Common use of Marking to Market Clause in Contracts

Marking to Market. The initial Collateral received shall have (depending on the nature of the Loaned Securities and the Collateral received) a value of 102% or 105% of the Market Value of the Loaned Securities, or such other value, but not less than 102% of the Market Value of the Loaned Securities, as may be applicable in the jurisdiction in which such Loaned Securities are customarily traded. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street’s reasonable and customary practices, xxxx Loaned Securities and Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Securities at the close of business employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: In the case of Loans from a Fund to a Borrower of (i) US equity securities or (ii) US corporate debt securities, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two percent (102%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities. Unless market practice otherwise permits, in the case of Loans from a Fund to a Borrower of non-US equity securities, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and five percent (105%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities; provided, however, that, notwithstanding any contrary market practice that would permit the collateralization of Loans of non-US equity securities below one hundred and five percent (105%), no Loans of non-US equity securities shall be collateralized at a level below one hundred percent (100%) without requiring the Borrower to deliver additional Collateral such that any additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred percent (100%) of the Market Value of the Loaned Securities. In the case of Loans from a Fund to a Borrower of (i) US government securities (including securities issued by US agencies or instrumentalities), (ii) sovereign debt issued by non-US governments, or (iii) non-US corporate debt securities the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred percent (100%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities.

Marking to Market. The initial Collateral received shall have (depending on the nature of the Loaned Securities and the Collateral received) a value of 102% or 105% of the Market Value of the Loaned Securities, or such other value, but not less than at least 102% of the Market Value of the Loaned SecuritiesSecurities except that the initial Collateral received for Loans of non-US equity securities shall have a value of at least 105% of the Market Value of such non-US equity securities, as may be applicable in and the jurisdiction in which initial Collateral received for Loans of UK Gilts shall have a value of at least 102.5% of the Market Value of such Loaned Securities are customarily tradedUK Gilts. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street’s 's reasonable and customary practices, xxxx and prevailing industry practices, mark Loaned Securities and Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Securities at the close of business employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: In the case of Loans from a Fund to a Borrower Loan of (i) US equity securities or (ii) US corporate debt securitiesdebt, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two percent (102%) of the Market Value of the Loaned Securities, and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities. Unless market practice otherwise permits, in In the case of Loans from a Fund to a Borrower Loan of non-US equity securitiesequities, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and five percent (105%) of the Market Value of the Loaned Securities, and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities; provided. In the case of a Loan of United States government securities (including securities issued by US agencies or instrumentalities), howeveror a Loan of sovereign debt issued by non-US governments, that, notwithstanding any contrary market practice that would permit the collateralization of Loans or a Loan of non-US equity securities below one hundred and five percent (105%)corporate debt, no Loans of non-US equity securities shall be collateralized at a level below one hundred percent (100%) without requiring the Borrower will be required to deliver additional Collateral such in the event that any additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a the Market Value of not the Collateral provided with respect to such Loan is less than one hundred percent (100%) of the Market Value of the Loaned Securities. Such additional Collateral together with the Collateral previously delivered with respect to such Loan, and all other Loans with such Borrower as described in this paragraph, shall have a Market Value not less than one hundred and two percent (102%) of the Market Value of all such Loaned Securities. In the case of Loans from a Fund to a Borrower Loan which is comprised of (i) US government securities (including securities issued by US agencies or instrumentalities)UK Gilts, (ii) sovereign debt issued by non-US governments, or (iii) non-US corporate debt securities the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two and one-half percent (100102.5%) of the Market Value of the Loaned Securities, and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two and one-half percent (102102.5%) of the Market Value of the Loaned Securities.

Marking to Market. The initial Collateral received shall have (depending on the nature of the Loaned Securities and the Collateral received) a value of 102% or 105% of the Market Value of the Loaned Securities, or such other value, but not less than 102% of the Market Value of the Loaned Securities, as may be applicable in the jurisdiction in which such Loaned Securities are customarily traded. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street’s reasonable and customary practices, xxxx mxxx Loaned Securities and Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Securities at the close of business employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: : (i) In the case of Loans from a Fund Loan of U.S. equities or U.S. corporate debt , the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral is less than one hundred and two percent (102%) of the Market Value of the Loaned Securities, and such additional Collateral together with the Collateral previously delivered shall have a Borrower Market Value of not less than one hundred and two percent (i102%) US equity securities or of the Market Value of the Loaned Securities. (ii) In the case of a Loan of non-U.S. equities, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral is less than one hundred and five percent (105%) of the Market Value of the Loaned Securities, and such additional Collateral together with the Collateral previously delivered shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities. (iii) In the case of a Loan of US government securities (including securities issued by US agencies or instrumentalities), sovereign debt issued by non-US governments, and non-US corporate debt securities, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans Loan is less than one hundred and two percent (102100%) of the Market Value of the Loaned SecuritiesSecurities subject to such Loan, and such additional Collateral together with all Collateral previously delivered in respect of such Loans Loan shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities. Unless market practice otherwise permits, in the case of Loans from a Fund Securities subject to a Borrower of non-US equity securities, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and five percent (105%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities; provided, however, that, notwithstanding any contrary market practice that would permit the collateralization of Loans of non-US equity securities below one hundred and five percent (105%), no Loans of non-US equity securities shall be collateralized at a level below one hundred percent (100%) without requiring the Borrower to deliver additional Collateral such that any additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred percent (100%) of the Market Value of the Loaned Securities. In the case of Loans from a Fund to a Borrower of (i) US government securities (including securities issued by US agencies or instrumentalities), (ii) sovereign debt issued by non-US governments, or (iii) non-US corporate debt securities the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred percent (100%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned SecuritiesLoan.

Marking to Market. The initial Collateral received shall have (depending on the nature of the Loaned Securities and the Collateral received) a value of 102% or 105% of the Market Value of the Loaned Securities, or such other value, but not less than at least 102% of the Market Value of the Loaned SecuritiesSecurities except that the initial Collateral received for Loans of non-US equity securities shall have a value of at least 105% of the Market Value of such non-US equity securities, as may be applicable in and the jurisdiction in which initial Collateral received for Loans of UK Gilts shall have a value of at least 102.5% of the Market Value of such Loaned Securities are customarily tradedUK Gilts. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street’s 's reasonable and customary practices, and prevailing industry practices, xxxx Loaned Securities and Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Securities at the close of business employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: In the case of Loans from a Fund to a Borrower Loan of (i) US equity securities or (ii) US corporate debt securitiesdebt, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two percent (102%) of the Market Value of the Loaned Securities, and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities. Unless market practice otherwise permits, in In the case of Loans from a Fund to a Borrower Loan of non-US equity securitiesequities, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and five percent (105%) of the Market Value of the Loaned Securities, and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities; provided. In the case of a Loan of United States government securities (including securities issued by US agencies or instrumentalities), howeveror a Loan of sovereign debt issued by non-US governments, that, notwithstanding any contrary market practice that would permit the collateralization of Loans or a Loan of non-US equity securities below one hundred and five percent (105%)corporate debt, no Loans of non-US equity securities shall be collateralized at a level below one hundred percent (100%) without requiring the Borrower will be required to deliver additional Collateral such in the event that any additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a the Market Value of not the Collateral provided with respect to such Loan is less than one hundred percent (100%) of the Market Value of the Loaned Securities. Such additional Collateral together with the Collateral previously delivered with respect to such Loan, and all other Loans with such Borrower as described in this paragraph, shall have a Market Value not less than one hundred and two percent (102%) of the Market Value of all such Loaned Securities. In the case of Loans from a Fund to a Borrower Loan which is comprised of (i) US government securities (including securities issued by US agencies or instrumentalities)UK Gilts, (ii) sovereign debt issued by non-US governments, or (iii) non-US corporate debt securities the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two and one-half percent (100102.5%) of the Market Value of the Loaned Securities, and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two and one-half percent (102102.5%) of the Market Value of the Loaned Securities.

Marking to Market. The initial Collateral received shall have (depending on the nature of the Loaned Securities and the Collateral received) a value of at least 102% or 105% of the Market Value of the Loaned Securities, or such other value, but not less than 102% of the Market Value of the Loaned Securities, as may be applicable in the jurisdiction in which such Loaned Securities are customarily traded. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street’s 's reasonable and customary practices, xxxx mxxx Loaned Securities and Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Securities at the close of business employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: In the case of Loans from a Fund to a Borrower of (i) US equity securities or and (ii) US corporate debt securities, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two percent (102%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities. Unless market practice otherwise permits, in the case of Loans from a Fund to a Borrower of non-US equity securities, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and five percent (105%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities; provided, however, that, notwithstanding any contrary market practice that would permit the collateralization of Loans of non-US equity securities below one hundred and five percent (105%), no Loans of non-US equity securities shall be collateralized at a level below one hundred percent (100%) without requiring the Borrower to deliver additional Collateral such that any additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred percent (100%) of the Market Value of the Loaned Securities. In the case of Loans from a Fund to a Borrower of (i) US government securities (including securities issued by US agencies or instrumentalities), (ii) sovereign debt issued by non-US governments, or and (iii) non-US corporate debt securities the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred percent (100%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities.

Marking to Market. The initial Collateral received shall have (depending on the nature of the Loaned Securities and the Collateral received) a value of 102% or 105% of the Market Value of the Loaned Securities, or such other value, but not less than 102% of the Market Value of the Loaned Securities, as may be applicable in the jurisdiction in which such Loaned Securities are customarily traded. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street’s 's reasonable and customary practices, xxxx mark Loaned Securities and Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Securities at the close of business employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: In the case of Loans from a Fund to a Borrower of (i) US equity securities or and (ii) US corporate debt securities, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two percent (102%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities. Unless market practice otherwise permits, in the case of Loans from a Fund to a Borrower of non-US equity securities, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and five percent (105%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities; provided, however, that, notwithstanding any contrary market practice that would permit the collateralization of Loans of non-US equity securities below one hundred and five percent (105%), no Loans of non-US equity securities shall be collateralized at a level below one hundred percent (100%) without requiring the Borrower to deliver additional Collateral such that any additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred percent (100%) of the Market Value of the Loaned Securities. In the case of Loans from a Fund to a Borrower of (i) US government securities (including securities issued by US agencies or instrumentalities), (ii) sovereign debt issued by non-US governments, or and (iii) non-US corporate debt securities the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred percent (100%) of the Market Value of the Loaned Securities, and Information Classification: Limited Access such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities.

Marking to Market. The initial Collateral received shall have (depending on i) in the nature case of the Loaned Securities and denominated in United States Dollars or whose primary trading market is located in the Collateral received) United States, sovereign debt issued by foreign governments or corporate bonds that are not denominated in United States Dollars, a value of 102% of the Market Value of the Loaned Securities, or (ii) in the case of Loaned Securities which are not denominated in United States Dollars or whose primary trading market is not located in the United States (and not referenced in (i)), a value of 105% of the Market Value of the Loaned Securities, or (iii) in the case of Loaned Securities comprised of UK Gilts, a value of 102.5% of the Market Value of the Loaned Securities, or (iv) in all other cases, such other value, but not less than 102% of the Market Value of the Loaned Securities, as may be applicable in the jurisdiction in which such Loaned Securities are customarily traded. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street’s reasonable and customary practices, and prevailing industry practices, xxxx Loaned Securities and Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Securities at the close of business employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: In the case of Loans from a Fund to a Borrower Loan of (i) US equity securities equities denominated in United States Dollars or (ii) US whose primary trading market is located in the United States or corporate debt securitiesdenominated in United States Dollars or whose primary trading market is located in the United States, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two percent (102%) of the Market Value of the Loaned SecuritiesLoan, and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned SecuritiesLoan. Unless market practice otherwise permits, in In the case of Loans from a Fund to a Borrower Loan of non-US equity securitiesequities which are not denominated in United States Dollars or whose primary trading market is not located in the United States, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and five percent (105%) of the Market Value of the Loaned SecuritiesLoan, and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities; provided, however, that, notwithstanding any contrary market practice that would permit the collateralization of Loans of non-US equity securities below one hundred and five percent (105%), no Loans of non-US equity securities shall be collateralized at a level below one hundred percent (100%) without requiring the Borrower to deliver additional Collateral such that any additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred percent (100%) of the Market Value of the Loaned SecuritiesLoan. In the case of Loans from a Fund to a Borrower Loan of (i) US United States government securities (including securities issued by US agencies or instrumentalities), (ii) sovereign debt issued by non-US governments, or (iii) non-US corporate debt securities the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in provided with respect of to such Loans Loan is less than one hundred percent (100%) of the Market Value of the Loaned SecuritiesLoan. Such additional Collateral, and such additional Collateral together with all the Collateral previously delivered to State Street with respect to such Loan, and all other Loans with such Borrower as described in respect of such Loans this paragraph, shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securitiesall such Loans.

Marking to Market. The initial Collateral received shall have (depending on the nature of the Loaned Securities and the Collateral received) a value of at least 102% or 105% of the Market Value of the Loaned Securities, or such other value, but not less than 102% of the Market Value of the Loaned Securities, as may be applicable in the jurisdiction in which such Loaned Securities are customarily traded. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street’s reasonable and customary practices, xxxx Loaned Securities and Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Securities at the close of business employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: In the case of Loans from a Fund to a Borrower of (i) US equity securities or securities, (ii) US corporate debt securities, and (iii) non-US corporate debt securities, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two percent (102%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities. Unless market practice otherwise permits, in the case of Loans from a Fund to a Borrower of non-US equity securities, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and five percent (105%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities; provided, however, that, notwithstanding any contrary market practice that would permit the collateralization of Loans of non-US equity securities below one hundred and five percent (105%), no Loans of non-US equity securities shall be collateralized at a level below one hundred percent (100%) without requiring the Borrower to deliver additional Collateral such that any additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred percent (100%) of the Market Value of the Loaned Securities. In the case of Loans from a Fund to a Borrower of (i) US government securities (including securities issued by US agencies or instrumentalities), and (ii) sovereign debt issued by non-US governments, or (iii) non-US corporate debt securities the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred percent (100%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities.

Marking to Market. The initial Collateral received shall have (depending on the nature of the Loaned Securities and the Collateral received) a value of at least 102% (for US securities) or 105% (for non-US securities) of the Market Value of the Loaned Securities, or such other value, but not less than 102% of the Market Value of the Loaned Securities, as may be applicable in the jurisdiction in which such Loaned Securities are customarily traded. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street’s reasonable and customary practicespractices and in accordance with Section 12(a), xxxx Loaned Securities and Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Securities at the close of business employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: In the case of Loans from a Fund to a Borrower of (i) US equity securities or (ii) US corporate debt securities, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two percent (102%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities. Unless market practice otherwise permits, in In the case of Loans from a Fund to a Borrower of non-US equity securities, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and five percent (105%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities; provided, however, that, notwithstanding any contrary market practice except that would permit the collateralization of Loans of non-US equity securities below one hundred and five percent (105%), no Loans of non-US equity securities shall be collateralized at a level below one hundred percent (100%) without requiring the Borrower to deliver additional Collateral such that any additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred percent (100%) of the Market Value of the Loaned Securities. In the case of Loans from a Fund to a Borrower of (i) US government securities (including securities issued by US agencies or instrumentalities)in which the Collateral and the Loaned Securities are denominated and payable in the same currency, (ii) sovereign debt issued by non-US governments, or (iii) non-US corporate debt securities the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two percent (100102%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned SecuritiesSecurities Notwithstanding the foregoing, the Trust acknowledges that with respect to loans of (i) US government securities (including securities issued by US agencies or instrumentalities, (ii) sovereign debt issued by non-US governments, and (iii) non-US corporate debt securities, Borrowers are typically not required to deliver additional Collateral with respect to an individual Loaned Security unless the Market Value of the Collateral in respect of such Loans is less than one hundred (100%) of the Market Value of the Loaned Securities and that these Loans are marked in the aggregate at the Borrower level for each loan type at either one hundred and two percent (102%) or one hundred and five percent (105%), as applicable. The Trust authorizes State Street to enter into Loans marked in this manner on behalf of the Funds.

Marking to Market. The initial Collateral received shall have (depending on i) in the nature case of the Loaned Securities and denominated in United States Dollars or whose primary trading market is located in the Collateral receivedUnited States, sovereign debt issued by foreign governments (other than Canada) or corporate bonds that are not denominated in United States Dollars (other than those issued in Canada), a value of 102% or 105% of the Market Value of the Loaned Securities, or (ii) in the case of Loaned Securities which are not denominated in United States Dollars or whose primary trading market is not located in the United States (and not referenced in (i)), a value of 105% of the Market Value of the Loaned Securities (iii) in the case of Loaned Securities comprised of UK Gilts, a value of 102.5% of the Market Value of the Loaned Securities, or (iv) in all other cases, such other value, but not less than 102% of the Market Value of the Loaned Securities, as may be applicable in the jurisdiction in which such Loaned Securities are customarily traded. Notwithstanding the foregoing, the initial Collateral received shall have a value no less than the applicable percentage of the Market Value of Loaned Securities required to comply with PTE 06-16. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street’s reasonable and customary practices, xxxx Loaned Securities and Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Securities at the close of business employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: In the case of Loans from a Fund to Loan denominated in United States dollars which is comprised of equities or corporate bonds, or a Borrower Loan of (i) US equity securities or (ii) US corporate debt securitiesAustralian sovereign debt, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two percent (102%) of the Market Value of the Loaned Securities, Loan and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned SecuritiesLoan. Unless market practice otherwise permits, in In the case of Loans from denominated in United States dollars which are comprised of securities issued or guaranteed by the United States government, its agencies or instrumentalities or loans of sovereign debt issued by foreign governments (other than Canada and Australia), or loans of corporate debt (other than Canada and Australia) not denominated in United States dollars, the Borrower will be required to deliver additional Collateral in the event that the Market Value of all the Collateral provided by such Borrower in connection with Loans described in this paragraph is less than one hundred and two (102%) of the Market Value of such Loans and such additional Collateral together with the Collateral previously delivered shall have a Fund Market Value not less than one hundred and two percent (102%) of the Market Value of such Loans. In the case of Loans denominated in United States dollars which are comprised of securities issued or guaranteed by the United States government, its agencies or instrumentalities or loans of sovereign debt issued by foreign governments (other than Canada and Australia), or loans of corporate debt (other than Canada and Australia) not denominated in United States dollars, the Borrower will be required to deliver additional Collateral in the event that the Market Value of all the Collateral provided by such Borrower in connection with Loans described in this paragraph is less than one hundred and two (102%) of the Market Value of such Loans and such additional Collateral together with the Collateral previously delivered shall have a Borrower Market Value not less than one hundred and two percent (102%) of non-US equity securitiesthe Market Value of such Loans. In the case of a Loan which is not denominated in United States dollars which is comprised of equities, as well as sovereign debt and corporate bonds issued in Canada, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and five percent (105%) of the Market Value of the Loaned Securities, Loan and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities; provided, however, that, notwithstanding any contrary market practice that would permit the collateralization of Loans of non-US equity securities below one hundred and five percent (105%), no Loans of non-US equity securities shall be collateralized at a level below one hundred percent (100%) without requiring the Borrower to deliver additional Collateral such that any additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred percent (100%) of the Market Value of the Loaned SecuritiesLoan. In the case of Loans from a Fund to a Borrower Loan which is comprised of (i) US government securities (including securities issued by US agencies or instrumentalities)UK Gilts, (ii) sovereign debt issued by non-US governments, or (iii) non-US corporate debt securities the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two and one half percent (100102.5%) of the Market Value of the Loaned Securities, Loan and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two and one half percent (102102.5%) of the Market Value of the Loaned SecuritiesLoan.

Marking to Market. The initial Collateral received shall have (depending on the nature of the Loaned Securities and the Collateral received) a value of at least 102% (for US securities) or 105% (for non-US securities) of the Market Value of the Loaned Securities, or such other value, but not less than 102% of the Market Value of the Loaned Securities, as may be applicable in the jurisdiction in which such Loaned Securities are customarily traded. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street’s reasonable and customary practicespractices and in accordance with Section 12(a), xxxx mxxx Loaned Securities and Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Securities at the close of business employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: In the case of Loans from a Fund to a Borrower of (i) US equity securities or (ii) US corporate debt securities, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two percent (102%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities. Unless market practice otherwise permits, in In the case of Loans from a Fund to a Borrower of non-US equity securities, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and five percent (105%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities; provided, however, that, notwithstanding any contrary market practice except that would permit the collateralization of Loans of non-US equity securities below one hundred and five percent (105%), no Loans of non-US equity securities shall be collateralized at a level below one hundred percent (100%) without requiring the Borrower to deliver additional Collateral such that any additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred percent (100%) of the Market Value of the Loaned Securities. In the case of Loans from a Fund to a Borrower of (i) US government securities (including securities issued by US agencies or instrumentalities)in which the Collateral and the Loaned Securities are denominated and payable in the same currency, (ii) sovereign debt issued by non-US governments, or (iii) non-US corporate debt securities the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two percent (100102%) of the Market Value of the Loaned Securities, and such additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned SecuritiesSecurities Notwithstanding the foregoing, the Trust acknowledges that with respect to loans of (i) US government securities (including securities issued by US agencies or instrumentalities, (ii) sovereign debt issued by non-US governments, and (iii) non-US corporate debt securities, Borrowers are typically not required to deliver additional Collateral with respect to an individual Loaned Security unless the Market Value of the Collateral in respect of such Loans is less than one hundred (100%) of the Market Value of the Loaned Securities and that these Loans are marked in the aggregate at the Borrower level for each loan type at either one hundred and two percent (102%) or one hundred and five percent (105%), as applicable. The Trust authorizes State Street to enter into Loans marked in this manner on behalf of the Funds.

Marking to Market. The initial Collateral received shall have (depending on the nature of the Loaned Securities and the Collateral received) a value of 102% or 105% of the Market Value of the Loaned Securities, or such other value, but not less than at least 102% of the Market Value of the Loaned SecuritiesSecurities except that the initial Collateral received for Loans of non-US equity securities shall have a value of at least 105% of the Market Value of such non-US equity securities, as may be applicable in and the jurisdiction in which initial Collateral received for Loans of UK Gilts shall have a value of at least 102.5% of the Market Value of such Loaned Securities are customarily tradedUK Gilts. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street’s 's reasonable and customary practices, xxxx and prevailing industry practices, mark Loaned Securities and Collateral to their Market Xxxket Value each business day based upon the Market Value of the Collateral and the Loaned Securities at the close of business employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: In the case of Loans from a Fund to a Borrower Loan of (i) US equity securities equities or (ii) US corporate debt securitiesdebt, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two percent (102%) of the Market Value of the Loaned SecuritiesLoan, and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned SecuritiesLoan. Unless market practice otherwise permits, in In the case of Loans from a Fund to a Borrower Loan of non-US equity securitiesequities, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and five percent (105%) of the Market Value of the Loaned SecuritiesLoan, and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities; provided, however, that, notwithstanding any contrary market practice that would permit the collateralization of Loans of non-US equity securities below one hundred and five percent (105%), no Loans of non-US equity securities shall be collateralized at a level below one hundred percent (100%) without requiring the Borrower to deliver additional Collateral such that any additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred percent (100%) of the Market Value of the Loaned SecuritiesLoan. In the case of Loans from a Fund to a Borrower Loan of (i) US United States government securities (including securities issued by US agencies or instrumentalities), (ii) or a Loan of sovereign debt issued by non-US governments, or (iii) a Loan of non-US corporate debt securities debt, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in provided with respect of to such Loans Loan is less than one hundred percent (100%) of the Market Value of the Loaned Securities, and such Loan. Such additional Collateral together with all the Collateral previously delivered with respect to such Loan, and all other Loans with such Borrower as described in respect of such Loans this paragraph, shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of all such Loans. In the Loaned Securitiescase of a Loan which is comprised of UK Gilts, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral is less than one hundred and two and one-half percent (102.5%) of the Market Value of the Loan, and such additional Collateral together with the Collateral previously delivered shall have a Market Value not less than one hundred and two and one-half percent (102.5%) of the Market Value of the Loan.

Marking to Market. The initial Collateral received shall have (depending on the nature of the Loaned Securities and the Collateral received) a value of 102% or 105% of the Market Value of the Loaned Securities, or such other value, but not less than at least 102% of the Market Value of the Loaned SecuritiesSecurities except that the initial Collateral received for Loans of non-US equity securities shall have a value of at least 105% of the Market Value of such non-US equity securities, as may be applicable in and the jurisdiction in which initial Collateral received for Loans of UK Gilts shall have a value of at least 102.5% of the Market Value of such Loaned Securities are customarily tradedUK Gilts. Pursuant to the terms of the applicable Securities Loan Agreement, State Street shall, in accordance with State Street’s reasonable and customary practices, xxxx and prevailing industry practices, mark Loaned Securities and Collateral to their Market Value each business day based upon the Market Value of the Collateral and the Loaned Securities at the close of business employing the most recently available pricing information, and ensure that each applicable Securities Loan Agreement shall require each Borrower to deliver additional Collateral (for Collateral comprised of a letter of credit, an additional or replacement letter of credit) to State Street as follows: In the case of Loans from a Fund to a Borrower Loan of (i) US equity securities or (ii) US corporate debt securitiesdebt, the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two percent (102%) of the Market Value of the Loaned Securities, and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two percent (102%) of the Market Value of the Loaned Securities. Unless market practice otherwise permits, in In the case of Loans from a Fund to a Borrower Loan of non-US equity securitiesequities, the Borrower will be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and five percent (105%) of the Market Value of the Loaned Securities, and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and five percent (105%) of the Market Value of the Loaned Securities; provided. In the case of a Loan of United States government securities (including securities issued by US agencies or instrumentalities), howeveror a Loan of sovereign debt issued by non-US governments, that, notwithstanding any contrary market practice that would permit the collateralization of Loans or a Loan of non-US equity securities below one hundred and five percent (105%)corporate debt, no Loans of non-US equity securities shall be collateralized at a level below one hundred percent (100%) without requiring the Borrower will be required to deliver additional Collateral such in the event that any additional Collateral together with all Collateral previously delivered in respect of such Loans shall have a the Market Value of not the Collateral provided with respect to such Loan is less than one hundred percent (100%) of the Market Value of the Loaned Securities. Such additional Collateral together with the Collateral previously delivered with respect to such Loan, and all other Loans with such Borrower as described in this paragraph, shall have a Market Value not less than one hundred and two percent (102%) of the Market Value of all such Loaned Securities. In the case of Loans from a Fund to a Borrower Loan which is comprised of (i) US government securities (including securities issued by US agencies or instrumentalities)UK Gilts, (ii) sovereign debt issued by non-US governments, or (iii) non-US corporate debt securities the Borrower will in each case be required to deliver additional Collateral in the event that the Market Value of the Collateral in respect of such Loans is less than one hundred and two and one-half percent (100102.5%) of the Market Value of the Loaned Securities, and such additional Collateral together with all the Collateral previously delivered in respect of such Loans shall have a Market Value of not less than one hundred and two and one-half percent (102102.5%) of the Market Value of the Loaned Securities.