Common use of TRUST ELECTIONS Clause in Contracts

TRUST ELECTIONS. Each Trust (or its investment advisor acting on its behalf) may elect to enter into and execute foreign exchange transactions with third parties that are not affiliated with State Street, with State Street Global Markets, which is the foreign exchange division of State Street Bank and Trust Company and its affiliated companies (“SSGM”), or with a sub-custodian. Where the Trust or its investment advisor gives Proper Instructions for the execution of a foreign exchange transaction using an indirect foreign exchange service described in the general client publications of State Street Bank and Trust Company available from time to time to clients and their investment managers (“Client Publications”), the Trust (or its investment advisor) instructs State Street, on behalf of the Trust, to direct the execution of such foreign exchange transaction to SSGM or, when the relevant State Street: Limited Access currency is not traded by SSGM, to the applicable sub-custodian. State Street shall not have any agency (except as contemplated in preceding sentence), trust or fiduciary obligation to the Trust, its investment advisor or any other person in connection with the execution of any foreign exchange transaction. State Street shall have no responsibility under this Agreement for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction entered into by the Trust (or its investment advisor acting on its behalf) or the reasonableness of the execution rate on any such transaction.

TRUST ELECTIONS. Each The Trust on behalf of each Fund (or its investment advisor manager acting on its behalf) may elect to enter into and execute foreign exchange transactions with third parties that are not affiliated with State Streetthe Bank, with State Street Global Markets, which is the foreign exchange division of State Street Bank and Trust Company and its affiliated companies (“SSGM”), or with a sub-custodian. Where the Trust or its investment advisor manager gives Proper Instructions for the execution of a foreign exchange transaction using an indirect foreign exchange service described in the general client publications of State Street Bank and Trust Company made available from time to time to clients and their investment managers (“Client Publications”), the Trust (or its investment advisormanager) instructs State Streetthe Bank, on behalf of the TrustFund, to direct the execution of such foreign exchange transaction to SSGM or, when the relevant State Street: Limited Access currency is not traded by SSGM, to the applicable sub-custodian. State Street The Bank shall not have any agency (except as contemplated in preceding sentence), trust or fiduciary obligation to the Trust, the Fund, its investment advisor manager or any other person in connection with the execution of any foreign exchange transaction. State Street The Bank shall have no responsibility under this Agreement for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction entered into by the Trust (or its investment advisor manager acting on its behalf) or the reasonableness of the execution rate on any such transaction.

TRUST ELECTIONS. Each Trust (or its investment advisor Investment Advisor acting on its behalf) on behalf of its Portfolio(s) may elect to enter into and execute foreign exchange transactions with third parties that are not affiliated with State Streetthe Custodian, with State Street Global Markets, which is the foreign exchange division of State Street Bank and Trust Company and its affiliated companies (“SSGM”), or with a sub-custodian. Where the Trust or its investment advisor Investment Advisor gives Proper Instructions for the execution of a foreign exchange transaction using an indirect foreign exchange service described in the general client publications of State Street Bank and Trust Company available from time to time to clients and their investment managers (“Client Publications”), the Trust (or its investment advisorInvestment Advisor) on behalf of its Portfolio(s) instructs State Streetthe Custodian, on behalf of the Trust, to direct the execution of such foreign exchange transaction to SSGM or, when the relevant State Street: Limited Access currency is not traded by SSGM, to the applicable sub-custodian. State Street The Custodian shall not have any agency (except as contemplated in preceding sentence), trust or fiduciary obligation to the Trust, its investment advisor Investment Advisor or any other person in connection with the execution of any foreign exchange transaction. State Street The Custodian shall have no responsibility under this Agreement for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction entered into by the Trust (or its investment advisor Investment Advisor acting on its behalf) or the reasonableness of the execution rate on any such transaction.. Information Classification: Limited Access