Common use of Payment of Fund Moneys Clause in Contracts

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only: (i) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio but only (A) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 hereof or in proper form for transfer; (B) in the case of a purchase effected through a U.S. Clearing System, in accordance with the conditions set forth in Section 3.5 hereof; (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (D) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bank, or a broker-dealer which is a member of NASD, ( i ) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or ( ii ) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein. (ii) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 3.2(viii) hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any dividends on Shares declared pursuant to the Fund’s Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only: (i) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts Domestic Securities for the account of the Portfolio but only (A) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts thereto to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purposeappointed pursuant to Section 2.6(a) hereof registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 hereof or in proper form for transfer; (B) in the case of a purchase effected through a U.S. Clearing System, in accordance with the conditions set forth in Section 3.5 hereof; (C) in the case of a purchase of Underlying Fund Shares, in accordance with the conditions set forth in Section 3.7 hereof; (D) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian or another bank, or a broker-dealer which is a member of NASDFINRA, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or ( ii (ii) where the counterparty is the Custodian, against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolioPortfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein. (ii) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 3.2(viii) hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any dividends on Shares declared pursuant to the Fund’s Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investmentsinvestments that cannot, in accordance with domestic market practice, be delivered versus payment for such security, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions Written Instructions, which (except in the case of a repurchase agreement transaction) have been signed by two Authorized Persons, that set forth (A) that such payment is to be made as a “free delivery,” (B) the amount of such payment and (BC) the person(s) to whom such payment is to be made; and; (viii) For delivery in accordance with the provisions of any agreement among the Fund on behalf of a Portfolio, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund on behalf of such Portfolio; (ix) For delivery in accordance with the provisions of any agreement among the Fund on behalf of a Portfolio, the Custodian and a futures commission merchant registered under the CEA, relating to compliance with the rules of the CFTC and/or any contract market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund on behalf of such Portfolio; and (x) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only:only (other than as set forth in Section 4.7(b) hereof; the provisions of Section 4.7(b) govern with respect to the transactions referenced therein): (i) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts Domestic Securities for the account of the Portfolio but only (A) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts thereto to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purposeappointed pursuant to Section 2.6(a) hereof registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 hereof or in proper form for transfer; (B) in the case of a purchase effected through a U.S. Clearing System, in accordance with the conditions set forth in Section 3.5 hereof; (C) in the case of a purchase of Underlying Fund Shares, in accordance with the conditions set forth in Section 3.7 hereof; (D) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian or another bank, or a broker-dealer which is a member of NASDdealer, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank U.S. Clearing System with such securities or ( ii (ii) where the counterparty is the Custodian, against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolioPortfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein. (ii) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 3.2(viii) hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any declared dividends on Shares declared pursuant to the Fund’s Governing DocumentsShares; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investmentsinvestments that cannot, in accordance with domestic market practice, be delivered versus payment for such security, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, Custodian in advance of delivery of the purchased securities, in accordance with written Proper Instructions Written Instructions, which (except in the case of a repurchase agreement transaction) have been signed by two Authorized Persons (or persons reasonably believed by the Custodian to be Authorized Persons), that set forth (A) that such payment is to be made as a “free delivery,” (B) the amount of such payment and (BC) the person(s) to whom such payment is to be made; and; (viii) For delivery in accordance with the provisions of any agreement among the Fund on behalf of a Portfolio, the Custodian and a broker-dealer, relating to compliance with the rules of The Options Clearing Corporation or of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund on behalf of such Portfolio; (ix) For delivery in accordance with the provisions of any agreement among the Fund on behalf of a Portfolio, the Custodian and a futures commission merchant, relating to compliance with the rules of the CFTC and/or any contract market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund on behalf of such Portfolio; and (x) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfoliofrom a Fund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio each Fund in the following cases only: (i1) Upon the purchase of domestic securitiesSecurities, options, futures contracts or options on futures contracts for the account of the Portfolio such Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio such Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.10 hereof; (Cc) in the case of a purchase of Underlying Sharesinvolving the Direct Paper System, in accordance with the conditions set forth in Section 3.7 hereof2.11; (Dd) in the case of repurchase agreements entered into between such Fund and the applicable Fund on behalf of a Portfolio and a Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio such Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; such Fund or (Ee) for transfer to a time deposit account of the such Fund in any bank, whether domestic or foreign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the such Fund as defined herein.in Article 5; (ii2) In connection with conversion, exchange or surrender of securities Securities owned by the Portfolio such Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by such Fund as set forth in Section 5 Article 4 hereof; (iv4) For the payment of any expense or liability incurred by the Portfoliosuch Fund, including but not limited to the following payments for the account of the Portfoliosuch Fund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the such Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares of such Fund declared pursuant to the governing documents of such Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of Special of, in addition to Proper Instructions from the Fund on behalf such Fund, a certified copy of a resolution of the applicable Portfolio setting forth (A) Board or of the Executive Committee of such Fund signed by an officer of such Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of from the applicable PortfolioFund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.10 hereof; (Cc) in the case of a purchase of Underlying Sharesinvolving the Direct Paper System, in accordance with the conditions set forth in Section 3.7 hereof2.11; (Dd) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; Fund or (Ee) for transfer to a time deposit account of the Fund in any bank, whether domestic or foreign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.in Article 5; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 Article 4 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares of the Fund declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of Special of, in addition to Proper Instructions from the Fund on behalf Fund, a certified copy of a resolution of the applicable Portfolio setting forth (A) Board of Trustees, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made; and 8) Upon termination of this Contract.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of from the applicable PortfolioFund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.10 hereof; (Cc) in the case of a purchase of Underlying Sharesinvolving the Direct Paper System, in accordance with the conditions set forth in Section 3.7 hereof2.11; (Dd) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; Fund or (Ee) for transfer to a time deposit account of the Fund in any bank, whether domestic or foreign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.in Article 5; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any dividends on Shares declared pursuant to the Fund’s Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, participation interests, options, futures contracts, forward contracts and options on futures contracts purchased for the account of the Fund but only (a) against the receipt of (i) such securities registered as provided in Paragraph C hereof or in proper form for transfer or (ii) detailed instructions signed by an officer of the Fund regarding the participation interests to be purchased or (iii) written confirmation of the purchase by the Fund of the options, futures contracts, forward contracts or options on futures contracts for the account of the Portfolio but only (A) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to by the Custodian (or by a subcustodian employed pursuant to Section 2 hereof or by a clearing corporation of a national securities exchange of which the Custodian is a member or by any bank, banking firm institution or trust company doing business in the United States or abroad which is qualified under the Investment Company Act of 1940 Act to act as a custodian and which has been designated by the Custodian as its agent for this purpose) registered purpose or by the agent specifically designated in such instructions as representing the name of the Portfolio or in the name purchasers of a nominee new issue of the Custodian referred to in Section 3.3 hereof or in proper form for transferprivately placed securities); (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, upon receipt of the securities by the Securities System in accordance with the conditions set forth in Section 3.5 Paragraph L hereof; (Cc) in the case of a purchase of Underlying Sharescommercial paper effected through an Approved Book-Entry System for Commercial Paper, upon receipt of the paper by the Custodian or subcustodian in accordance with the conditions set forth in Section 3.7 Paragraph M hereof; (Dd) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bank, another bank or a broker-dealer which is a member of NASDdealer, ( i ) against delivery receipt by the Custodian of the securities underlying the repurchase agreement either in certificate form or through an entry crediting the Custodian’s 's segregated, non-proprietary account at the Federal Reserve Bank of Boston with such securities or ( ii ) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian bank or broker-dealer to repurchase such securities from the portfolioFund; or (Ee) for transfer with respect to a time deposit account securities purchased outside of the Fund United States, in any bank; such transfer may be effected prior accordance with written procedures agreed to receipt of a confirmation from a broker and/or time to time in writing by the applicable bank pursuant to Proper Instructions from the Fund as defined herein.parties hereto; (ii2) In When required in connection with the conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) Paragraph B hereof; (iii3) For When required for the redemption or repurchase of Shares issued as set forth of the Fund in Section 5 accordance with the provisions of Paragraph J hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: advisory fees, distribution plan payments, interest, taxes, managementmanagement compensation and expenses, accounting, transfer agent and legal fees, and other operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on or other distributions to holders of Shares declared pursuant to or authorized by the Fund’s Governing Documents;Board; and (vi6) For payment any other proper corporate purpose, BUT ONLY upon receipt of, in addition to proper instructions, a certified copy of a vote of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investmentsBoard, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper corporate purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of from the applicable PortfolioFund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.10 hereof; (Cc) in the case of a purchase of Underlying Sharesinvolving the Direct Paper System, in accordance with the conditions set forth in Section 3.7 hereof2.11; (Dd) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; Fund or (Ee) for transfer to a time deposit account of the Fund in any bank, whether domestic or foreign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.in Article 5; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any dividends on Shares declared pursuant to the Fund’s Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only: (i) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio but only (A) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 hereof or in proper form for transfer; (B) in the case of a purchase effected through a U.S. Clearing System, in accordance with the conditions set forth in Section 3.5 hereof; (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (D) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein. (ii) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 3.2(viii) hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any dividends on Shares declared pursuant to the Fund’s Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only: (i) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio but only (A) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 hereof or in proper form for transfer; (B) in the case of a purchase effected through a U.S. Clearing System, in accordance with the conditions set forth in Section 3.5 hereof; (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (D) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein. (ii) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 3.2(viii) hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any dividends on Shares declared pursuant to the Fund’s 's Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii6) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Board of Directors or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only: (i) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio but only (A) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 hereof or in proper form for transfer; (B) in the case of a purchase effected through a U.S. Clearing System, in accordance with the conditions set forth in Section 3.5 hereof; (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (D) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bank, or a broker-dealer which is a member of NASD, ( i ) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii ) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein. (ii) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 3.2(viii) hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any dividends on Shares declared pursuant to the Fund’s 's Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities,participation interests, options,futures contracts, forward contracts and options on futures contracts purchased for the account of the Fund but only (a) against the receipt of (i) such securities registered as provided in Paragraph C hereof or in proper form for transfer or (ii) detailed instructions signed by an officer of the Fund regarding the participation interests to be purchased or (iii) written confirmation of the purchase by the Fund of the options, futures contracts, forward contracts or options on futures contracts for the account of the Portfolio but only (A) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to by the Custodian (or by a subcustodian employed pursuant to Section 2 hereof or by a clearing corporation of a national securities exchange of which the Custodian is a member or by any bank, banking firm institution or trust company doing business in the United States or abroad which is qualified under the Investment Company Act of 1940 Act to act as a custodian and which has been designated by the Custodian as its agent for this purpose) registered purpose or by the agent specifically designated in such instructions as representing the name of the Portfolio or in the name purchasers of a nominee new issue of the Custodian referred to in Section 3.3 hereof or in proper form for transferprivately placed securities); (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, upon receipt of the securities by the Securities System in accordance with the conditions set forth in Section 3.5 Paragraph L hereof; (Cc) in the case of a purchase of Underlying Sharescommercial paper effected through an Approved Book-Entry System for Commercial Paper, upon receipt of the paper by the Custodian or subcustodian in accordance with the conditions set forth in Section 3.7 Paragraph M hereof; (Dd) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bank, another bank or a broker-dealer which is a member of NASDdealer, ( i ) against delivery receipt by the Custodian of the securities underlying the repurchase agreement either in certificate form or through an entry crediting the Custodian’s 's segregated, non-proprietary account at the Federal Reserve Bank of Boston with such securities or ( ii ) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian bank or broker-dealer to repurchase such securities from the portfolioFund; or (Ee) for transfer with respect to a time deposit account securities purchased outside of the Fund United States, in any bank; such transfer may be effected prior accordance with written procedures agreed to receipt of a confirmation from a broker and/or time to time in writing by the applicable bank pursuant to Proper Instructions from the Fund as defined herein.parties hereto; (ii2) In When required in connection with the conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) Paragraph B hereof; (iii3) For When required for the redemption or repurchase of Shares issued as set forth of the Fund in Section 5 accordance with the provisions of Paragraph J hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: advisory fees, distribution plan payments, interest, taxes, managementmanagement compensation and expenses, accounting, transfer agent and legal fees, and other operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on or other distributions to holders of Shares declared pursuant to or authorized by the Fund’s Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is madeBoard; and (viii6) For any other proper corporate purpose, but only upon receipt of, in addition to proper instructions, a certified copy of Special Instructions from the Fund on behalf a vote of the applicable Portfolio setting forth (A) Board, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper corporate purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when then deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund, but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereofL of Article II hereof or; (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii and (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 J of Article II hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, dividend disbursements, taxes, managementtrade association dues, advisory, administration, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents;; and (vi6) For payment any other proper corporate purposes, but only upon receipt of, in addition to proper instructions, a certified copy of a resolution of the amount Board of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery Trustees of the purchased securitiesFund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made declaring such purpose to be a proper corporate purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only: (i) Upon the purchase of domestic securitiesDomestic Securities, options, futures contracts or options on futures contracts for the account of the Portfolio but only (A) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 hereof or in proper form for transfer; (B) in the case of a purchase effected through a U.S. Clearing System, in accordance with the conditions set forth in Section 3.5 hereof; (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (D) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bank, or a broker-dealer which is a member of NASD, ( i ) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or ( ii ) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.; (ii) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 3.2(viii) hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxestaxes (including taxes deducted or withheld at source), management, accounting, transfer agent custody, administration and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any distributions and dividends on Shares declared pursuant to the Fund’s Governing DocumentsDocuments in accordance with mutually agreed procedures; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only: (i) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio but only (A) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 hereof or in proper form for transfer; (B) in the case of a purchase effected through a U.S. Clearing System, in accordance with the conditions set forth in Section 3.5 hereof; (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (D) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bank, or a broker-dealer which is a member of NASD, ( i ) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein. (ii) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 3.2(viii) hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any dividends on Shares declared pursuant to the Fund’s Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out Out monies of a Portfolio in the following cases only: (i) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio but only (A) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 hereof or in proper form for transfer; (B) in the case of a purchase effected through a U.S. Clearing System, in accordance with the conditions set forth in Section 3.5 hereof; (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (D) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bank, or a broker-dealer which is a member of NASD, ( i ) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or ( ii ) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein. (ii) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 3.2(viii) hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any dividends on Shares declared pursuant to the Fund’s Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, or is permitted by a rule under such Act, to act as a custodian and has been designated by the Custodian as its agent for this purpose) or sub-custodian or special custodian registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; L of Article II hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's, sub-custodian's or special custodian's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 J of Article II hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment any other proper purposes, but only upon receipt of, in addition to proper instructions, a certified copy of a resolution of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery Trustees or of the purchased securitiesExecutive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act or is permitted by a rule under such Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) or sub-custodian or special custodian registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; L of Article II hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's, sub-custodian's or special custodian's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 J of Article II hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent, dividend disbursing agent, plan agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment any other proper purposes, but only upon receipt of, in addition to proper instructions, a certified copy of a resolution of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery Trustees or of the purchased securitiesExecutive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; L of Article II hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 J of Article II hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment any other proper purposes, but only upon receipt of, in addition to proper instructions, a certified copy of a resolution of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery Trustees or of the purchased securitiesExecutive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may by their terms be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer. All securities accepted by the Custodian shall be accompanied by payment of, or a "due xxxx" for, any dividends, interest, or other distributions of the issuer, due the purchaser; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.12 hereof; or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of principal on any loan to the Fund upon receipt of the collateral, if any, for such loan and upon the surrender of any note or notes evidencing such loan; 6) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi7) For payment the repayment of any collateral upon the amount of dividends received in respect return of securities sold shortloaned or payment to return excess collateral to the borrower of such securities; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) 8) For any other proper purpose, but only upon receipt of, in addition to proper instructions, a certified copy of Special Instructions from a resolution of the Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 -10- hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's customer account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bankthe Custodian, or a broker-dealer which is a member of NASDanother bank or other financial institutions, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities (notwithstanding that the written agreement to repurchase will be received subsequently) or ( ii (ii) if the agreement is with the Custodian, against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii6) For any other proper purpose, but only BUT ONLY upon receipt of, in addition to proper instructions, a certified copy of Special Instructions from a resolution of the Directors or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio each Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio a Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent sub-custodian for this purposepurpose pursuant to Section 2.11 hereof) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; , (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio Trust and a bankany other party, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by for the Portfolio account of the Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio a Fund as set forth in Section 3.2(viii2.2(8) and 2.2(9) hereof; (iii3) For the redemption or repurchase of Shares of a Fund issued by the Trust as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the Portfolioa Fund, including but not limited to the following payments for the account of the PortfolioFund: interest, ; taxes, ; management, accounting, transfer agent and legal fees, ; and operating expenses of the Fund Fund, whether or not such expenses are to be in whole or in part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares of a Fund declared pursuant to the Fund’s Governing Documentsgoverning documents of the Trust; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii7) Upon For the purchase or sale of domestic investmentsforeign exchange contracts for the Funds, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo executed with or through the Custodian, in advance of delivery of the purchased securitiesany sub-custodian appointed pursuant to Section 2.11, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is madeor any Foreign Sub-Custodian; andor (viii) 8) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Fund Board of Trustees of the Trust on behalf of a Fund signed by an officer of the applicable Portfolio setting forth (A) Trust and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii6) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Board of Directors or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such optionssecurities, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act Act, as amended, to act as a custodian and which has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.11 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities (notwithstanding that the written agreement to repurchase will be received subsequently) or ( ii (ii) if the agreement is with the Custodian against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, distribution, advisory, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only BUT ONLY upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Board of Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfoliofrom a Fund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio each Fund in the following cases only: (i1) Upon the purchase of domestic securitiesSecurities, options, futures contracts or options on futures contracts for the account of the Portfolio such Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio such Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.10 hereof; (Cc) in the case of a purchase of Underlying Sharesinvolving the Direct Paper System, in accordance with the conditions set forth in Section 3.7 hereof2.11; (Dd) in the case of repurchase agreements entered into between such Fund and the applicable Fund on behalf of a Portfolio and a Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio such Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; such Fund or (Ee) for transfer to a time deposit account of the such Fund in any bank, whether domestic or foreign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the such Fund as defined herein.in Article 5; (ii2) In connection with conversion, exchange or surrender of securities Securities owned by the Portfolio such Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by such Fund as set forth in Section 5 Article 4 hereof; (iv4) For the payment of any expense or liability incurred by the Portfoliosuch Fund, including but not limited to the following payments for the account of the Portfoliosuch Fund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the such Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares of such Fund declared pursuant to the governing documents of such Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of Special of, in addition to Proper Instructions from the Fund on behalf such Fund, a certified copy of a resolution of the applicable Portfolio setting forth (A) Board or of the Executive Committee of such Fund signed by an officer of such Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio each Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio a Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such optionsfutures contracts, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; , (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio Trust and a bankany other party, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by for the Portfolio account of the Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio a Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares of a Fund issued by the Trust as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the Portfolioa Fund, including but not limited to the following payments for the account of the PortfolioFund: interest, ; taxes, ; management, accounting, transfer agent and legal fees, ; and operating expenses of the Fund Fund, whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares of a Fund declared pursuant to the Fund’s Governing Documentsgoverning documents of the Trust; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only BUT ONLY upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Fund Executive Committee of the Trust on behalf of a Fund signed by an officer of the applicable Portfolio setting forth (A) Trust and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio each Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio a Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such optionsfutures contracts, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act Act, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) or a sub-custodian appointed under Section 1 registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to as provided in Section 3.3 2.3 hereof or in proper form for transfer; , (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; (C) 2.12 hereof or in the case of a purchase of Underlying Book Entry Mutual Fund Shares, in accordance with the conditions set forth in Section 3.7 2.125 hereof; , or (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio Corporation and a bankany other party, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by for the Portfolio account of the Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio a Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares of a Fund issued by the Corporation as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the Portfolioa Fund, including but not limited to the following payments for the account of the PortfolioFund: interest, ; taxes, ; management, accounting, administration, transfer agent and legal fees, ; and operating expenses of the Fund Fund, whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares of a Fund declared pursuant to the Fund’s Governing Documentsgoverning documents of the Corporation; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Fund Board of the Corporation on behalf of a Fund signed by an officer of the applicable Portfolio setting forth (A) Corporation and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be ---------------------- continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.12 hereof; or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a the Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolioPortfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein. (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 3.2(viii) 2.2 hereof; (iii; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 5 2.10 hereof; (iv; 4) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any dividends on Shares declared pursuant to the Fund’s Governing Documents; (vi; 5) For payment of the amount account of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii6) For any other proper purpose, but only upon receipt of, in addition to Proper instructions, a certified copy of Special Instructions from a resolution of the trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.12 hereof; or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities (notwithstanding that the written agreement to repurchase will be received subsequently) or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only BUT ONLY upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio moneys for the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of each of the Portfolio Funds but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio appropriate Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.10 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASDbroker or dealer, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2. hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.8 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of for the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii6) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i7 l) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.10 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-broker dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities (notwithstanding that: the written confirmation of such repurchase transaction will be received subsequently) or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolioFund; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein. (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii; 3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 Article 4 hereof; (iv; 4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v; 5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi; 6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a properly executed copy of Special Instructions from the Fund on behalf a resolution of the applicable Portfolio setting forth (A) Trustees of the Trust, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.10 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 Article 4 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Board of Directors or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the partiesinstructions, the Custodian shall will pay out monies moneys on behalf of a Portfolio the Fund in the following cases only: (i) 1. Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio a Fund, but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Fund or by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 hereof or in proper form for transfer); (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereofJ hereof or; (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii and with an indication on the books of the Custodian that such securities are held for the benefit of the Fund, and (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii) 2. In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B hereof; (iii) 3. For the redemption or repurchase of Shares issued as set forth in Section 5 H hereof; (iv) 4. For the payment of any expense or liability incurred by the PortfolioFund, including including, but not limited to to, the following payments for the account of the PortfolioFund: interest, dividend disbursements, taxes, managementtrade association dues, advisory, administration, accounting, transfer agent and legal fees, and operating expenses of allocated to the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) 5. For the payment of any dividends on Shares dividend declared pursuant to the Fund’s Governing Documents; (vi) For payment governing documents of the amount of dividends received in respect of securities sold short;Fund; and (vii) Upon the purchase of domestic investments6. For any other proper corporate purposes, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodianbut only upon receipt of, in advance addition to proper instructions, a certified copy of delivery a resolution of the purchased securitiesBoard signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper corporate purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.12 hereof; or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.10 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 Article 4 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Board of Directors or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; L of Article II hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 J of Article II hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, taxes management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment any other proper purposes, but only upon receipt of, in addition to proper instructions, a certified copy of a resolution of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery Directors or of the purchased securitiesExecutive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may by their terms be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 section 2.3 hereof or in proper form for transfer. All securities accepted by the Custodian shall be accompanied by payment of, or a "due xxxx" for, any dividends, interest, or other distributions of the issuer, due the purchaser; (Bb) in the case of of-a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.12 hereof; or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent agent, and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of principal on any loan to the Fund upon receipt of the collateral, if any, for such loan and upon the surrender of any note or notes evidencing such loan; 6) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi7) For payment the repayment of any collateral upon the amount of dividends received in respect return of securities sold shortloaned or payment to return excess collateral to the borrower of such securities; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) 8) For any other proper purpose, but only upon receipt of, in addition to proper instructions, a certified copy of Special Instructions from a resolution of the Trustees or of the executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only:; (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof2.12 hereof of; or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolioFund; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein. (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii; 3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv; 4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v; 5) For the payment of any dividends on Shares declared pursuant to the Fund’s Governing Documents; (vi) For payment governing documents of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is madeFund; and (viii6) For any other proper purpose, but only upon receipt of, in addition to Proper Instruc-tions, a certified copy of Special Instructions from a resolution of the Board of Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only: (i) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio but only (A) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 hereof or in proper form for transfer; (B) in the case of a purchase effected through a U.S. Clearing System, in accordance with the conditions set forth in Section 3.5 hereof; (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (D) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bank, or a broker-dealer which is a member of NASD, ( i ) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or ( ii ) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to 5 receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein. (ii) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 3.2(viii) hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any dividends on Shares declared pursuant to the Fund’s Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund und on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only:only (other than as set forth in Section 4.7(b) hereof; the provisions of Section 4.7(b) govern with respect to the transactions referenced therein): (i) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts Domestic Securities for the account of the Portfolio but only (A) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts thereto to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purposeappointed pursuant to Section 2.6(a) hereof registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 hereof or in proper form for transfer; (B) in the case of a purchase effected through a U.S. Clearing System, in accordance with the conditions set forth in Section 3.5 hereof; (C) in the case of a purchase of Underlying Fund Shares, in accordance with the conditions set forth in Section 3.7 hereof; (D) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian or another bank, or a broker-dealer which is a member of NASDbroker- dealer, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank U.S. Clearing System with such securities or ( ii (ii) where the counterparty is the Custodian, against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolioPortfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein. (ii) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 3.2(viii) hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any declared dividends on Shares declared pursuant to the Fund’s Governing DocumentsShares; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investmentsinvestments that cannot, in accordance with domestic market practice, be delivered versus payment for such security, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, Custodian in advance of delivery of the purchased securities, in accordance with written Proper Instructions Written Instructions, which (except in the case of a repurchase agreement transaction) have been signed by two Authorized Persons (or persons reasonably believed by the Custodian to be Authorized Persons), that set forth (A) that such payment is to be made as a “free delivery,” (B) the amount of such payment and (BC) the person(s) to whom such payment is to be made; and; (viii) For delivery in accordance with the provisions of any agreement among the Fund on behalf of a Portfolio, the Custodian and a broker-dealer, relating to compliance with the rules of The Options Clearing Corporation or of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund on behalf of such Portfolio; (ix) For delivery in accordance with the provisions of any agreement among the Fund on behalf of a Portfolio, the Custodian and a futures commission merchant, relating to compliance with the rules of the CFTC and/or any contract market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund on behalf of such Portfolio; and (x) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act or is permitted by a rule under such Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) or sub-custodian or special custodian registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; L of Article II hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's, sub-custodian's or special custodian's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 Section, J of Article II hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent, dividend disbursing agent, plan agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment any other proper purposes, but only upon receipt of, in addition to proper instructions, a certified copy of a resolution of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery Trustees or of the purchased securitiesExecutive Committee of the Fund signed by an officer of the Fund arid certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, or is permitted by a rule under such Act, to act as a custodian and has been designated by the Custodian as its agent for this purpose) or sub-custodian registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bankthe Custodian, another bank or a broker-broker or dealer which is a member of the NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii7) Upon the purchase of domestic investmentsFor any other proper purposes, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodianbut only upon receipt of, in advance addition to Proper Instructions, a certified copy of delivery a resolution of the purchased securitiesTrustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may by their terms be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer. All securities accepted by the Custodian shall be accompanied by payment of, or a "due bill" for, any dividends, interest, or other distributions of the issuer, due the purchaser; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.12 hereof; or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent agent, and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of principal on any loan to the Fund upon receipt of the collateral, if any, for such loan and upon the surrender of any note or notes evidencing such loan; 6) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi7) For payment the repayment of any collateral upon the amount of dividends received in respect return of securities sold shortloaned or payment to return excess collateral to the borrower of such securities; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) 8) For any other proper purpose, but only upon receipt of, in addition to proper instructions, a certified copy of Special Instructions from a resolution of the Trustees of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account in which it holds securities as fiduciary, custodian or otherwise for customers at the Federal Reserve Bank with such securities or ( ii (ii) in the case of purchase by the Fund of securities owned by State Street Bank and Trust Company ("State Street") for its own account, against delivery (A)delivery of the receipt evidencing purchase by the Portfolio of Fund, (B) earmarking certificates for such securities owned to show ownership by the Custodian along with Fund or transfer of such securities from State Street's proprietary account at the Federal Reserve Bank to its account described in (i) above, unless the Securities are already held in the latter account, (C) the entry on the records of State Street showing that such securities are held by the Fund, and (D) delivery of written evidence of the agreement by the Custodian of State Street to repurchase such securities from the portfolioFund; or (E) for provided that, upon receipt of Proper Instructions, the Custodian shall transfer to another bank or trust company qualified to act as a time deposit account custodian under the Investment Company Act of the Fund 1940, as amended, securities held in any bank; a Securities System and purchased from State Street subject to State Street's agreement to repurchase such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.securities; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, filing fees for the registration or qualification of securities and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties,, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or in part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Board of Directors or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing continuting instructions when deemed doomed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts futures-contracts, to the Custodian (or for any bank, banking firm or trust company doing business in In the United States or abroad which is Which Is qualified under the 1940 Investment Company Act of 1940, as ammended, to act as a custodian Custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a name of a nominee of the Custodian referred to in the Section 3.3 2.3 hereof or in Inn proper form for transfer; (Bb) in In the case of a purchase effected affected through a U.S. Clearing Securities System, in In accordance with wlth the conditions set forth in Section 3.5 hereof; 2.10 hereof or (Cc) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (D) in the case of repurchase repurchaase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (Li) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Fund as Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in la Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued Issued by the Fund as set sat forth in Section 5 In Article 4 hereof; (iv4) For the payment of any expense or liability incurred issued by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent agency and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold held short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, In addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Board of Trustees Or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) fund and certified by its Secretary or by Assistant Secretary, specifying the amount of each payment setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment paysent is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when then deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund, but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereofL of Article II hereof or; (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii and (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares Interests issued by the Fund as set forth in Section 5 J of Article II hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, dividend disbursements, taxes, managementtrade association dues, advisory, administration, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents;; and (vi6) For payment any other proper corporate purposes, but only upon receipt of, in addition to proper instructions, a certified copy of a resolution of the amount Board of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery Trustees of the purchased securitiesFund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made declaring such purpose to be a proper corporate purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; L of Article II hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 J of Article II hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment any other proper purposes, but only upon receipt of, in addition to proper instructions, a certified copy of a resolution of the amount Board of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery Directors or of the purchased securitiesExecutive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act Act, as amended, to act as a custodian Custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.12 hereof; or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a the Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Portfolio; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of from the applicable PortfolioFund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.10 hereof; (Cc) in the case of a purchase of Underlying Sharesinvolving the Direct Paper System, in accordance with the conditions set forth in Section 3.7 hereof2.11; (Dd) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; Fund or (Ee) for transfer to a time deposit account of the Fund in any bank, whether domestic or foreign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.in Article 5; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 Article 4 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares of the Fund declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of Special of, in addition to Proper Instructions from the Fund on behalf Fund, a certified copy of a resolution of the applicable Portfolio setting forth (A) Board or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio each Fund ---------------------- in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio a Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such optionsfutures contracts, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; , (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio Trust and a bankany other party, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by for the Portfolio account of the Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio a Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares of a Fund issued by the Trust as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the Portfolioa Fund, including but not limited to the following payments for the account of the PortfolioFund: interest, ; taxes, ; management, accounting, transfer agent and legal fees, ; and operating expenses of the Fund Fund, whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares of a Fund declared pursuant to the Fund’s Governing Documentsgoverning documents of the Trust; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Fund Executive Committee of the Trust on behalf of a Fund signed by an officer of the applicable Portfolio setting forth (A) Trust and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the The Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; L of Article II hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 J of Article II hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment any other proper purposes, but only upon receipt of, in addition to proper instructions, a certified copy of a resolution of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery Trustees or of the purchased securitiesExecutive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; L of Article II hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 J of Article II hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment any other proper purposes, but only upon receipt of, in addition to proper instructions, a certified copy of a resolution of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery Trustees or of the purchased securitiesExecutive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth The purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act Act, as amended, to act as a custodian and which has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities (notwithstanding that the written agreement to repurchase will be received subsequently) or ( ii (ii) if the agreement is with the Custodian against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii; 3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v) For the payment of any dividends on Shares declared pursuant to the Fund’s Governing Documents; (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, or is permitted by a rule under such Act, to act as a custodian and has been designated by the Custodian as its agent for this purpose) or sub-custodian or special custodian registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; L of Article II hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bankthe Custodian, or another bank or a broker-dealer which is a member of the NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's, sub-custodian's or special custodian's account at the -11- 4903B Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 J of Article II hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For the payment of the amount of dividends received in respect of securities sold short; (vii7) Upon the purchase of domestic investmentsFor any other proper purposes, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodianbut only upon receipt of, in advance addition to proper instructions, a certified copy of delivery a resolution of the purchased securitiesTrustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.10 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv3) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v4) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi5) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii6) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Board of Directors or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only BUT ONLY upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Board of Directors or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, ---------------------- which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, --- ---- in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Board of Directors or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio each Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio a Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such optionsfutures contracts, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; , (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements agreement entered into between the applicable Fund on behalf of a Portfolio Trust and a bankany other party, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by for the Portfolio account of the Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio a Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares of a Fund issued by the Trust as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the Portfolioa Fund, including but not limited to the following payments for the account of the PortfolioFund: interest, ; taxes, ; management, accounting, transfer agent and legal fees, ; and operating expenses of the Fund Fund, whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares of a Fund declared pursuant to the Fund’s Governing Documentsgoverning documents of the Trust; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instruction, a certified copy of Special Instructions from a resolution of the Fund Executive Committee of the Trust on behalf of a Fund signed by an officer of the applicable Portfolio setting forth (A) Trust and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.. See Amd. Dated 2/3/06 for new Section (8)

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of from the applicable PortfolioFund, which may be continuing instructions when deemed appropriate by the parties, and insofar as cash is available for the purpose, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (ia) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Ai) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act to act as a custodian and has been designated by the Custodian as its agent for this purposepurpose pursuant to Section 2.11) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to as provided in Section 3.3 hereof 2.4 or in proper form for transfertransfer and accompanied by payment of, or a "due bill" for, any dividends, interest or other distributions of the issuer of such securities due the purchaser thereof; (Bii) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.12 hereof; or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Diii) in the case of repurchase agreements agreements, if any, entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i ) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account for its customers at the Federal Reserve Bank with such securities or ( ii ) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined hereinsecurities. (iib) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof;. (iiic) For the redemption or repurchase of Shares shares issued by the Fund as set forth in Section 5 2.10 hereof;. (ivd) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, managementmanagement fees, Trustees' fees, accounting, transfer agent agent, custodian and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses;. (ve) For the payment of any dividends on Shares or other distributions declared pursuant to the governing documents of the Fund to the shareholders of the Fund’s Governing Documents;. (vi) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viiif) For any other proper purpose, but only BUT ONLY upon receipt of Special Instructions from a resolution of the Board of Directors/Trustees of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.12 hereof; or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities (notwithstanding that the written agreement to repurchase will be received subsequently) or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions from the Fund on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.10 hereof; (Cc) in the case of a purchase of Underlying Sharesinvolving the Direct Paper System, in accordance with the conditions set forth in Section 3.7 hereof2.10A; (Dd) in the case of repurchase agreements entered into between the applicable Fund on behalf of a the Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; Portfolio or (Ee) for transfer to a time deposit account of the Fund in any bank, whether domestic or foreign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.in Article 5; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 5 Article 4 hereof; (iv4) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares of the Portfolio declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of Special of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) Portfolio, a certified copy of a resolution of the Board of Directors or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of in the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, or is permitted by a rule under such Act, to act as a custodian and has been designated by the Custodian as its agent for this purpose) or sub-custodian or special custodian registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; L of Article II hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's, sub-custodian's or special custodian's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 J of Article II hereof;, (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment any other proper purposes, but only upon receipt of, in addition to proper instructions, a certified copy of a resolution of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery Trustees or of the purchased securitiesExecutive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, ‘accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; L of Article II hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 J of Article II hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent Transfer Agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment any other proper purposes, but only upon receipt of, in addition to proper instructions, a certified copy of a resolution of the amount Board of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery Directors or of the purchased securitiesExecutive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which ---------------------- may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's customer account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in --- ---- addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, or is permitted by a rule under such Act, to act as a custodian and has been designated by the Custodian as its agent for this purpose) or sub-custodian or special custodian registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; L of Article II hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bankthe custodian, or another bank or a broker-dealer which is a member of the NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's, sub-custodian's or special custodian's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 J of Article II hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For the payment of the amount of dividends received in respect of securities sold short; (vii7) Upon the purchase of domestic investmentsFor any other proper purposes, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodianbut only upon receipt of, in advance addition to proper instructions, a certified copy of delivery a resolution of the purchased securitiesBoard of Directors or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund, but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereofJ of Article II hereof or; (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii and (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii) For the redemption or repurchase of Shares issued as set forth in Section 5 hereof; (iv3) For the payment of any expense or liability incurred incurred, by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, dividend disbursements, taxes, managementtrade association dues, advisory, administration, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v4) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents;; and (vi5) For payment any other proper corporate purposes, but only upon receipt of, in addition to proper instructions, a certified copy of a resolution of the amount Board of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery Directors of the purchased securitiesFund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper corporate purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio each Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio a Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such optionsfutures contracts, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purposepurpose pursuant to Section hereof) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 hereof or in proper form for transfer; , (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio Trust and a bankany other party, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by for the Portfolio account of the Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio a Fund as set forth in Section 3.2(viii) hereof; (iii3) For the redemption or repurchase of Shares of a Fund issued by the Trust as set forth in Section 5 hereof; (iv4) For the payment of any expense or liability incurred by the Portfolioa Fund, including but not limited to the following payments for the account of the PortfolioFund: interest, ; taxes, ; management, accounting, transfer agent and legal fees, ; and operating expenses of the Fund Fund, whether or not such expenses are to be in whole or in part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares of a Fund declared pursuant to the Fund’s Governing Documentsgoverning documents of the Trust; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only BUT ONLY upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Fund Board of Trustees of the Trust on behalf of a Fund signed by an officer of the applicable Portfolio setting forth (A) Trust and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may by their terms be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Fund but only (Aa) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; . All securities accepted by the Custodian shall be accompanied by payment of, or a "due xxxx" for, any dividends, interest, or other distributions of the issuer, due the purchaser: (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.12 hereof; or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal feesfee, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of principal on any loan to the Fund upon receipt of the collateral, if any, for such loan and upon the surrender of any note or notes evidencing such loan; 6) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi7) For payment the repayment of any collateral upon the amount of dividends received in respect return of securities sold shortloaned or payment to return excess collateral to the borrower of such securities; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) 8) For any other proper purpose, but only upon receipt of, in addition to proper instructions, a certified copy of Special Instructions from a resolution of the Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such optionsfutures contracts, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) "pursuant to Section 2.11 hereof" registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; , (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.12 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bankany other party, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by for the Portfolio account of the Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares of the Fund issued by the Fund as set forth in Section 5 2.10 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, ; taxes, ; management, accounting, transfer agent and legal fees, ; and operating expenses of the Fund Fund, whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares of a Fund declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Board of Trustees of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options operations on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; 2.10 hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with the conversion, exchange or surrender of securities owned by the Portfolio Fund and in the case of warrants, rights, or similar securities, as set forth in Section 3.2(viii) 2.2 hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 Article 4 hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii7) For any other proper purpose, but only BUT ONLY upon receipt of, in addition to Proper Instructions, a certified copy of Special Instructions from a resolution of the Board of Trustees or of the Executive Committee of the Fund on behalf signed by an officer of the applicable Portfolio setting forth (A) Fund and certified by its Secretary or an Assistant Secretary, specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is to be made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable PortfolioInstructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 2.3 hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 2.12 hereof; or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a the Custodian, or another bank, or a broker-dealer which is a member of NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio of Fund or securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the portfolioFund; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein. (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) 2.2 hereof; (iii; 3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 2.10 hereof; (iv; 4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v; 5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi; 6) For payment of the amount of dividends received in respect of securities sold short; (vii) Upon the purchase of domestic investments, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodian, in advance of delivery of the purchased securities, in accordance with written Proper Instructions that set forth (A) the amount of such payment and (B) the person(s) to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is made.

Payment of Fund Moneys. Upon receipt of Proper Instructions on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies moneys of a Portfolio the Fund in the following cases only: (i1) Upon the purchase of domestic securities, options, securities futures contracts or options on futures contracts for the account of the Portfolio Fund but only (Aa) against the delivery of such securities securities, or evidence of title to such options, futures contracts or options on futures contracts contracts, to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Investment Company Act of 1940, as amended, or is permitted by a rule under such Act, to act as a custodian and has been designated by the Custodian as its agent for this purpose) or sub-custodian or special custodian registered in the name of the Portfolio Fund or in the name of a nominee of the Custodian referred to in Section 3.3 C of Article II hereof or in proper form for transfer; (Bb) in the case of a purchase effected through a U.S. Clearing Securities System, in accordance with the conditions set forth in Section 3.5 hereof; L of Article II hereof or (C) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 3.7 hereof; (Dc) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and a bankthe Custodian, or another bank or a broker-dealer which is a member of the NASD, ( i (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s 's, sub-custodian's or special custodian's account at the Federal Reserve Bank with such securities or ( ii (ii) against delivery of the receipt evidencing purchase by the Portfolio Fund of securities owned by the Custodian or other bank along with written evidence of the agreement by the Custodian or other bank to repurchase such securities from the portfolio; or (E) for transfer to a time deposit account of the Fund in any bank; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein.Fund; (ii2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 3.2(viii) B of Article II hereof; (iii3) For the redemption or repurchase of Shares issued by the Fund as set forth in Section 5 J of Article II hereof; (iv4) For the payment of any expense or liability incurred by the PortfolioFund, including but not limited to the following payments for the account of the PortfolioFund: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (v5) For the payment of any dividends on Shares declared pursuant to the governing documents of the Fund’s Governing Documents; (vi6) For the payment of the amount of dividends received in respect of securities sold short; (vii7) Upon the purchase of domestic investmentsFor any other proper purposes, including without limitation repurchase agreement transactions involving delivery of Portfolio monies to a Repo Custodianbut only upon receipt of, in advance addition to proper instructions, a certified copy of delivery a resolution of the purchased securitiesTrustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Secretary or an Assistant Secretary, in accordance with written Proper Instructions that set forth (A) specifying the amount of such payment, setting forth the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and (B) naming the person(s) person or persons to whom such payment is made; and (viii) For any other proper purpose, but only upon receipt of Special Instructions from the Fund on behalf of the applicable Portfolio setting forth (A) the amount of such payment and (B) the person(s) to whom such payment is be made.