Privacy Principles:

PFPC Trust Company will post online any changes to the Web site Customer Information Privacy Policy and the Consumer Information Privacy Principles on or before the effective date of such changes. You will be able to determine the date of the last change by noting the effective date of the policies.

PFPC Trust Company serves as Custodian to self-directed savings and retirement accounts, such as Individual Retirement Accounts, Qualified Plans, 403(b)(7) Plans, and Health Savings Accounts (the "Accounts") owned by shareholders of investment companies for whom our affiliated company, PNC Global Investment Servicing serves as transfer and shareholder servicing agent for the ("Funds"). You are receiving this notice because you own or are considering establishing an Account that contains an investment in shares of a Fund.

PFPC Trust Company is committed to maintaining the privacy of Account owners and to safeguarding their nonpublic personal information. We collect nonpublic personal information from Account applications and other forms that Account owners send to establish and maintain an Account. PFPC Trust Company may also have access to specific information regarding an Account owner’s transactions with the Funds. We do not disclose any nonpublic personal information about any Account owner or former Account owner to anyone, except as permitted by law or as necessary in order to service the Account.

PFPC Trust Company restricts access to nonpublic personal information about the Account owners to our employees with a legitimate business need for the information. PFPC Trust Company maintains physical, electronic and procedural safeguards designed to protect the nonpublic personal information of Account owners.

This web-site does use and require session cookies only. These are small pieces of information that a Web-site uses to track a current user session and only exist while your browser is open. Session cookies are never stored on your computer's hard disk.

Cookies cannot be used to capture your e-mail address, obtain data from your hard drive or gain confidential or sensitive information about you. Additionally, cookies cannot be read by a web-site other than the one that set the cookie. Some web-sites, however, use cookies to obtain information from your browser. You can set your browser to notify you before accepting a cookie, so that you can control whether you accept or reject a cookie. Please refer to your browser online help for additional details on controlling cookies in your specific browser.

This version of the Web site Customer Information Privacy Policy is effective 07/01/04.