Common use of SECURITIES SYSTEMS Clause in Contracts

SECURITIES SYSTEMS. The Custodian may deposit and/or maintain Securities of the Funds in a Securities System, subject to the following provisions: (a) Prior to a deposit of Securities of the Funds in any Securities System, the Trust shall deliver to the Custodian a resolution of the Board of Trustees, certified by an Officer, authorizing and instructing the Custodian on an on-going basis to deposit in such Securities System all Securities eligible for deposit therein and to make use of such Securities System to the extent possible and practical in connection with its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral consisting of Securities. So long as such Securities System shall continue to be employed for the deposit of Securities of the Funds, the Trust shall annually re-adopt such resolution and deliver a copy thereof, certified by an Officer, to the Custodian. (b) Securities of the Funds kept in a Securities System shall be kept in an account ("Depository Account") of the Custodian in such Securities System which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers. (c) The records of the Custodian with respect to Securities of a Fund maintained in a Securities System shall, by book-entry, identify such Securities as belonging to such Fund. (d) If Securities purchased by a Fund are to be held in a Securities System, the Custodian shall pay for such Securities upon (i) receipt of advice from the Securities System that such Securities have been transferred to the Depository Account, and (ii) the making of any entry on the records of the Custodian to reflect such payment and transfer for the account of such Fund. If Securities sold by a Fund are held in a Securities System, the Custodian shall transfer such Securities upon (i) receipt of advice from the Securities System that payment for such Securities has been transferred to the Depository Account, and (ii) the making of an entry on the records of the custodian to reflect such transfer and payment for the account of such Fund. (e) Upon request, the Custodian shall provide the Trust with copies of any report (obtained by the Custodian from a Securities System in which Securities of the Funds are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in such Securities System. (f) Anything to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Trust for any loss or damage to a Fund resulting from the use by the Custodian of a Securities System, unless such loss or damage is caused by or results from the negligence or willful misconduct on the part of Custodian or its agents or any of its (or their) employees, provided, however, that in the event of any such loss or damage the Custodian shall take reasonable steps to enforce effectively such rights as it may have against the Securities System. At its election, the Trust shall be subrogated to the rights of the Custodian with respect to any claim against a Securities System or any other person for any loss or damage to the Funds arising from the use of such Securities System, if and to the extent that the Funds have not been made whole for any such loss or damage.

SECURITIES SYSTEMS. The Custodian may deposit and/or maintain Securities ------------------ securities of the Funds Fund in a Securities System, subject to the following provisions: (a) Prior to a deposit of Securities securities of the Funds Fund in any a particular Securities System, the Trust Fund shall deliver to the Custodian a resolution of the Board of TrusteesDirectors, certified by an Officerofficer of the Fund, specifically approving the use of such Securities System as a depository for the Fund and authorizing and instructing the Custodian on an on-going ongoing basis to deposit in such Securities System all Securities securities eligible for deposit therein and to make use of such Securities System to the extent possible and practical in connection with its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of Securitiessecurities, loans of Securitiessecurities, and deliveries and returns of collateral consisting of Securities. So long as such Securities System shall continue to be employed for the deposit of Securities of the Funds, the Trust shall annually re-adopt such resolution and deliver a copy thereof, certified by an Officer, to the Custodiansecurities. (b) Securities of the Funds Fund kept in a Securities System shall be kept in an account (the "Depository Account") of the Custodian in such Securities System which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers. (c) The records of the Custodian with respect to Securities securities of a the Fund which are maintained in a Securities System shall, shall identify by book-entry, identify such Securities as book- entry those securities belonging to such the Fund. (d) If Securities securities purchased by a the Fund are to be held in a Securities System, the Custodian shall pay for such Securities securities upon (i) receipt of advice from the Securities System that such Securities securities have been transferred to the Depository Account, and (ii) the making of any an entry on the records of the Custodian to reflect such payment and transfer for the account of such the Fund. If Securities securities sold by a the Fund are held in a Securities System, the Custodian shall transfer such Securities securities upon (i) receipt of advice from the Securities System that payment for such Securities securities has been transferred to the Depository Account, and (ii) the making of an entry on the records of the custodian Custodian to reflect such transfer and payment for the account of such the Fund. (e) Upon request, the Custodian shall provide the Trust Fund with copies of any report (obtained by the Custodian from a Securities System in which Securities securities of the Funds Fund are kept) on the internal accounting controls and procedures for safeguarding Securities securities deposited in such Securities System. (f) Anything to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Trust Fund for any loss or damage to a the Fund resulting from the use by the Custodian of a Securities System, unless such loss or damage is caused by or results from the negligence or willful misconduct on the part of the Custodian or its agents or any of its (or their) employees, ; provided, however, that in the event of any such loss or damage the Custodian shall take reasonable steps to enforce effectively such rights as it may have against the Securities System. At its election, the Trust Fund shall be subrogated to the rights of the Custodian with respect to any claim against a Securities System or any other person for any loss or damage to the Funds Fund arising from the use of such Securities System, if and to the extent that the Funds have Fund has not been made whole for any such loss or damage.

SECURITIES SYSTEMS. The Custodian may deposit and/or maintain ------------------ Securities of the Funds in a Securities System, subject to the following provisions: (a) Prior to a deposit of Securities of the Funds in any Securities System, the Trust shall deliver to the Custodian a resolution of the Board of Trustees, certified by an Officer, authorizing and instructing the Custodian on an on-going basis to deposit in such Securities System all Securities eligible for deposit therein and to make use of such Securities System to the extent possible and practical in connection with its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral consisting of Securities. So long as such Securities System shall continue to be employed for the deposit of Securities of the Funds, the Trust shall annually re-adopt such resolution and deliver a copy thereof, certified by an Officer, to the Custodian. (b) Securities of the Funds kept in a Securities System shall be kept in an account ("Depository Account") of the Custodian in such Securities System which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers. (c) The records of the Custodian with respect to Securities of a Fund maintained in a Securities System shall, by book-entry, identify such Securities as belonging to such Fund. (d) If Securities purchased by a Fund are to be held in a Securities System, the Custodian shall pay for such Securities upon (i) receipt of advice from the Securities System that such Securities have been transferred to the Depository Account, and (ii) the making of any entry on the records of the Custodian to reflect such payment and transfer for the account of such Fund. If Securities sold by a Fund are held in a Securities System, the Custodian shall transfer such Securities upon (i) receipt of advice from the Securities System that payment for such Securities has been transferred to the Depository Account, and (ii) the making of an entry on the records of the custodian to reflect such transfer and payment for the account of such Fund. (e) Upon request, the Custodian shall provide the Trust with copies of any report (obtained by the Custodian from a Securities System in which Securities of the Funds are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in such Securities System. (f) Anything to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Trust for any loss or damage to a Fund resulting from the use by the Custodian of a Securities System, unless such loss or damage is caused by or results from the negligence or willful misconduct on the part of Custodian or its agents or any of its (or their) employees, provided, however, that in the event of any such loss or damage the Custodian shall take reasonable steps to enforce effectively such rights as it may have against the Securities System. At its election, the Trust shall be subrogated to the rights of the Custodian with respect to any claim against a Securities System or any other person for any loss or damage to the Funds arising from the use of such Securities System, if and to the extent that the Funds have not been made whole for any such loss or damage.

SECURITIES SYSTEMS. The Custodian may deposit and/or maintain Securities of the Funds securities owned by a Portfolio in a U.S. Securities System, System subject to the following provisions: (a: 1) Prior to a deposit of Securities The Custodian may keep securities of the Funds Portfolio in any Securities System, the Trust shall deliver to the Custodian a resolution of the Board of Trustees, certified by an Officer, authorizing and instructing the Custodian on an on-going basis to deposit in such U.S. Securities System all Securities eligible for deposit therein and to make use of provided that such Securities System to the extent possible and practical in connection with its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral consisting of Securities. So long as such Securities System shall continue to be employed for the deposit of Securities of the Funds, the Trust shall annually re-adopt such resolution and deliver a copy thereof, certified by an Officer, to the Custodian. (b) Securities of the Funds kept in a Securities System shall be kept securities are represented in an account ("Depository Account") of the Custodian in such the U.S. Securities System (the “US. Securities System Account’) which includes only account shall not include any assets of the Custodian other than assets held by the Custodian as a fiduciary, custodian or otherwise for customers. (c; 2) The records of the Custodian with respect to Securities securities of a Fund the Portfolio which are maintained in a U.S. Securities System shall, shall identify by book-entry, identify such Securities as entry those securities belonging to such Fund. (dthe Portfolio; 3) If Securities purchased by a Fund are to be held in a Securities System, the The Custodian shall pay for such Securities securities purchased for the account of the Portfolio upon (i) receipt of advice from the U.S. Securities System that such Securities securities have been transferred to the Depository U.S. Securities System Account, and (ii) the making of any an entry on the records of the Custodian to reflect such payment and transfer for the account of such Fundthe Portfolio. If Securities sold by a Fund are held in a Securities System, the The Custodian shall transfer such Securities securities sold for the account of the Portfolio upon (i) receipt of advice from the U.S. Securities System that payment for such Securities securities has been transferred to the Depository U.S. Securities System Account, and (ii) the making of an entry on the records of the custodian Custodian to reflect such transfer and payment for the account of such Fund. (e) Upon requestthe Portfolio. Copies of all advices from the U.S. Securities System of transfers of securities for the account of the Portfolio shall identify the Portfolio, be maintained for the Custodian shall provide the Trust with copies of any report (obtained Portfolio by the Custodian from a Securities System in which Securities of the Funds are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in such Securities System. (f) Anything to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Trust for any loss or damage to a Fund resulting from the use by the Custodian of a Securities System, unless such loss or damage is caused by or results from the negligence or willful misconduct on the part of Custodian or its agents or any of its (or their) employees, provided, however, that in the event of any such loss or damage the Custodian shall take reasonable steps to enforce effectively such rights as it may have against the Securities System. At its election, the Trust shall be subrogated to the rights of the Custodian with respect to any claim against a Securities System or any other person for any loss or damage to the Funds arising from the use of such Securities System, if and to the extent that the Funds have not been made whole for any such loss or damage.6