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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 17
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<PAGE> PAGE 20
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070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
<PAGE> PAGE 21
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 28135
071 B000400 17038
071 C000400 61604
071 D000400 28
072 A000400 6
072 B000400 119
072 C000400 373
072 D000400 0
072 E000400 0
072 F000400 220
072 G000400 34
072 H000400 0
072 I000400 15
072 J000400 41
072 K000400 0
072 L000400 0
072 M000400 2
072 N000400 21
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 12
072 S000400 13
072 T000400 0
072 U000400 5
072 V000400 0
072 W000400 10
072 X000400 373
072 Y000400 35
072 Z000400 154
072AA000400 1378
072BB000400 0
072CC010400 0
072CC020400 1453
072DD010400 0
072DD020400 0
072EE000400 813
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.1091
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<PAGE> PAGE 22
074 A000400 4464
074 B000400 0
074 C000400 0
074 D000400 5
074 E000400 863
074 F000400 69282
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 244
074 M000400 55
074 N000400 74913
074 O000400 735
074 P000400 28
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 366
074 S000400 0
074 T000400 73784
074 U010400 7516
074 U020400 0
074 V010400 9.82
074 V020400 0.00
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SIGNATURE DIANE MARKY
TITLE ASSISTANT SECRETARY
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EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountant's report on internal control.
Exhibit B: Attachment to item 77C:
Matters submitted to a vote of security holders
Exhibit C: Attachment to item 77Q1:
New or amended sub-advisory agreement
- --------------------------------------------------------------
EXHIBIT A:
Report of Independent Auditors
Board of Trustees
The Rodney Square Strategic Equity Fund
Wilmington, Delaware
In planning and performing our audit of the financial
statements of The Rodney Square Strategic Equity Fund (the
"Fund"), comprised of the Large Cap Growth, Large Cap Value
Equity, Small Cap Equity and International Equity Portfolios,
for the year ended December 31, 1998, we considered its
internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more
of the specific internal control components does not reduce to
a relatively low level the risk that errors or fraud in amounts
that would be material in relation to the financial statements
being audited may occur and not be detected within a timely
period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving
internal control and its operations, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above at December 31, 1998.
This report is intended solely for the information and use of
the Board of Trustees and management of the Fund and the
Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified
parties.
ERNST & YOUNG LLP
Philadelphia, Pennsylvania
February 5, 1999
EXHIBIT B:
Exhibit to item 77C:
At a special meeting on December 21, 1998, shareholders of
the International Equity Portfolio approved the
reassignment of the sub-advisory contract with Scudder
Kemper Investments, Inc. The reassignment of the sub-
advisor contract was required due to a change in control of
Scudder Kemper Investments, Inc. The results of the
shareholder vote were as follows; 7,169,951 votes for
approval, 0 votes against approval and 265,106 votes were
not cast.
EXHIBIT C:
Exhibit to item 77Q1:
THE RODNEY SQUARE STRATEGIC EQUITY FUND
SUB-ADVISORY AGREEMENT
THIS SUB-ADVISORY AGREEMENT is made as of the 7th day of
September, 1998, among The Rodney Square Strategic Equity
Fund, a Massachusetts business trust (the "Fund"),
Wilmington Trust Company (the "Adviser"), a corporation
organized under the laws of the State of Delaware and
Scudder Kemper Investments, Inc., a corporation organized
under the laws of the State of Delaware
(the "Sub-Adviser" ).
WHEREAS, the Fund is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end
management investment company and offers for public sale
distinct series of shares of beneficial interest; and
WHEREAS, The International Equity Portfolio (the
"Portfolio") is a series of the Fund; and
WHEREAS, the Adviser acts as the investment adviser for the
Portfolio pursuant to the terms of an Investment Advisory
Agreement between the Fund and the Adviser under which the
Adviser is responsible for the coordination of investment of
the Portfolio's assets in portfolio securities; and
WHEREAS, the Adviser is authorized under the Investment
Advisory Agreement to delegate its investment
responsibilities to one or more persons or companies;
NOW THEREFORE, in consideration of the promises and mutual
covenants herein contained, the Fund, the Adviser and the
Sub-Adviser agree as follows:
1.Appointment of Sub-Adviser. The Fund hereby appoints and
employs the Sub-Adviser as a discretionary portfolio
manager, on the terms and conditions set forth herein, of
those assets of the Portfolio which the Adviser determines
to assign to the Sub-Adviser (those assets being referred to
as the "Portfolio Account"). The Adviser may, from time to
time, make additions to and withdrawals, including cash and
cash equivalents, from the Portfolio Account.
2.Acceptance of Appointment. The Sub-Adviser accepts its
appointment as a discretionary portfolio manager and agrees
to use its professional judgment to make investment
decisions for the Portfolio with respect to the investments
of the Portfolio Account and to implement such decisions on
a timely basis in accordance with the provisions of this
Agreement.
3.Delivery of Documents. The Adviser has furnished the
Sub-Adviser with copies properly certified or authenticated of
each of the following and will promptly provide the Sub-Adviser
with copies properly certified or authenticated of
any amendment or supplement thereto:
The Portfolio's Investment Advisory Agreement;
The Fund's most recent effective registration statement and
financial statements as filed with the Securities and
Exchange Commission;
The Fund's Declaration of Trust and By-Laws; and
Any policies, procedures or instructions adopted or approved
by the Fund's Board of Trustees relating to obligations and
services provided by the Sub-Adviser.
4.Portfolio Management Services of the Sub-Adviser. The
Sub-Adviser is hereby employed and authorized to select
portfolio securities for investment by the Portfolio, to
purchase and to sell securities for the Portfolio Account,
and upon making any purchase or sale decision, to place
orders for the execution of such portfolio transactions in
accordance with Sections 6 and 7 hereof and Schedule A
hereto (as amended from time to time). In providing
portfolio management services to the Portfolio Account, the
Sub-Adviser shall be subject to and shall conform to such
investment restrictions as are set forth in the 1940 Act and
the rules thereunder, the Internal Revenue Code, applicable
state securities laws, applicable statutes and regulations
of foreign jurisdictions, the supervision and control of the
Board of Trustees of the Fund, such specific instructions as
the Board of Trustees may adopt and communicate to the
Sub-Adviser, the investment objective, policies and restrictions
of the Fund applicable to the Portfolio furnished pursuant
to Section 5 of this Agreement, the provisions of Schedule A
and Schedule B hereto and other instructions communicated to
the Sub-Adviser by the Adviser. The Sub-Adviser is not
authorized by the Fund to take any action, including the
purchase or sale of securities for the Portfolio Account, in
contravention of any restriction, limitation, objective,
policy or instruction described in the previous sentence.
The Sub-Adviser shall maintain on behalf of the Fund the
records listed in Schedule B hereto (as amended from time to
time). At the Fund's reasonable request, the Sub-Adviser
will consult with the Fund or with the Adviser with respect
to any decision made by it with respect to the investments
of the Portfolio Account.
5.Investment Objective, Policies and Restrictions. The Fund
will provide the Sub-Adviser with the statement of
investment objective, policies and restrictions applicable
to the Portfolio as contained in the Portfolio's Prospectus
and Statement of Additional Information, all amendments or
supplements to the Prospectus and Statement of Additional
Information, and any instructions adopted by the Board of
Trustees supplemental thereto. The Fund agrees, on an
ongoing basis, to notify the Sub-Adviser in writing of each
change in the fundamental and non-fundamental investment
policies of the Portfolio and will provide the Sub-Adviser
with such further information concerning the investment
objective, policies, restrictions and such other information
applicable thereto as the Sub-Adviser may from time to time
reasonably request for performance of its obligations under
this Agreement. The Fund retains the right, on written
notice to the Sub-Adviser from the Fund or the Adviser, to
modify any such objective, policies or restrictions in any
manner at any time.
6.Transaction Procedures. All transactions will be
consummated by payment to or delivery by the custodian
designated by the Fund (the "Custodian"), or such
depositories or agents as may be designated by the Custodian
in writing, of all cash and/or securities due to or from the
Portfolio Account, and the Sub-Adviser shall not have
possession or custody thereof. The Sub-Adviser shall advise
the Custodian and confirm in writing to the Fund and to the
administrator designated by the Fund or any other designated
agent of the Fund, all investment orders for the Portfolio
Account placed by it with brokers and dealers at the time
and in the manner set forth in Schedule B hereto (as amended
from time to time). The Fund shall issue to the Custodian
such instructions as may be appropriate in connection with
the settlement of any transaction initiated by the Sub-Adviser.
The Fund shall be responsible for all custodial
arrangements and the payment of all custodial charges and
fees, and, upon giving proper instructions to the Custodian,
the Sub-Adviser shall have no responsibility or liability
with respect to custodial arrangements or the acts,
omissions or other conduct of the Custodian, except that it
shall be the responsibility of the Sub-Adviser to take
appropriate action if the Custodian fails to confirm in
writing proper execution of the instructions.
7.Allocation of Brokerage. The Sub-Adviser shall have
authority and discretion to select brokers and dealers
(including brokers that may be affiliates of the Sub-Adviser
to the extent permitted by Section 7(c) hereof) to execute
portfolio transactions initiated by the Sub-Adviser, and for
the selection of the markets on or in which the transactions
will be executed, subject to the following and subject to
conformance with the policies and procedures disclosed in
the Fund's Prospectus and Statement of Additional
Information and the policies and procedures adopted by the
Fund's Board of Trustees.
(a)In executing portfolio transactions, the Sub-Adviser will
give primary consideration to securing the best price and
execution. Consistent with this policy, the Sub-Adviser may
consider the financial responsibility, research and
investment information and other services provided by
brokers or dealers who may effect or be a party to any such
transaction or other transactions to which other clients of
the Sub-Adviser may be a party. It is understood that
neither the Fund, the Adviser nor the Sub-Adviser has
adopted a formula for allocation of the Fund's investment
transaction business. It is also understood that it is
desirable for the Fund that the Sub-Adviser have access to
supplemental investment and market research and security and
economic analyses provided by certain brokers who may
execute brokerage transactions at a higher commission to the
Fund than may result when allocating brokerage to other
brokers on the basis of seeking the lowest commission.
Therefore, the Sub-Adviser is authorized to place orders for
the purchase and sale of securities for the Portfolio with
such certain brokers, subject to review by the Fund's Board
of Trustees from time to time with respect to the extent and
continuation of this practice. It is understood that the
services provided by such brokers may be useful to the
Sub-Adviser in connection with its services to other clients.
The Sub-Adviser is also authorized to place orders with
certain brokers for services deemed by the Adviser to be
beneficial for the Fund; and the Sub-Adviser shall follow
the directions of the Adviser or the Fund in this regard.
(b)On occasions when the Sub-Adviser deems the purchase or
sale of a security to be in the best interest of the
Portfolio as well as other clients, the Sub-Adviser, to the
extent permitted by applicable laws and regulations, may,
but shall be under no obligation to, aggregate the
securities to be sold or purchased in order to obtain the
best price and execution. In such event, allocation of the
securities so purchased or sold, as well as expenses
incurred in the transaction, will be made by the Sub-Adviser
in the manner it considers to be the most equitable and
consistent with its fiduciary obligations to the Fund in
respect of the Portfolio and to such other clients.
(c)The Sub-Adviser agrees that it will not execute without
the prior written approval of the Adviser any portfolio
transactions for the Portfolio Account with a broker or
dealer which is (i) an affiliated person of the Fund,
including the Adviser or any Sub-Adviser for any Portfolio
of the Fund; (ii) a principal underwriter of the Fund's
shares; or (iii) an affiliated person of such an affiliated
person or principal underwriter. The Adviser agrees that it
will provide the Sub-Adviser with a list of such brokers and
dealers.
(d)The Adviser shall render regular reports to the Fund of
the total brokerage business placed and the manner in which
the allocation has been accomplished.
8.Proxies. The Sub-Adviser will vote all proxies solicited
by or with respect to issuers of securities in which assets
of the Portfolio Account may be invested from time to time.
At the request of the Sub-Adviser, the Adviser shall provide
the Sub-Adviser with its recommendations as to the voting of
such proxies.
9.Reports to the Sub-Adviser. The Fund will provide the
Sub-Adviser with such periodic reports concerning the status
of the Portfolio Account as the Sub-Adviser may reasonably
request.
10.Fees for Services. The compensation of the Sub-Adviser
for its services under this Agreement shall be calculated
and paid by the Adviser in accordance with the attached
Schedule C. Pursuant to the provisions of the Investment
Advisory Agreement between the Fund and the Adviser, the
Adviser is solely responsible for the payment of fees to the
Sub-Adviser, and the Sub-Adviser agrees to seek payment of
the Sub-Adviser's fees solely from the Adviser.
11.Other Investment Activities of the Sub-Adviser. The Fund
acknowledges that the Sub-Adviser or one or more of its
affiliated persons may have investment responsibilities or
render investment advice to or perform other investment
advisory services for other individuals or entities and that
the Sub-Adviser, its affiliated persons or any of its or
their directors, officers, agents or employees may buy, sell
or trade in any securities for its or their respective
accounts ("Affiliated Accounts"). Subject to the provisions
of Section 7(b) hereof, the Fund agrees that the Sub-Adviser
or its affiliated persons may give advice or exercise
investment responsibility and take such other action with
respect to other Affiliated Accounts which may differ from
the advice given or the timing or nature of action taken
with respect to the Portfolio Account, provided that the
Sub-Adviser acts in good faith, and provided further, that
it is the Sub-Adviser's policy to allocate, within its
reasonable discretion, investment opportunities to the
Portfolio Account over a period of time on a fair and
equitable basis relative to the Affiliated Accounts, taking
into account the investment objective and policies of the
Portfolio and any specific investment restrictions
applicable thereto. The Fund acknowledges that one or more
of the Affiliated Accounts may at any time hold, acquire,
increase, decrease, dispose of or otherwise deal with
positions in investments in which the Portfolio Account may
have an interest from time to time, whether in transactions
which involve the Portfolio Account or otherwise. The
Sub-Adviser shall have no obligation to acquire for the
Portfolio Account a position in any investment which any
Affiliated Account may acquire, and the Fund shall have no
first refusal, co-investment or other rights in respect of
any such investment, either for the Portfolio Account or
otherwise.
12.Certificate of Authority. The Fund, the Adviser and the
Sub-Adviser shall furnish to each other from time to time
certified copies of the resolutions of their Boards of
Trustees/Directors or executive committees, as the case may
be, evidencing the authority of officers and employees who
are authorized to act on behalf of the Fund, a Portfolio
Account, the Adviser and/or the Sub-Adviser.
13.Limitation of Liability. The Sub-Adviser shall not be
liable for any action taken, omitted or suffered to be taken
by it in its reasonable judgment, in good faith and believed
by it to be authorized or within the discretion or rights or
powers conferred upon it by this Agreement, or in accordance
with (or in the absence of) specific directions or
instructions from the Fund or the Adviser, provided,
however, that such acts or omissions shall not have resulted
from the Sub-Adviser's willful misfeasance, bad faith, gross
negligence or a reckless disregard of duty. Nothing in this
Section 13 shall be construed in a manner inconsistent with
Section 17(i) of the 1940 Act.
14.Confidentiality. Subject to the duty of the Sub-Adviser,
the Adviser and the Fund to comply with applicable law,
including any demand of any regulatory or taxing authority
having jurisdiction, the parties hereto shall treat as
confidential all material non public information pertaining
to the Portfolio Account and the actions of the Sub-Adviser,
the Adviser and the Fund in respect thereof.
15.Assignment. No assignment of this Agreement shall be
made by the Sub-Adviser, and this Agreement shall terminate
automatically in the event of such assignment. The Sub-Adviser
shall notify the Fund and the Adviser in writing
sufficiently in advance of any proposed change of control
within the meaning of the 1940 Act to enable the Fund and
the Adviser to take the steps necessary to enter into a new
contract with the Sub-Adviser.
16.Representations, Warranties and Agreements of the Fund.
The Fund represents, warrants and agrees that:
(a)The Sub-Adviser has been duly appointed by the Board of
Trustees of the Fund to provide investment services to the
Portfolio Account as contemplated hereby.
(b)The Fund will deliver to the Sub-Adviser a true and
complete copy of its then current Prospectus and Statement
of Additional Information as effective from time to time and
such other documents or instruments governing the investment
of the Portfolio Account and such other information as is
necessary for the Sub-Adviser to carry out its obligations
under this Agreement.
(c)The Fund is currently in compliance and shall at all
times continue to comply with the requirements imposed upon
the Fund by applicable law and regulations.
17.Representations, Warranties and Agreements of the
Adviser. The Adviser represents, warrants and agrees that:
(a)The Adviser has been duly authorized by the Board of
Trustees of the Fund to delegate to the Sub-Adviser the
provision of investment services to the Portfolio Account as
contemplated hereby.
(b)The Adviser is currently in compliance and shall at all
times continue to comply with the requirements imposed upon
the Adviser by applicable law and regulations.
18.Representations. Warranties and Agreements of the Sub-Adviser.
The Sub-Adviser represents, warrants and agrees
that:
(a)The Sub-Adviser is registered as an "investment adviser"
under the Investment Advisers Act of 1940 ("Advisers Act")
or is a "bank" as defined in Section 202(a)(2) of the
Advisers Act.
(b)The Sub-Adviser will maintain, keep current and preserve
on behalf of the Fund, in the manner required or permitted
by the 1940 Act, the records identified in Schedule B. The
Sub-Adviser agrees that such records (unless otherwise
indicated on Schedule B) are the property of the Fund, and
will be surrendered to the Fund promptly upon request. The
Sub-Adviser agrees to keep confidential all records of the
Fund and information relating to the Fund, unless the
release of such records or information is otherwise
consented to in writing by the Fund or the Adviser. The
Fund and the Adviser agree that such consent shall not be
unreasonably withheld and may not be withheld where the
Sub-Adviser may be exposed to civil or criminal contempt
proceedings or when required to divulge such information or
records to duly constituted authorities.
(c)The Sub-Adviser will complete such reports concerning
purchases or sales of securities on behalf of the Portfolio
Account as the Adviser or the Fund may from time to time
require to ensure compliance with the 1940 Act, the Internal
Revenue Code, applicable state securities laws and
applicable statutes and regulations of foreign
jurisdictions.
(d)The Sub-Adviser has adopted a written code of ethics
complying with the requirements of Rule 17j-1 under the 1940
Act and Section 204A of the Advisers Act and has provided
the Fund with a copy of the code of ethics and evidence of
its adoption. Within forty-five (45) days of the end of the
last calendar quarter of each year while this Agreement is
in effect, the president or a vice president or general
partner of the Sub-Adviser shall certify to the Fund that
the Sub-Adviser has complied with the requirements of Rule
17j-1 and Section 204A during the previous year and that
there has been no violation of the Sub-Adviser's code of
ethics or, if such a violation has occurred, that
appropriate action was taken in response to such violation.
Upon the written request of the Fund, the Sub-Adviser shall
permit the Fund, its employees or its agents to examine the
reports required to be made to the Sub-Adviser by Rule
17j-1(c)(1).
(e)The Sub-Adviser will promptly after filing with the
Securities and Exchange Commission an amendment to its Form
ADV furnish a copy of such amendment to the Fund and the
Adviser.
(f)The Sub-Adviser will immediately notify the Fund and the
Adviser of the occurrence of any event which would
disqualify the Sub-Adviser from serving as an investment
adviser of an investment company pursuant to Section 9 of
the 1940 Act or otherwise. The Sub-Adviser will also
immediately notify the Fund and the Adviser if it is served
or otherwise receives notice of any action, suit,
proceeding, inquiry or investigation, at law or in equity,
before or by any court, public board or body, involving the
affairs of the Portfolio.
19.Amendment. This Agreement may be amended at any time,
but only by written agreement among the Sub-Adviser, the
Adviser and the Fund, which amendment, other than amendments
to Schedules A and B, is subject to the approval of the
Board of Trustees and, to the extent required by the 1940
Act, the shareholders of the Portfolio in the manner
required by the 1940 Act and the rules thereunder, subject
to any applicable orders of exemption issued by the
Securities and Exchange Commission.
20.Effective Date; Term. This Agreement shall become
effective on the date first written above and shall remain
in force for a period of time of two years from such date,
and from year to year thereafter but only so long as such
continuance is specifically approved at least annually by
the vote of a majority of the Directors who are not
interested persons of the Fund, the Adviser or the Sub-Adviser,
cast in person at a meeting called for the purpose
of voting on such approval, and by a vote of the Board of
Directors or of a majority of the outstanding voting
securities of the Portfolio. The aforesaid requirement that
this Agreement may be continued "annually" shall be
construed in a manner consistent with the 1940 Act and the
rules and regulations thereunder.
21.Termination.
(a)This Agreement may be terminated by the Fund (by a vote
of the Board of Directors of the Fund or by a vote of a
majority of the outstanding voting securities of the
Portfolio), without the payment of any penalty, immediately
upon written notice to the other parties hereto, in the
event of a material breach of any provision thereof by the
party so notified or otherwise by the Fund, upon sixty (60)
days' written notice to the other parties hereto, but any
such termination shall not affect the status, obligations or
liabilities of any party hereto to the others.
(b)This Agreement may also be terminated by the Adviser or
the Sub-Adviser, without the payment of any penalty
immediately upon written notice to the other parties hereto,
in the event of a material breach of any provision thereof
by the party so notified if such breach shall not have been
cured within a 20-day period after notice of such breach or
otherwise by the Adviser or the Sub-Adviser upon sixty (60)
days' written notice to the other parties hereto, but any
such termination shall not affect the status, obligations or
liabilities of any party hereto to the others.
22.Shareholder Liability. The Adviser and Sub-Adviser are
hereby expressly put on notice of the limitation of
shareholder liability as set forth in the Declaration of
Trust of the Fund and agree that obligations assumed by the
Fund pursuant to this Agreement shall be limited in all
cases to the Fund and its assets, and if the liability
relates to one or more Portfolios, the obligations hereunder
shall be limited to the respective assets of such Portfolio
or Portfolios. The Adviser and Sub-Adviser further agree
that they shall not seek satisfaction of any such obligation
from the shareholders or any individual shareholder of the
Portfolios of the Fund, nor from the Trustees or any
individual Trustee of the Fund.
23.Definitions. As used in this Agreement, the terms
"affiliated person," "assignment," "control," "interested
person," "principal underwriter" and "vote of a majority of
the outstanding voting securities" shall have the meanings
set forth in the 1940 Act and the rules and regulations
thereunder, subject to any applicable orders of exemption
issued by the Securities and Exchange Commission.
24.Notice. Any notice under this Agreement shall be given
in writing addressed and delivered or mailed, postage
prepaid, to the other parties to this Agreement at their
principal place of business.
25.Severability. If any provision of this Agreement shall
be held or made invalid by a court decision, statute, rule
or otherwise, the remainder of this Agreement shall not be
affected thereby.
Governing Law. To the extent that state law is not
preempted by the provisions of any law of the United States
heretofore or hereafter enacted, as the same may be amended
from time to time, this Agreement shall be administered,
construed and enforced according to the laws of the State of
Delaware.
Entire Agreement. This Agreement and the Schedules attached
hereto embodies the entire agreement and understanding
between the parties.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed, as of the day and year first
written above.
THE RODNEY SQUARE STRATEGIC EQUITY FUND
on behalf of
THE INTERNATIONAL EQUITY PORTFOLIO
By: ________________________
Robert J. Christian, President
SCUDDER KEMPER INVESTMENTS, INC.
By: ________________________
Title: _____________________
WILMINGTON TRUST COMPANY
By: ______________________
Robert J. Christian,
Senior Vice President
SCHEDULES: A. Operating Procedures
B. Record Keeping Requirements
C. Fee Schedule
