Common use of Use of Book-Entry System Clause in Contracts

Use of Book-Entry System. The Fund shall deliver to PFPC Trust certified resolutions of the Board approving, authorizing and instructing PFPC Trust on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by book-entry or otherwise those securities belonging to each Portfolio. PFPC Trust shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust which relate to the Fund's participation in the Book-Entry System will be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hours, and PFPC Trust will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Governing Board approving, authorizing and instructing PFPC Trust PNC Bank on a continuous and on-going basis, to deposit in the Book-Entry System all securities belonging to the Portfolios Fund eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosFund, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actionsactions(s). PFPC Trust shall To administer the Book-Entry System as followsproperly, the following provisions shall apply: (i) With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry Systemsystem, established pursuant to this sub-paragraph e hereof, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfoliothe Fund. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio the Fund under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trustthe Fund's regular business hoursduly authorized employees or agents, and PFPC Trust will furnish to the Fund will be furnished with all information in respect of the services rendered to it as it may require. (iv) PNC Bank will provide the Fund with copies of any report obtained by PNC Bank on the system of internal accounting control of the Book-Entry System promptly after receipt of such a report by PNC Bank. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust certified resolutions of the Board approvingis authorized and instructed, authorizing and instructing PFPC Trust on a continuous basisand on-going basis with respect to each of the Funds, to deposit in the Book-Entry System all securities belonging to the Portfolios maintained hereunder eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfoliossecurities, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actionsactions(s). PFPC Trust shall To administer the Book-Entry System as followsproperly, the following provisions shall apply: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry Systemsystem, the records of PFPC Trust shall identify by book-entry or otherwise those the Accounts to which such securities belonging to each Portfoliorelate. PFPC Trust shall furnish to the each Fund a detailed statement of the Property held for in each Portfolio under this Agreement of the Fund's Accounts at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Portfolios which are maintained hereunder and which are deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust which relate to the maintenance of a particular Fund's participation Property in the Book-Entry System will be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hourshours be open to the inspection of such Fund's duly authorized employees or agents, and PFPC Trust will furnish to the Fund will be furnished with all information in respect of the services rendered to it hereunder as it may require. (iv) PFPC Trust will provide each Fund with copies of any report obtained by PFPC Trust on the system of internal accounting control of the Book-Entry System promptly after receipt of such a report by PFPC Trust. PFPC Trust will also provide the a Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to Custodian and the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide Custodian and the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust certified resolutions of the Board approvingis authorized and instructed, authorizing and instructing PFPC Trust on a continuous basisand on-going basis with respect to each of the Funds, to deposit in the Book-Entry System all securities belonging to the Portfolios maintained hereunder eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfoliossecurities, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actionsactions(s). PFPC Trust shall To administer the Book-Entry System as followsproperly, the following provisions shall apply: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by book-entry or otherwise those the Accounts to which such securities belonging to each Portfoliorelate. PFPC Trust shall furnish to the each Fund a detailed statement of the Property held for in each Portfolio under this Agreement of the Fund's Accounts at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Portfolios which are maintained hereunder and which are deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust which relate to the maintenance of a particular Fund's participation Property in the Book-Entry System will be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hourshours be open to the inspection of such Fund's duly authorized employees or agents, and PFPC Trust will furnish to the Fund will be furnished with all information in respect of the services rendered to it hereunder as it may require. (iv) PFPC Trust will provide each Fund with copies of any report obtained by PFPC Trust on the system of internal accounting control of the Book-Entry System promptly after receipt of such a report by PFPC Trust. PFPC Trust will also provide the a Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust certified resolutions of the Board approving, authorizing and instructing PFPC Trust on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by book-entry or otherwise those securities belonging to each Portfolio. PFPC Trust shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust which relate to the Fund's ’s participation in the Book-Entry System will be open to the inspection of Authorized Persons at all times during PFPC Trust's ’s regular business hours, and PFPC Trust will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Directors approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Custodian and Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Custodian and the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Custodian and the Fund with such reports on its own system of internal control as the Custodian and the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust which relate to the Fund's participation in the Book-Entry System will be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hourshours be open to the inspection of Authorized Persons, and PFPC Trust will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust the Custodian certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust the Custodian on a continuous and on-going basis, to deposit in the Book-Entry System all securities belonging to the Portfolios a Portfolio eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust The Custodian shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actionsactions(s). PFPC Trust shall To administer the Book-Entry System as followsproperly, the following provisions shall apply: (i) With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry Systemsystem, established pursuant to this sub-paragraph e hereof, the records of PFPC Trust the Custodian shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust The Custodian shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust the Custodian in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust The Custodian and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust the Custodian which relate to the Fund's participation in the Book-Entry System will at all times during the Custodian's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trustthe Fund's regular business hoursduly authorized employees or agents, and PFPC Trust will furnish to the Fund will be furnished with all information in respect of the services rendered to it as it may require. (iv) The Custodian will provide the Fund with copies of any report obtained by the Custodian on the system of internal accounting control of the Book-Entry System promptly after receipt of such a report by the Custodian. PFPC Trust The Custodian will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund Partnership shall deliver to PFPC Trust PNC Bank certified resolutions of the Board Partnership's General Partner or Directors approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by book-entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund Partnership a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the FundPartnership's participation in the Book-Entry System will be open to the inspection of Authorized Persons at all times during PFPC TrustPNC Bank's regular business hours, and PFPC Trust PNC Bank will furnish to the Fund all Partnership information in respect of the services rendered as it may require. PFPC Trust PNC Bank also will also provide the Fund Partnership with such reports on its own system of internal control as the Fund Partnership may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Directors approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust certified resolutions of the Board Fund's directors approving, authorizing and instructing PFPC Trust on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios Fund eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosFund, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by book-entry or otherwise those securities belonging to each Portfoliothe Fund. PFPC Trust shall furnish to the Fund a detailed statement of the Property held for each Portfolio the Fund under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust which relate to the Fund's participation in the Book-Entry System will be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hours, and PFPC Trust will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios each Series eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolioseach Series, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio Series which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each PortfolioSeries. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio Series under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio Series deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank ------------------------ certified resolutions of the Fund's Governing Board approving, authorizing and instructing PFPC Trust PNC Bank on a continuous and on-going basis, to deposit in the Book-Book- Entry System all securities belonging to the Portfolios Fund eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosFund, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actionsactions(s). PFPC Trust shall To administer the Book-Entry System as followsproperly, the following provisions shall apply: (i) With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry Systemsystem, established pursuant to this sub-paragraph e hereof, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfoliothe Fund. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio the Fund under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trustthe Fund's regular business hoursduly authorized employees or agents, and PFPC Trust will furnish to the Fund will be furnished with all information in respect of the services rendered to it as it may require. (iv) PNC Bank will provide the Fund with copies of any report obtained by PNC Bank on the system of internal accounting control of the Book-Entry System promptly after receipt of such a report by PNC Bank. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust -------------------------- certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios Portfolio eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosPortfolio, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as follows: (i) With respect to securities of each the Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by bookBook-entry Entry or otherwise those securities belonging to each the Portfolio. PFPC Trust shall furnish to the Fund a detailed statement of the Property held for each the Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each the Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust and its sub-custodian, if any, will pay out money cash only upon receipt of securities and will deliver securities only upon the receipt of moneycash. (iii) All books and records maintained by PFPC Trust which relate to the FundPortfolio's participation in the Book-Entry System will be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hourshours be open to the inspection of Authorized Persons, and PFPC Trust will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust . (iv) PNC Bank will also provide the Fund with such reports copies of any report obtained by PNC Bank on its own the system of internal accounting control as of the Fund may reasonably request from time to timeBook- Entry System promptly after PNC Bank received such report.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank ------------------------ certified resolutions of the Fund's Board of Directors approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios Fund eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosFund, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfoliothe Fund. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank ------------------------ certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios Fund eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosFund, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfoliothe Fund. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio the Fund under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Governing Board approving, authorizing and instructing PFPC Trust PNC Bank on a continuous and on-going basis, to deposit in the Book-Entry System all securities belonging to each portfolio of the Portfolios Fund eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by each portfolio of the PortfoliosFund, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actionsactions(s). PFPC Trust shall To administer the Book-Entry System as followsproperly, the following provisions shall apply: (i) With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry System, established pursuant to this sub paragraph (e) hereof, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfoliothe applicable portfolio of the Fund. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio portfolio of the Fund under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money.will (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trustthe Fund's regular business hoursduly authorized employees or agents, and PFPC Trust will furnish to the Fund will be furnished with all information in respect of the services rendered to it as it may require. (iv) PNC Bank will provide the Fund with copies of any report obtained by PNC Bank on the system of internal accounting control of the Book-Entry System promptly after receipt of such a report by PNC Bank. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust which relate to the Fund's participation in the Book-Entry System will be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hourshours be open to the inspection of Authorized Persons, and PFPC Trust will furnish to Custodian and the Fund all information in respect of the services rendered as it may require. PFPC Trust will also provide Custodian and the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust Provident certified resolutions of the Fund's Governing Board approving, authorizing and instructing PFPC Trust Provident on a continuous and on-going basis, to deposit in the Book-Entry System all securities Securities belonging to the Portfolios Fund eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities Securities by the PortfoliosFund, and deliveries and returns of securities Securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust Provident shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actionsactions(s). PFPC Trust shall To administer the Book-Entry System as followsproperly, the following provisions shall apply: (i) With respect to securities Securities of each Portfolio the Fund which are maintained in the Book-Entry Systemsystem, established pursuant to this sub-paragraph e hereof, the records of PFPC Trust Provident shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfoliothe Fund. PFPC Trust Provident shall furnish to the Fund a detailed statement of the Property held for each Portfolio the Fund under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust Provident in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust Provident and its sub-custodian, if any, will pay out money only upon receipt of securities Securities and will deliver securities Securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust Provident which relate to the Fund's participation in the Book-Entry System will at all times during Provident's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trustthe Fund's regular business hoursduly authorized employees or agents, and PFPC Trust will furnish to the Fund will be furnished with all information in respect of the services rendered to it as it may require. (iv) Provident will provide the Fund with copies of any report obtained by Provident on the system of internal accounting control of the Book-Entry System promptly after receipt of such a report by Provident. PFPC Trust Provident will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Governing Board approving, authorizing and instructing PFPC Trust on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall To administer the Book-Entry System as followsproperly, the following provisions shall apply: (i) With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry System, established pursuant to this sub-paragraph (e) hereof, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfoliothe applicable Portfolio of the Fund. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio of the Fund under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trustthe Fund's regular business hoursduly authorized employees or agents, and PFPC Trust will furnish to the Fund will be furnished with all information in respect of the services rendered to it as it may require. (iv) PNC Bank will provide the Fund with copies of any report obtained by PNC Bank on the system of internal accounting control of the Book-Entry System promptly after receipt of such a report by PNC Bank. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios Series eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosSeries, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio Series which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by bookBook-entry Entry or otherwise those securities belonging to each PortfolioSeries. PFPC Trust shall furnish to the Fund a detailed statement of the Property held for each Portfolio Series under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio Series deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust which relate to the Fund's participation in the Book-Entry System will be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hourshours be open to the inspection of Authorized Persons, and PFPC Trust will furnish to Custodian and the Fund all information in respect of the services rendered as it may require. PFPC Trust will also provide Custodian and the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust the Custodian certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust the Custodian on a continuous and on-going basis, to deposit in the Book-Entry System all securities belonging to the Portfolios Portfolio eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosPortfolio, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust The Custodian shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actionsactions(s). PFPC Trust shall To administer the Book-Entry System as followsproperly, the following provisions shall apply: (i) With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry Systemsystem, established pursuant to this sub-paragraph e hereof, the records of PFPC Trust the Custodian shall identify by bookBook-entry Entry or otherwise those securities belonging to each the Portfolio. PFPC Trust The Custodian shall furnish to the Fund a detailed statement of the Property held for each the Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each the Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust the Custodian in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust The Custodian and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust the Custodian which relate to the Fund's participation in the Book-Entry System will at all times during the Custodian's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trustthe Fund's regular business hoursduly authorized employees or agents, and PFPC Trust will furnish to the Fund will be furnished with all information in respect of the services rendered to it as it may require. PFPC Trust . (iv) The Custodian will also provide the Fund with such reports on its own system copies of internal control as any report obtained by the Fund may reasonably request from time to time.Custodian on

Use of Book-Entry System. The Fund shall deliver to PFPC Trust Provident certified resolutions of the Board of Directors of the Fund approving, authorizing and instructing PFPC Trust Provident on a continuous basis, and on-going basis until instructed to the contrary by Oral or Written Instructions actually received by Provident (a) to deposit in the Book-Entry System all securities belonging to the Covered Portfolios eligible for deposit therein and (b) to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Covered Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust Without limiting the generality of such use, it is agreed that the following provisions shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as followsapply thereto: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by book-entry or otherwise those securities belonging to each Portfolio. PFPC Trust shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (iia) Securities and any cash of each Portfolio the Covered Portfolios deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust Provident in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust Provident and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iiib) All books and records maintained by PFPC Trust Provident which relate to the Fund's ’s participation in the Book-Entry System will at all times during Provident’s regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursthe Fund’s duly authorized employees, designees and agents, and PFPC Trust will furnish to the Fund will be furnished with all information in respect of the services rendered to it as it may require. (c) Provident will provide the Fund with copies of any report obtained by Provident on the system of internal accounting control of the Book-Entry System promptly after receipt of such a report by Provident. PFPC Trust Provident will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time. (d) In the event that any securities transaction for a Covered Portfolio fails to settle in accordance with Instructions received by Provident, Provident shall promptly so notify PFPC and Provident shall use its best efforts to settle or cause to be settled Such transactions in accordance with such Instructions.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Directors approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Book- Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Book- Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Governing Board approving, authorizing and instructing PFPC Trust PNC Bank on a continuous and on-going basis, to deposit in the Book-Entry System all securities belonging to the Portfolios Fund eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosFund, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actionsactions(s). PFPC Trust shall To administer the Book-Entry System as followsproperly, the following provisions shall apply: (i) i. With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry Systemsystem, established pursuant to this sub-paragraph (e) hereof, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfoliothe Fund. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio the Fund under this Agreement at least monthly and from time to time and upon written request. (ii) . Securities and any cash of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) . All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trustthe Fund's regular business hoursduly authorized employees or agents, and PFPC Trust will furnish to the Fund will be furnished with all information in respect of the services rendered to it as it may require. iv. PFPC Trust PNC Bank will provide the Fund with copies of any report obtained by PNC Bank on the system of internal accounting control of the Book-Entry System promptly after receipt of such a report by PNC Bank. PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Directors approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all domestic securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of domestic securities by the Portfolios, and deliveries and returns of domestic securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to domestic securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those domestic securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities Domestic securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of domestic securities and will deliver domestic securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Directors approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust certified resolutions of the Board approvingis authorized and instructed, authorizing and instructing PFPC Trust on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios Fund eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosFund, and deliveries and returns of securities loaned, subject to repurchase agreements (or reverse repurchase agreements) or used as collateral in connection with borrowings. PFPC Trust shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written requestFund. (ii) Securities and any cash Assets of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. . (iii) PFPC Trust and its sub-custodian, if any, will pay out money only upon receipt of securities settle transactions as provided in subsections (j) and will deliver securities only upon the receipt of money(k) below. (iiiiv) All books and records maintained PFPC Trust will provide the Fund with copies of any reports obtained by PFPC Trust which relate to on the Fund's participation in system of internal accounting control of the Book-Entry System will be open to the inspection promptly after receipt of Authorized Persons at all times during such a report by PFPC Trust's regular business hours, and PFPC Trust will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Directors approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios Fund eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosFund, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfoliothe Fund. PFPC Trust PNC Bank shall furnish to the Custodian and Fund a detailed statement of the Property held for each Portfolio the Fund under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Custodian and the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Custodian and the Fund with such reports on its own system of internal control as the Custodian and the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified ------------------------ resolutions of the Fund's Board of Directors approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Book- Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Directors approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Funda Portfolio's participation in the Book-Book- Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust PNC Bank, on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loanedloaned by the Portfolios, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Directors approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all domestic securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of domestic securities by the Portfolios, and deliveries and returns of domestic securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to domestic securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those domestic securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities Domestic securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of domestic securities and will deliver domestic securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust certified resolutions of the Board approving, authorizing and instructing PFPC Trust on a continuous basis, to Provident may (a) deposit in the Book-Book- ------------------------ Entry System all securities belonging to the Portfolios a Portfolio which are eligible for deposit therein and to (b) utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust shall continue , in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations and subject to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as followsfollowing provisions: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by book-entry or otherwise those securities belonging to each Portfolio. PFPC Trust shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (iia) Securities and any cash of each any Portfolio deposited in the Book-Book- Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust Provident in other than a fiduciary or custodian capacity but may be commingled with other assets held in such fiduciary capacities. PFPC Trust Provident and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. With respect to securities of a Portfolio which are maintained in the Book-Entry System, the records of the Custodian shall identify by book-entry those securities belonging to such Portfolio. The Custodian shall furnish each Portfolio with confirmations (in the form of a written advice or notice) of transfers to or from the account of that Portfolio and shall furnish to each Portfolio copies of daily transaction sheets reflecting each day's transactions in the Book-Entry System for the account of that Portfolio. (iiib) All books and records maintained by PFPC Trust Provident which relate to the FundProvident's participation in the Book-Entry System will .System will. at all times during Provident's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursduly authorized employees or agents of Penn Series, and PFPC Trust will furnish to the Fund duly authorized employees of any governmental authority having supervisory jurisdiction over Penn Series, including but not limited to insurance or banking `regulatory authorities, and Penn Series will be furnished with all information in respect of the services rendered to it as it may require. (c) Provident will provide Penn Series with copies of any report obtained by Provident on the system of internal accounting control of the Book- Entry System promptly after receipt of such a report by Provident. PFPC Trust Provident will also provide the Fund Penn Series with such reports on its own system of internal control as the Fund Penn series may reasonably request from time to time. (d) Provident will not be responsible for losses from the acts and omissions of any entity within the Book-Entry System or any depository which is a registered clearing agency,, unless such losses are due to the negligence of Provident. (e) Commencing on the date hereof and hereafter on an annual basis, the custodian shall not deposit securities in the Book-Entry System in the absence of receipt of a certificate of the Secretary or an Assistant Secretary that the Board of Directors of Penn Series has approved the use of the Book- Entry System and receipt of an annual certificate of the Secretary or an Assistant Secretary that the Board of Directors of Penn Series has reviewed the use of the Book-Entry System, as required in each case by Rule 17f-4 under the 1940 Act. (f) Anything to the contrary in this Agreement notwithstanding, Provident shall be liable to Penn Series for any loss or expense (including reasonable attorneys' fees), or damage to any Portfolio resulting from use of the Book-Entry System by reason of negligence of Provident or any of its agents or any of their employees or agents or from failure of Provident or any such agent to enforce effectively such rights as it may have against the Book-Entry System. At the election of Penn Series, it shall be entitled to be subrogated to the rights of Provident with respect to any claim against the Book-Entry System or any other person which Provident may have a right against as a consequence of such loss, expense or damage, if and to the extent any Portfolio has not been made whole for any such loss, expense, or damage.

Use of Book-Entry System. The Fund Company shall deliver to PFPC Trust PNC Bank ------------------------ certified resolutions of the Board of Trustees of the Company approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, and ongoing basis until instructed to the contrary by Oral or Written Instructions actually received by PNC Bank (a) to deposit in the a Book-Entry System all securities belonging to the Portfolios Company eligible for deposit therein and (b) to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosCompany, and deliveries and returns of securities loaned, subject to repurchase or reverse repurchase agreements or used as collateral in connection with borrowings. PFPC Trust Without limiting the generality of such use, it is agreed that the following provisions shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as followsapply thereto: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by book-entry or otherwise those securities belonging to each Portfolio. PFPC Trust shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (iia) Securities and any cash of each Portfolio the Company deposited in the Book-Book- Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iiib) All books and records maintained by PFPC Trust PNC Bank which relate to the FundCompany's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trustthe Company's regular business hoursduly authorized employees or agents, and PFPC Trust the Company will furnish to the Fund be furnished with all information in respect of the services rendered to it as it may require. (c) PNC Bank will provide the Company with copies of any report obtained by PNC Bank on the system of internal accounting control of the Book- Entry System promptly after receipt of such a report by PNC Bank. PFPC Trust PNC Bank will also provide the Fund Company with such reports on its own system of internal control as the Fund Company may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Directors approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios Fund eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosFund, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfoliothe Fund. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio the Fund under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust certified resolutions of the Board approvingis authorized and instructed, authorizing and instructing PFPC Trust on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements (or reverse repurchase agreements) or used as collateral in connection with borrowings. PFPC Trust shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash Assets of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. . (iii) PFPC Trust and its sub-custodian, if any, will pay out money only upon receipt of securities settle transactions as provided in subsections (j) and will deliver securities only upon the receipt of money(k) below. (iiiiv) All books and records maintained PFPC Trust will provide the Fund with copies of any reports obtained by PFPC Trust which relate to on the Fund's participation in system of internal accounting control of the Book-Entry System will be open to the inspection promptly after receipt of Authorized Persons at all times during such a report by PFPC Trust's regular business hours, and PFPC Trust will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank ------------------------ certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-sub- custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Governing Board approving, authorizing and instructing PFPC Trust PNC Bank on a continuous and on-going basis, to deposit in the Book-Entry System all securities belonging to the Portfolios Fund eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosFund, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actionsactions(s). PFPC Trust shall To administer the Book-Entry System as followsproperly, the following provisions shall apply: (i) With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry Systemsystem, established pursuant to this sub-paragraph e hereof, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfoliothe Fund. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio the Fund under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trustthe Fund's regular business hoursduly authorized employees or agents, and PFPC Trust will furnish to the Fund will be furnished with all information in respect of the services rendered to it as it may require. (iv) PNC Bank will provide the Fund with copies of any report obtained by PNC Bank on the system of internal accounting control of the Book-Entry System promptly after receipt of such a report by PNC Bank. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Directors approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios Fund eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosFund, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfoliothe Fund. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio the Fund under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Governing Board approving, authorizing and instructing PFPC Trust PNC Bank on a continuous and on-going basis, to deposit in the Book-Entry System all securities belonging to each of the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosFund, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actionsactions(s). PFPC Trust shall To administer the Book-Entry System as followsproperly, the following provisions shall apply: (i) With respect to securities of each a Portfolio which are maintained in the Book-Entry Systemsystem, established pursuant to this 17 18 sub-paragraph e hereof, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each a Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio the Fund under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each a Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trustthe Fund's regular business hoursduly authorized employees or agents, and PFPC Trust will furnish to the Fund will be furnished with all information in respect of the services rendered to it as it may require. (iv) PNC Bank will provide the Fund with copies of any report obtained by PNC Bank on the system of internal accounting control of the Book-Entry System promptly after receipt of such a report by PNC Bank. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust certified resolutions of the Board approving, authorizing and instructing PFPC Trust on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by book-book- entry or otherwise those securities belonging to each Portfolio. PFPC Trust shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust which relate to the Fund's participation in the Book-Entry System will be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hours, and PFPC Trust will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all domestic securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of domestic securities by the Portfolios, and deliveries and returns of domestic securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of domestic securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank certified resolutions of the Fund's Governing Board approving, authorizing and instructing PFPC Trust PNC Bank on a continuous and on-going basis, to deposit in the Book-Entry System all securities belonging to the Portfolios Fund eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosFund, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actionsactions(s). PFPC Trust shall To administer the Book-Entry System as followsproperly, the following provisions shall apply: (i) With respect to securities of each Portfolio the Fund which are maintained in the Book-Entry Systemsystem, established pursuant to this sub-paragraph e hereof, the records of PFPC Trust PNC Bank shall identify by bookBook-entry Entry or otherwise those securities belonging to each Portfoliothe Fund. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio the Fund under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio the Fund deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trustthe Fund's regular business hoursduly authorized employees or agents, and PFPC Trust will furnish to the Fund will be furnished with all information in respect of the services rendered to it as it may require. PFPC Trust . (iv) PNC Bank will also provide the Fund with such reports on its own system copies of internal control as the Fund may reasonably request from time to time.any report

Use of Book-Entry System. The Fund Partnership shall deliver to PFPC Trust certified resolutions of the Board Partnership's General Partner or Directors approving, authorizing and instructing PFPC Trust on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by book-entry or otherwise those securities belonging to each Portfolio. PFPC Trust shall furnish to the Fund Partnership a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust which relate to the FundPartnership's participation in the Book-Entry System will be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hours, and PFPC Trust will furnish to the Fund Partnership all information in respect of the services rendered as it may require. PFPC Trust will also provide the Fund Partnership with such reports on its own system of internal control as the Fund Partnership may reasonably request from time to time.

Use of Book-Entry System. The Fund Company shall deliver to PFPC Trust PNC Bank ------------------------ certified resolutions of the Board of Trustees of the Company approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, and ongoing basis until instructed to the contrary by Oral or Written Instructions actually received by PNC Bank (a) to deposit in the a Book-Entry System all securities belonging to the Portfolios Company eligible for deposit therein and (b) to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the PortfoliosCompany, and deliveries and returns of securities loaned, subject to repurchase or reverse repurchase agreements or used as collateral in connection with borrowings. PFPC Trust Without limiting the generality of such use, it is agreed that the following provisions shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust shall administer the Book-Entry System as followsapply thereto: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust shall identify by book-entry or otherwise those securities belonging to each Portfolio. PFPC Trust shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (iia) Securities and any cash of each Portfolio the Company deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iiib) All books and records maintained by PFPC Trust PNC Bank which relate to the FundCompany's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trustthe Company's regular business hoursduly authorized employees or agents, and PFPC Trust the Company will furnish to the Fund be furnished with all information in respect of the services rendered to it as it may require. (c) PNC Bank will provide the Company with copies of any report obtained by PNC Bank on the system of internal accounting control of the Book-Entry System promptly after receipt of such a report by PNC Bank. PFPC Trust PNC Bank will also provide the Fund Company with such reports on its own system of internal control as the Fund Company may reasonably request from time to time.

Use of Book-Entry System. The Fund shall deliver to PFPC Trust PNC Bank ------------------------ certified resolutions of the Fund's Board of Trustees approving, authorizing and instructing PFPC Trust PNC Bank on a continuous basis, to deposit in the Book-Entry System all securities belonging to the Portfolios eligible for deposit therein and to utilize the Book-Entry System to the extent possible in connection with settlements of purchases and sales of securities by the Portfolios, and deliveries and returns of securities loaned, subject to repurchase agreements or used as collateral in connection with borrowings. PFPC Trust PNC Bank shall continue to perform such duties until it receives Written Instructions or Oral Instructions authorizing contrary actions. PFPC Trust PNC Bank shall administer the Book-Entry System as follows: (i) With respect to securities of each Portfolio which are maintained in the Book-Entry System, the records of PFPC Trust PNC Bank shall identify by book-entry Book- Entry or otherwise those securities belonging to each Portfolio. PFPC Trust PNC Bank shall furnish to the Fund a detailed statement of the Property held for each Portfolio under this Agreement at least monthly and from time to time and upon written request. (ii) Securities and any cash of each Portfolio deposited in the Book-Entry System will at all times be segregated from any assets and cash controlled by PFPC Trust PNC Bank in other than a fiduciary or custodian capacity but may be commingled with other assets held in such capacities. PFPC Trust PNC Bank and its sub-custodian, if any, will pay out money only upon receipt of securities and will deliver securities only upon the receipt of money. (iii) All books and records maintained by PFPC Trust PNC Bank which relate to the Fund's participation in the Book-Entry System will at all times during PNC Bank's regular business hours be open to the inspection of Authorized Persons at all times during PFPC Trust's regular business hoursPersons, and PFPC Trust PNC Bank will furnish to the Fund all information in respect of the services rendered as it may require. PFPC Trust PNC Bank will also provide the Fund with such reports on its own system of internal control as the Fund may reasonably request from time to time.