Common use of Manner of Holding Securities Clause in Contracts

Manner of Holding Securities. (a) The Custodian shall at all times hold securities of each Fund's Portfolios either: (i) by physical possession of the share certificates or other instruments representing such securities in registered or bearer form; or (ii) in book-entry form by a Securities System (as hereinafter defined) in accordance with the provisions of Section 2.22 below. (b) The Custodian shall at all times hold registered securities of each Portfolio in the name of the Custodian, the Portfolio or a nominee of either of them, unless specifically directed by Proper Instructions to hold such registered securities in so-called street name; provided that, in any event, all such securities and other assets shall be held in an account of the Custodian containing only assets of a Portfolio, or only assets held by the Custodian as a fiduciary or custodian for customers; and provided further, that the records of the Custodian shall indicate at all times the Portfolio or other customer for which such securities and other assets are held in such account and the respective interests therein. (c) Notwithstanding the provisions of the foregoing paragraphs of this Section 2.02, the Custodian is hereby authorized to maintain the shares of certain open-end mutual funds, managed by Fidelity Management & Research Company or its affiliates (the "Cash Management Funds") owned by the Portfolios pursuant to an exemptive order granted by the Securities and Exchange Commission ("SEC") on October 16, 1996, as the same may be amended from time to time, in book entry form directly with the transfer agent or a designated sub-transfer agent of each such Cash Management Fund ("Cash Management Fund Transfer Agent"), subject to and in accordance with the following provisions: (i) Such Cash Management Fund shares shall be maintained in separate custodian accounts for each such Portfolio in the Custodian's name or nominee, as custodian for such Portfolio. (ii) The Custodian will implement appropriate control procedures (the "Control Procedures") to ensure that (A) that only authorized personnel of the Custodian will be authorized to give instructions to a Cash Management Fund Transfer Agent in connection with a Portfolio's purchase or sale of Cash Management Fund shares, (B) trade instructions sent to a Cash Management Fund Transfer Agent are properly acknowledged by the Cash Management Fund Transfer Agent, and (C) the Cash Management Fund Transfer Agent's records of each Portfolio's daily trade activity in Cash Management Fund shares are properly reconciled with the Custodian's records.

Manner of Holding Securities. (a) The Custodian shall at all times hold securities of each Fund's Portfolios either: (i) by physical possession of the share certificates or other instruments representing such securities in registered or bearer form; or (ii) in book-entry form by a Securities System (as hereinafter defined) in accordance with the provisions of Section 2.22 below. (b) The Custodian shall at all times hold registered securities of each Portfolio in the name of the Custodian, the Portfolio or a nominee of either of them, unless specifically directed by Proper Instructions to hold such registered securities in so-called street name; provided that, in any event, all such securities and other assets shall be held in an account of the Custodian containing only assets of a Portfolio, or only assets held by the Custodian as a fiduciary or custodian for customers; and provided further, that the records of the Custodian shall indicate at all times the Portfolio or other customer for which such securities and other assets are held in such account and the respective interests therein. (c) Notwithstanding the provisions of the foregoing paragraphs of this Section 2.02, the Custodian is hereby authorized to maintain the shares of certain open-end mutual funds, managed by Fidelity Management & Research Company or its affiliates funds (the "Cash Management Funds") managed by either Fidelity Management & Research Company ("FMR") or its affiliates or successors or the Custodian owned by the Portfolios pursuant to an exemptive order granted by the Securities and Exchange Commission ("SEC") on October 16, 1996, as the same may be amended from time to time, in book entry form directly with the transfer agent or a designated sub-transfer agent of each such Cash Management Fund ("Cash Management Fund Transfer Agent"), subject to and in accordance with the following provisions: (i) : i. Such Cash Management Fund shares shall be maintained in separate custodian accounts for each such Portfolio in the Custodian's name or nominee, as custodian for such Portfolio. (ii) The Custodian will implement appropriate control procedures (the "Control Procedures") to ensure that (A) that only authorized personnel of the Custodian will be authorized to give instructions to a Cash Management Fund Transfer Agent in connection with a Portfolio's purchase or sale of Cash Management Fund shares, (B) trade instructions sent to a Cash Management Fund Transfer Agent are properly acknowledged by the Cash Management Fund Transfer Agent, and (C) the Cash Management Fund Transfer Agent's records of each Portfolio's daily trade activity in Cash Management Fund shares are properly reconciled with the Custodian's records.

Manner of Holding Securities. (a) The Custodian shall at all times hold securities of each Fund's Portfolios either: (i) by physical possession of the share certificates or other instruments representing such securities in registered or bearer form; or (ii) in book-entry form by a Securities System (as hereinafter defined) in accordance with the provisions of Section 2.22 below. (b) The Custodian shall at all times hold registered securities of each Portfolio in the name of the Custodian, the Portfolio or a nominee of either of them, unless the Custodian agrees, after being specifically directed by Proper Instructions Instructions, to hold such registered securities in so-called street name; provided that, in any event, all such securities and other assets shall be held in an account of the Custodian containing only assets of a Portfolio, or only assets held by the Custodian as a fiduciary or custodian for customers; and provided further, that the records of the Custodian shall indicate at all times the Portfolio or other customer for which such securities and other assets are held in such account and the respective interests therein. (c) Notwithstanding the provisions of the foregoing paragraphs of this Section 2.02, the Custodian is hereby authorized to maintain the shares of certain open-end mutual funds, managed by Fidelity Management & Research Company or its affiliates funds (the "Cash Management Funds") owned by the Portfolios pursuant to an exemptive order granted by the Securities and Exchange Commission ("SEC") on October 16, 1996, as the same may be amended from time to time, in book entry form directly with the transfer agent or a designated sub-transfer agent of each such Cash Management Fund ("Cash Management Fund Transfer Agent"), subject to and in accordance with the following provisions: (i) : i. Such Cash Management Fund shares shall be maintained in separate custodian accounts for each such Portfolio in the Custodian's name or nominee, as custodian for such Portfolio. (ii) The Custodian will implement appropriate control procedures (the "Control Procedures") to ensure that (A) that only authorized personnel of the Custodian will be authorized to give instructions to a Cash Management Fund Transfer Agent in connection with a Portfolio's purchase or sale of Cash Management Fund shares, (B) trade instructions sent to a Cash Management Fund Transfer Agent are properly acknowledged by the Cash Management Fund Transfer Agent, and (C) the Cash Management Fund Transfer Agent's records of each Portfolio's daily trade activity in Cash Management Fund shares are properly reconciled with the Custodian's records.

Manner of Holding Securities. (a1) The Custodian shall at all times hold securities Securities of each Fund's Portfolios a Fund either: (i) by physical possession of the share certificates or other instruments representing such securities Securities in registered or bearer form; or (ii) in book-entry form by a Securities System (as hereinafter defined) in accordance with the provisions of Section 2.22 sub-paragraph (3) below. (b2) The Custodian may hold registrable portfolio Securities which have been delivered to it in physical form, by registering the same in the name of a Fund or its nominee, or in the name of the Custodian or its nominee, for whose actions such Fund and Custodian, respectively, shall at be fully responsible. Upon the receipt of Instructions, the Custodian shall hold such Securities in street certificate form, so called, with or without any indication of fiduciary capacity. However, unless it receives Instructions to the contrary, the Custodian will register all times hold registered securities of each Portfolio such portfolio Securities in the name of the Custodian, the Portfolio or a nominee of either of them, unless specifically directed by Proper Instructions to hold 's authorized nominee. All such registered securities in so-called street name; provided that, in any event, all such securities and other assets Securities shall be held in an account of the Custodian containing only assets of a Portfolio, the Fund or only assets held by the Custodian as a fiduciary or custodian for customers; and fiduciary, provided further, that the records of the Custodian shall indicate at all times the Portfolio Fund or other customer for which such securities and other assets Securities are held in such account accounts and the respective interests therein. (c) Notwithstanding the provisions of the foregoing paragraphs of this Section 2.02, the Custodian is hereby authorized to maintain the shares of certain open-end mutual funds, managed by Fidelity Management & Research Company or its affiliates (the "Cash Management Funds") owned by the Portfolios pursuant to an exemptive order granted by the Securities and Exchange Commission ("SEC") on October 16, 1996, as the same may be amended from time to time, in book entry form directly with the transfer agent or a designated sub-transfer agent of each such Cash Management Fund ("Cash Management Fund Transfer Agent"), subject to and in accordance with the following provisions: (i) Such Cash Management Fund shares shall be maintained in separate custodian accounts for each such Portfolio in the Custodian's name or nominee, as custodian for such Portfolio. (ii3) The Custodian will implement appropriate control procedures (the "Control Procedures") to ensure that (A) that only authorized personnel of the Custodian will be authorized to give instructions to may deposit and/or maintain domestic Securities owned by a Cash Management Fund Transfer Agent in connection with a Portfolio's purchase or sale of Cash Management Fund shares, (B) trade instructions sent to a Cash Management Fund Transfer Agent are properly acknowledged by the Cash Management Fund Transfer Agentin, and each Fund hereby approves use of: (Ca) the Cash Management Fund Transfer Agent's records of each Portfolio's daily trade activity in Cash Management Fund shares are properly reconciled with the Custodian's records.The Depository Trust Company;

Manner of Holding Securities. (a1) The Custodian shall at all times hold securities Securities of each Fund's Portfolios Fund either: (i) by physical possession of the share certificates or other instruments representing such securities Securities in registered or bearer form; or (ii) in book-entry form by a Securities System (as hereinafter defined) in accordance with the provisions of Section 2.22 subparagraph (3) below. (b2) The Custodian may hold registrable portfolio Securities which have been delivered to it in physical form, by registering the same in the name of the appropriate Fund or its nominee, or in the name of the Custodian or its nominee, for whose actions such Fund and Custodian, respectively, shall at be fully responsible. Upon the receipt of Instructions, the Custodian shall hold such Securities in street certificate form, so called, with or without any indication of fiduciary capacity. However, unless it receives Instructions to the contrary, the Custodian will register all times hold registered securities of each Portfolio such portfolio Securities in the name of the Custodian, the Portfolio or a nominee of either of them, unless specifically directed by Proper Instructions to hold 's authorized nominee. All such registered securities in so-called street name; provided that, in any event, all such securities and other assets Securities shall be held in an account of the Custodian containing only assets of a Portfolio, the appropriate Fund or only assets held by the Custodian as a fiduciary or custodian for customers; and fiduciary, provided further, that the records of the Custodian shall indicate at all times the Portfolio Fund or other customer for which such securities and other assets Securities are held in such account accounts and the respective interests therein. (c) Notwithstanding the provisions of the foregoing paragraphs of this Section 2.02, the Custodian is hereby authorized to maintain the shares of certain open-end mutual funds, managed by Fidelity Management & Research Company or its affiliates (the "Cash Management Funds") owned by the Portfolios pursuant to an exemptive order granted by the Securities and Exchange Commission ("SEC") on October 16, 1996, as the same may be amended from time to time, in book entry form directly with the transfer agent or a designated sub-transfer agent of each such Cash Management Fund ("Cash Management Fund Transfer Agent"), subject to and in accordance with the following provisions: (i) Such Cash Management Fund shares shall be maintained in separate custodian accounts for each such Portfolio in the Custodian's name or nominee, as custodian for such Portfolio. (ii3) The Custodian will implement appropriate control procedures (the "Control Procedures") to ensure that (A) that only authorized personnel of the Custodian will be authorized to give instructions to may deposit and/or maintain domestic Securities owned by a Cash Management Fund Transfer Agent in connection with a Portfolio's purchase or sale of Cash Management Fund shares, (B) trade instructions sent to a Cash Management Fund Transfer Agent are properly acknowledged by the Cash Management Fund Transfer Agentin, and each Fund hereby approves use of: (Ca) the Cash Management Fund Transfer Agent's records of each Portfolio's daily trade activity in Cash Management Fund shares are properly reconciled with the Custodian's records.The Depository Trust Company;

Manner of Holding Securities. (a1) The Custodian shall at all times hold securities Securities of each Fund's Portfolios the Fund either: (i) by physical possession of the share certificates or other instruments representing such securities Securities in registered or bearer form; or (ii) in book-entry form by a Securities System (as hereinafter defined) in accordance with the provisions of Section 2.22 sub- paragraph (3) below. (b2) The Custodian may hold registrable portfolio Securities which have been delivered to it in physical form, by registering the same in the name of the Fund or its nominee, or in the name of the Custodian or its nominee, for whose actions the Fund and Custodian, respectively, shall at be fully responsible. Upon the receipt of Instructions, the Custodian shall hold such Securities in street certificate form, so called, with or without any indication of fiduciary capacity. However, unless it receives Instructions to the contrary, the Custodian will register all times hold registered securities of each Portfolio such portfolio Securities in the name of the Custodian, the Portfolio or a nominee of either of them, unless specifically directed by Proper Instructions to hold 's authorized nominee. All such registered securities in so-called street name; provided that, in any event, all such securities and other assets Securities shall be held in an account of the Custodian containing only assets of a Portfolio, the Fund or only assets held by the Custodian as a fiduciary or custodian for customers; and fiduciary, provided further, that the records of the Custodian shall indicate at all times the Portfolio Fund or other customer for which such securities and other assets Securities are held in such account accounts and the respective interests therein. (c3) Notwithstanding the provisions of the foregoing paragraphs of this Section 2.02, the The Custodian is hereby authorized to may deposit and/or maintain the shares of certain open-end mutual funds, managed by Fidelity Management & Research Company or its affiliates (the "Cash Management Funds") domestic Securities owned by the Portfolios pursuant to an exemptive order granted by Fund in, and the Securities and Exchange Commission Fund hereby approves use of: ("SEC") on October 16, 1996, as the same may be amended from time to time, in book entry form directly with the transfer agent or a designated sub-transfer agent of each such Cash Management Fund ("Cash Management Fund Transfer Agent"), subject to and in accordance with the following provisions: (i) Such Cash Management Fund shares shall be maintained in separate custodian accounts for each such Portfolio in the Custodian's name or nominee, as custodian for such Portfolio. (iia) The Custodian will implement appropriate control procedures (the "Control Procedures") to ensure that (A) that only authorized personnel of the Custodian will be authorized to give instructions to a Cash Management Fund Transfer Agent in connection with a Portfolio's purchase or sale of Cash Management Fund shares, (B) trade instructions sent to a Cash Management Fund Transfer Agent are properly acknowledged by the Cash Management Fund Transfer Agent, and (C) the Cash Management Fund Transfer Agent's records of each Portfolio's daily trade activity in Cash Management Fund shares are properly reconciled with the Custodian's records.Depository Trust Company;