Common use of Payment of Trust Monies Clause in Contracts

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) Upon the purchase of 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 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 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 Trust 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 Trust as defined in Section 2.16; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For any other proper purpose, BUT ONLY upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts domestic securities for the account of the Portfolio Trust 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.11A; or (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio Trust 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 Trust 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 Trust as defined in Section 2.16Trust; 2) In connection with conversion, exchange or surrender of domestic securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio Trust as set forth in Section 2.9 Article 4 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of domestic securities sold short; 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts 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 to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.12 hereof; or (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.12A; or (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 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 Trust 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 Trust as defined in Section 2.16Portfolio; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 2.10 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 the Trust in the following cases onlyor as otherwise directed in Proper Instructions: 1(a) Upon upon the purchase of securities, optionsSecurities, futures contracts or options on futures contracts for the account of the Portfolio Trust but only only, except as otherwise provided herein, (ai) 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 Investment Company Act of 1940, as amended, a Subcustodian registered pursuant 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 2.3 Subsection 3.3 hereof or in proper form for transfer; (bii) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 Subsection 3.8 hereof; or (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; (diii) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and the Custodian, or another bank, bank or a broker-dealer which is a member of NASD, (iA) against delivery of the securities Securities either in certificate certificated form to the Custodian or a Subcustodian or through an entry crediting the Custodian's account at the appropriate Federal Reserve Bank with such securities Securities or (iiB) against delivery of the receipt confirmation evidencing purchase by the Portfolio Trust of securities Securities owned by the Custodian or such broker-dealer or other bank along with written evidence of the agreement by the Custodian or such broker-dealer or other bank to repurchase such securities Securities from the Portfolio or (e) for transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.16Trust; 2(b) In in connection with conversion, exchange or surrender of securities Securities owned by the Portfolio Trust as set forth in Section 2.2 Subsection 3.2 hereof; 3(c) For for the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 hereofTrust; 4(d) For for the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: custodian fees, interest, taxes, management, accounting, transfer agent and legal fees, fees and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses;; and 5(e) For for the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For any other proper purpose, BUT ONLY upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of by the Board of Trustees of with respect to the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be madeShares.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Trust but only (a) 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.9 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.11 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; or (d) in the case of repurchase agreements entered into between the applicable Trust on behalf of the Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of NASDFINRA, (i) against delivery of the securities either in certificate certificated 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 Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio Trust; or (e) for transfer to a time deposit account of the Trust in any bank, whether domestic or foreignforeign or any savings and loan; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank or savings and loan pursuant to Proper Instructions from the Trust as defined in Section 2.166 herein; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 5 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, management, accounting, transfer agent Transfer Agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of by the Trust; 6) For any other proper purposepayment of the amount of dividends received in respect of securities sold short; 7) Upon the purchase of domestic investments including, BUT ONLY upon without limitation, repurchase agreement transactions involving delivery of Trust monies to Repo Custodian(s), and prior to receipt ofof such investments, if any, as set forth in addition to written Proper Instructions from (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.2(14), as applicable, shall each be referred to herein as a “Free Trade”), provided that such Proper Instructions shall also set forth (a) the Trust amount of such payment and (b) the person(s) to whom such payment is made; 8) For delivery as initial or variation margin in connection with futures or options on behalf futures contracts entered into by the Trust; 9) For delivery in accordance with the provisions of any agreement among the PortfolioTrust, the Custodian and a certified copy broker-dealer which is a member of a resolution FINRA, relating to compliance with the margin regulations of the Board of Trustees Governors of the Trust signed Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by an officer the Trust; and 10) For any other purpose, but only upon receipt of the Trust and certified by its Secretary or an Assistant Secretary, Proper Instructions specifying (a) the amount of such payment, setting forth payment and (b) the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and naming the person or persons person(s) to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) 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 Investment Company 1940 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.8 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 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 Portfolio; or (ed) for transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.16herein; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 5 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; and 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to of Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, Portfolio 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts 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 to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.12 hereof; or (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.12A; or (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 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 Trust 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 Trust as defined in Section 2.16Portfolio; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 2.10 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) 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 Investment Company 1940 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.9 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.10; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 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 Trust 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 Trust as defined in Section 2.16herein; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 5 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper trust purpose, BUT ONLY but only upon receipt of, in addition to of written Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the 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 trust purpose, and naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) 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 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.10 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.11; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 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 Trust 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 Trust as defined in Section 2.16Article 5; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 Article 4 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio the Trust in the following cases only: 1) Upon the purchase of securities, participation interests, options, futures contracts, forward contracts or and options on futures contracts purchased for the account of the Portfolio Trust but only (a) against the delivery of receipt of (i) such securities registered as provided in Paragraph C hereof or evidence in proper form for transfer or (ii) detailed instructions signed by an officer of title the Trust regarding the participation interests to such be purchased or (iii) written confirmation of the purchase by the Trust of the options, futures contracts, forward 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, as amended, 1940 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 2.3 hereof or in proper form for transferprivately placed securities); (b) in the case of a purchase effected through a Securities System, upon receipt of the securities by the Securities System in accordance with the conditions set forth in Section 2.11 Paragraph L hereof; (c) in the case of a purchase involving of commercial paper effected through an Approved Book-Entry System for Commercial Paper, upon receipt of the Direct Paper System, paper by the Custodian or subcustodian in accordance with the conditions set forth in Section 2.12Paragraph M hereof; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and the Custodian, or another bank, 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 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 Portfolio Trust; or (e) for transfer with respect to a time deposit account securities purchased outside of the Trust United States, in any bank, whether domestic or foreign; 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 Trust as defined in Section 2.16parties hereto; 2) In When required in connection with the conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 Paragraph B hereof; 3) For When required for the reduction or redemption or repurchase of Shares issued by an interest in the Portfolio as set forth Trust in Section 2.9 accordance with the provisions of Paragraph J hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: advisory fees, interest, taxes, managementmanagement compensation and expenses, accounting, transfer agent and legal fees, and other operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the distributions or payment to Holders of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of Interest in the Trust;; and 6) For any other proper corporate purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolioproper instructions, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the Trust and certified by its Secretary or an Assistant SecretaryBoard, 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions instructions from the Trust on behalf of the applicable PortfolioFund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio Fund in the following cases only: (1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only only: (a) against 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 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 2.3 hereof or in proper form for transfer; ; (b) in In the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.10 hereof; ; (c) in In the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; 2.10A; (d) in In the case of repurchase agreements entered into between the Trust on behalf of the Portfolio Fund and 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 at the Federal Reserve Bank with such securities or securities; or (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 Fund; or (e) for For transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.165; (2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 2.2 hereof; (3) For the redemption or repurchase of Shares Units issued by the Portfolio Fund as set forth in Section 2.9 4.2 hereof; (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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (5) For the payment of any dividends or capital gain distributions on Shares Units of the Portfolio Fund declared pursuant to the governing documents of the Trust; (6) For payment of the amount of dividends received in respect of securities sold short; (7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioFund, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts for the account of the Portfolio Trust 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.10 hereof; or (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio Trust 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 Trust 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 Trust as defined in Section 2.16Trust; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 54) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 5) For payment of the amount of dividends received in respect of securities sold short; 6) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts, forward contracts or options on futures contracts for the account of the Portfolio Trust but only (a) against the delivery of such securities securities, or evidence of title to such options, futures contracts, forward 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.8 hereof; (c) in the case of a purchase involving the Direct Paper Systemof Underlying Shares, in accordance with the conditions set forth in Section 2.122.10 hereof; or (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of NASDFINRA, (i) against delivery of the securities either in certificate certificated 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 Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio Trust; or (e) for transfer to a time deposit account of the Trust in any bank, whether domestic or foreignforeign or any savings and loan; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank or savings and loan pursuant to Proper Instructions from the Trust as defined in Section 2.166 herein; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; 3) For the redemption or repurchase payments in connection with withdrawal from the Trust by holders of Shares issued by the Portfolio as set forth in Section 2.9 5 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, management, accounting, transfer agent Transfer Agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of by the Trust; 6) For any other proper purposepayment of the amount of dividends received in respect of securities sold short; 7) Upon the purchase of domestic investments including, BUT ONLY upon without limitation, repurchase agreement transactions involving delivery of Trust monies to Repo Custodian(s), and prior to receipt ofof such investments, if any, as set forth in addition to written Proper Instructions from (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.2(14), as applicable, shall each be referred to herein as a “Free Trade”), provided that such Proper Instructions shall also set forth (a) the Trust amount of such payment and (b) the person(s) to whom such payment is made; 8) For delivery as initial or variation margin in connection with futures or options on behalf futures contracts entered into by the Trust; 9) For delivery in accordance with the provisions of any agreement among the PortfolioTrust, the Custodian and a certified copy broker-dealer which is a member of a resolution FINRA, relating to compliance with the margin regulations of the Board of Trustees Governors of the Trust signed Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by an officer the Trust; and 10) For any other purpose, but only upon receipt of the Trust and certified by its Secretary or an Assistant Secretary, Proper Instructions specifying (a) the amount of such payment, setting forth payment and (b) the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and naming the person or persons person(s) to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts for the account of the Portfolio Trust 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.12 hereof; or (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio Trust 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 Trust 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 Trust as defined in Section 2.16Trust; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio Trust as set forth in Section 2.9 2.10 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the ----------------------- Trust on behalf of the applicable PortfolioFund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio Fund in the following cases only: (1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund but only only: (a) against 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 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 2.3 hereof or in proper form for transfer; ; (b) in In the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.10 hereof; ; (c) in In the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; 2.10A; (d) in In the case of repurchase agreements entered into between the Trust on behalf of the Portfolio Fund and the Custodian, or another bank, or a broker-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 securities; or (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 Fund; or (e) for For transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.165; (2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 2.2 hereof; (3) For the redemption or of repurchase of Shares Units issued by the Portfolio Fund as set forth in Section 2.9 4.2 hereof; (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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (5) For the payment of any dividends or capital gain distributions on Shares Units of the Portfolio Fund declared pursuant to the governing documents of the Trust; (6) For payment of the amount of dividends received in respect of securities sold short; (7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to -------- Proper Instructions from the Trust on behalf of the PortfolioFund, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts for the account of the Portfolio Trust 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.10 hereof; or (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio Trust 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 Trust 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 Trust as defined in Section 2.16Trust; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 54) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 5) For payment of the amount of dividends received in respect of securities sold short; 6) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Trust 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.10 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.10A; or (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 account at the Federal Reserve Bank with such securities or or (ii) against delivery of the receipt evidencing purchase by the Portfolio Trust 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 Trust 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 Trust as defined in Section 2.16Trust; 2) In connection with conversion, exchange or surrender of domestic securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; ; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For any other proper purpose, BUT ONLY upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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:: Information Classification: Limited Access 1) Upon the purchase of domestic securities, options, futures contracts or contracts, options on futures contracts contracts, forward contracts, swaps or other derivative transactions 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 contracts, options on futures contracts contracts, forward contracts, swaps or other derivative transactions to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the Investment Company 1940 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, System in accordance with the conditions set forth in Section 2.11 2.9 hereof; (c) in the case of a purchase involving the Direct Paper Systemof Underlying Shares, in accordance with the conditions set forth in Section 2.122.15 hereof; (d) in the case of repurchase agreements entered into between the applicable Trust on behalf of the Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of NASDFINRA, (i) against delivery of the securities either in certificate certificated form or through an entry crediting the Custodian's ’s account at the Federal Reserve Bank with such securities 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 Portfolio; or (e) for transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.16;herein 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 6 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For any other proper purposepayment of the amount of dividends received in respect of securities sold short; 7) Upon the purchase of domestic investments including, BUT ONLY upon without limitation, repurchase agreement transactions involving delivery of Portfolio monies to Repo Custodian(s), and prior to receipt ofof such investments, as set forth in addition to Proper Instructions from (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.2(14), as applicable, shall each be referred to herein as a “Free Trade”), provided that such Proper Instructions shall also set forth (a) the amount of such payment and (b) the person(s) to whom such payment is made; and 8) For delivery as initial or variation margin in connection with futures contracts, options on futures contracts, forward contracts, swaps or other derivative transactions entered into by the Trust on behalf of the Portfolio; and 9) For any other purpose, a certified copy but only upon receipt of a resolution Proper Instructions on behalf of the Board of Trustees of the Trust signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, applicable Portfolio 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 naming the person or persons to whom such payment is to be made.. Information Classification: Limited Access

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust on behalf of the applicable PortfolioFund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio Fund in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund 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 Investment Company Act of 19401940 Act, 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.10 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.11; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio Fund and 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 at the Federal Reserve Bank with such securities or (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 (e) for transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.16herein; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Creation Unit aggregations of Shares issued by the Portfolio as set forth in Section 2.9 Article 4 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For repayment of loans made to a Fund or upon redelivery of collateral for loans of securities made by a Fund or for payment in connection with a foreign exchange transaction; 7) For any other proper Trust purpose, BUT ONLY but only upon receipt of, in addition to of Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, Fund 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 Trust purpose, and naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the ----------------------- Trust 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: 1) Upon the purchase of domestic or foreign securities, optionsoptions on securities or securities indices or foreign currencies, futures contracts on financial instruments or securities indices or foreign currencies, or options on such futures contracts and forward currency 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 options 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 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.10 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.10A; (d) in -13- the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 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 Trust 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 Trust as defined in Section 2.16Portfolio; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 Article 4 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts for the account of the Portfolio Trust 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.9 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.9; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio Trust or (e) for transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.162.14; 2) Upon making of a capital contribution to any partnership of which the Trust is a partner but only against written evidence of a corresponding increase in the capital account; 3) In connection with conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, administrative (except to the extent required to be paid by the Trust's investments advisors) management, accounting, transfer agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain other distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio the Trust in the following cases only: 1) Upon the purchase of securities, participation interests, options, futures contracts, forward contracts or and options on futures contracts purchased for the account of the Portfolio Trust but only (a) against the delivery of receipt of (i) such securities registered as provided in Paragraph C hereof or evidence in proper form for transfer or (ii) detailed instructions signed by an officer of title the Trust regarding the participation interests to such be purchased or (iii) written confirmation of the purchase by the Trust of the options, futures contracts, forward 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, as amended, 1940 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 2.3 hereof or in proper form for transferprivately placed securities); (b) in the case of a purchase effected through a Securities System, upon receipt of the securities by the Securities System in accordance with the conditions set forth in Section 2.11 Paragraph L hereof; (c) in the case of a purchase involving of commercial paper effected through an Approved Book-Entry System for Commercial Paper, upon receipt of the Direct Paper System, paper by the Custodian or subcustodian in accordance with the conditions set forth in Section 2.12Paragraph M hereof; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and the Custodian, or another bank, 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 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 Portfolio Trust; or (e) for transfer with respect to a time deposit account securities purchased outside of the Trust United States, in any bank, whether domestic or foreign; 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 Trust as defined in Section 2.16parties hereto; 2) In When required in connection with the conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 Paragraph B hereof; 3) For When required for the reduction or redemption or repurchase of Shares issued by an interest in the Portfolio as set forth Trust in Section 2.9 accordance with the provisions of Paragraph J hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: advisory fees, interest, taxes, managementmanagement compensation and expenses, accounting, transfer agent and legal fees, and other operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses;; and 5) For the payment distributions or payments to Holders of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents Interest of the Trust;. 6) For any other proper corporate purpose, BUT ONLY upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolioproper instructions, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the Trust and certified by its Secretary or an Assistant SecretaryBoard, 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts, forwards contracts or options on futures contracts for the account of the Portfolio Trust but only (a) against the delivery of such securities securities, or evidence of title to such options, futures contracts, forwards 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.8 hereof; (c) in the case of a purchase involving the Direct Paper Systemof Underlying Shares, in accordance with the conditions set forth in Section 2.122.10 hereof; or (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of NASDFINRA, (i) against delivery of the securities either in certificate certificated 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 Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio Trust; or (e) for transfer to a time deposit account of the Trust in any bank, whether domestic or foreignforeign or any savings and loan; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank or savings and loan pursuant to Proper Instructions from the Trust as defined in Section 2.166 herein; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; 3) For the redemption or repurchase payments in connection with withdrawal from the Trust by holders of Shares issued by the Portfolio as set forth in Section 2.9 5 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, management, accounting, transfer agent Transfer Agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of by the Trust; 6) For any other proper purposepayment of the amount of dividends received in respect of securities sold short; 7) Upon the purchase of domestic investments including, BUT ONLY upon without limitation, repurchase agreement transactions involving delivery of Trust monies to Repo Custodian(s), and prior to receipt ofof such investments, if any, as set forth in addition to written Proper Instructions from (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.2(14), as applicable, shall each be referred to herein as a “Free Trade”), provided that such Proper Instructions shall also set forth (a) the Trust amount of such payment and (b) the person(s) to whom such payment is made; 8) For delivery as initial or variation margin in connection with futures or options on behalf futures contracts entered into by the Trust; 9) For delivery in accordance with the provisions of any agreement among the PortfolioTrust, the Custodian and a certified copy broker-dealer which is a member of a resolution FINRA, relating to compliance with the margin regulations of the Board of Trustees Governors of the Trust signed Federal Reserve System, the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow, margin, or other arrangements in connection with transactions by an officer the Trust; and 10) For any other purpose, but only upon receipt of the Trust and certified by its Secretary or an Assistant Secretary, Proper Instructions specifying (a) the amount of such payment, setting forth payment and (b) the purpose for which such payment is to be made, declaring such purpose to be a proper purpose, and naming the person or persons person(s) to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust on behalf of the applicable PortfolioFund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio Fund in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund 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 Investment Company 1940 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase 5. effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.9 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio Fund and 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 account at the Federal Reserve Bank with such securities or (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 (ed) for transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.16herein; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 5 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; and 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to of Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, Fund 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts 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 to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 hereof; or (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.11A; or (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 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 Trust 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 Trust as defined in Section 2.16Portfolio; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 4 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts 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 to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.12 hereof; or (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.12A; or (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 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 alone 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 Trust 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 Trust as defined in Section 2.16Portfolio; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof;: 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 2.10 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short: 7) For any other proper purpose, BUT ONLY upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts for the account of the Portfolio Trust but only (a) against the delivery of such 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; System or (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio Trust or (e) for transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.16; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For any other proper purpose, BUT ONLY upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be madeInstructions.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) 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 Investment Company 1940 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.9 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.10; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 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 Trust 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 Trust as defined in Section 2.16herein; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 5 hereof; ; 6 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For any other proper purpose, BUT ONLY upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from ----------------------- the Trust 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: 1) 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 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.10 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.10A; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 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 Trust 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 Trust as defined in Section 2.16Article 5; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 Article 4 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts for the account of the Portfolio Trust 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.12 hereof; or (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio Trust 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 Trust 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 Trust as defined in Section 2.16Trust; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio Trust as set forth in Section 2.9 2.10 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts for the account of the Portfolio Trust 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.10 hereof; or (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 account at the Federal Reserve Bank with such securities or or (ii) against delivery of the receipt evidencing purchase by the Portfolio Trust 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 Trust 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 Trust as defined in Section 2.16Trust; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 54) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 5) For payment of the amount of dividends received in respect of securities sold short; 6) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust on behalf of the applicable PortfolioFund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio Fund in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund 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 Investment Company Act of 19401940 Act, 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.10 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.11; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio Fund and 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 account at the Federal Reserve Bank with such securities or (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 (e) for transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.16herein; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 Article 4 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For repayment of loans made to a Fund or upon redelivery of collateral for loans of securities made by a Fund or for payment in connection with a foreign exchange transaction; 7) For any other proper Trust purpose, BUT ONLY upon receipt of, in addition to of Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, Fund 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 Trust purpose, and naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust on behalf of the applicable PortfolioFund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio Fund in the following cases only: (1) Upon the purchase of securities, options, futures contracts or options on futures contracts for the account of the Portfolio Funds 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 Investment Company Act of 19401940 Act, as amended, to act as a custodian and has been designated by the Custodian as its agent for this purpose) purpose pursuant to Section 2.11 hereof, registered in the name of the Portfolio or in the name of a nominee of the Custodian referred manner required for such instruments to in Section 2.3 hereof be held pursuant to this Agreement or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.12 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.12A; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio Funds and 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 for securities purchased through an entry crediting a Securities System, in accordance with the Custodian's account at the Federal Reserve Bank with such securities conditions set forth in Section 2.12 hereof or (ii) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the through agreement by the Custodian or other bank or broker-dealer to repurchase such securities from the Portfolio Funds or (eiii) for transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.162.17; (2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Funds as set forth in Section 2.2 hereof; (3) For the redemption or repurchase of Shares issued by the Portfolio Funds as set forth in Section 2.9 2.10 hereof; (4) For the payment of any expense or liability incurred by the PortfolioFunds, including but not limited to the following payments for the account of the PortfolioFunds: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; (5) For the payment of any dividends or capital gain distributions on Shares shares of the Portfolio Funds declared pursuant to the governing documents of the Trust; (6) For payment of the amount of dividends received in respect of securities sold short by a Fund; (7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioFunds, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer Officer of the Trust and certified by its Secretary or an Assistant SecretarySecretaries, 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust on behalf of the applicable Portfolioproper instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio the Trust in the following cases only: 1) Upon the purchase of securities, participation interests, options, futures contracts, forward contracts or and options on futures contracts purchased for the account of the Portfolio Trust but only (a) against the delivery of receipt of (i) such securities registered as provided in Paragraph C hereof or evidence in proper form for transfer or (ii) detailed instructions signed by an officer of title the Trust regarding the participation interests to such be purchased or (iii) written confirmation of the purchase by the Trust of the options, futures contracts, forward 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, as amended, 1940 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 2.3 hereof or in proper form for transferprivately placed securities); (b) in the case of a purchase effected through a Securities System, upon receipt of the securities by the Securities System in accordance with the conditions set forth in Section 2.11 Paragraph L hereof; (c) in the case of a purchase involving of commercial paper effected through an Approved Book-Entry System for Commercial Paper, upon receipt of the Direct Paper System, paper by the Custodian or subcustodian in accordance with the conditions set forth in Section 2.12Paragraph M hereof; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and the Custodian, or another bank, 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 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 Portfolio Trust; or (e) for transfer with respect to a time deposit account securities purchased outside of the Trust United States, in any bank, whether domestic or foreign; 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 Trust as defined in Section 2.16parties hereto; 2) In When required in connection with the conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 Paragraph B hereof; 3) For When required for the reduction or redemption or repurchase of Shares issued by an interest in the Portfolio as set forth Trust in Section 2.9 accordance with the provisions of Paragraph J hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: advisory fees, interest, taxes, managementmanagement compensation and expenses, accounting, transfer agent and legal fees, and other operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the distributions or payment to Holders of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of Interest in the Trust;; and 6) For any other proper corporate purpose, BUT ONLY upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolioproper instructions, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the Trust and certified by its Secretary or an Assistant SecretaryBoard, 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) . Upon the purchase of securities, options, futures contracts or options on futures contracts securities for the account of the Portfolio Trust 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.10 hereof; or (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio Trust 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 Trust 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 Trust as defined in Section 2.16Trust; 2) . In connection with conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 hereof; 4) . For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) 4. For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 5. For payment of the amount of dividends received in respect of securities sold short; 6) . For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust on behalf of the applicable PortfolioTrust, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio the Trust in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Trust 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 Investment Company 1940 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.8 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.9; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio Trust or (e) for transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.16herein; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 5 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper trust purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioTrust, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, Certified Resolution 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 trust purpose, and naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Portfolios in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Portfolios 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 Investment Company 1940 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.8 hereof; (c) in the case of a purchase involving the Direct Paper Systemof Underlying Shares, in accordance with the conditions set forth in Section 2.122.13 hereof; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of NASDFINRA, (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 Trust of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio Trust; or (e) for transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.16herein; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 5 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust or the individual Portfolios, including but not limited to the following payments for the account of the PortfolioTrust or Portfolios: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust or Portfolios whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the TrustPortfolios; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For delivery as initial or variation margin in connection with futures or options on futures contracts entered into by the Trust; and 8) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to of Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) 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 Investment Company 1940 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, System in accordance with the conditions set forth in Section 2.11 2.9 hereof; (c) in the case of a purchase involving the Direct Paper Systemof Underlying Shares, in accordance with the conditions set forth in Section 2.122.15; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of NASDFINRA, (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 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 Portfolio; or (e) for transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.16;herein 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 5 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For any other proper purpose, BUT ONLY upon receipt of, payment of the amount of dividends received in addition to Proper Instructions from respect of securities sold short; 7) For delivery as initial or variation margin in connection with futures or options on futures contracts entered into by the Trust on behalf of the Portfolio; and State Street: Limited Access 8) For any other proper Trust purpose, a certified copy but only upon receipt of a resolution of the Board of Trustees of the Trust signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, written Proper Instructions 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 Trust purpose, and naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts for the account of the Portfolio Trust 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.12 hereof; or (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio Trust 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 Trust 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 Trust as defined in Section 2.16Trust; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio Trust as set forth in Section 2.9 2.10 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio Trust declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) 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 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.10 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.11; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and the Custodian, or another bank, 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 Trust in any bank, 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 Trust as defined in Section 2.16Article 5; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof;, 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 Article 4 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, BUT ONLY upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) Upon the purchase of 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 Investment Company 1940 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 2.3 3.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 3.9 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.123.10; or (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 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 Trust 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 Trust as defined in Section 2.16Portfolio; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 3.2 hereof; 3) Upon the purchase of Domestic Securities and prior to receipt of such securities, but only as set forth in written Proper Instructions, provided that such Proper Instructions shall also set forth (i) the purpose for which such payment is made, and (ii) the person(s) to whom such payment is made; 4) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 6 hereof; 45) 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, distribution, auditing, administration, accounting, transfer agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized capitalized, accrued or treated as deferred expenses; 56) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 67) For payment of the amount of dividends received in respect of securities sold short; 8) In connection with trading in options and futures contracts, including delivery as original margin and variation margin; 9) In connection with the borrowing or lending of Domestic Securities; and 10) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to of Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, Portfolio 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) 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 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.10 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.11; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 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 Trust 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 Trust as defined in Section 2.165; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 4 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board or of Trustees the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust on behalf of the applicable PortfolioFund, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio Fund in the following cases only: 1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio Fund 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 Investment Company 1940 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.9 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio Fund and 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 account at the Federal Reserve Bank with such securities or (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 (ed) for transfer to a time deposit account of the Trust 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 Trust as defined in Section 2.16herein; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Fund as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 5 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; and 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to of Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the Trust and certified by its Secretary or an Assistant Secretary, Fund 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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 Trust in the following cases only: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts for the account of the Portfolio Trust 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 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 Trust or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 2.12 hereof; or (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.12; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio Trust 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 Trust 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 Trust as defined in Section 2.16Trust; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio Trust as set forth in Section 2.2 2.10 hereof; ; 3) For the redemption or repurchase of Shares issued by the Portfolio Trust as set forth in Section 2.9 2.10 hereof; 4) For the payment of any expense or liability incurred by the PortfolioTrust, including but not limited to the following payments for the account of the PortfolioTrust: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee of the Trust signed by an officer of the 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) Upon the purchase of securities, options, futures contracts or options on futures contracts domestic securities for the account of the Portfolio Fund 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 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a Securities System, in accordance with the conditions set forth in Section 2.11 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.11A; or (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio Fund and 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 account at the Federal Reserve Bank with such securities or (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 Trust 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 Trust as defined in Section 2.16Fund; 2) In connection with conversion, exchange or surrender of domestic securities owned by the Portfolio Fund as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio Fund as set forth in Section 2.9 4 hereof; 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 Trust Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the TrustFund; 6) For payment of the amount of dividends received in respect of domestic securities sold short; 7) For any other proper purpose, BUT ONLY but only upon receipt of, in addition to Proper Instructions from the Trust on behalf of the PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Directors or of the Trust Executive Committee of the Fund signed by an officer of the Trust 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 naming the person or persons to whom such payment is to be made.

Payment of Trust Monies. Upon receipt of Proper Instructions from the Trust 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: 1) 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 Investment Company 1940 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 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.11 2.9 hereof; (c) in the case of a purchase involving the Direct Paper System, in accordance with the conditions set forth in Section 2.122.10; (d) in the case of repurchase agreements entered into between the Trust on behalf of the Portfolio and 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 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 Trust in any domestic 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 Trust as defined in Section 2.16herein; 2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof; 3) For the redemption or repurchase of Shares issued by the Portfolio as set forth in Section 2.9 3 hereof; 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 Trust whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses; 5) For the payment of any dividends or capital gain distributions on Shares of the Portfolio declared pursuant to the governing documents of the Trust; 6) For payment of the amount of dividends received in respect of securities sold short; 7) For any other proper trust purpose, BUT ONLY upon receipt of, in addition to of written Proper Instructions from the Trust on behalf of the Portfolio, a certified copy of a resolution of the Board of Trustees of the Trust signed by an officer of the 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 trust purpose, and naming the person or persons to whom such payment is to be made.