materials the Statement of Operations; (v) Calculate various contractual expenses (i.e., transfer agency fees of the Series); (vi) Control all disbursements from the Series and authorize such disbursements upon written instructions from authorized Series officers and agents; (vii) Calculate the Series' capital gains and losses; recommend capital gain distributions; (viii) Determine the Series' net income; recommend dividend distributions; (ix) Compute the net asset value on each business day of the Series utilizing security market quotes, obtained at the Series' expense and risk from commercially available pricing services or, if such quotes are unavailable, obtain such prices from the Series' investment adviser, if any, or from brokers or market-makers in such securities; proof net asset value calculations and security pricing daily; (x) Deliver a copy of the daily portfolio valuation to be supplied the Series; (xi) Compute the Series' yields, total return, expense ratios and portfolio turnover rate; (xii) Monitor the expense accruals and notify the Series of any proposed adjustments; and (xiii) Prepare periodic unaudited financial statements. (b) In addition to the accounting services described in the foregoing Paragraph 3(a), the Administrator will provide, assist third-parties in providing or arrange for the following services: (i) Preparation of periodic audited financial statements; (ii) Supplying various statistical data as requested by the Board of Trustees Directors of the Trust as the officers of the Trustees of the Trust may requestFund on an ongoing basis; (Biii) prepare, coordinate and/or supervise the preparation Preparation for execution and filing of the following filings required by Series' Federal and state tax returns; preparation of Form 1099-MISC to independent contractors and Directors, as required; (iv) Preparation and filing the federal securities laws Series' Semi-Annual Reports with the Securities and Exchange Commission (including, without limitation, periodic reports "SEC") on Form N-SAR and Notices under 1940 Act Rule 24f- 2): periodic financial reports, shareholder reports and other regulatory reports or filings required of the TrustSAR; (Cv) supervise Preparation and monitor filing with the preparation of all required filings necessary to maintain SEC the Trust's qualification and/or registration to sell shares of the series of the Trust in all states where the Trust currently sellsSeries' annual, or intends to sellsemi-annual, shares of its seriesand quarterly shareholder reports; (Dvi) coordinate Filing registration statements on Form N-1A and other filings relating to the preparation, printing registration of shares and mailing maintenance of all materials (including, without limitation, Annual Reports Federal and prospectuses) required to be sent to shareholdersstate registrations; (Evii) coordinate Monitoring the preparation and payment Series' status as a regulated investment company under Sub-Chapter M of Trust related expensesthe Internal Revenue Code of 1986, as amended; (Fviii) monitor Reviewing periodically the Series' fidelity bond and oversee the activities of the Trust's servicing agents (including, without limitation, its transfer agent, custodian, errors and fund accountants); (G) monitor the calculation of the net asset value per share of each series on each business day, and review and adjust omission insurance coverage as necessary the Trust's daily expense accruals; (H) monitor the Trust's daily, monthly and periodic compliance with respect to the 1940 Act, Internal Revenue Code, Board of Trustees and prospectus guidelines, restrictions and policies; (I) send periodic information (including, without limitation, performance figures) to service organizations that compile and track investment company information; (J) assist the Trust's custodian, investment adviser, and sub-advisers, accounting agent, counsel and auditors as required to carry out the business and operations of the Trust; (K) oversee the maintenance by the Trust's custodian and accounting agent of the books and records pertaining to the Trust under the 1940 Act, and maintain such other books and records (other than those required to be maintained by the Trust's adviser and sub-advisers) as may be required by law or may be required for the proper operation of the Trust (which other books and records shall be the property of the Trust, shall be surrendered promptly to the Trust upon its request, and shall be preserved for the periods required by the 1940 Act; (ix) Preparation of materials for and recording the proceedings of, in conjunction with the officers of the Fund, the meetings of the Fund's Board of Directors and the Series' shareholders; (x) Maintaining the Fund's existence and good standing under state law; (xi) Review and negotiate on behalf of the Fund normal course of business contracts and agreements; (xii) Assist the Fund in developing and maintaining a compliance program; provide periodic review of compliance program, potential regulatory issues, and brokerage allocation; (xiii) Coordinate purchase and redemption orders with the Series' transfer agent. (xiv) Furnishing the office space in the offices of the Administrator and office facilities, simple business equipment, supplies, utilities, and telephone service for administering the affairs and investments of the Series. These services are exclusive of the necessary services and records of any dividend disbursing agent, transfer agent, registrar or custodian, and accounting and bookkeeping services which may be provided by the custodian; (xv) Providing executive and clerical personnel for administering the affairs of the Fund, and compensating officers and Directors of the Fund if such persons are also employees of the Administrator or its affiliates, except as provided in Paragraph 3(a); (xvi) Preparation of any other regulatory reports to and for any Federal, local, state or foreign governmental agency or regulatory body as may be required; and (xvii) Monitor Series holdings for compliance with prospectus and SAI investment restrictions and assist in preparation of periodic compliance reports (i.e. Rule 12d-3 procedures). (Lc) perform The Administrator shall provide such additional other services and assistance relating to the affairs of the Series as may the Fund or the Series' investment adviser may, from time to time, reasonably request. (d) In carrying out its duties hereunder, as well as any other activities undertaken on behalf of the Series pursuant to this Agreement, the Administrator shall at all times be agreed upon by subject to the Trust control and direction of the AdministratorBoard of Directors of the Fund.

Services on a Continuing Basis. The Administrator (a) With respect to each Fund, UMB will perform the following accounting functions on a regular basis (daily, weekly or as otherwise appropriate) all administrative services required for the operation of the Trust (other than those services provided by the Trust's adviser, distributor, custodian, transfer agent, accounting agent, independent accountants and legal counsel) including, without limitation, the followingdaily basis: (A1) prepare Journalize the Fund's investment, capital share and coordinate reports income and other materials to be supplied to the Board of Trustees of the Trust as the officers of the Trustees of the Trust may requestexpense activities; (B2) prepareVerify investment buy/sell trade tickets received from the Fund's investment manager or from the Fund, coordinate and/or supervise as the preparation case might be, and filing transmit trades to the Fund's custodian for proper settlement; (3) Maintain individual ledgers for investment securities; (4) Maintain historical tax lots for each security; (5) Reconcile cash and investment balances of the following filings Fund with the Fund's custodian, and provide the Fund's investment manager with the beginning cash balance available for investment purposes; (6) Update the cash availability throughout the day as required by the federal securities laws (including, without limitation, periodic reports on Form N-SAR and Notices under 1940 Act Rule 24f- 2): periodic financial reports, shareholder reports and other regulatory reports or filings required of the TrustFund's investment manager; (C7) supervise Post to and monitor prepare the preparation Fund's Statement of all required filings necessary to maintain Assets and Liabilities and the Trust's qualification and/or registration to sell shares Statement of the series of the Trust in all states where the Trust currently sells, or intends to sell, shares of its seriesOperations; (D) coordinate the preparation8) Calculate various contractual expenses (e.g., printing advisory and mailing of all materials (including, without limitation, Annual Reports and prospectuses) required to be sent to shareholders; (E) coordinate the preparation and payment of Trust related expenses; (F) monitor and oversee the activities of the Trust's servicing agents (including, without limitation, its transfer agent, custodian, and fund accountantscustody fees); (G9) monitor Calculate capital gains and losses; (10) Determine the calculation Fund's net income; (11) Obtain security market quotes from services approved by the Fund's investment manager, or if such quotes are unavailable, then obtain such prices from the Fund's investment manager, and in either case calculate the market value of the Fund's investments; (12) Value the assets of the Fund and compute the net asset value per share of each series on each business day, the Fund at such times and review dates and adjust as necessary in the Trust's daily expense accruals; (H) monitor manner specified in the Trust's daily, monthly then currently effective prospectus and periodic compliance with respect to the 1940 Act, Internal Revenue Code, Board statement of Trustees and prospectus guidelines, restrictions and policies; (I) send periodic information (including, without limitation, performance figures) to service organizations that compile and track investment company additional information; (J13) assist Monitor the Trust's custodian, investment adviser, expense accruals and sub-advisers, accounting agent, counsel and auditors as required to carry out the business and operations notify Fund management of the Trust;any proposed adjustments; and (K14) oversee the maintenance by the TrustReceive and act on notices, instructions, certificates, instruments or other communication from a Fund's custodian and accounting shareholder servicing agent of the books and records pertaining to the Trust under the 1940 Act, and maintain such other books and records (other than those required to be maintained by the Trust's adviser and sub-advisers) as may be required by law or may be required for the proper operation of the Trust (which other books and records shall be the property of the Trust, shall be surrendered promptly to the Trust upon its request, and shall be preserved for the periods required by the 1940 Act)and/or transfer agents. (Lb) perform such additional In addition to the accounting services as may be agreed upon described in the foregoing Paragraph 5(a), UMB will: (1) Prepare monthly financial statements, which will include the following items: Schedule of Investments Statement of Assets and Liabilities Statement of Operations Statement of Changes in Net Assets Cash Statement Schedule of Capital Gains and Losses; and (2) At the reasonable request of the Fund, assist in the preparation of various reports or other financial documents required by the Trust federal, state and the Administratorother appropriate laws and regulations.

Services on a Continuing Basis. The Administrator (a) Rodney Square will perform the following accounting functions on a regular basis daily basis: (dailyi) Journalize each Fund's investment, weekly or as otherwise appropriatecapital share and income and expense activities; (ii) all administrative services required for the operation of the Trust (other than those services provided by Verify investment buy/sell trade tickets when received from the Trust's adviser, distributor, custodian, transfer agent, accounting agent, independent accountants Investment Advisor ("Advisor") and legal counsel) including, without limitation, the following: (A) prepare and coordinate reports and other materials to be supplied transmit trades to the Board Trust's custodian for proper settlement; (iii)Maintain individual ledgers for investment securities; (iv) Maintain historical tax lots for each security; (v) Reconcile cash and investment balances of Trustees each Fund with the Custodian, and provide the Advisor with the beginning cash balance available for investment purposes; (vi) Update the cash availability throughout the day as required by the Advisor; (vii)Post to and prepare each Fund's Statement of Assets and Liabilities and the Statement of Operations; (viii)Calculate expenses payable pursuant to the Fund's various contractual obligations; (ix) Control all disbursements from the Trust on behalf of each Fund and authorize such disbursements upon Written Instructions; (x) Calculate capital gains and losses; (xi) Determine each Fund's net income; (xii)Obtain security market quotes from services approved by the Advisor, or if such quotes are unavailable, then obtain such prices from services approved by the Advisor, and in either case calculate the market or fair value of each Fund's investments; (xiii)Transmit or mail a copy of the Trust as portfolio valuation to the officers of the Trustees of the Trust may requestAdvisor; (Bxiv) prepare, coordinate and/or supervise the preparation and filing of the following filings required by the federal securities laws (including, without limitation, periodic reports on Form N-SAR and Notices under 1940 Act Rule 24f- 2): periodic financial reports, shareholder reports and other regulatory reports or filings required of the Trust; (C) supervise and monitor the preparation of all required filings necessary to maintain the Trust's qualification and/or registration to sell shares of the series of the Trust in all states where the Trust currently sells, or intends to sell, shares of its series; (D) coordinate the preparation, printing and mailing of all materials (including, without limitation, Annual Reports and prospectuses) required to be sent to shareholders; (E) coordinate the preparation and payment of Trust related expenses; (F) monitor and oversee the activities of the Trust's servicing agents (including, without limitation, its transfer agent, custodian, and fund accountants); (G) monitor the calculation of Compute the net asset value per share of each series on class of each business day, and review and adjust as necessary the Trust's daily expense accrualsFund; (Hxv) monitor Compute the Trust's dailyyield, monthly total return and periodic compliance with respect to the 1940 Act, Internal Revenue Code, Board expense ratio of Trustees and prospectus guidelines, restrictions and policies; (I) send periodic information (including, without limitation, performance figures) to service organizations that compile and track investment company information; (J) assist the Trust's custodian, investment advisereach class of each Fund, and sub-advisers, accounting agent, counsel each Fund's portfolio turnover rate; and auditors as required to carry out (xvi)Monitor the business expense accruals and operations notify Trust management of the Trust; (K) oversee the maintenance by the Trust's custodian and accounting agent of the books and records pertaining to the Trust under the 1940 Act, and maintain such other books and records (other than those required to be maintained by the Trust's adviser and sub-advisers) as may be required by law or may be required for the proper operation of the Trust (which other books and records shall be the property of the Trust, shall be surrendered promptly to the Trust upon its request, and shall be preserved for the periods required by the 1940 Act)any proposed adjustments. (Lb) perform such additional services as may be agreed upon by In addition, Rodney Square will: (i) Prepare monthly financial sxxxxxxnts, which will include without limitation the Trust following items: Schedule of Investments Statement of Assets and the Administrator.Liabilities Statement of Operations Statement of Changes in Net Assets Cash Statement Schedule of Capital Gains and Losses;

Services on a Continuing Basis. The Administrator (a) PFPC will perform the following accounting functions, on a regular basis (daily, weekly or as otherwise appropriate) all administrative services required for the operation of the Trust (other than those services provided by the Trust's adviser, distributor, custodian, transfer agent, accounting agent, independent accountants and legal counsel) including, without limitation, the followingdaily basis: (A1) prepare Journalize Penn Series' investment, capital share and coordinate reports income and other materials to be supplied to the Board expense activities, and maintain a daily trial balance, general ledger and subsidiary records of Trustees of the Trust as the officers of the Trustees of the Trust may requestPenn Series; (B2) prepareVerify investment buy/sell trade tickets when received from the Advisor and transmit trades to the Penn Series' custodian for proper settlement; (3) Maintain individual ledgers for investment securities, coordinate and/or supervise including amortized bond and foreign dollar denominated costs as directed by the preparation Advisor; (4) Maintain historical tax lots for each security, including amortized bond and filing foreign dollar denominated costs as directed by the Advisor; (5) Reconcile cash and investment balances of the following filings Penn Series Funds with the custodian, and provide the Advisor with the beginning cash balance available for investment purposes; (6) Update the cash availability throughout the day as required by the federal securities laws Advisor; (including7) Post to and prepare Penn Series' Statement of Assets and Liabilities and the Statement of Operations; (8) Calculate various contractual expenses (e.g., without limitationadvisory, periodic reports ---- administrative and custody fees); (9) Monitor the expense accruals and notify Penn Series management of any proposed adjustments. (10) Control all disbursements from Penn Series' and authorize such disbursements upon Written Instructions; (11) Calculate capital gains and losses and foreign exchange gains and losses; (12) Determine Penn Series' net income; (13) Determine Penn Series' dividend distributions; (14) Obtain security market quotes and foreign exchange selling rates from services approved by the Advisor, or if such quotes are unavailable, then obtain such prices from the Advisor, and in either case calculate market value of the Penn Series Funds investments; (15) Transmit or mail a copy of the weekly or, where appropriate daily, portfolio valuation to Penn Series and Advisor; (16) Compute on a daily basis the net asset value of the Penn Series Funds for purposes of the sale and redemption of Fund shares; (17) Compute the Penn Series Funds yields, total return, expense ratios, portfolio turnover rate and, where appropriate, portfolio weighted average maturity; and (18) For the money-market portfolio of the Fund, compute the daily dividend amounts required to comply with the prospectus of the Fund, the 1940 Act and the Internal Revenue Code of 1986, as amended (the "I.R.C."). (b) In addition to the accounting services described in the foregoing Paragraph 5 (a) , PFPC will: (1) Prepare monthly financial statements, which will include the following items (the form and content of such statements shall be in accordance with generally accepted accounting principles or such procedures as requested by the Penn Series): Schedule of Investments Statement of Assets and Liabilities Statement of Operations Statement of Changes in Net Assets Cash Statement Schedule of Capital Gains and Losses Supplementary Financial Data Supplemental Notes to Financial Statements Securities Transactions (Purchases, Sales and Maturities) (2) Prepare quarterly broker security transactions summaries in accordance with SEC requirements; (3) Supply various Fund statistical data and summary financial information as requested on an ongoing basis (4) Assist in the preparation of support schedules necessary for completion of Federal and state tax returns; (5) Assist in the preparation of the Penn Series' Semi-Annual Reports with the SEC on Form N-SAR and Notices under 1940 Act Rule 24f- 2): periodic financial reports, shareholder reports and other regulatory reports or filings required of the TrustSAR; (C6) supervise and monitor Assist in the preparation of all required filings necessary to maintain the Trust's qualification and/or registration to sell shares of the series of the Trust in all states where the Trust currently sellsPenn Series' annual, or intends to sellsemi- annual, shares of its seriesand quarterly Shareholder reports; (D7) coordinate Assist with the preparation, printing preparation of registration statements on Form N-lA and mailing other filings relating to the registration of all materials (including, without limitation, Annual Reports and prospectuses) required to be sent to shareholdersShares; (E) coordinate 8) Assist in monitoring Penn Series' compliance with certain requirements of the preparation 1940 Act and payment of Trust related expenses;the Prospectus as agreed upon in writing between the Advisor and PFPC; and (F9) monitor and oversee the activities Monitor-on a monthly basis Penn Series' status as a regulated investment company under Sub-chapter of the Trust's servicing agents (including, without limitation, its transfer agent, custodian, and fund accountants); (G) monitor the calculation of the net asset value per share of each series on each business day, and review and adjust as necessary the Trust's daily expense accruals; (H) monitor the Trust's daily, monthly and periodic compliance with respect to the 1940 Act, Internal Revenue Code, Board of Trustees and prospectus guidelines, restrictions and policies; (I) send periodic information (including, without limitation, performance figures) to service organizations that compile and track investment company information; (J) assist the Trust's custodian, investment adviser, and sub-advisers, accounting agent, counsel and auditors as required to carry out the business and operations of the Trust; (K) oversee the maintenance by the Trust's custodian and accounting agent of the books and records pertaining to the Trust under the 1940 Act, and maintain such other books and records (other than those required to be maintained by the Trust's adviser and sub-advisers) as may be required by law or may be required for the proper operation of the Trust (which other books and records shall be the property of the Trust, shall be surrendered promptly to the Trust upon its request, and shall be preserved for the periods required by the 1940 Act)I.R.C. 6. (L) perform such additional services as may be agreed upon by the Trust and the Administrator.