Common use of Investment of Cash Collateral Clause in Contracts

Investment of Cash Collateral. In making the investments of cash received as collateral discussed in the Securities Lending Agreement, including income received from such collateral, the Adviser is authorized and directed to use any of the types of investments (the "Permitted Investments") checked below: A. Short term obligations of corporations, including but not limited to commercial paper, promissory notes, master variable demand notes, and private placements, whose: [ ] Commercial paper is rated in the highest category of at least two nationally recognized securities rating organizations at the time of purchase, or if the corporation has not received a rating from any nationally recognized securities organization, the security must meet such standards as may be necessary to be assigned a "highest category" rating as determined by the Adviser. [ ] Commercial paper is rated not less than the second highest category of all nationally recognized securities rating organizations at the time of purchase. B. Loan participation certificates of corporations whose: [ ] Commercial paper is rated in the highest category of at least two nationally recognized securities rating organizations at the time of purchase, or if the corporation has not received a rating from any nationally recognized securities organization, the security must meet such standards as may be necessary to be assigned a "highest category" rating as determined by the Adviser. [ ] Commercial paper is rated not less than the second highest category of all nationally rated securities rating organizations at the time of purchase. C. [ ] Short term obligations of banks, including, but not limited to, certificates of deposit, bankers' acceptances, and time deposits, including without limitations any such instrument issued by the Subcustodian or one of its affiliates. D. [X] Short term obligations of the United States Government or its agencies. E. [X] Repurchase agreements collateralized by securities issued or guaranteed by the United States Government or its agencies. F. [X] Money market mutual funds or other securities of any open-end or closed-end investment company or investment trust registered under the Investment Company Act of 1940, as amended, which invest solely in securities issued or guaranteed by the United States Government or its agencies and repurchase agreements collateralized by such securities. G. [ ] Collective short-term investment funds organized and operated by the Adviser or its affiliates for Employee Benefit Trusts only.

Investment of Cash Collateral. In making the investments of cash received as collateral discussed in the Securities Lending Agreement, including income received from such collateral, the Adviser is authorized and directed to use any of the types of investments (the "Permitted Investments") checked below: A. Short term obligations of corporations, including but not limited to commercial paper, promissory notes, master variable demand notes, and private placements, whose: [ [X] Commercial paper is rated in the highest category of at least two nationally recognized securities rating organizations at the time of purchase, or if the corporation has not received a rating from any nationally recognized securities organization, the security must meet such standards as may be necessary to be assigned a "highest category" rating as determined by the Adviser. [ ] Commercial paper is rated not less than the second highest category of all nationally recognized securities rating organizations at the time of purchase. B. Loan participation certificates of corporations whose: [ [X] Commercial paper is rated in the highest category of at least two nationally recognized securities rating organizations at the time of purchase, or if the corporation has not received a rating from any nationally recognized securities organization, the security must meet such standards as may be necessary to be assigned a "highest category" rating as determined by the Adviser. [ ] Commercial paper is rated not less than the second highest category of all nationally rated securities rating organizations at the time of purchase. C. [ [X] Short term obligations of banks, including, but not limited to, certificates of deposit, bankers' acceptances, and time deposits, including without limitations any such instrument issued by the Subcustodian or one of its affiliates. D. [X] Short term obligations of the United States Government or its agencies. E. [X] Repurchase agreements collateralized by securities issued or guaranteed by the United States Government or its agenciesagreements. F. [X[ ] Money market mutual funds or other securities of any open-end or closed-end investment company or investment trust registered under the Investment Company Act of 1940, as amended, which invest solely in securities issued or guaranteed by the United States Government or its agencies and repurchase agreements collateralized by such securities. G. [ ] Collective short-term investment funds organized and operated by the Adviser or its affiliates for Employee Benefit Trusts only.

Investment of Cash Collateral. In making the investments of cash received as collateral discussed in the Securities Lending Agreement, including income received from such collateral, the Adviser is authorized and directed to use any of the types of investments (the "Permitted Investments") checked below: A. Short term obligations of corporations, including but not limited to commercial paper, promissory notes, master variable demand notes, and private placements, whose: [ ] Commercial paper is rated in the highest category of at least two nationally recognized securities rating organizations at the time of purchase, or if the corporation has not received a rating from any nationally recognized securities organization, the security must meet such standards as may be necessary to be assigned a "highest category" rating as determined by the Adviser. [ ] Commercial paper is rated not less than the second highest category of all nationally recognized securities rating organizations at the time of purchase. B. Loan participation certificates of corporations whose: [ ] Commercial paper is rated in the highest category of at least two nationally recognized securities rating organizations at the time of purchase, or if the corporation has not received a rating from any nationally recognized securities organization, the security must meet such standards as may be necessary to be assigned a "highest category" rating as determined by the Adviser. [ ] Commercial paper is rated not less than the second highest category of all nationally rated securities rating organizations at the time of purchase. C. [ ] Short term obligations of banks, including, but not limited to, certificates of deposit, bankers' acceptances, and time deposits, including without limitations any such instrument issued by the Subcustodian or one of its affiliates. D. [X] Short term obligations of the United States Government or its agencies. E. [X] Repurchase agreements collateralized by securities issued or guaranteed by the United States Government or its agencies. F. [X] Money market mutual funds or other securities of any open-end or closed-end investment company or investment trust registered under the Investment Company Act of 1940, as amended, which invest solely in securities issued or guaranteed by the United States Government or its agencies and repurchase agreements collateralized by such securities. G. [ ] Collective short-term investment funds organized and operated by the Adviser or its affiliates for Employee Benefit Trusts only.

Investment of Cash Collateral. In making the investments of cash received as collateral discussed in the Securities Lending Agreement, including income received from such collateral, the Adviser is authorized and directed to use any of the types of investments (the "Permitted Investments") checked below: A. Short term obligations of corporations, including but not limited to commercial paper, promissory notes, master variable demand notes, and private placements, whose: [ [X] Commercial paper is rated in the highest category of at least two nationally recognized securities rating organizations at the time of purchase, or if the corporation has not received a rating from any nationally recognized securities organization, the security must meet such standards as may be necessary to be assigned a "highest category" rating as determined by the Adviser. [ ] Commercial paper is rated not less than the second highest category of all nationally recognized securities rating organizations at the time of purchase. B. Loan participation certificates of corporations whose: [ ] Commercial paper is rated in the highest category of at least two nationally recognized securities rating organizations at the time of purchase, or if the corporation has not received a rating from any nationally recognized securities organization, the security must meet such standards as may be necessary to be assigned a "highest category" rating as determined by the Adviser. [ ] Commercial paper is rated not less than the second highest category of all nationally rated securities rating organizations at the time of purchase. C. [ [X] Short term obligations of banks, including, but not limited to, certificates of deposit, bankers' acceptances, and time deposits, including without limitations any such instrument issued by the Subcustodian or one of its affiliates. D. [X] Short term obligations of the United States Government or its agencies. E. [X] Repurchase agreements collateralized by securities issued or guaranteed by the United States Government or its agenciesagreements. F. [X] Money market mutual funds or other securities of any open-end or closed-end investment company or investment trust registered under the Investment Company Act of 1940, as amended, which invest solely in securities issued or guaranteed by the United States Government or its agencies and repurchase agreements collateralized by such securities. G. [ ] Collective short-term investment funds organized and operated by the Adviser or its affiliates for Employee Benefit Trusts only.

Investment of Cash Collateral. In making the investments of cash received as collateral discussed in the Securities Lending Agreement, including income received from such collateral, the Adviser is authorized and directed to use any of the types of investments (the "Permitted Investments") checked below: A. Short term obligations of corporations, including but not limited to commercial paper, promissory notes, master variable demand notes, and private placements, whose: [ ] Commercial paper is rated in the highest category of at least two nationally recognized securities rating organizations at the time of purchase, or if the corporation has not received a rating from any nationally recognized securities organization, the security must meet such standards as may be necessary to be assigned a "highest category" rating as determined by the Adviser. [ ] Commercial paper is rated not less than the second highest category of all nationally recognized securities rating organizations at the time of purchase. B. Loan participation certificates of corporations whose: [ ] Commercial paper is rated in the highest category of at least two nationally recognized securities rating organizations at the time of purchase, or if the corporation has not received a rating from any nationally recognized securities organization, the security must meet such standards as may be necessary to be assigned a "highest category" rating as determined by the Adviser. [ ] Commercial paper is rated not less than the second highest category of all nationally rated securities rating organizations at the time of purchase. C. [ ] Short term obligations of banks, including, but not limited to, certificates of deposit, bankers' acceptances, and time deposits, including without limitations any such instrument issued by the Subcustodian or one of its affiliates. D. [X] Short term obligations of the United States Government or its agenciesGovernment. E. [X] Repurchase agreements collateralized by securities issued or guaranteed by the United States Government or its agenciesGovernment. F. [X] Money market mutual funds or other securities of any open-end or closed-end investment company or investment trust registered under the Investment Company Act of 1940, as amended, which invest solely in securities issued or guaranteed by the United States Government or its agencies and repurchase agreements collateralized by such securities. G. [ ] Collective short-term investment funds organized and operated by the Adviser or its affiliates for Employee Benefit Trusts only.