Common use of Segregated Account Clause in Contracts

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall shall, upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio Portfolio, establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.9 hereof, (i) in accordance with the provisions of any agreement among the a Fund on behalf of the Portfolioitself or its Portfolios, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund or Portfolio, (ii) for purposes of segregating cash or government securities in connection with swaps arrangements entered into by a Fund on behalf of itself or its Portfolios, options purchased, sold or written by the Portfolio a Fund on behalf of itself or its Portfolio(s), or commodity futures contracts or options thereon purchased or sold by the Portfolioa Fund on behalf of itself or its Portfolios, (iii) for the purposes of compliance by the a Fund or a Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the U.S. Securities and Exchange Commission (the “SEC”), or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered investment companies and companies, (iv) for the purpose of segregating securities or other proper corporate purposes, BUT ONLY, in the case assets of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the itself or its Portfolios in connection with a borrowing transaction between a Fund as borrower and an investment company advised by Deutsche Asset Management, Inc., or its applicable Portfolio, a certified copy affiliates; and (v) for any other purpose upon receipt of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposesProper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the applicable Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC, or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to of Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, Portfolio setting forth the purpose or purposes of such segregated account and declaring such purposes purpose to be a proper trust or corporate purposespurpose, as applicable.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account a U.S. Securities System Account by the Custodian pursuant to Section 2.10 hereof, hereof (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract marketContract Market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee executive committee thereof signed by an officer of the Fund and certified by the Fund's Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.8 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate trust purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, Certified Resolution setting forth the purpose or purposes of such segregated account and declaring such purposes purpose(s) to be a proper corporate purposestrust purpose.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, or liquid equity securities having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all of the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate Fund purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate Fund purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions written instructions from the Fund on behalf of each applicable Portfolio Trust or Nottingham establish and maintain a segregated account or accounts for and on behalf of each such Portfoliothe Trust, into which account or accounts may be transferred cash and/or securitiesSecurities, including securities Securities maintained in an account by the Custodian pursuant to Section 2.10 4 hereof, , (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioTrust, the Custodian and a broker-dealer registered under the Securities and Exchange Act of 1934 and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, Trust; (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio Trust or commodity futures contracts or options thereon purchased or sold by the Portfolio, Trust; (iii) for the purposes of compliance by the Portfolio Trust with the procedures required by the Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and companies; and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolioan Officer's Certificate, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund Trust and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of the Fund (each such Portfolio, into which account or accounts a "Segregated Account"). (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to but not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; or (ivv) for other proper trust or corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition of Proper Instructions. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer assets of the Fund and certified by other than those in the Secretary Segregated Account; (v) for delivery upon settlement of a forward commitment or an Assistant Secretarywhen-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, setting forth in accordance with the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposesas set forth in Proper Instructions.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ive), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (e) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.8 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate trust purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, Certified Resolution setting forth the purpose or purposes of such segregated account and declaring such purposes purpose(s) to be a proper corporate purposestrust purpose.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund’s then outstanding forward commitment or “when-issued” agreements relating to the purchase of Portfolio Securities and all the Fund’s then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund’s obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund’s outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund’s obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such PortfolioFund, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.12 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioCompany, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the PortfolioCompany for the account of any Fund, (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio Company for the account of any Fund or commodity futures contracts or options thereon purchased or sold by the PortfolioCompany for the account of any Fund, (iii) for the purposes purpose of compliance by the Portfolio Company with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of the clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or Directors of the Executive Committee Company signed by an officer of the Fund Company and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.12 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (FINRA or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund’s then outstanding forward commitment or “when-issued” agreements relating to the purchase of Portfolio Securities and all the Fund’s then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of an executive committee of the Executive Committee Board, if any, signed by an officer of the Fund and certified by the Secretary Secretary/Clerk or an Assistant Secretary/Assistant Clerk, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund’s obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund’s outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund’s obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian Bank shall upon receipt of Proper ------------------ Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.8 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC, or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate trust purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to of Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes purpose(s) to be a proper corporate purposestrust purpose.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund Trust on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.12 hereof, (i) in accordance with the provisions of any agreement among the Fund Trust on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the PortfolioTrust, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund Trust on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund Trust and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.8 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC, or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered investment companies companies, and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to of Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes purpose(s) to be a proper corporate purposespurpose.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.8 hereof, (i) in accordance with the provisions of any agreement among the applicable Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC, or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered investment companies companies, and (iv) for other proper corporate trust purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to of Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes purpose(s) to be a proper corporate purposespurpose.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account a U.S. Securities System Account by the Custodian pursuant to Section 2.10 hereof, hereof (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and or of any registered national securities exchange (or the Commodity Futures Trading Commission or and/or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government and/or securities in connection with (a) options purchased, sold or written by the Portfolio, (b) commodity futures contracts or options thereon purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by (c) other transactions requiring segregation as described in the PortfolioFund's registration statement as in effect from time to time, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, Certified Resolution setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions written instructions from the Fund on behalf of each applicable Portfolio Trust, Nottingham, or NCSS establish and maintain a segregated account or accounts for and on behalf of each such Portfoliothe Trust, into which account or accounts may be transferred cash and/or securitiesSecurities, including securities Securities maintained in an account by the Custodian pursuant to Section 2.10 4 hereof, , (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioTrust, the Custodian and a broker-dealer registered under the Securities and Exchange Act of 1934 and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, Trust; (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio Trust or commodity futures contracts or options thereon purchased or sold by the Portfolio, Trust; (iii) for the purposes of compliance by the Portfolio Trust with the procedures required by the Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and companies; and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolioan Officer's Certificate, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund Trust and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper ------------------ Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in --- ---- addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Sub-Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Sub-Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Sub-Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian Bank shall establish and maintain a Segregated Account or Accounts for and on behalf of the Fund. (a) Cash and/or Portfolio Securities may be transferred into a Segregated Account upon receipt of Proper Instructions from in the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund’s then outstanding forward commitment or “when-issued” agreements relating to the purchase of Portfolio Securities and all the Fund’s then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund’s obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund’s outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund’s obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.9 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other similar arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased purchased, sold or sold written by the Portfolio, (iii) for the purposes purpose of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies companies, and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.8 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC, or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered investment companies companies, and (iv) for other proper corporate trust purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to of Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes purpose(s) to be a proper corporate purposestrust purpose.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts Series. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioSeries, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Series; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Series or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Series; (iii) for the deposit of liquid assets, having a market value (marked-to-market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of the Series' then outstanding forward commitments or "when-issued" agreements relating to the purchase of Portfolio Securities and the Series' then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Series with the procedures required by Investment Company Act Release No. 10666, or any subsequent release Commission releases or releases of the Securities and Exchange Commission staff positions relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ive), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund Company and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Series' obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Series' outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities or reverse repurchase agreements are sold to other parties or the Series' obligations thereunder are met from assets of the Series other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (e) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Trust. (a) Cash and/or Fund Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioTrust, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Trust; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Trust or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Trust; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Trust's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Fund Securities and all the Trust's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Trust with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; or (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund Trust and certified by the Secretary or an Assistant Secretary, setting forth for the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Fund Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Trust's obligations under outstanding forward commitment or when-issued agreements for the purchase of Fund Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Trust's outstanding forward commitment or when-issued agreements for the purchase of Fund Securities or reverse repurchase agreements are sold to other parties or the Trust's obligations thereunder are met from assets of the Trust other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Fund Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (FINRA or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund’s then outstanding forward commitment or “when-issued” agreements relating to the purchase of Portfolio Securities and all the Fund’s then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund’s obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund’s outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund’s obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund Trust on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.9 hereof, (i) in accordance with the provisions of any agreement among the Fund Trust on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate trust purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to of written Proper Instructions from the Fund Trust on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, Portfolio setting forth the purpose or purposes of such segregated account and declaring such purposes purpose(s) to be a proper corporate purposestrust purpose.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when- issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when- issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.8 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate trust purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to of Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, Portfolio setting forth the purpose or purposes of such segregated account and declaring such purposes purpose(s) to be a proper corporate purposestrust purpose.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account a U.S. Securities System Account by the Custodian pursuant to Section 2.10 hereof, II(L) hereof (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract marketContract Market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC relating to the maintenance of segregated accounts by registered investment companies and companies, (iv) for the purpose of segregating securities or other assets of the Fund in connection with a borrowing transaction between the Fund as borrower and an investment company or an investment portfolio therof advised by Scudder Kemper Investments, and (v) for other proper corporate purposesxxxxxxxxx xxxposes, BUT ONLYbut only, in the case of clause (iv)this clause, upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee executive committee thereof signed by an officer of the Fund and certified by the Fund's Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to of Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, Portfolio setting forth the purpose or purposes of such segregated account and declaring such purposes to be a proper corporate purposespurpose.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, Portfolio from a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretaryperson authorized to give same, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies companies, and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (iv), upon receipt of, in addition to of Proper Instructions from the Fund Fund, on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposesaccount.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such PortfolioFund, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.12 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioCompany, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the PortfolioCompany for the account of any Fund, (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio Company for the account of any Fund or commodity futures contracts or options thereon purchased or sold by the PortfolioCompany for the account of any Fund, (iii) for the purposes purpose of compliance by the Portfolio Company with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of the clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee Company signed by an officer of the Fund Company and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, Certified Resolution setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall Bank shall, upon receipt of Proper Instructions, establish and maintain a Segregated Account or Accounts for and on behalf of the Fund. (a) Cash and/or Portfolio Securities may be transferred into a Segregated Account upon receipt of Proper Instructions from in the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (FINRA or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund’s then outstanding forward commitment or “when-issued” agreements relating to the purchase of Portfolio Securities and all the Fund’s then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund’s obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund’s outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund’s obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund Trust on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund Trust on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund Trust on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund Trust and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut 2&, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to of Proper Instructions from the Fund on behalf of the applicable Portfolio, Portfolio from a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, person authorized to give same setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper ------------------ Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause --- ---- (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with -20- 24 transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut 9mly, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other liquid securities, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund’s then outstanding forward commitment or “when-issued” agreements relating to the purchase of Portfolio Securities and all the Fund’s then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund’s obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund’s outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund’s obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or domestic securities, including domestic securities maintained in an account by the Custodian pursuant to Section 2.10 2.11 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the -21- Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian First Union shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfoliothe Fund, into which account or accounts may be transferred cash and/or securitiesSecurities, including securities maintained Securities First Union maintains in an account by the Custodian pursuant to Section 2.10 hereofParagraph 7, (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian First Union and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), ) relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the PortfolioFund transactions, (ii) for purposes of segregating cash or government securities in connection with options purchasedthe Fund purchases, sold sells or written by the Portfolio writes or commodity futures contracts or -------------------------------------------------------------------------------- 9 options thereon purchased the Fund purchases or sold by the Portfoliosells, (iii) for the purposes of the Fund's compliance by the Portfolio with the procedures required by set out in Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC relating to the registered investment companies" maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Directors or Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such the segregated account and declaring such the purposes to be proper corporate purposes.

Segregated Account. The Custodian Bank shall upon receipt of Proper Authorized Instructions from the Fund CREF on behalf of each applicable Portfolio the Inflation-Linked Bond Account establish and maintain a segregated account or accounts for and on behalf of each such Portfoliothe Inflation-Linked Bond Account, into which account or accounts may be transferred cash Cash and/or securities, including securities maintained by Bank in an account by the Custodian a Securities Depository pursuant to Section 2.10 7 hereof, : (ia) in accordance with the provisions of any agreement among the Fund CREF on behalf of the PortfolioInflation-Linked Bond Account, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, Inflation-Linked Bond Account; (iib) for purposes of segregating cash Cash or government securities in connection with options purchased, sold or written by the Portfolio Inflation-Linked Bond Account or commodity futures contracts or options thereon purchased or sold by the Portfolio, Inflation-Linked Bond Account; (iiic) for the purposes of compliance by the Portfolio Inflation-Linked Bond Account with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies companies; and (ivd) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (ivd), upon receipt of, in addition to Proper of Authorized Instructions from the Fund CREF on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposesInflation-Linked Bond Account.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian Cuctodian pursuant to Section 2.10 2.12 hereof, (i) in accordance with the tbe provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed sig!led by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of cf such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper ------------------ Instructions from the Fund Trust on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund Trust on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause --- ---- (iv), upon receipt of, in addition to Proper Instructions from the Fund Trust on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund Trust and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio ------------------- establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other liquid securities, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when- issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian Bank shall upon receipt of Proper ------------------ Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of proper instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement Agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules Rules of The the Options Clearing Corporation and of any registered national securities exchange (Securities Exchange or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities Securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon Commodity Futures purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, u.s. government Securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" Agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase Agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company investment company Act Release Norelease no. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate Corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolioproper instructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate Corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any Agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such Agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued Agreements for the purchase of Portfolio Securities and under reverse repurchase Agreements; (iii) for Exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) To the extent that the Fund's outstanding forward commitment or when-issued Agreements for the purchase of Portfolio Securities or reverse repurchase Agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when- issued Agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such Account as set forth in Proper Instructions.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall Bank, upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio Instructions, shall establish and maintain a segregated account Segregated Account or accounts for Accounts as described by the Securities and on behalf Exchange Commission ("SEC") in Investment Company Act Release No. 10666, or any subsequent release or releases of each the SEC relating to the maintenance of Segregated Accounts by registered investment companies (the "Release"). Upon receipt of Instructions, the Bank shall transfer into such Portfolio, into which account Account or accounts may be transferred Accounts cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, Portfolio Securities: (iA) in In accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (iiB) for purposes For the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iiiC) for For the purposes deposit of compliance by any Portfolio Securities which the Portfolio with Fund has agreed to sell on a forward commitment basis or other purpose on which the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and applies, (ivD) for For other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivD), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes.; and (E) Assets may be withdrawn from the Segregated Account pursuant to Instructions only: (i) In accordance with the provisions of any agreements referred in (a) or (b) above; (ii) For sale or delivery to meet the Fund's obligations under outstanding firm commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) For exchange for other liquid assets of equal or greater value deposited in the Segregated Account;

Segregated Account. The Custodian shall upon receipt of Of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or -or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Manager, or of the Executive Committee executive committee of the Manager signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. Custody Agrmt (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfoliothe Fund, into which account or accounts may be transferred transferred I: dsfndlgl\stb\port\amend6.txt cash and/or and / or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the PortfolioFund, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold by the PortfolioFund, (iii) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioFund, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and and I: dsfndlgl\stb\port\amend6.txt certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Sub-Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfoliothe Fund, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Sub-Custodian pursuant to Section 2.10 2.12 hereof, (i) in accordance with the provisions of any agreement relating to the Fund among the Fund on behalf of the PortfolioCorporation, the Sub-Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the PortfolioFund, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold by the PortfolioFund, (iii) for the purposes of compliance by the Portfolio Corporation and/or the Fund with the procedures required recommended by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate Corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Fund Corporation and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate Corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund Trust on behalf of each applicable Portfolio Fund establish and maintain a segregated account or accounts for and on behalf of each such PortfolioFund, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund Trust on behalf of the PortfolioFund, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the PortfolioFund, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold by the PortfolioFund, (iii) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission SEC, or interpretative opinion of the staff of the SEC relating to the maintenance of segregated accounts by registered investment companies and companies, (iv) for purposes of segregating cash deposits, representing 115% of missing Deposit Securities, made pending delivery of such missing Deposit Securities and utilized by the Trust to cover costs of acquiring such missing Deposit Securities as provided for in the Prospectus, and (v) for other proper corporate trust purposes, BUT ONLY, in the case of clause (ivv), upon receipt of, in addition to of Proper Instructions from the Fund Trust on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes purpose to be a proper corporate purposestrust purpose.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms;t (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLY, in upon the case receipt of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by and an officer of the Fund and certified by the Secretary or an Assistant Secretary, Officer's Certificate setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon Futures purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.12 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper ------------------ Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies companies, and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (iv), upon receipt of, in addition to of Proper --- ---- Instructions from the Fund Fund, on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposesaccount.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.8 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent subseguent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate trust purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, Certified Resolution setting forth the purpose or purposes of such segregated account and declaring such purposes purpose(s) to be a proper corporate purposestrust purpose.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 and 2.10A hereof, (i) in accordance 17 with the provisions of any agreement among the Fund (on behalf of the Portfolio), the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Company. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioCompany, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the 10 NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Company; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Company or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Company; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Company's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Company's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Company with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund Company and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Company's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Company's outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities or reverse repurchase agreements are sold to other parties or the Company's obligations thereunder are met from assets of the Company other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or 11 (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian Bank shall upon receipt of Proper ------------------ Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection Connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the DRAFT -- FOR DISCUSSION PURPOSES ONLY rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such PortfolioFund, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.12 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioCompany, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the PortfolioCompany for the account of any Fund, (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio Company for the account of any Fund or commodity futures contracts or options thereon purchased or sold by the PortfolioCompany for the account of any Fund, (iii) for the purposes purpose of compliance by the Portfolio Company with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLY, in the case of the clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or Directors of the Executive Committee Company signed by an officer of the Fund Company and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Sub-Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Sub-Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Sub-Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfoliothe Fund, into which account or accounts may be transferred transferred I: dsfndlgl\usfi\port\amend6.txt cash and/or and / or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the PortfolioFund, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold by the PortfolioFund, (iii) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioFund, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and and I: dsfndlgl\usfi\port\amend6.txt certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions written instructions from the Fund on behalf of each applicable Portfolio Trust or Nottingham establish and maintain a segregated account or accounts for and on behalf of each such Portfoliothe Trust, into which account or accounts may be transferred cash and/or securitiesSecurities, including securities Securities maintained in an account by the Custodian pursuant to Section 2.10 4 hereof, , (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioTrust, the Custodian and a broker-dealer registered under the Securities and Exchange Act of 1934 and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity commodity Futures Trading Commission or any an y registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, Trust; (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio Trust or commodity futures contracts or options thereon purchased or sold by the Portfolio, Trust; (iii) for the purposes of compliance by the Portfolio Trus t with the procedures required by the Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and companies; and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolioan Officer's Certificate, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund Trust and certified by b y the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper ------------------ Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.9 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the U.S. Securities and Exchange Commission (the "SEC"), or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered investment companies companies, and (iv) for any other proper corporate purposespurpose, BUT ONLYbut only, in the case of clause (iv)) above, upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio Series establish and maintain on its books a segregated account or accounts for and on behalf of each such PortfolioSeries, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioSeries, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the PortfolioSeries, (ii) for purposes of segregating cash cash, U.S. government or government other liquid, high-grade debt securities in connection with options purchased, sold or written by the Portfolio Series or commodity futures contracts or options thereon purchased or sold by the Portfolio13 Series, (iii) for the purposes of compliance by the Portfolio Series with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioSeries, a certified copy of a resolution of the Board of Trustees or of the Executive Committee Directors signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund Trust on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund Trust on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund Trust on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund Trust and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Sub-Custodian shall upon receipt of Proper ------------------ Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Sub-Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Sub-Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in --- ---- addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such PortfolioFund, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.12 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioCompany, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the PortfolioCompany for the account of any Fund, (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio Company for the account of any Fund or commodity futures contracts or options thereon purchased or sold by the PortfolioCompany for the account of any Fund, (iii) for the purposes purpose of compliance by the Portfolio Company with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of the clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Fund Company and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper ------------------ Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of --- ---- clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian Bank shall upon receipt of Proper ------------------ Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (iva)(v), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a) (iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfoliothe Fund, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the PortfolioFund, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold by the PortfolioFund, or unfunded commitments in connection with interests in Senior Loans, (iii) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securitiessecurities held by the Custodian hereunder, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.9 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid-assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Fund Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Fund Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Fund Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Fund Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of Fund securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Fund Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Company. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioCompany, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Company; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Company or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Company; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the company's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Company's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Company with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund Company and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Company's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) to the extent that the Company's outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities or reverse repurchase agreements are sold to other parties or the Company's obligations thereunder are met from assets of the Company other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian Bank shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account Segregated Account or accounts Accounts for and on behalf of each such Portfolio, into which account or accounts the Fund. (a) Cash and/or Portfolio Securities may be transferred cash and/or securities, including securities maintained into a Segregated Account upon receipt of Proper Instructions in an account by the Custodian pursuant to Section 2.10 hereof, following circumstances: (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian Bank and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant Futures Commission Merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market)Contract Market, or of any similar organization or organizations, organizations regarding escrow or other arrangements in connection with transactions by the Portfolio, Fund; (ii) for purposes the purpose of segregating cash or government securities in connection with options purchased, sold purchased or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold written by the Portfolio, Fund; (iii) for the deposit of liquid assets, such as cash, U.S. Government securities or other high grade debt obligations, having a market value (marked to market on a daily basis) at all times equal to not less than the aggregate purchase price due on the settlement dates of all the Fund's then outstanding forward commitment or "when-issued" agreements relating to the purchase of Portfolio Securities and all the Fund's then outstanding commitments under reverse repurchase agreements entered into with broker-dealer firms; (iv) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts Segregated Accounts by registered investment companies and companies; (ivv) for other proper corporate purposes, BUT ONLYbut only, in the case of this clause (ivv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees Board, or of the Executive Committee executive committee of the Board signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account Segregated Account and declaring such purposes to be proper corporate purposes. (b) Cash and/or Portfolio Securities may be withdrawn from a Segregated Account pursuant to Proper Instructions in the following circumstances: (i) with respect to assets deposited in accordance with the provisions of any agreements referenced in (a)(i) or (a)(ii) above, in accordance with the provisions of such agreements; (ii) with respect to assets deposited pursuant to (a)(iii) or (a)(iv) above, for sale or delivery to meet the Fund's obligations under outstanding forward commitment or when-issued agreements for the purchase of Portfolio Securities and under reverse repurchase agreements; (iii) for exchange for other liquid assets of equal or greater value deposited in the Segregated Account; (iv) in the extent that the Fund's outstanding forward commitment or when-issued agreements for the purchase of portfolio securities or reverse repurchase agreements are sold to other parties or the Fund's obligations thereunder are met from assets of the Fund other than those in the Segregated Account; (v) for delivery upon settlement of a forward commitment or when-issued agreement for the sale of Portfolio Securities; or (vi) with respect to assets deposited pursuant to (a)(v) above, in accordance with the purposes of such account as set forth in Proper Instructions.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts contract or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund Corporation on behalf of each applicable Portfolio Fund establish and maintain a segregated account or accounts for and on behalf of each such PortfolioFund, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 hereof, (i) in accordance with the provisions of any agreement among the Fund Corporation on behalf of the PortfolioFund, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the PortfolioFund, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold by the PortfolioFund, (iii) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) for other proper corporate purposes, BUT ONLY, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund Corporation on behalf of the applicable PortfolioFund, a certified copy of a resolution of the Board of Trustees Directors or of the Executive Committee signed by an officer of the Fund Corporation and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.9 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Commodities Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the U.S. Securities and Exchange Commission (the "SEC"), or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered investment companies companies, and (iv) for other proper corporate trust purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to of Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, Portfolio setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate trust purposes.

Segregated Account. The Custodian State Street shall upon receipt of Proper Instructions from the Fund on behalf of each applicable Portfolio Instructions, establish and maintain a segregated account or accounts for and on behalf of each such Portfoliothe Fund, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian State Street pursuant to Section 2.10 Paragraph 3(B) hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the PortfolioFund, the Custodian State Street and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the PortfolioFund, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio Fund or commodity futures contracts or options thereon purchased or sold by the PortfolioFund, (iii) for the purposes of compliance by the Portfolio Fund with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the Securities and Exchange Commission relating to the maintenance of segregated accounts by registered investment companies and (iv) ), for other proper corporate purposes, BUT ONLYbut only, in the case of clause (iv), upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable PortfolioInstructions, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

Segregated Account. The Custodian shall upon receipt ------------------ of Proper Instructions from the Fund on behalf of each applicable Portfolio establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.10 2.9 hereof, (i) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (ii) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (iii) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release or releases of the U.S. Securities and Exchange Commission (the "SEC"), or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered investment companies companies, and (iv) for any other proper corporate purposespurpose, BUT ONLYbut only, in the case of clause (iv)) above, upon receipt of, in addition to Proper Instructions from the Fund on behalf of the applicable Portfolio, a certified copy of a resolution of the Board of Trustees or of the Executive Committee signed by an officer of the Fund and certified by the Secretary or an Assistant Secretary, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.