Common use of Transactions Requiring Instructions Clause in Contracts

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon receipt of Proper Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, shall: (a) Execute and deliver to such persons as may be designated in such Proper Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (b) Deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, as may be issued to it to evidence such delivery; (d) Make such transfers or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (e) Release securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund; and (l) Deliver securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be made.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Instructions Oral or Written Instructions, and not otherwise, ChaseCustodian, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) Execute execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund Funds as owner owners of any securities may be exercised; (b) Deliver deliver any securities held for the any Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver deliver any securities held for the any Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of or deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (d) Make make such transfers or exchanges of the assets of the any Fund and take such other steps as shall be stated in said instructions to be for the purpose purposes of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundFunds; (e) Release subject to Paragraph 25(b) hereof, release securities belonging to the any Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the such Fund; provided, however, that securities shall be released only upon payment to Chase Custodian of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (f) Deliver deliver any securities in accordance with held for any Fund upon the provisions exercise of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions covered call option written by the Fundssuch Fund on such securities; (g) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the on behalf of such Fund, but subject to Paragraph 28(m) hereof, only on receipt of payment therefor; and (l) Deliver securities pursuant to any other proper corporate purposeand pay out monies of such Fund in connection with such repurchase agreements, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution the delivery of the Board of Trustees securities; (h) otherwise transfer, exchange or of the Executive Committee signed by an officer of the Funds and certified by the Secretary deliver securities in accordance with Oral or an Assistant Secretary, Written Instructions specifying the securities to be deliveredpurpose of such transfer, setting forth the purpose for which such delivery is to be madeincluding without limitation, declaring such purpose to be a proper corporate purposeloans of securities, short sales, or reverse repurchase agreements, and naming the person or persons subject to whom delivery of such securities shall be madeParagraph 7(a) hereof.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChaseSEI Trust, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities; (b) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (bc) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to SEI Trust; (d) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (ce) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (df) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (eg) Release release and deliver or exchange securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase of the monies borrowed, or upon receipt of adequate collateral as agreed upon owned by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions any conversion of any agreement among the Fundsuch securities, Chase and a Futures Commission Merchant registered under the Commodity Exchange Actpursuant to their terms, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fundinto other securities; (h) Deliver release and deliver securities against payment or other consideration or written receipt therefore owned by the Fund for transfer the purpose of securities into the name redeeming in kind shares of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if anyupon delivery thereof to SEI Trust; provided that, in any such case, the new securities are to be delivered to Chase;and (i) Exchange release and deliver or exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into owned by the Fund; and (l) Deliver securities pursuant to any Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. SEI Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to Section 4(i).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund, but only on receipt of payment therefor; and pay out monies of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon receipt of Proper Instructions and not otherwise, ChaseU.S. Trust, directly or through the use of a Securities Depository or Book-Entry System, shall: (a) Execute and deliver to such persons as may be designated in such Proper Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (b) Deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, as may be issued to it to evidence such delivery; (d) Make such transfers or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (e) Release securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase U.S. Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase U.S. Trust which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan;; and (f) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase U.S. Trust and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase U.S. Trust and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund;; and (h) Deliver securities against payment or of other consideration or written receipt therefore therefor for transfer of securities into the name of the Fund or Chase U.S. Trust or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to ChaseU.S. Trust; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to ChaseU.S. Trust; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund; and; (l) Deliver securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be made.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChasePFPC Trust, directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into on behalf of the Fund, but only on receipt of payment therefor; and pay out moneys of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the FundFund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into by the FundFund on behalf of that Portfolio, but only on receipt of payment therefor; and pay out monies of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChasePFPC Trust, directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into on behalf of the Fund, but only on receipt of payment therefor; and pay out moneys of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the FundFund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxi) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be made.made when such action is pursuant to this sub-section d.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChasePFPC Trust, directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into on behalf of the Fund, but only on receipt of payment therefor; and pay out moneys of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the FundFund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral or Written Instructions and not otherwise, ChasePNC Bank, directly or through the use of a Securities Depository or the Book-Entry System, shall: : (ai) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; ; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to PNC Bank; (iv) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; ; (cv) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; ; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; ; (evii) Release release securities belonging to the Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase PNC Bank of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; ; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by on behalf of the Fund, but only on receipt of payment therefor; and (l) Deliver securities pursuant to any other proper corporate purposeand pay out moneys of the Fund in connection with such repurchase agreements, but only upon receipt ofthe delivery of the securities; (ix) release and deliver or exchange securities owned by the Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities owned by the Fund for the purpose of redeeming in addition kind shares of the Fund upon delivery thereof to Proper Instructions, PNC Bank; and (xi) release and deliver or exchange securities owned by the Fund for other corporate purposes. PNC Bank must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d above.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth hereinin this Agreement, upon receipt of Proper Instructions and not otherwise, ChaseWachovia, directly or through the use of a Securities Depository or Book-Entry SystemDepository, shall: (a) Execute and deliver to such persons as may be designated in such Proper Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised;a. [Reserved.] (b) b. Deliver any securities Securities held for the Fund against receipt of other securities Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) c. Deliver any securities Securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (d) d. Make such transfers or exchanges of the assets of the Fund and take such other steps as shall be stated in said the instructions to be for the purpose of effectuating effectuate any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (e) e. Release securities Securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the FundFund incurs; provided, however, that securities shall be released only upon payment to Chase Wachovia for the account of the Fund of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such the loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) f. Deliver securities Securities or cash in accordance with the provisions of any agreement among the Fund, Chase Wachovia and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), the NASD relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the FundsFund transactions; (g) g. Deliver securities Securities or cash in accordance with the provisions of any agreement among the Fund, Chase Wachovia and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the FundFund transactions; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) h. Surrender, in connection with their exercise, warrants, rights or similar securitiesSecurities, provided that in each case, the new securities Securities and cash, if any, are to be delivered to ChaseWachovia; (k) i. Deliver securities Securities upon receipt of payment in connection with for any repurchase agreement related to such securities entered into by the FundFund enters into; and (l) j. Deliver securities Securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds Fund and certified by the Secretary or an Assistant Secretary, specifying the securities Securities to be delivered, setting forth the purpose for which such the delivery is to be made, declaring such the purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities the Securities shall be made.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChaseSEI Trust, directly or through the use of a Securities Depository or Bookthe book-Entry Systementry system, shall: (a) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities; (b) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (bc) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to SEI Trust; (d) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (ce) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (df) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (eg) Release release and deliver or exchange securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase of the monies borrowed, or upon receipt of adequate collateral as agreed upon owned by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions any conversion of any agreement among the Fundsuch securities, Chase and a Futures Commission Merchant registered under the Commodity Exchange Actpursuant to their terms, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fundinto other securities; (h) Deliver release and deliver securities against payment or other consideration or written receipt therefore owned by the Fund for transfer the purpose of securities into the name redeeming in kind shares of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if anyupon delivery thereof to SEI Trust; provided that, in any such case, the new securities are to be delivered to Chase;and (i) Exchange release and deliver or exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into owned by the Fund; and (l) Deliver securities pursuant to any Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. SEI Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to Section 4(i).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Instructions Oral or Written Instructions, and not otherwise, ChaseCustodian, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) Execute execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund Portfolios as owner owners of any securities may be exercised; (b) Deliver deliver any securities held for the Fund any Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver deliver any securities held for the Fund any Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of or deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (d) Make make such transfers or exchanges of the assets of the Fund any Portfolio and take such other steps as shall be stated in said instructions to be for the purpose purposes of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundPortfolios; (e) Release subject to Paragraph 25(b) hereof, release securities belonging to the Fund any Portfolio to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fundsuch Portfolio; provided, however, that securities shall be released only upon payment to Chase Custodian of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (f) Deliver deliver any securities in accordance with held for any Portfolio upon the provisions exercise of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions covered call option written by the Fundssuch Portfolio on such securities; (g) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into by the Fundon behalf of such Portfolio, but subject to Paragraph 28(m) hereof, only on receipt of payment therefor; and (l) Deliver securities pursuant to any other proper corporate purposeand pay out monies of such Portfolio in connection with such repurchase agreements, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution the delivery of the Board of Trustees securities; (h) otherwise transfer, exchange or of the Executive Committee signed by an officer of the Funds and certified by the Secretary deliver securities in accordance with Oral or an Assistant Secretary, Written Instructions specifying the securities to be deliveredpurpose of such transfer, setting forth the purpose for which such delivery is to be madeincluding without limitation, declaring such purpose to be a proper corporate purposeloans of securities, short sales, or reverse repurchase agreements, and naming the person or persons subject to whom delivery of such securities shall be madeParagraph 7(a) hereof.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities including Portfolio Fund Securities which are held by PFPC Trust for the benefit of the funds (if applicable, subject to a pledge) pursuant to Written Instructions, held for the Funds against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments received by PFPC Trust as custodian whereby the authority of the Fund Funds as owner owners of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund Funds against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund Funds to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Funds and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundFunds; (evii) Release release securities belonging to the Fund Funds to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFunds; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Funds in connection with any repurchase agreement related to such securities entered into by the Funds on behalf of a Fund, but only on receipt of payment therefor; and pay out monies of the Funds in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Funds in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker’s custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Funds for the purpose of redeeming in kind Interests of the Funds upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant owned by the Funds for other purposes. Provided that PFPC Trust shall not take any action relating to any other proper corporate purpose, but only investments in or holdings of any Portfolio Funds except upon receipt of, Written Instructions that are given and confirmed in addition such manner as PFPC Trust may from time to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madetime determine.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChaseSEI Trust, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities; (b) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (bc) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to SEI Trust; (d) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (ce) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (df) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (eg) Release release and deliver or exchange securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase of the monies borrowed, or upon receipt of adequate collateral as agreed upon owned by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions any conversion of any agreement among the Fundsuch securities, Chase and a Futures Commission Merchant registered under the Commodity Exchange Actpursuant to their terms, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fundinto other securities; (h) Deliver release and deliver securities against payment or other consideration or written receipt therefore owned by the Fund for transfer the purpose of securities into the name redeeming in kind shares of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if anyupon delivery thereof to SEI Trust; provided that, in any such case, the new securities are to be delivered to Chase;and (i) Exchange release and deliver or exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into owned by the Fund; and (l) Deliver securities pursuant to any Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madepurposes.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral or Written Instructions and not otherwise, ChasePNC Bank, directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to PNC Bank; (iv) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase PNC Bank of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into on behalf of the Fund, but only on receipt of payment therefor; and pay out moneys of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the FundFund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities owned by the fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PNC Bank; and (lxi) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PNC Bank must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be made.made when such action is pursuant to sub-paragraph d.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral or Written Instructions and not otherwiseotherwise (unless such an event described in sub-clause (iii), Chase(iv), directly (v) or through the use (ix) of this sub-section (d) is of a Securities Depository mandatory or Book-Entry Systeminvoluntary nature, in which case PFPC Trust may handle such event without Written Instructions), PFPC Trust shall: (ai) Execute deliver any assets maintained hereunder against the receipt of payment for the sale of such assets or otherwise in accordance with prevailing market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments actually received by PFPC Trust hereunder whereby the authority of the Fund a particular Portfolio as owner of any securities maintained in a particular Account of such Portfolio hereunder may be exercised; (biii) Deliver deliver any securities held for maintained hereunder to the Fund issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities maintained hereunder against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund maintained hereunder to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund maintained with respect to a particular Portfolio hereunder and take such other steps as shall be stated in said instructions Oral or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fundsuch Portfolio; (evii) Release securities belonging to the Fund release assets maintained in a particular Account hereunder to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fundwith respect to that Account; provided, however, that securities assets shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities assets may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it PFPC Trust of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities maintained in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment particular Account hereunder in connection with any repurchase agreement related to such securities entered into by with respect to that Account, but only on receipt of payment therefor; and pay out monies maintained in a particular Account hereunder in connection with a repurchase agreement entered into with respect to that Account, but only upon the Funddelivery of the securities; (ix) release and deliver or exchange assets maintained hereunder in connection with any conversion of such assets, pursuant to their terms, into other assets; (x) release and deliver assets to a broker in connection with the broker's custody of margin collateral relating to futures and options or other transactions; (xi) release and deliver assets maintained in a particular Account hereunder for the purpose of redeeming in kind Shares of the Portfolio to which such Account relates, upon delivery thereof to PFPC Trust; and (lxii) Deliver securities pursuant to any release and deliver or exchange assets maintained hereunder for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madepurposes.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Instructions and not otherwise, Chasethe Custodian, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) Execute and deliver to such persons as may be designated in such Proper Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund Trust as owner of any securities may be exercised; (b) Deliver any securities held for the Fund Trust against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver any securities held for the Fund Trust to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of or deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (d) Make such transfers or exchanges of the assets of the Fund Trust and take such other steps as shall be stated in said instructions to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundTrust; (e) Release securities belonging to the Fund Trust to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purposeTrust; and pay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) Deliver any securities in accordance with held for the provisions Trust upon the exercise of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions covered call option written by the Funds;Trust on such securities; and (g) Deliver securities in accordance with held for the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating Trust pursuant to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund;separate security lending agreements. (h) Deliver securities against Regarding dividends and distributions, the Trust shall furnish the Custodian with appropriate evidence of action by the Trust's Board of Trustees declaring and authorizing the payment or other consideration or written of any dividends and distributions to the shareholders of the particular Fund. Upon receipt therefore for transfer by the Custodian of securities into Proper Instructions with respect to dividends and distributions declared by the name Trust's Board of Trustees and payable to the shareholders of the Fund or Chase or a nominee of eitherwho have elected in the proper manner to receive their distributions and/or dividends in cash, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing and in conformance with procedures mutually agreed upon by the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such caseCustodian, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) SurrenderTrust, in connection with their exercise, warrants, rights or similar securities, provided that in each caseand the Trust's transfer agent, the new securities and cashCustodian shall pay to the Trust's transfer agent, if anyas agent for the shareholders, are an amount equal to be delivered to Chase; (k) Deliver securities upon receipt of payment the amount indicated in connection with any repurchase agreement related said Proper Instructions as payable by the Trust to such securities entered into shareholders for distribution in cash by the Fund; and (l) Deliver securities pursuant transfer agent to any other proper corporate purposesuch shareholders. In lieu of paying the Trust's transfer agent cash dividends and distributions, but only upon receipt of, in addition the Custodian may arrange for the direct payment of cash dividends and distributions to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified shareholders by the Secretary or an Assistant SecretaryCustodian in accordance with such procedures and controls as are mutually agreed upon from time to time by and among the Trust, specifying the securities to be delivered, setting forth Custodian and the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madeTrust's transfer agent.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry SystemPFPC Trust, shall: (ai) Execute deliver any securities held for the Company against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments received by PFPC Trust as custodian whereby the authority of the Fund Company as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund Company against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund Company to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Company and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundCompany; (evii) Release release securities belonging to the Fund Company to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundCompany; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Company in connection with any repurchase agreement related to such securities entered into by the FundCompany, but only on receipt of payment therefor; and pay out monies of the Company in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Company in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Company for the purpose of redeeming in kind Interests of the Company upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified owned by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose Company for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madeother purposes.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Instructions Oral or Written Instructions, and not otherwise, ChaseCustodian, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) Execute execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund Master Portfolios as owner owners of any securities may be exercised; (b) Deliver deliver any securities held for the Fund any Master Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver deliver any securities held for the Fund any Master Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of or deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (d) Make make such transfers or exchanges of the assets of the Fund any Master Portfolio and take such other steps as shall be stated in said instructions to be for the purpose purposes of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundMaster Portfolios; (e) Release subject to Paragraph 25(b) hereof, release securities belonging to the Fund any Master Portfolio to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fundsuch Master Portfolio; provided, however, that securities shall be released only upon payment to Chase Custodian of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (f) Deliver deliver any securities in accordance with held for any Master Portfolio upon the provisions exercise of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions covered call option written by the Fundssuch Master Portfolio on such securities; (g) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Master Portfolio in connection with any repurchase agreement related to such securities entered into by the Fundon behalf of such Master Portfolio, but subject to Paragraph 28(m) hereof, only on receipt of payment therefor; and (l) Deliver securities pursuant to any other proper corporate purposeand pay out monies of such Master Portfolio in connection with such repurchase agreements, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution the delivery of the Board of Trustees securities; (h) otherwise transfer, exchange or of the Executive Committee signed by an officer of the Funds and certified by the Secretary deliver securities in accordance with Oral or an Assistant Secretary, Written Instructions specifying the securities to be deliveredpurpose of such transfer, setting forth the purpose for which such delivery is to be madeincluding without limitation, declaring such purpose to be a proper corporate purposeloans of securities, short sales, or reverse repurchase agreements, and naming the person or persons subject to whom delivery of such securities shall be madeParagraph 7(a) hereof.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Instructions and not otherwise, Chasethe Custodian, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) Execute and deliver to such persons as may be designated in such Proper Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund Trust as owner of any securities may be exercised; (b) Deliver any securities held for the Fund Trust against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver any securities held for the Fund Trust to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of or deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (d) Make such transfers or exchanges of the assets of the Fund Trust and take such other steps as shall be stated in said instructions to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundTrust; (e) Release securities belonging to the Fund Trust to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purposeTrust; and pay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) Deliver any securities in accordance with held for the provisions Trust upon the exercise of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions covered call option written by the Funds;Trust on such securities; and (g) Deliver securities in accordance with held for the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating Trust pursuant to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund;separate security lending agreements. (h) Deliver securities against Regarding dividends and distributions, the Trust shall furnish the Custodian with appropriate evidence of action by the Trust’s Board of Trustees declaring and authorizing the payment or other consideration or written of any dividends and distributions to the shareholders of the particular Fund. Upon receipt therefore for transfer by the Custodian of securities into Proper Instructions with respect to dividends and distributions declared by the name Trust’s Board of Trustees and payable to the shareholders of the Fund or Chase or a nominee of eitherwho have elected in the proper manner to receive their distributions and/or dividends in cash, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing and in conformance with procedures mutually agreed upon by the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such caseCustodian, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) SurrenderTrust, in connection with their exercise, warrants, rights or similar securities, provided that in each caseand the Trust’s transfer agent, the new securities and cashCustodian shall pay to the Trust’s transfer agent, if anyas agent for the shareholders, are an amount equal to be delivered to Chase; (k) Deliver securities upon receipt of payment the amount indicated in connection with any repurchase agreement related said Proper Instructions as payable by the Trust to such securities entered into shareholders for distribution in cash by the Fund; and (l) Deliver securities pursuant transfer agent to any other proper corporate purposesuch shareholders. In lieu of paying the Trust’s transfer agent cash dividends and distributions, but only upon receipt of, in addition the Custodian may arrange for the direct payment of cash dividends and distributions to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified shareholders by the Secretary or an Assistant SecretaryCustodian in accordance with such procedures and controls as are mutually agreed upon from time to time by and among the Trust, specifying the securities to be delivered, setting forth Custodian and the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madeTrust’s transfer agent.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund to which said Oral Instructions or Written Instructions relate and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the such Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fundon behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into on behalf of that Portfolio, but only on receipt of payment therefor; and pay out monies of a Portfolio in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by a Portfolio in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the Fundbroker’s custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by a Portfolio for the purpose of redeeming in kind Shares of the Portfolio upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by a Portfolio for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into by the FundFund on behalf of that Portfolio, but only on receipt of payment therefor; and pay out monies of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker’s custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Instructions Oral or Written ----------------------------------- Instructions, and not otherwise, ChaseCustodian, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) Execute execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund Funds as owner owners of any securities may be exercised; (b) Deliver deliver any securities held for the any Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver deliver any securities held for the any Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of or deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (d) Make make such transfers or exchanges of the assets of the any Fund and take such other steps as shall be stated in said instructions to be for the purpose purposes of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundFunds; (e) Release subject to Paragraph 25(b) hereof, release securities belonging to the any Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the such Fund; provided, however, that securities shall be released only upon payment to Chase Custodian of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (f) Deliver deliver any securities in accordance with held for any Fund upon the provisions exercise of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions covered call option written by the Fundssuch Fund on such securities; (g) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the on behalf of such Fund, but subject to Paragraph 28(m) hereof, only on receipt of payment therefor; and (l) Deliver securities pursuant to any other proper corporate purposeand pay out monies of such Fund in connection with such repurchase agreements, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution the delivery of the Board of Trustees securities; (h) otherwise transfer, exchange or of the Executive Committee signed by an officer of the Funds and certified by the Secretary deliver securities in accordance with Oral or an Assistant Secretary, Written Instructions specifying the securities to be deliveredpurpose of such transfer, setting forth the purpose for which such delivery is to be madeincluding without limitation, declaring such purpose to be a proper corporate purposeloans of securities, short sales, or reverse repurchase agreements, and naming the person or persons subject to whom delivery of such securities shall be madeParagraph 7(a) hereof.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments received by PFPC Trust as custodian whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities held for a Portfolio to the Fund issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities corporation or corporationother entity, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer corporation or other entity, and receive and hold under the terms of securities or corporation, against receipt of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of a Portfolio or the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into by the FundFund on behalf of that Portfolio, but only on receipt of payment therefor; and pay out monies of a Portfolio in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by a Portfolio in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker’s custody of margin collateral relating to futures and options transactions for a Portfolio; (xi) release and deliver securities owned by a Portfolio for the purpose of redeeming in kind Shares of the Portfolio upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by a Portfolio for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madepurposes.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChasePFPC Trust, directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any Securities held for the Fund against the receipt of payment for the sale of such Securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities Securities may be exercised; (biii) Deliver deliver any securities Securities to the issuer thereof, or its agent, when such Securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any Securities held for the Fund against receipt of other securities Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities Securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release securities release Securities belonging to the Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities Securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities Securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities Securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase release and a broker-dealer registered under the deliver Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into on behalf of the Fund, but only on receipt of payment therefor; and pay out moneys of the Fund in connection with such repurchase agreements, but only upon the delivery of the Securities; (ix) release and deliver or exchange Securities owned by the FundFund in connection with any conversion of such Securities, pursuant to their terms, into other Securities; (x) release and deliver Securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver Securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver securities pursuant to any release and deliver or exchange Securities owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth hereinin this Agreement, upon receipt of Proper Instructions and not otherwise, ChaseWachovia, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) a. Execute and deliver to such the persons as may be designated in such Proper Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities Securities may be exercised; (b) b. Deliver any securities Securities held for the Fund against receipt of other securities Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) c. Deliver any securities Securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (d) d. Make such transfers or exchanges of the assets of the Fund and take such other steps as shall be stated in said the instructions to be for the purpose of effectuating effectuate any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (e) e. Release securities Securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the FundFund incurs; provided, however, that securities shall be released only upon payment to Chase Wachovia of the monies borrowed, borrowed or upon receipt of adequate collateral as agreed upon by the Fund and Chase Wachovia agree, which may be in the form of cash or obligations issued by the U.S. government, its agencies agencies, or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such the loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) f. Deliver securities Securities in accordance with the provisions of any agreement among the Fund, Chase Wachovia and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), the NASD relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the FundsFund transactions; (g) g. Deliver securities Securities in accordance with the provisions of any agreement among the Fund, Chase Wachovia and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the FundFund transactions; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) h. Surrender, in connection with their exercise, warrants, rights or similar securitiesSecurities, provided that in each case, the new securities Securities and cash, if any, are to be delivered to ChaseWachovia; (k) i. Deliver securities Securities upon receipt of payment in connection with for any repurchase agreement related to such securities entered into by the Fund; andFund enters into; (l) j. Deliver securities Securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds Fund and certified by the Secretary or an Assistant Secretary, specifying the securities Securities to be delivered, setting forth the purpose for which such the delivery is to be made, declaring such the purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities the Securities shall be made; and k. Deliver Securities held for the Fund pursuant to separate security lending agreements concerning the lending of the Fund's Securities into which the Fund may enter, from time to time.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChasePFPC Trust, directly or through the use of a Securities Depository or Book-Entry System, shall: (ai) Execute deliver any Securities held for the Fund against the receipt of payment for the sale of such Securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments received by PFPC Trust as custodian whereby the authority of the Fund as owner of any securities Securities may be exercised; (biii) Deliver deliver any securities Securities to the issuer thereof, or its agent, when such Securities are called, redeemed, retired or otherwise become payable (on a voluntary basis); provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any Securities held for the Fund against receipt of other securities Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities Securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release securities release Securities belonging to the Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities Securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities Securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities Securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase release and a broker-dealer registered under the deliver Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into on behalf of the Fund, but only on receipt of payment therefor; and pay out moneys of the Fund in connection with such repurchase agreements, but only upon the delivery of the Securities; (ix) release and deliver or exchange Securities owned by the FundFund in connection with any conversion of such Securities, pursuant to their terms, into other Securities; (x) release and deliver Securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver Securities owned by the Fund for the purpose of redeeming in kind Shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees release and deliver or of the Executive Committee signed by an officer of the Funds and certified exchange Securities owned by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose Fund for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madeother purposes.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral or Written Instructions and not otherwise, ChasePNC Bank, directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to PNC Bank; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PNC Bank of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into on behalf of the Fund, but only on receipt of payment therefor; and pay out moneys of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the FundFund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities owned by the fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PNC Bank; and (lxi) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PNC Bank must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be made.made when such action is pursuant to sub-paragraph d.

Transactions Requiring Instructions. In addition (i) Receipt and Disbursement of Funds Bank shall open and maintain a separate cash account in the name of the Customer for each Custody Account ("Custody Cash Account") to which cash will be credited and debited in respect of all transactions to the actions requiring Proper Custody Account pursuant to this Agreement, and in which cash shall not be subject to withdrawal by check or draft. Bank shall make payment from the Custody Cash Account only upon the Instructions set forth hereinof the Customer. Bank is hereby authorized to endorse and collect all checks, upon drafts or other orders for the payment of money received by Bank for the account of the Customer. (ii) Segregated Account Upon receipt of Proper Instructions from Customer, Bank will establish and not otherwisemaintain a segregated Securities account or accounts on Bank's records for and on behalf of Customer, Chase, directly or through the use of a Securities Depository or Book-Entry System, shallin which may be credited cash and/or Financial Assets: (a) Execute and deliver to such persons as may be designated in such Proper Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (b) Deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, as may be issued to it to evidence such delivery; (d) Make such transfers or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (e) Release securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) Deliver securities in accordance with the provisions of any an agreement among the Fund, Chase Customer and a broker-/dealer (registered under the Securities and Exchange Act of 1934 (the "Exchange Act") and a member of The the National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of or any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Training Commission and/or or any Contract Marketregistered contract market), or of any similar organization or organizationsorganization, regarding account deposits escrow or other arrangements in connection with the transactions by the FundCustomer; (hb) Deliver for the purpose of segregating cash or Financial Assets with options purchased or sold by Customer; and (c) for other proper corporate purposes as per the Instruction of an Authorized Officer. (iii) Receipt and Holding of Securities Bank shall hold in the Custody Account, and at all times separate from the assets of Bank, all Financial Assets (including Securities received by it in physical form) for the account of the Customer. All such Financial Assets held in the Custody Account are to be held or disposed of by Bank for, and subject at all times to the Instructions of, the Customer pursuant to the terms of this Agreement. The Bank shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such Financial Assets and investments, except pursuant to the Instructions of the Customer and except as permitted by Section 14 hereof. Unless the Bank receives contrary Instructions from the Customer, the Bank is authorized to keep certificated Securities in the Bank's own vaults (and to the extent it does so, Bank shall maintain those Securities separate from the securities against payment it maintains for its other customers), or other consideration in book entry form registered in the Bank's name or written receipt therefore for transfer of securities into in the name of the Fund Bank's nominee or Chase nominees or, where Securities are eligible for deposit in a Depository (hereinafter defined), such as The Depository Trust Company, the Federal Reserve Bank of New York or Participants Trust Company, the Bank may use any such Depository and permit the registration of registered Securities in the name of its nominee or nominees, and the Customer agrees to hold the Bank and the nominees harmless from any liability as holders of record. The Customer shall accept the return or delivery of Securities of the same class and denomination as those deposited with the Bank by the Customer or otherwise received by the Bank for the Custody Account, and the Bank need not retain the particular certificates so deposited or received. If any of the Customer's Securities registered in the Bank's name or the name of the Bank's nominee or held in a Depository and registered in the name of the Depository's nominee are called for partial redemption by the issuer of eithersuch Securities, the Bank is authorized to allot the called portion to the respective beneficial holders of the Securities in any manner deemed to be fair and equitable by the Bank in the Bank's sole discretion. (iv) Transfer, Exchange, Redelivery of Securities The Bank shall release or deliver any Financial Assets of the Customer held by it only as authorized by this Agreement. The Bank agrees to transfer, exchange, or deliver Financial Assets held by it hereunder (a) for the sale of such Financial Assets for the account of the Customer against receipt by the Bank of payment therefor; (b) when such Financial Assets are called, redeemed or retired or otherwise become payable; (c) in exchange for or securities for a different number of bonds, certificates, upon conversion into other Financial Assets alone or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities Financial Assets and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund; and (l) Deliver securities whether pursuant to any plan of merger, consolidation, reorganization, recapitalization or readjustment, or otherwise; (d) upon conversion of such Financial Assets, pursuant to their terms, into other proper Financial Assets; (e) upon exercise of subscription, purchase or other similar rights represented by such Financial Assets; (f) for the purpose of exchanging interim receipts or temporary certificated Securities for definitive certificated Securities; or (g) for other corporate purposepurposes. As to any deliveries made by the Bank pursuant to items (a), but only upon receipt of(b), (c), (d), (e), (f) and (g), Financial Assets or cash receivable in addition exchange therefor shall be deliverable to Proper Instructions, a certified copy of a resolution or for the account of the Board of Trustees Bank and credited by Bank to the Custody Account or of the Executive Committee signed by Custody Cash Account, as appropriate. Before making any transfer, exchange or delivery, as per items (a) through (g), the Bank shall receive an officer of the Funds and certified by the Secretary Instruction authorizing such transfer, exchange or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madedelivery.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChasePFPC Trust, directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any securities held for the Partnership against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund Partnership as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund Partnership against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund Partnership to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Partnership and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundPartnership; (evii) Release release securities belonging to the Fund Partnership to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundPartnership; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Partnership in connection with any repurchase agreement related to such securities entered into on behalf of the Partnership, but only on receipt of payment therefor; and pay out moneys of the Partnership in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the FundPartnership in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Partnership for the purpose of redeeming in kind shares of the Partnership upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by the Partnership for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Instructions Oral or Written Instructions, and not otherwise, ChaseSub-Custodian, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) Execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund Funds as owner owners of any securities may be exercised; (b) Deliver any securities held for the any Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver any securities held for the any Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of or deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (d) Make such transfers or exchanges of the assets of the any Fund and take such other steps as shall be stated in said instructions to be for the purpose purposes of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundFunds; (e) Release Subject to Paragraph 25(b) hereof, release securities belonging to the any Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the such Fund; provided, however, that securities shall be released only upon payment to Chase Sub-Custodian of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (f) Deliver any securities in accordance with held for any Fund upon the provisions exercise of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions covered call option written by the Fundssuch Fund on such securities; (g) Deliver Release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the on behalf of such Fund, but subject to Paragraph 28(m) hereof, only on receipt of payment therefor; and (l) Deliver securities pursuant to any other proper corporate purposeand pay out monies of such Fund in connection with such repurchase agreements, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution the delivery of the Board of Trustees securities; (h) otherwise transfer, exchange or of the Executive Committee signed by an officer of the Funds and certified by the Secretary deliver securities in accordance with Oral or an Assistant Secretary, Written Instructions specifying the securities to be deliveredpurpose of such transfer, setting forth the purpose for which such delivery is to be madeincluding without limitation, declaring such purpose to be a proper corporate purposeloans of securities, short sales, or reverse repurchase agreements, and naming the person or persons subject to whom delivery of such securities shall be madeParagraph 7(a) hereof.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundPartnership on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into by the FundPartnership on behalf of that Portfolio, but only on receipt of payment therefor; and pay out monies of the Partnership in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Partnership in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Partnership for the purpose of redeeming in kind shares of the Partnership upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by the Partnership for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChasePNC Bank, directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to PNC Bank; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PNC Bank of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into on behalf of the Fund, but only on receipt of payment therefor; and pay out moneys of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the FundFund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities owned by the fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PNC Bank; and (lxi) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PNC Bank must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be made.made when such action is pursuant to sub-paragraph d.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments received by PFPC Trust as custodian whereby the authority of the Fund as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities corporation or corporationother entity, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer corporation or other entity, and receive and hold under the terms of securities or corporation, against receipt of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund, but only on receipt of payment therefor; and pay out monies of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker’s custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of redeeming in kind Shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified owned by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose Fund for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madeother purposes.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Fund against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments received by PFPC Trust as custodian whereby the authority of the a Fund as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the a Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities corporation or corporationother entity, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the a Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer corporation or other entity, and receive and hold under the terms of securities or corporation, against receipt of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the a Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the a Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by on behalf of the Fund, but only on receipt of payment therefor; and pay out monies of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by a Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker’s custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by a Fund for the purpose of redeeming in kind Shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant owned by a Fund for other purposes; provided that PFPC Trust shall not take any action relating to any other proper corporate purpose, but only investments in or holdings of any Portfolio Funds except upon receipt of, in addition to Proper Written Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be made.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; ; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (e) Release securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund; and (l) Deliver securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be made.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into on behalf of the Fund, but only on receipt of payment therefor; and pay out monies of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the FundFund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, Custodian shall: (a) Execute deliver any Property held for the Customer against the receipt of payment for the sale of such Property; (b) execute and deliver to such Underlying Funds as may be designated in Written Instructions, (i) subscription agreements and similar documents (including the form of Addendum to Subscription Agreement attached as Exhibit 1) for the purposes of effectuating a purchase of, or subscription for, Interests on behalf of the Customer, and (ii) redemption requests, transfer requests or similar documents for the purpose of effectuating a redemption or transfer of Interests on behalf of the Customer. (c) execute and deliver to such persons as may be designated in such Proper Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund Customer as owner of any securities Property may be exercised; (bd) Deliver deliver any securities Property to the issuer thereof, or its agent, when such Property is called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian; (e) deliver any Property held for the Fund Customer against receipt of other securities Property or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cf) Deliver deliver any securities Property held for the Fund Customer to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dg) Make make such transfers transfer or exchanges of the assets Property of the Fund Customer and take such other steps as shall be stated in said instructions Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (e) Release securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the FundCustomer; (h) Deliver release and deliver or exchange Property owned by the Customer in connection with any conversion of such securities against payment or other consideration or written receipt therefore for transfer of Property, pursuant to their terms, into other securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to ChaseProperty; (i) Exchange securities release and deliver Property owned by the Customer for the purpose of redeeming in temporary form for securities in definitive form;kind shares or units of the Customer upon delivery thereof to the Custodian; and (j) Surrender, in connection with their exercise, warrants, rights release and deliver or similar securities, provided that in each case, exchange Property owned by the new securities Customer for other purposes. The Custodian must also receive a certified resolution describing the nature of the corporate purpose and cash, if any, are the name and address of the person(s) to whom delivery shall be delivered made when such action is pursuant to Chase;Section 4(i). (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related grant of credit to the Customer by an affiliate of the Custodian, to borrow money against the grant of a security interest in, lien on, charge over or pledge of the Property, for which purpose, the Customer hereby expressly authorizes such securities entered into grant and pledge by the FundCustodian on behalf of the Customer; and (l) Deliver securities pursuant provided that the Customer hereby also authorizes, directs and instructs the Custodian, as a standing instruction with respect to any other proper corporate purposesuch borrowing, but only that principal and interest charges on such borrowing shall be timely paid by the Custodian to the lender, upon receipt ofdemand, in addition to Proper Instructions, a certified copy of a resolution out of the Board Property as the lender may require, shall in no event be payable by the Custodian out of Trustees or proprietary funds of the Executive Committee signed by Custodian, and such obligation for payment from the Property shall constitute an officer of the Funds and certified obligation secured hereunder by the Secretary or an Assistant Secretarysecurity interest, specifying lien on, pledge of and right of set-off against the securities Property granted to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming lending affiliate of Custodian by the person or persons to whom delivery of such securities shall be madeCustomer.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon receipt of Proper Instructions and not otherwise, ChaseU.S. Trust, directly or through the use of a Securities Depository or Book-Entry System, shall: (a) Execute and deliver to such persons as may be designated in such Proper Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (b) Deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, as may be issued to it to evidence such delivery; (d) Make such transfers or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (e) Release securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase U.S. Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase U.S. Trust which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan;; and (f) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase U.S. Trust and a broker-dealer brokerdealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase U.S. Trust and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund;; and (h) Deliver securities against payment or of other consideration or written receipt therefore therefor for transfer of securities into the name of the Fund or Chase U.S. Trust or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to ChaseU.S. Trust; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to ChaseU.S. Trust; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund; and; (l) Deliver securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be made.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into by the FundFund on behalf of that Portfolio, but only on receipt of payment therefor; and pay out monies of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified owned by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose Fund for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be made.other

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Fund against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments received by PFPC Trust as custodian whereby the authority of the a Fund as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the a Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities corporation or corporationother entity, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the a Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer corporation or other entity, and receive and hold under the terms of securities or corporation, against receipt of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Funds and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the a Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund, but only on receipt of payment therefor; and pay out monies of a Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker’s custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of repurchasing or redeeming in kind Shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified owned by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose Fund for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madeother purposes.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral or Written Instructions and not otherwiseotherwise (unless such an event described in sub-clause (iii), Chase(iv), directly (v) or through the use (ix) of this sub-section (d) is of a Securities Depository mandatory or Book-Entry Systeminvoluntary nature, shall:in which case PFPC Trust may handle such event without Written Instructions), PFPC Trust shall (provided PFPC Trust has received such Oral or Written Instructions within such timeframes as PFPC Trust may designate from time to time, which timeframes shall be reasonable based upon the standards in the market where performance is rendered): (ai) Execute deliver any assets maintained hereunder against the receipt of payment for the sale of such assets or otherwise in accordance with prevailing market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments actually received by PFPC Trust hereunder whereby the authority of the Fund a particular Portfolio as owner of any securities maintained in a particular Account of such Portfolio hereunder may be exercised; (biii) Deliver deliver any securities held for maintained hereunder to the Fund issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities maintained hereunder against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund maintained hereunder to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund maintained with respect to a particular Portfolio hereunder and take such other steps as shall be stated in said instructions Oral or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fundsuch Portfolio; (evii) Release securities belonging to the Fund release assets maintained in a particular Account hereunder to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fundwith respect to that Account; provided, however, that securities assets shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities assets may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it PFPC Trust of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities maintained in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment particular Account hereunder in connection with any repurchase agreement related to such securities entered into by with respect to that Account, but only on receipt of payment therefor; and pay out monies maintained in a particular Account hereunder in connection with a repurchase agreement entered into with respect to that Account, but only upon the Funddelivery of the securities; (ix) release and deliver or exchange assets maintained hereunder in connection with any conversion of such assets, pursuant to their terms, into other assets; (x) release and deliver assets to a broker in connection with the broker's custody of margin collateral relating to futures and options or other transactions; (xi) release and deliver assets maintained in a particular Account hereunder for the purpose of redeeming in kind Shares of the Portfolio to which such Account relates, upon delivery thereof to PFPC Trust; and (lxii) Deliver securities pursuant to any release and deliver or exchange assets maintained hereunder for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madepurposes.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Instructions Oral or ----------------------------------- Written Instructions, and not otherwise, ChaseCustodian, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) Execute execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund Funds as owner owners of any securities may be exercised; (b) Deliver deliver any securities held for the any Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver deliver any securities held for the any Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of or deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (d) Make make such transfers or exchanges of the assets of the any Fund and take such other steps as shall be stated in said instructions to be for the purpose purposes of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundFunds; (e) Release subject to Paragraph 25(b) hereof, release securities belonging to the any Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the such Fund; provided, however, that securities shall be released only upon payment to Chase Custodian of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (f) Deliver deliver any securities in accordance with held for any Fund upon the provisions exercise of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions covered call option written by the Fundssuch Fund on such securities; (g) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the on behalf of such Fund, but subject to Paragraph 28(m) hereof, only on receipt of payment therefor; and (l) Deliver securities pursuant to any other proper corporate purposeand pay out monies of such Fund in connection with such repurchase agreements, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution the delivery of the Board of Trustees securities; (h) otherwise transfer, exchange or of the Executive Committee signed by an officer of the Funds and certified by the Secretary deliver securities in accordance with Oral or an Assistant Secretary, Written Instructions specifying the securities to be deliveredpurpose of such transfer, setting forth the purpose for which such delivery is to be madeincluding without limitation, declaring such purpose to be a proper corporate purposeloans of securities, short sales, or reverse repurchase agreements, and naming the person or persons subject to whom delivery of such securities shall be madeParagraph 7(a) hereof.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChasePNC Bank, directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to PNC Bank; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PNC Bank of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into on behalf of the Fund, but only on receipt of payment therefor; and pay out moneys of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the FundFund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PNC Bank; and (lxi) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PNC Bank must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xi).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChasePFPC Trust , directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust ; (iv) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into on behalf of the Fund, but only on receipt of payment therefor; and pay out moneys of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the FundFund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust ; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Instructions Oral or Written ----------------------------------- Instructions, and not otherwise, ChaseCustodian, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) Execute execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund Portfolios as owner owners of any securities may be exercised; (b) Deliver deliver any securities held for the Fund any Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver deliver any securities held for the Fund any Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of or deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (d) Make make such transfers or exchanges of the assets of the Fund any Portfolio and take such other steps as shall be stated in said instructions to be for the purpose purposes of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundPortfolios; (e) Release subject to Paragraph 25(b) hereof, release securities belonging to the Fund any Portfolio to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fundsuch Portfolio; provided, however, that securities shall be released only upon payment to Chase Custodian of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (f) Deliver deliver any securities in accordance with held for any Portfolio upon the provisions exercise of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions covered call option written by the Fundssuch Portfolio on such securities; (g) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into by the Fundon behalf of such Portfolio, but subject to Paragraph 28(m) hereof, only on receipt of payment therefor; and (l) Deliver securities pursuant to any other proper corporate purposeand pay out monies of such Portfolio in connection with such repurchase agreements, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution the delivery of the Board of Trustees securities; (h) otherwise transfer, exchange or of the Executive Committee signed by an officer of the Funds and certified by the Secretary deliver securities in accordance with Oral or an Assistant Secretary, Written Instructions specifying the securities to be deliveredpurpose of such transfer, setting forth the purpose for which such delivery is to be madeincluding without limitation, declaring such purpose to be a proper corporate purposeloans of securities, short sales, or reverse repurchase agreements, and naming the person or persons subject to whom delivery of such securities shall be madeParagraph 7(a) hereof.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities (or reverse repurchase agreement) entered into by the FundFund on behalf of that Portfolio, but only on receipt of payment therefor; and pay out monies of the Fund in connection with such repurchase agreements (or reverse repurchase agreement), but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by a Portfolio in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by a Portfolio for the purpose of redeeming in kind shares of a Portfolio upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by a Portfolio for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph (d)(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments received by PFPC Trust as custodian whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (biv) Deliver deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities corporation or corporationother entity, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer corporation or other entity, and receive and hold under the terms of securities or corporation, against receipt of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into by the FundFund on behalf of that Portfolio, but only on receipt of payment therefor; and (l) Deliver securities pursuant to any other proper corporate purposeand pay out monies of a Portfolio in connection with such repurchase agreements, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution the delivery of the Board of Trustees securities; (ix) release and deliver or of the Executive Committee signed by an officer of the Funds and certified exchange securities owned by the Secretary or an Assistant SecretaryFund in connection with any conversion of such securities, specifying the pursuant to their terms, into other securities; release and deliver securities to be delivered, setting forth a broker in connection with the purpose for which such delivery is broker's custody of margin collateral relating to be made, declaring such purpose to be a proper corporate purpose, futures and naming the person or persons to whom delivery of such securities shall be made.options transactions;

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChasePFPC Trust, directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundTrust; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundTrust on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into on behalf of the Trust, but only on receipt of payment therefor; and pay out moneys of the Trust in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the FundTrust in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Trust for the purpose of redeeming in kind shares of the Trust upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by the Trust for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution purposes. PFPC Trust must also receive Written Instructions describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph (d)(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) distribute any securities held by the Fund in connection with any distribution-in-kind by the Fund, including in connection with any tender offer; (v) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cvi) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvii) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (eviii) Release release securities belonging to the Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fix) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund, but only on receipt of payment therefor; and pay out monies of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (x) release and deliver or exchange securities owned by the Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (xi) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xii) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxiii) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d (xiii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth hereinin this Agreement, upon receipt of Proper Instructions and not otherwise, ChaseWachovia, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) a. Execute and deliver to such the persons as may be designated in such Proper Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities Securities may be exercised; (b) b. Deliver any securities Securities held for the Fund against receipt of other securities Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) c. Deliver any securities Securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (d) d. Make such transfers or exchanges of the assets of the Fund and take such other steps as shall be stated in said the instructions to be for the purpose of effectuating effectuate any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (e) e. Release securities Securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the FundFund incurs; provided, however, that securities shall be released only upon payment to Chase Wachovia of the monies borrowed, borrowed or upon receipt of adequate collateral as agreed upon by the Fund and Chase Wachovia agree, which may be in the form of cash or obligations issued by the U.S. government, its agencies agencies, or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such the loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (f) f. Deliver securities Securities in accordance with the provisions of any agreement among the Fund, Chase Wachovia and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), the NASD relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the FundsFund transactions; (g) g. Deliver securities Securities in accordance with the provisions of any agreement among the Fund, Chase Wachovia and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the FundFund transactions; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) h. Surrender, in connection with their exercise, warrants, rights or similar securitiesSecurities, provided that in each case, the new securities Securities and cash, if any, are to be delivered to ChaseWachovia; (k) i. Deliver securities Securities upon receipt of payment in connection with for any repurchase agreement related to such securities entered into by the Fund; andFund enters into; (l) j. Deliver securities Securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds Fund and certified by the Secretary or an Assistant Secretary, specifying the securities Securities to be delivered, setting forth the purpose for which such the delivery is to be made, declaring such the purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities the Securities shall be made; and k. Deliver Securities held for the Fund pursuant to separate security lending agreements concerning the lending of the Fund's Securities into which the Fund may enter, from time to time.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments received by PFPC Trust as custodian whereby the authority of the Fund as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities corporation or corporationother entity, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer corporation or other entity, and receive and hold under the terms of securities or corporation, against receipt of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund, but only on receipt of payment therefor; and pay out monies of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified owned by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose Fund for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madeother purposes.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChasePFPC Trust, directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into on behalf of the Fund, but only on receipt of payment therefor; and pay out moneys of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the FundFund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxi) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to this sub-section (d).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChaseSEI Trust, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities; (b) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (bc) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to SEI Trust; (d) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (ce) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (df) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (eg) Release release and deliver or exchange securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase of the monies borrowed, or upon receipt of adequate collateral as agreed upon owned by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions any conversion of any agreement among the Fundsuch securities, Chase and a Futures Commission Merchant registered under the Commodity Exchange Actpursuant to their terms, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fundinto other securities; (h) Deliver release and deliver securities against payment or other consideration or written receipt therefore owned by the Fund for transfer the purpose of securities into the name redeeming in kind investments of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if anyupon delivery thereof to SEI Trust; provided that, in any such case, the new securities are to be delivered to Chase;and (i) Exchange release and deliver or exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into owned by the Fund; and (l) Deliver securities pursuant to any Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. SEI Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to Section 4(i).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral or Written Instructions and not otherwise, ChasePNC Bank, directly or through the use of a Securities Depository or the Book-Entry System, shall: : (ai) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; ; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to PNC Bank; (iv) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; ; (cv) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; ; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral or Written Instructions to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (e) Release securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund; and (l) Deliver securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be made.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Series against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Series as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Series against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Series to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Series and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Series to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Series; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Series in connection with any repurchase agreement related to such securities entered into by the FundFund on behalf of that Series, but only on receipt of payment therefor; and pay out monies of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxi) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d. (xi).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Written Instructions and not otherwise, ChaseSEI Trust, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities; (b) execute and deliver to such persons as may be designated in such Proper Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (bc) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to SEI Trust; (d) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (ce) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (df) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (eg) Release release and deliver or exchange securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase of the monies borrowed, or upon receipt of adequate collateral as agreed upon owned by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions any conversion of any agreement among the Fundsuch securities, Chase and a Futures Commission Merchant registered under the Commodity Exchange Actpursuant to their terms, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fundinto other securities; (h) Deliver release and deliver securities against payment or other consideration or written receipt therefore owned by the Fund for transfer the purpose of securities into the name redeeming in kind shares of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if anyupon delivery thereof to SEI Trust; provided that, in any such case, the new securities are to be delivered to Chase;and (i) Exchange release and deliver or exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into owned by the Fund; and (l) Deliver securities pursuant to any Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. SEI Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to Section 4(i).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral or ----------------------------------- Written Instructions and not otherwise, ChasePNC Bank, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) Execute execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund Company as owner of any securities may be exercised; (b) Deliver deliver any securities held for the Fund Company against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver deliver any securities held for the Fund Company to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (d) Make make such transfers or exchanges of the assets of the Fund Company and take such other steps as shall be stated in said instructions Oral or Written Instructions to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundCompany; (e) Release release securities belonging to the Fund Company to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the FundCompany; provided, however, that securities shall be released only upon payment to Chase PNC Bank of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (f) Deliver release and deliver securities in accordance with owned by the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements Company in connection with transactions by any reverse repurchase agreement entered into on behalf of the FundsCompany, but only on receipt of payment therefor; and pay out moneys of the Company in connection with such reverse repurchase agreements, but only upon the delivery of the securities; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules pay out moneys of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Company in connection with any repurchase agreement related to entered into on behalf of the Company, but only upon the delivery of the subject securities; and release and deliver such securities entered into by the Fundin connection with such repurchase agreements, but only on receipt of payment therefor; and (lh) Deliver otherwise transfer, exchange or deliver securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper accordance with Oral or Written Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be made.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChasePFPC Trust, directly or through the use of a Securities Depository or Book-Entry System, shall: (ai) Execute deliver any Securities held for the Company against the receipt of payment for the sale of such Securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments received by PFPC Trust as custodian whereby the authority of the Fund Company as owner of any securities Securities may be exercised; (biii) Deliver deliver any securities Securities to the issuer thereof, or its agent, when such Securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any Securities held for the Fund Company against receipt of other securities Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities Securities held for the Fund Company to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Company and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundCompany; (evii) Release securities release Securities belonging to the Fund Company to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundCompany; provided, however, that securities Securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities Securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities Securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase release and a broker-dealer registered under the deliver Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Company in connection with any repurchase agreement related to such securities entered into on behalf of the Company, but only on receipt of payment therefor; and pay out moneys of the Company in connection with such repurchase agreements, but only upon the delivery of the Securities; (ix) release and deliver or exchange Securities owned by the FundCompany in connection with any conversion of such Securities, pursuant to their terms, into other Securities; (x) release and deliver Securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver Securities owned by the Company for the purpose of redeeming in kind Interests of the Company upon delivery thereof to PFPC Trust; and (lxii) Deliver securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees release and deliver or of the Executive Committee signed by an officer of the Funds and certified exchange Securities owned by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose Company for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madeother purposes.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundFunds; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFunds on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into by the FundFunds on behalf of that Portfolio, but only on receipt of payment therefor; and pay out monies of the Funds in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Funds in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Funds for the purpose of redeeming in kind Units of the Funds upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by the Funds for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth hereinin this Agreement, upon receipt of Proper Instructions and not otherwise, ChaseFirst Union, directly or through the use of a Securities Depository or the Book-Entry System, shall: (a) a. Execute and deliver to such the persons as may be designated in such Proper Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities Securities may be exercised; (b) b. Deliver any securities Securities held for the Fund against receipt of other securities Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) c. Deliver any securities Securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (d) d. Make such transfers or exchanges of the assets of the Fund and take such other steps as shall be stated in said the instructions to be for the purpose of effectuating effectuate any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (e) e. Release securities Securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the FundFund incurs; provided, however, that securities shall be released only upon payment to Chase First Union of the monies borrowed, borrowed or upon receipt of adequate collateral as agreed upon by the Fund and Chase First Union agree, which may be in the form of cash or obligations issued by the U.S. government, its agencies agencies, or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such the loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (f) f. Deliver securities Securities in accordance with the provisions of any agreement among the Fund, Chase First Union and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), the NASD relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the FundsFund transactions; (g) g. Deliver securities Securities in accordance with the provisions of any agreement among the Fund, Chase First Union and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the FundFund transactions; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) h. Surrender, in connection with their exercise, warrants, rights or similar securitiesSecurities, provided that in each case, the new securities Securities and cash, if any, are to be delivered to ChaseFirst Union; (k) i. Deliver securities Securities upon receipt of payment in connection with for any repurchase agreement related to such securities entered into by the Fund; andFund enters into; (l) j. Deliver securities Securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds Fund and certified by the Secretary or an Assistant Secretary, specifying the securities Securities to be delivered, setting forth the purpose for which such the delivery is to be made, declaring such the purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities the Securities shall be made; and k. Deliver Securities held for the Fund pursuant to separate security lending agreements concerning the lending of the Fund's Securities into which the Fund may enter, from time to time.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon receipt of Proper Instructions and not otherwise, ChaseU.S. Trust, directly or through the use of a Securities Depository or Book-Entry System, shall: (a) Execute and deliver to such persons as may be designated in such Proper Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (b) Deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, as may be issued to it to evidence such delivery; (d) Make such transfers or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (e) Release securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase U.S. Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase U.S. Trust which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan;; and (f) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase U.S. Trust and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase U.S. Trust and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund;; and (h) Deliver securities against payment or of other consideration or written receipt therefore therefor for transfer of securities into the name of the Fund or Chase U.S. Trust or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to ChaseU.S. Trust; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to ChaseU.S. Trust; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund; and; (l) Deliver securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be made.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund, but only on receipt of payment therefor; and pay out monies of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of redeeming in kind Shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any or other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified assets (not including cash) owned by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose Fund for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madeother purposes.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund, but only on receipt of payment therefor; and pay out monies of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker’s custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Series against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Series as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Series against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Series to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Series and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Series to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Series; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Series in connection with any repurchase agreement related to such securities entered into by the FundFund on behalf of that Series, but only on receipt of payment therefor; and pay out monies of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition All Securities shall be held or disposed pursuant to the actions requiring Proper Instructions set forth hereinterms of this Agreement. Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such Securities or investment, except upon the express terms of this Agreement or upon written instructions authorizing the transaction. In no case may the Investment Manager, or any officer, employee or agent of the Fund withdraw Securities. Upon receipt of Proper Instructions written instructions and not otherwise, ChaseCustodian, directly or through the use of a Securities Depository or Book-Entry SystemDepository, shall: (a) Execute deliver any Securities held for the Fund against the receipt of payment for the sale of such Securities; (b) execute and deliver to such persons as may be designated in such Proper Instructionswritten instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities Securities may be exercised; (bc) Deliver deliver any securities Securities held for the Fund against receipt of other securities Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cd) Deliver deliver any securities Securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (de) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said such written instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (ef) Release securities belonging to the Fund to any bank release and deliver or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase of the monies borrowed, or upon receipt of adequate collateral as agreed upon exchange Securities owned by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fundsany conversion of such Securities, pursuant to their terms, into other Securities; (g) Deliver securities release and deliver Securities owned by the Fund for the purpose of redeeming in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules kind Shares of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund;Fund upon delivery thereof to Custodian; and (h) Deliver securities against payment release and deliver or other consideration or written receipt therefore for transfer of securities into the name of exchange Securities owned by the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund; and (l) Deliver securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madepurposes.

Transactions Requiring Instructions. In addition to the actions ----------------------------------- requiring Proper Instructions set forth herein, upon receipt of Proper Instructions and not otherwise, ChaseThe Chase Manhattan Bank, directly or through the use of a Securities Depository or Book-Entry System, shall: (a) Execute and deliver to such persons as may be designated in such Proper Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (b) Deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, as may be issued to it to evidence such delivery; (d) Make such transfers or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (e) Release securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to The Chase Manhattan Bank of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and The Chase Manhattan Bank which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan;; and (f) Deliver securities in accordance with the provisions of any agreement among the Fund, The Chase Manhattan Bank and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, The Chase Manhattan Bank and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund;; and (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or The Chase Manhattan Bank or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to ChaseThe Chase Manhattan Bank; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to ChaseThe Chase Manhattan Bank; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund; and; (l) Deliver securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds Trusts and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be made.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments received by PFPC Trust as custodian of the Property whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into on behalf of that Portfolio, but only on receipt of payment therefor; and pay out monies of the Portfolio in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by a Portfolio in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker’s custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the FundFund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified owned by the Secretary Fund for other purposes in accordance with Oral or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madeWritten Instructions.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChasePFPC Trust, directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into on behalf of such Portfolio by the Fund, but only on receipt of payment therefor; and pay out moneys of the Portfolio entering into the repurchase agreement in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by a Portfolio in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by a Portfolio for the purpose of redeeming in kind shares of such Portfolio upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by a Portfolio for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral or Written Instructions and not otherwise, ChasePNC Bank, directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any securities held for the Fund against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to PNC Bank; (iv) deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions Oral or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase PNC Bank of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions owned by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into on behalf of the Fund, but only on receipt of payment therefor; and pay out moneys of the Fund in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the FundFund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities owned by the Fund for the purpose of redeeming in kind shares of the Fund upon delivery thereof to PNC Bank; and (lxi) Deliver release and deliver or exchange securities pursuant to any owned by the Fund for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PNC Bank must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d above.

Transactions Requiring Instructions. In addition (i) Receipt and Disbursement of Funds Bank shall open and maintain a separate cash account in the name of the Customer for each Custody Account ("Custody Cash Account") to which cash will be credited and debited in respect of all transactions to the actions requiring Proper Custody Account pursuant to this Agreement, and in which cash shall not be subject to withdrawal by check or draft. Bank shall make payment from the Custody Cash Account only upon the Instructions set forth hereinof the Customer. Bank is hereby authorized to endorse and collect all checks, upon drafts or other orders for the payment of money received by Bank for the account of the Customer. (ii) Segregated Account Upon receipt of Proper Instructions from Customer, Bank will establish and not otherwisemaintain a segregated Securities account or accounts on Bank's records for and on behalf of Customer, Chase, directly or through the use of a Securities Depository or Book-Entry System, shallin which may be credited cash and/or Financial Assets: (a) Execute and deliver to such persons as may be designated in such Proper Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (b) Deliver any securities held for the Fund against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (c) Deliver any securities held for the Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt of such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, as may be issued to it to evidence such delivery; (d) Make such transfers or exchanges of the assets of the Fund and take such other steps as shall be stated in said instructions to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (e) Release securities belonging to the Fund to any bank or trust company for the purpose of pledge or hypothecation to secure any loan incurred by the Fund; provided, however, that securities shall be released only upon payment to Chase of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, subject to proper prior authorization, further securities may be released for that purpose; and pay such loan upon re-delivery to it of the securities pledged or hypothecated therefore and upon surrender of the note or notes evidencing the loan; (f) Deliver securities in accordance with the provisions of any an agreement among the Fund, Chase Customer and a broker-/dealer (registered under the Securities and Exchange Act of 1934 (the "Exchange Act") and a member of The the National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of or any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Training Commission and/or or any Contract Marketregistered contract market), or of any similar organization or organizationsorganization, regarding account deposits escrow or other arrangements in connection with the transactions by the FundCustomer; (hb) Deliver for the purpose of segregating cash or Financial Assets with options purchased or sold by Customer; and (c) for other proper corporate purposes as per the Instruction of an Authorized Officer. (iii) Receipt and Holding of Securities Bank shall hold in the Custody Account, and at all times separate from the assets of Bank, all Financial Assets (including Securities received by it in physical form) for the account of the Customer. All such Financial Assets held in the Custody Account are to be held or disposed of by Bank for, and subject at all times to the Instructions of, the Customer pursuant to the terms of this Agreement. The Bank shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such Financial Assets and investments, except pursuant to the Instructions of the Customer and except as permitted by Section 14 hereof. Unless the Bank receives contrary Instructions from the Customer, the Bank is authorized to keep certificated Securities in the Bank's own vaults (and to the extent it does so, Bank shall maintain those Securities separate from the securities against payment it maintains for its other customers), or other consideration in book entry form registered in the Bank's name or written receipt therefore for transfer of securities into in the name of the Fund Bank's nominee or Chase nominees or, where Securities are eligible for deposit in a Depository (hereinafter defined), such as The Depository Trust Company, the Federal Reserve Bank of New York or Participants Trust Company, the Bank may use any such Depository and permit the registration of registered Securities in the name of its nominee or nominees, and the Customer agrees to hold the Bank and the nominees harmless from any liability as holders of record. The Customer shall accept the return or delivery of Securities of the same class and denomination as those deposited with the Bank by the Customer or otherwise received by the Bank for the Custody Account, and the Bank need not retain the particular certificates so deposited or received. If any of the Customer's Securities registered in the Bank's name or the name of the Bank's nominee or held in a Depository and registered in the name of the Depository's nominee are called for partial redemption by the issuer of eithersuch Securities, the Bank is authorized to allot the called portion to the respective beneficial holders of the Securities in any manner deemed to be fair and equitable by the Bank in the Bank's sole discretion. (iv) Transfer, Exchange, Redelivery of Securities The Bank shall release or deliver any Financial Assets of the Customer held by it only as authorized by this Agreement. The Bank agrees to transfer, exchange, or deliver Financial Assets held by it hereunder (a) for the sale of such Financial Assets for the account of the Customer against receipt by the Bank of payment therefor; (b) when such Financial Assets are called, redeemed or retired or otherwise become payable; (c) in exchange for or securities for a different number of bonds, certificates, upon conversion into other Financial Assets alone or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities Financial Assets and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund; and (l) Deliver securities whether pursuant to any plan of merger, consolidation, reorganization, recapitalization or readjustment, or otherwise; (d) upon conversion of such Financial Assets, pursuant to their terms, into other proper Financial Assets; (e) upon exercise of subscription, purchase or other similar rights represented by such (f) for the purpose of exchanging interim receipts or temporary certificated Securities for definitive certificated Securities; or (g) for other corporate purposepurposes. As to any deliveries made by the Bank pursuant to items (a), but only upon receipt of(b), (c), (d), (e), (f) and (g), Financial Assets or cash receivable in addition exchange therefor shall be deliverable to Proper Instructions, a certified copy of a resolution or for the account of the Board of Trustees Bank and credited by Bank to the Custody Account or of the Executive Committee signed by Custody Cash Account, as appropriate. Before making any transfer, exchange or delivery, as per items (a) through (g), the Bank shall receive an officer of the Funds and certified by the Secretary Instruction authorizing such transfer, exchange or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madedelivery.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute and deliver to such persons as may be designated in such Proper Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any securities may be exercised; (b) Deliver any securities held for a Portfolio against the Fund receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) forward voluntary corporate action instructions (for clarity, not to include proxies) as set forth in such Oral Instructions or Written Instructions, provided PFPC Trust has received such instructions within such reasonable timeframes as PFPC Trust may designate from time to time; (iii) deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities corporation or corporationother entity, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer corporation or other entity, and receive and hold under the terms of securities or corporation, against receipt of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into by the FundFund on behalf of that Portfolio, but only on receipt of payment therefor; and pay out monies of a Portfolio in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Fund in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker’s custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Fund for the purpose of redeeming in kind Shares of the Fund upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified owned by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose Fund for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be madeother purposes.

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, ChasePNC Bank, directly or through the use of a Securities Depository or the Book-Entry System, shall: (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to PNC Bank; (iv) deliver any securities held for the Fund a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Portfolios and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundPartnership; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundPartnership on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase PNC Bank of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into on behalf of the Partnership, but only on receipt of payment therefor; and pay out moneys of the Partnership in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the FundPartnership in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities owned by the Partnership for the purpose of redeeming in kind shares of the Partnership upon delivery thereof to PNC Bank; and (lxi) Deliver release and deliver or exchange securities pursuant to any owned by the Partnership for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PNC Bank must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to this sub-section (d).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral Instructions or Written Instructions and not otherwise, Chase, directly or through the use of a Securities Depository or Book-Entry System, PFPC Trust shall: (ai) Execute deliver any securities held for a Series against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral Instructions or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Series as owner of any securities may be exercised; (biii) Deliver deliver any securities to the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for the Fund a Series against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Series to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund Series and take such other steps as shall be stated in said instructions Oral Instructions or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the FundTrust; (evii) Release release securities belonging to the Fund a Series to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundTrust on behalf of that Series; provided, however, that securities shall be released only upon payment to Chase PFPC Trust of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefor and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Series in connection with any repurchase agreement related to such securities entered into by the FundTrust on behalf of that Series, but only on receipt of payment therefor; and pay out monies of the Trust in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by the Trust in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities to a broker in connection with the broker's custody of margin collateral relating to futures and options transactions; (xi) release and deliver securities owned by the Trust for the purpose of redeeming in kind shares of the Trust upon delivery thereof to PFPC Trust; and (lxii) Deliver release and deliver or exchange securities pursuant to any owned by the Trust for other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, purposes. PFPC Trust must also receive a certified copy of a resolution describing the nature of the Board of Trustees or corporate purpose and the name and address of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons person(s) to whom delivery of such securities shall be mademade when such action is pursuant to sub-paragraph d(xii).

Transactions Requiring Instructions. In addition to the actions requiring Proper Instructions set forth herein, upon Upon receipt of Proper Oral, or Written Instructions and not otherwise, Chase, directly PFPC Trust shall (provided PFPC Trust has received such Oral or through the use of a Securities Depository or Book-Entry System, shall:Written Instructions within such timeframes as PFPC Trust may designate from time to time): (ai) Execute deliver any securities held for a Portfolio against the receipt of payment for the sale of such securities or otherwise in accordance with standard market practice; (ii) execute and deliver to such persons as may be designated in such Proper Oral or Written Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund a Portfolio as owner of any securities may be exercised; (biii) Deliver deliver any securities held for a Portfolio to the Fund issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable at the option of the holder; provided that, in any such case, the cash or other consideration is to be delivered to PFPC Trust; (iv) deliver any securities held for a Portfolio against receipt of other securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, tender offer, merger, consolidation or recapitalization of any issuer of securities or corporation, or the exercise of any conversion privilege; (cv) Deliver deliver any securities held for the Fund a Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any issuer of securities or corporation, against receipt and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents, and cash, if any, documents as may be issued to it to evidence such delivery; (dvi) Make make such transfers transfer or exchanges of the assets of the Fund a Portfolio and take such other steps as shall be stated in said instructions Oral or Written Instructions to be for the purpose of effectuating any a duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of a Portfolio or the Fund; (evii) Release release securities belonging to the Fund a Portfolio to any bank or trust company for the purpose of a pledge or hypothecation to secure any loan incurred by the FundFund on behalf of that Portfolio; provided, however, that securities shall be released only upon payment to Chase the Account of the Portfolio of the monies borrowed, or upon receipt of adequate collateral as agreed upon by the Fund and Chase which may be in the form of cash or obligations issued by the U.S. government, its agencies or instrumentalities, except that in cases where additional collateral is required to secure a borrowing already made, made subject to proper prior authorization, further securities may be released for that purpose; and pay repay such loan upon re-delivery redelivery to it of the securities pledged or hypothecated therefore therefore, and upon surrender of the note or notes evidencing the loan; (fviii) Deliver release and deliver securities in accordance with the provisions of any agreement among the Fund, Chase and owned by a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of The National Association of Securities Dealers, Inc. ("NASD"), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Funds; (g) Deliver securities in accordance with the provisions of any agreement among the Fund, Chase and a Futures Commission Merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any Contract Market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund; (h) Deliver securities against payment or other consideration or written receipt therefore for transfer of securities into the name of the Fund or Chase or a nominee of either, or for exchange or securities for a different number of bonds, certificates, or other evidence, representing the same aggregate face amount or number of units bearing the same interest rate, maturity date and call provisions, if any; provided that, in any such case, the new securities are to be delivered to Chase; (i) Exchange securities in temporary form for securities in definitive form; (j) Surrender, in connection with their exercise, warrants, rights or similar securities, provided that in each case, the new securities and cash, if any, are to be delivered to Chase; (k) Deliver securities upon receipt of payment Portfolio in connection with any repurchase agreement related to such securities entered into on behalf of the Portfolio, but only on receipt of payment therefor and pay out moneys of the Portfolio in connection with such repurchase agreements, but only upon the delivery of the securities; (ix) release and deliver or exchange securities owned by a Portfolio in connection with any conversion of such securities, pursuant to their terms, into other securities; (x) release and deliver securities owned by a Portfolio for the Fundpurpose of redeeming in kind shares of the Portfolio upon delivery thereof to PFPC Trust; and (lxi) Deliver release and deliver or exchange securities owned by a Portfolio for other purposes (provided that action pursuant to any other proper corporate purpose, but this Section 14(d)(xi) shall be taken only upon receipt of, in addition to Proper of Written Instructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Funds and certified by the Secretary or an Assistant Secretary, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such securities shall be made).