Global Custody Agreement - New York Law
November 2001version
267454:v02
EXECUTION
COPY
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GLOBAL CUSTODY AGREEMENT
BETWEEN
OPPENHEIMERFUNDS, INC.
on behalf of each investment company identified
as a Customer
in Exhibit A attached hereto
individually and severally, and not jointly and severally
AND
JPMORGAN CHASE BANK
August 16, 2002
ii
Global Custody Agreement - New York Law
November 2001 version
267454:v02
Global Custody Agreement - New York Law
November 2001 version
267454:v02
GLOBAL CUSTODY AGREEMENT
TABLE OF CONTENTS
1. INTENTION OF THE PARTIES; DEFINITIONS----------------------------------------3
1.1 Intention of the Parties----------------------------------------------------3
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1.2 Definitions-----------------------------------------------------------------3
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2. WHAT BANK IS REQUIRED TO DO---------------------------------------------------5
2.1 Set Up Accounts-------------------------------------------------------------5
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2.2 Cash Account----------------------------------------------------------------6
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2.3 Segregation of Assets; Nominee Name-----------------------------------------6
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2.4 Settlement of Trades--------------------------------------------------------6
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2.5 Settlement Procedures; Contractual Settlement Date
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Accounting----------------------------------------------------------------------7
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2.6 Settlement Procedures; Actual Settlement Date
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Accounting----------------------------------------------------------------------7
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2.7 Income Collection (Autocredit(R))---------------------------------------------7
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2.8 Certain Ministerial Acts----------------------------------------------------8
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2.9 Corporate Actions-----------------------------------------------------------8
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2.10 Proxies-------------------------------------------------------------------9
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2.11 Statements---------------------------------------------------------------10
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2.12 Access to Bank's Records-------------------------------------------------10
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2.13 Maintenance of Financial Assets at Subcustodian
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Locations----------------------------------------------------------------------11
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2.14 Tax Relief Services -----------------------------------------------------11
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2.15 Foreign Exchange Transactions--------------------------------------------11
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2.16 Compliance with SEC Rule 17f-5
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2.17 Compliance with SEC Rule 17f-7
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2.18 Securities Entitlement Orders
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2.19 Confirmations
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3. INSTRUCTIONS-----------------------------------------------------------------14
3.1 Acting on Instructions; Unclear Instructions-------------------------------14
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3.2 Confirmation of Oral Instructions/Security Devices-------------------------14
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3.3 Instructions; Contrary to Law/Market Practice------------------------------15
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3.4 Cut-off Times----------------------------------------------------------15
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4. FEES EXPENSES AND OTHER AMOUNTS OWING TO BANK--------------------------------15
4.1 Fees and Expenses----------------------------------------------------------15
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4.2 Overdrafts-----------------------------------------------------------------15
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5. SUBCUSTODIANS, SECURITIES DEPOSITORIES AND OTHER AGENTS----------------------16
5.1 Appointment of Subcustodians-----------------------------------------------16
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5.2 Liability for Subcustodians------------------------------------------------16
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5.3 Use of Agents--------------------------------------------------------------16
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6. ADDITIONAL PROVISIONS RELATING TO CUSTOMER-----------------------------------17
6.1 Representations of Customer and Bank---------------------------------------17
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6.2 Provision of Additional Information to Bank--------------------------------17
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6.3 Customer is Liable to Bank Even if it is Acting for
----------------------------------------------------
Another Person-----------------------------------------------------------------17
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7. WHEN BANK IS LIABLE TO CUSTOMER----------------------------------------------18
7.1 Standard of Care; Liability------------------------------------------------18
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7.2 Force Majeure--------------------------------------------------------------19
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7.3 Bank May Consult With Counsel----------------------------------------------19
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7.4 Bank Provides Diverse Financial Services and May
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Generate Profits as a Result---------------------------------------------------19
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8. TAXATION---------------------------------------------------------------------19
8.1 Tax Obligations------------------------------------------------------------19
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8.2 Tax Reclaims---------------------------------------------------------------20
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9. TERMINATION------------------------------------------------------------------20
10. Miscellaneous----------------------------------------------------------------21
10.1 Notices------------------------------------------------------------------21
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10.2 Successors and Assigns---------------------------------------------------21
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10.3 Interpretation-----------------------------------------------------------21
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10.4 Entire Agreement---------------------------------------------------------21
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10.5 Information Concerning Deposits at Bank's London
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Branch22
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10.6 Insurance----------------------------------------------------------------22
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10.7 Governing Law and Jurisdiction-------------------------------------------22
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10.8 Severability; Waiver; and Survival---------------------------------------22
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10.9 Counterparts-------------------------------------------------------------23
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10.10 No Third Party Beneficiaries---------------------------------------------23
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10.11 Confidentiality
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10.12 Limited Obligations
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Investment Company Rider to Global Custody Agreement
November 2001 version
267462:v01
GLOBAL CUSTODY AGREEMENT
This Agreement, dated August 16, 2002, is by and
between JPMORGAN CHASE BANK ("Bank"), with a place of
business at 4 MetroTech Center, Attn: Investor Services,
Xxxxxxxx, Xxx Xxxx 00000; and OppenheimerFunds, Inc., with
a place of business at 0000 Xxxxx Xxxxxx Xxx, Xxxx: Banking
Operations, Xxxxxxxxxx, Xxxxxxxx 00000 on behalf of each
investment company identified on Exhibit A attached hereto
(each hereinafter referred to as the "Customer")
individually and severally, and not jointly and severally.
1. INTENTION OF THE PARTIES; DEFINITIONS
1.1 Intention of the Parties.
------------------------
(a) Customer hereby employs the Bank as the
Custodian of all assets of Customer which are delivered to
and accepted by the Bank or any Subcustodian, including
Securities, Financial Assets and cash, and Bank hereby
accepts such employment, pursuant to the terms and
conditions set forth herein governing custodial, settlement
and certain other associated services offered by Bank to
Customer. Bank will be responsible for the performance of
only those duties that are set forth in this Agreement.
Customer acknowledges that Bank is not providing any legal,
tax or investment advice in connection with the services
hereunder.
(b) Investing in foreign markets may be a risky
enterprise. The holding of Financial Assets and cash in
foreign jurisdictions may involve risks of loss or other
special considerations. Bank will not be liable for any
loss that results from Country Risk, as defined herein.
=
1.2 Definitions.
-----------
(a) As used herein, the following terms have the
meaning hereinafter stated.
"1940 Act" means the Investment Company Act of 1940,
as amended.
"Account" has the meaning set forth in Section 2.1 of
this Agreement.
"Affiliate" means an entity controlling, controlled
by, or under common control with, Bank.
"Affiliated Subcustodian" means a Subcustodian that
is an Affiliate.
"Applicable Law" means any statute, whether national,
state or local, applicable in the United States or any
other country, the rules of the treaty establishing the
European Community, any other law, rule, regulation or
interpretation of any governmental entity, any applicable
common law, and any decree, injunction, judgment, order,
ruling, or writ of any governmental entity.
"Authorized Person" means any person who has been
designated by written notice from Customer (or by any
agent designated by Customer, including, without
limitation, an investment manager) to act on behalf of
Customer hereunder. Such persons will continue to be
Authorized Persons until such time as Bank receives
Instructions from Customer (or its agent) that any such
person is no longer an Authorized Person.
"Bank Indemnitees" means Bank and its nominees,
directors, officers, employees and agents.
"Bank's London Branch" means the London branch office
of JPMorgan Chase Bank.
"Cash Account" has the meaning set forth in Section
2.1(a)(ii).
"Corporate Action" means any subscription right,
bonus issue, stock repurchase plan, redemption, exchange,
tender offer, class action notice or similar matter with
respect to a Financial Asset in the Securities Account that
require discretionary action by the holder, but does not
include proxy voting.
"Country Risk" means the risk of investing or holding
assets in a particular country or market, including, but
not limited to, risks arising from nationalization,
expropriation or other governmental actions; the country's
financial infrastructure, including prevailing custody and
settlement practices; laws applicable to the safekeeping
and recovery of Financial Assets and cash held in custody;
the regulation of the banking and securities industries,
including changes in market rules; currency restrictions,
devaluations or fluctuations; and market conditions
affecting the orderly execution of securities transactions
or the value of assets.
"Entitlement Holder" means the person named on the
records of a Securities Intermediary as the person having a
Securities Entitlement against the Securities Intermediary.
"Financial Asset" means, as the context requires,
either the asset itself or the means by which a person's
claim to it is evidenced, including but not limited to a
Security, a security certificate, or a Securities
Entitlement. "Financial Asset" does not include cash.
"Foreign Financial Assets" means Financial Assets,
including foreign currencies, for which the primary market
is outside the United States and any cash and cash
equivalents that are reasonably necessary to effect
transactions in those Financial Assets.
"Institutional Clients" means U.S. registered
investment companies, major U.S. commercial banks,
insurance companies, pension funds or substantially similar
financial institutions which as part of their ordinary
business operations purchase or sell Financial Assets and
make use of custodial services in the applicable
jurisdiction or market.
"Instructions" means instructions which: (i) are
received by Bank in writing or via Bank's electronic
instruction system, SWIFT, telephone, tested telex,
facsimile or such other methods as are for the time being
agreed by Customer (or an Authorized Person) and Bank; and
(ii) Bank believes in good faith have been given by an
Authorized Person or are transmitted with proper testing or
authentication pursuant to terms and conditions which Bank
may specify.
"Liabilities" means any liabilities, losses, claims,
costs, damages, penalties, fines, obligations, or expenses
of any kind whatsoever (including, without limitation,
reasonable and appropriate attorneys', accountants',
consultants' or experts' fees and disbursements).
"Securities" means stocks, bonds, rights, warrants
and other negotiable and non-negotiable instruments,
whether issued in certificated or uncertificated form, that
are commonly traded or dealt in on securities exchanges or
financial markets. "Securities" also means other
obligations of an issuer, or shares, participations and
interests in an issuer recognized in the country in which
it is issued or dealt in as a medium for investment and any
other property as may be acceptable to Bank for the
Securities Account.
"Securities Account" means each Securities custody
account on Bank's records to which Financial Assets are or
may be credited pursuant hereto.
"Securities Depository" means:
(i) when referring to a securities depository
located outside the U.S., an 'Eligible Securities
Depository' which, in turn, shall have the same
meaning as in SEC Rule 17f-7(b)(1)(i)-(vi) as the
same may be amended from time to time, or that has
otherwise been made exempt pursuant to an SEC
exemptive order.
(ii) when referring to a securities depository
located in the U.S. shall mean a securities
depository as defined in SEC Rule 17f-4(a).
.
"Securities Entitlement" means the rights and
property interests of an Entitlement Holder with respect to
a Financial Asset as set forth in Part 5 of Article 8 of
the Uniform Commercial Code of the State of New York, as
the same may be amended from time to time.
"Securities Intermediary" means Bank, a Subcustodian,
a Securities Depository, and any other financial
institution which in the ordinary course of business
maintains custody accounts for others and acts in that
capacity.
"Subcustodian" means the following:
(i) a 'U.S. Bank', which shall mean a U.S. bank as
defined in SEC rule 17f-5(a)(7);
(ii) an 'Eligible Foreign Custodian', which shall
mean: (x) a banking institution or trust company,
incorporated or organized under the laws of a
country other than the United
States, that is regulated as such by that country's
government or an agency thereof, and (y) a
majority-owned direct or indirect subsidiary of a
U.S. bank or bank holding company which subsidiary
is incorporated or organized under the laws of a
country other than the United States. In addition,
an Eligible Foreign Custodian shall also mean any
other entity that shall have been so qualified by
exemptive order, rule or other appropriate action
of the SEC.
(iii) For purposes of clarity, it is agreed that
as used in Section 5.2(a), the term Subcustodian
shall not include any Eligible Foreign Custodian as
to which Bank has not acted as Foreign Custody
Manager, and that Subcustodian includes Affiliated
Subcustodians.
(b) All terms in the singular will have the same
meaning in the plural unless the context otherwise provides
and vice versa and the word "will" shall be read to mean
"shall."
2. WHAT BANK IS REQUIRED TO DO
2.1 Set Up Accounts.
---------------
(a) Bank will establish and maintain the following
accounts ("Accounts"):
(i) a Securities Account in the name of
Customer for Financial Assets, which may
be received by or on behalf of Bank or
its Subcustodian for the account of
Customer, including as an Entitlement
Holder; and
(ii) an account in the name of Customer
("Cash Account") for any and all cash in
any currency received by or on behalf of
Bank or its Subcustodian for the account
==
of Customer.
Notwithstanding paragraph (ii), cash held in respect of
those markets where Customer is required to have a cash
account in its own name held directly with the relevant
Subcustodian or a Securities Depository will be held in
that manner and will not be part of the Cash Account.
(b) At the request of Customer, additional Accounts
may be opened in the future, which will be subject to the
terms of this Agreement.
2.2 Cash Account.
------------
Except as otherwise provided in Instructions
acceptable to Bank, all cash held in the Cash Account will
be deposited during the period it is credited to the
Accounts in one or more deposit accounts at Bank or at
Bank's London Branch. Any cash so deposited with Bank's
London Branch will be payable exclusively by Bank's London
Branch in the applicable currency, subject to compliance
with Applicable Law, including, without limitation, any
restrictions on transactions in the applicable currency
imposed by the country of the applicable currency.
2.3 Segregation of Assets; Nominee Name.
-----------------------------------
(a) Bank will identify in its records that
Financial Assets credited to Customer's Securities Account
belong to Customer (except as otherwise may be agreed by
Bank and Customer).
(b) To the extent permitted by Applicable Law or
market practice, Bank will require each Subcustodian to
identify in its own records that Financial Assets credited
to Customer's Securities Account belong to customers of
Bank, such that it is readily apparent that the Financial
Assets do not belong to Bank or the Subcustodian.
(c) Bank is authorized, in its discretion:
(i) to hold in bearer form, such Financial
Assets as are customarily held in bearer
form or are delivered to Bank or its
Subcustodian in bearer form;
(ii) to hold Financial Assets in or
deposit Financial Assets with any
Securities Depository, settlement system
or dematerialized book entry or similar
systems as to which, in the case of a
foreign Securities Depository, Bank has
provided the analysis of custody risks
contemplated by Section (a)(1)(i)(A) of
Rule 17f-7 under the 1940 Act and not,
after delivering a notice required by
Section (a)(1)(i)(B) of Rule 17f-7 under
the 1940 Act, received Instructions from
Customer to withdraw securities therefrom
(a "Reported Depository"); and
(iii) to register in the name of Customer, Bank, a
Subcustodian, or their respective
nominees, such Financial Assets as are
customarily held in registered form;
provided, however, that if it is market
practice in a country for Financial
Assets customarily held in registered
form to be registered in the name of a
Reported Depository, Bank is authorized
in its discretion to register such
Financial Assets in the name of such
Reported Depository or its nominee.
(d) Except with the specific consent of
Customer, Customer authorizes Bank or its Subcustodian to
hold Financial Assets in omnibus accounts or in Customer's
name, as required by local market practice, and will
accept delivery of Financial Assets of the same class and
denomination as those deposited with Bank or its
Subcustodian.
2.4 Settlement of Trades.
--------------------
When Bank receives an Instruction directing
settlement of a transaction in (i.e., purchase or sale of)
Financial Assets that includes all information reasonably
required by Bank, Bank will use reasonable care to effect
such settlement as instructed. Settlement of transactions
in Financial Assets will be conducted in accordance with
prevailing standards of the market in which the transaction
occurs for transactions by Institutional Clients.
Notwithstanding applicable market standards, the Bank shall
not deliver Financial Assets or payment in advance of
receipt or settlement of the expected consideration unless
instructed to do so by Customer. In the case of the
failure of Customer's counterparty to deliver the expected
consideration as agreed, Bank will contact the counterparty
to seek settlement, but Bank will not be obligated to
institute legal proceedings, file a proof of claim in any
insolvency proceeding, or take any similar action.
2.5 Settlement Procedures; Contractual Settlement Date
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Accounting.
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(a) Securities will be transferred, exchanged or
delivered by the Custodian or Subcustodian upon receipt by
Custodian of Instructions which include all information
required by Custodian. Bank will use "contractual
settlement date accounting" as described below with respect
to the settlement of trades in those markets where Bank
generally offers contractual settlement date accounting and
will notify Customer of those markets from time to time.
(i) Sales: On the settlement date for a sale,
Bank will credit the Cash Account with
the proceeds of the sale and transfer the
relevant Financial Assets to an account
at Bank pending settlement of the trade
to the extent not already delivered.
(ii) Purchases: On the settlement date for
the purchase (or earlier, if market
practice generally used by Institutional
Clients requires delivery of the
purchase price before the settlement
date), Bank will debit the Cash Account
with the settlement amount and credit a
separate account at Bank. Bank then will
post the Securities Account as awaiting
receipt of the expected Financial
Assets. Customer will not be entitled to
the credit in its Securities Account of
the Financial Assets that are awaiting
receipt until Bank or a Subcustodian
actually receives them.
Bank reserves the right to restrict in good faith the
availability of contractual settlement date accounting for
reasons of insufficient cash in Customer's Cash Account or
local market constraints that would prohibit settlement.
(b) Bank may (in its absolute discretion) upon oral
or written notification to Customer reverse any pending
debit or credit made pursuant to Section 2.5(a) prior to a
transaction's actual settlement, and Bank will not be
liable for any costs or liabilities resulting from such
reversal. Customer acknowledges that the procedures
described in this sub-section are of an administrative
nature, and Bank does not undertake to make loans and/or
Financial Assets available to Customer.
2.6 Settlement Procedures; Actual Settlement Date
------------------------------------------------------
Accounting.
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With respect to any sale or purchase transaction
that is not posted to the Account on the contractual
settlement date as referred to in Section 2.5, Bank will
post the transaction on the date on which the cash or
Financial Assets received as consideration for the
transaction is actually received by Bank.
2.7 Income Collection ; Autocredit(R).
---------------------------------
(a) Autocredit(R). Bank will credit all interest
-------------
and dividends and all other income and payments, including
redemption proceeds on Financial Assets, whether paid in
cash or in kind, as the same become payable and credit the
same to the Cash Account, net of any taxes that are
withheld by Bank or any third party. Bank may reverse
such credits upon oral or written notification to Customer
that Bank believes that the corresponding payment will not
be received by Bank within a reasonable period or such
credit was incorrect.
(b) Income Collection. Bank will use reasonable,
------------------
good faith efforts to contact appropriate parties to
collect unpaid interest, dividends or redemption proceeds,
but neither Bank nor its Subcustodians will be obliged to
file any formal notice of default, institute legal
proceedings, file a proof of claim in any insolvency
proceeding, or take any similar action. With Bank's
permission, which shall not be unreasonably withheld,
Customer may use the name of Bank or a Subcustodian when
necessary to comment and prosecute such legal proceedings
to collect amounts due, and Bank will, and will cause each
Subcustodian to, cooperate fully with Customer in assisting
in collecting such amounts.
2.8 Certain Ministerial Acts.
------------------------
(a) Until Bank receives Instructions to the
contrary, Bank will:
(i) present all Financial Assets for which
Bank has received notice of a call for
redemption or that have otherwise
matured, and all income and interest
coupons and other income items that call
for payment upon presentation;
(ii) execute in the name of Customer such
certificates as may be required to
obtain payment in respect of Financial
Assets; and
(iii) exchange interim or temporary documents
of title held in the Securities Account
for definitive documents of title.
(b) Bank may provide information concerning the
Accounts to Subcustodians, Securities Depositories,
counterparties, issuers of Financial Assets, governmental
entities, securities exchanges, self-regulatory entities,
and similar entities to the extent required by Applicable
Law or as may be required by market practice for accounts
of Institutional Clients in order to provide the services
contemplated by this Agreement.
2.9 Corporate Actions.
-----------------
(a) Subject to the standard of reasonable care of
Section 7.1(a), Bank will follow Corporate Actions through
receipt of notices from issuers, from Subcustodians,
Securities Depositories and notices published in industry
publications and reported in reporting services. Bank will
promptly notify Customer of any Corporate Action of which
information is either (i) received by it or a Subcustodian
to the extent that Bank's central corporate actions
department has actual knowledge of the Corporate Action in
time to notify its customers in a timely manner; or (ii)
published via a formal notice in publications and reporting
services routinely used by Bank for this purpose in time
for Bank to notify its customers in a timely manner. Bank
also will use its reasonable efforts to notify Customer of
any class action litigation for which information is
actually received by Bank's central corporate actions
department but shall not be liable for any Liabilities
arising out of Bank's failure to identify Customer's
interest in any class action litigation. Bank does not
commit, however, to provide information concerning
Corporate Actions or class action litigation relating to
Financial Assets being held at Customer's request in a name
not subject to the control of Bank or its Subcustodian.
(b) If an Authorized Person fails to provide Bank
with Instructions prior to the deadline set by the
Securities Depository with respect to any Corporate Action,
neither Bank nor its Subcustodians or their respective
nominees will take any action in relation to that Corporate
Action, except as otherwise agreed in writing by Bank and
Customer or as may be set forth by Bank as a default action
in the notification it provides under Section 2.9 (a) with
respect to that Corporate Action. If Customer provides
Bank with Instructions with respect to any Corporate Action
after the deadline set by the Bank but before the deadline
set by the Securities Depository, Bank shall use
commercially reasonable efforts to act on such
Instructions. If Bank fails to act on Instructions
provided by Customer prior to the deadline set by Bank with
respect to any Corporate Action, Bank will be liable for
direct losses incurred by Customer.
Bank's deadline for receipt of Instructions from
Customer with respect to any Corporate Action shall not
precede the deadline set by the Securities Depository by
more than a commercially reasonable period of time, with
such interval between the Bank's deadline and the
Securities Depository's deadline as agreed upon between
Customer and Bank.
(c) Bank may sell or otherwise dispose of fractional
interests in Financial Assets arising out of a Corporate
Action and, to the extent necessary to protect Customer's
interest in that Corporate Action, credit the Cash Account
with the proceeds of the sale or disposition. If some,
but not all, of an outstanding class of Financial Asset is
called for redemption, Bank may allot the amount redeemed
among the respective beneficial holders of such class of
Financial Asset in any basis such that Customer is not
allocated a higher proportion of the redeemed Financial
Asset than it would on a pro rata basis.
(d) Notices of Corporate Actions and class actions
dispatched to Customer may have been obtained from sources
which Bank does not control and may have been translated
or summarized. Although Bank believes such sources to be
reliable, Bank has no duty to verify the information
contained in such notices nor the faithfulness of any
translation or summary and therefore does not guarantee
its accuracy, completeness or timeliness.
2.10 Proxies.
-------
(a) As may be agreed upon between Customer and
Bank, and subject to and upon the terms of this
sub-section, Bank will monitor information in accordance
with standard procedures as notified to Customer and will
promptly provide Customer with information which it
receives on matters to be voted upon at meetings of
holders of Financial Assets ("Notifications"), and Bank
will act in accordance with Customer's Instructions in
relation to such Notifications ("the active proxy voting
service"). If information is received by Bank at its
proxy voting department too late to permit timely voting
by Customer, Bank's only obligation will be to provide, so
far as reasonably practicable, a Notification (or summary
information concerning a Notification) on an "information
only" basis.
(b) The active proxy voting service is available
only in certain markets, details of which are available
from Bank on request. Provision of the active proxy voting
service is conditional upon receipt by Bank of a duly
completed enrollment form as well as additional
documentation that may be required for certain markets.
(c) Bank will act upon Instructions to vote on
matters referred to in a Notification, provided
Instructions are received by Bank at its proxy voting
department by the deadline referred to in the relevant
Notification. If Instructions are not received in a
timely manner, Bank will not be obligated to provide
further notice to Customer.
(d) Bank reserves the right to provide
Notifications or parts thereof in the language received,
but shall use commercially reasonable efforts to provide
such Notifications in English in a timely manner. Bank
will attempt in good faith to provide accurate and
complete Notifications, whether or not translated.
(e) Customer acknowledges that Notifications and
other information furnished pursuant to the active proxy
voting service ("information") not the intellectual
========
property of Customer. Accordingly, Customer will not
make any use of such information except in connection with
the active proxy voting service, and to the extent
necessary to effectuate Customer's voting.
(f) In markets where the active proxy voting
service is not available or where Bank has not received a
duly completed enrollment form or other relevant
documentation, Bank will not provide Notifications to
Customer but will endeavor to act upon Instructions to
vote on matters before meetings of holders of Financial
Assets where it is reasonably practicable for Bank (or its
Subcustodians or nominees as the case may be) to do so and
where such Instructions are received in time for Bank to
take timely action (the "passive proxy voting service").
Bank shall in all events promptly send notices and proxy
information it receives either to Customer or as directed
by Customer.
(g) Customer acknowledges that the provision of
proxy voting services (whether active or passive) may be
precluded or restricted under a variety of circumstances.
These circumstances include, but are not limited to:
(i) the Financial Assets being on loan or out
for registration,
(ii) the pendency of conversion or another
Corporate Action;
(iii) Financial Assets being held at Customer's
request in a name not subject to the
control of Bank or its Subcustodian;
(iv) Financial Assets being held in a margin
or collateral account at Bank or another
bank or broker, or otherwise in a manner
which affects voting;
(v) local market regulations or practices, or
restrictions by the issuer; and
(vi) Bank may be required to vote all shares
held for a particular issue for all of
Bank's customers on a net basis (i.e. a
net yes or no vote based on voting
instructions received from all its
customers). Where this is the case, Bank
will inform Customer by means of the
Notification.
(h) Notwithstanding the fact that Bank may act in a
fiduciary capacity with respect to Customer under other
agreements, in performing active or passive proxy voting
services Bank will be acting solely as the agent of
Customer, and will not exercise any discretion, with regard
to such proxy services or vote any proxy except when
directed by an Authorized Person.
2.11 Statements and Information Available On-Line.
--------------------------------------------
(a) Bank will send to Customer, or make available
to Customer on-line or otherwise at Customer's reasonable
request, at times mutually agreed upon, formal statements
of account in Bank's standard format for each Account
maintained by Customer with Bank, identifying the Financial
Assets and cash held in each Account (each such statement a
"Statement of Account"). Additionally, Bank will send (or
make available on-line to) Customer an advice or
notification of any transfers of cash or Financial Assets
with respect to each Account. Bank will not be liable with
respect to any matter set forth in those portions of any
Statement of Account or any such advice (or reasonably
implied therefrom) to which Customer has not given Bank a
written exception or objection within ninety (90) days of
receipt of the Statement of Account, provided such matter
is not the result of Bank's negligence, willful misconduct
or bad faith. References in this Agreement to Statements
of Account include Statements of Account in electronic form.
(b) Prices and other information obtained from
non-affiliated third parties which may be contained in any
Statement of Account or other statement sent to Customer
have been obtained from sources Bank believes to be
reliable. Bank does not, however, make any representation
as to the accuracy of such information or that the prices
specified necessarily reflect the proceeds that would be
received on a disposal of the relevant Financial Assets.
(c) Customer acknowledges that, except for
Statements of Account or as otherwise expressly agreed by
Bank, records and reports available to it on-line may not
be accurate due to valuation differences by reason of
prices used by Customer to value its Financial Assets,
delays in updating Account records, and other causes.
2.12 Access to Bank's Records.
------------------------
Bank will allow Customer's independent public
accountants such reasonable access to the records of Bank
relating to Financial Assets as is required in connection
with their examination of books and records pertaining to
Customer's affairs. Subject to restrictions under
Applicable Law, Bank also will obtain an undertaking to
permit Customer's independent public accountants,
reasonable access to the records of any Subcustodian of
Securities held in the Securities Account as may be
required in connection with such examination.
2.13 Maintenance of Financial Assets at Subcustodian
------------------------------------------------------
Locations.
---------
(a) Unless Instructions require another location
acceptable to Bank, Financial Assets will be held in the
country or jurisdiction in which their principal trading
market is located, where such Financial Assets may be
presented for payment, where such Financial Assets were
acquired, or where such Financial Assets are held in a
Reported Depository. Bank reserves the right to refuse to
accept delivery of Financial Assets or cash in countries
and jurisdictions other than those referred to in
Schedule 2 to this Agreement, as in effect from time to
time.
(b) Bank will not be obliged to follow an
Instruction to hold Financial Assets with, or have them
registered or recorded in the name of, any person not
chosen by Bank or its Subcustodian. However, if Customer
does instruct Bank to hold Financial Assets and/or cash
with or register or record Financial Assets in the name
of a person not chosen by Bank or its Subcutodian and Bank
agrees to do so, except in a case in which registration or
recording in the name of a person chosen by Bank or its
Subcustodian would impose risks to Customer not present if
registration or recordation were in a different name, the
consequences of doing so are at Customer's own risk and
Bank (i) will not be liable therefor and (ii) may not
provide services under this Agreement with respect to
Financial Assets s or cash so held, including, without
limitation, services provided under Sections 2.8, 2.9,
2.10, and 8.2.
2.14 Tax Relief Services.
-------------------
Bank will provide tax relief services as provided in
Section 8.2.
2.15 Foreign Exchange Transactions.
-----------------------------
To facilitate the administration of Customer's
trading and investment activity and pursuant to
Instructions from CustomerBank may, but will not be obliged
to, enter into spot or forward foreign exchange contracts
with Customer, and may also provide foreign exchange
contracts and facilities through its Affiliates or
Subcustodians. Instructions, including standing
Instructions, may be issued with respect to such contracts,
but Bank may establish rules or limitations concerning any
foreign exchange facility made available. In all cases
where Bank, its Affiliates or Subcustodians enter into a
master foreign exchange contract that covers foreign
exchange transactions for the Accounts, the terms and
conditions of that foreign exchange contract and, to the
extent not inconsistent, this Agreement, will apply to such
transactions.
2.16. Compliance with Securities and Exchange Commission
-----------------------------------------------------
("SEC") Rule 17f-5 ("Rule 17f-5").
--------------------------------------
(a) Customer's board of directors (or equivalent
body) (hereinafter `Board') hereby delegates to Bank, and,
as to those countries listed in Schedule 2 hereto (and as
the same may be amended on notice to Customer from time to
time), Bank hereby accepts the delegation to it, of the
obligation to perform as Customer's `Foreign Custody
Manager' (as that term is defined in rule 17f-5(a)(3) as
promulgated under the Investment Company Act of 1940, as
amended ("1940 Act"), including for the purposes of: (i)
selecting Eligible Foreign Custodians (as that term is
defined in rule 17f-5(a)(1), and as the same may be amended
from time to time, or that have otherwise been exempted
pursuant to an SEC exemptive order) to hold Foreign
Financial Assets and Cash, (ii) evaluating the contractual
arrangements with such Eligible Foreign Custodians (as set
forth in rule 17f-5(c)(2)), (iii) monitoring such foreign
custody arrangements (as set forth in rule 17f-5(c)(3)).
(b) In connection with the foregoing, Bank shall:
(i) Promptly advise Customer of the placement of
Customer's Financial Assets and Cash with an Eligible
Foreign Custodian in connection with execution of
this Agreement;
(ii) provide written reports notifying Customer's
Board of the placement of Financial Assets and Cash
with particular Eligible Foreign Custodians and of
any material change in the arrangements with such
Eligible Foreign Custodians, with such reports to be
provided to Customer's Board at such times as the
Board deems reasonable and appropriate based on the
circumstances of Customer's foreign custody
arrangements (and until further notice from Customer
such reports shall be provided not less than
quarterly with respect to the placement of Financial
Assets and Cash with particular Eligible Foreign
Custodians and with reasonable promptness upon the
occurrence of any material change in the arrangements
with such Eligible Foreign Custodians);
(iii) exercise such reasonable care, prudence and
diligence in performing as Customer's Foreign Custody
Manager as a person having responsibility for the
safekeeping of Foreign Financial Assets and cash
would exercise;
(iv) in selecting an Eligible Foreign Custodian,
first have determined that Foreign Financial Assets
and cash placed and maintained in the safekeeping of
such Eligible Foreign Custodian shall be subject to
reasonable care, based on the standards applicable to
custodians in the relevant market, after having
considered all factors relevant to the safekeeping of
such Foreign Financial Assets and cash, including,
without limitation, those factors set forth in rule
17f-5(c)(1)(i)-(iv);
(v) determine that the written contract with an
Eligible Foreign Custodian requires that the Eligible
Foreign Custodian shall provide reasonable care for
Foreign Financial Assets and Cash based on the
standards applicable to custodians in the relevant
market;
(vi) determine that the written contract with an
Eligible Foreign Custodian contains the provisions
set forth in Rule 17f-5(c)(2)(i)(A)-(F) or, in lieu
of any of all of the provisions set forth in Rule
17f-5(c)(2)(i)(A)-(F), other provisions that Bank
determines will provide, in their entirety, the same
or level of care and protection for the Foreign
Financial Assets as the provisions in Rule
17f-5(c)(2)(i)(A)-(F), in their entirety; and .
(vii) have established a system to monitor the
initial and continued appropriateness of maintaining
Foreign Financial Assets and cash with particular
Eligible Foreign Custodians and of the governing
contractual arrangements; it being understood,
however, that in the event that Bank shall have
determined that the existing Eligible Foreign
Custodian in a given country would no longer afford
Foreign Financial Assets and cash reasonable care and
that no other Eligible Foreign Custodian in that
country would afford reasonable care, Bank shall
promptly so advise Customer and shall then act in
accordance with the Instructions of Customer with
respect to the disposition of the affected Foreign
Financial Assets and cash.
Subject to (b)(i)-(vii) above, Bank is hereby authorized to
place and maintain Foreign Financial Assets and cash on
behalf of Customer with Eligible Foreign Custodians
pursuant to a written contract deemed appropriate by Bank.
(c) Bank represents to Customer that it is a U.S.
Bank as defined in Rule 17f-5(a)(7). Customer represents
to Bank that: (1) the Foreign Financial Assets and cash
being placed and maintained in Bank's custody are subject
to the 1940 Act, as the same may be amended from time to
time; (2) its Board has determined that it is reasonable to
rely on Bank to perform as Customer's Foreign Custody in
each country in which Customer's Financial Assets and cash
shall be held hereunder and determined to accept Country
Risk. Nothing contained herein shall require Bank to make
any selection or to engage in any monitoring on behalf of
Customer that would entail consideration of Country Risk.
For purposes hereof, "Country Risk" shall mean systemic
risks of holding assets in a particular
country including, but no limited to, (a) an Eligible
Foreign Custodian's use of an Eligible
Securities Depository as defined in Rule 17f-7 under the
Investment Company Act of 1940 as
amended, (b) such country's financial infrastructure, (c)
such country's prevailing custody and
settlement practices, (d) nationalization, expropriation or
other governmental actions, (e)
regulation of the banking or securities industry, (f)
currency controls, restrictions, devaluations
or fluctuations, and (g) market conditions which affect
the orderly execution of securities
transactions or affect the value of securities.
(d) Bank shall provide to Customer such information
relating to Country Risk as is specified in Schedule 1
hereto. Customer hereby acknowledges that: (i) such
information is solely designed to inform Customer of market
conditions and procedures and is not intended as a
recommendation to invest or not invest in particular
markets; and (ii) Bank has gathered the information from
sources it considers reliable, but that Bank shall have no
responsibility for inaccuracies or incomplete information.
2.17 Compliance with SEC Rule 17f-7 ("Rule 17f-7").
----------------------------------------------
(a) Bank shall have provided for consideration by
Customer, prior to the placement of Customer's Foreign
Financial Assets with any Eligible Securities Depository in
connection with execution of this Agreement, an analysis
of the custody risks associated with maintaining Customer's
Foreign Financial Assets with each Eligible Securities
Depository used by Bank as of the date hereof (or, in the
case of an Eligible Securities Depository not used by Bank
as of the date hereof, prior to the initial placement of
Customer's Foreign Financial Assets at such Depository).
The foregoing analysis will be provided to Customer at
Bank's Website. In connection with the foregoing, Customer
shall notify Bank of any Eligible Securities Depositories
at which it does not choose to have its Foreign Financial
Assets held. Bank shall monitor the custody risks
associated with maintaining Customer's Foreign Financial
Assets at each such Eligible Securities Depository on a
continuing basis and shall promptly notify Customer or its
adviser of any material changes in such risks.
In conducting the aforementioned analysis, Bank shall
consider factors relevant to custody risks, including but
not limited to:
(i) the depository's expertise and market reputation;
(ii) the quality of the despository's services;
(iii) the depository's financial strength;
(iv) insurance or indemnification arrangements;
(v) the extent and quality of regulation and independent
examination of the depository;
(vi) the depository's standing in published ratings;
(vii) the depository's internal controls and other
procedures for safeguarding investments; and
(viii) any related legal proceedings.
(b) Bank shall exercise reasonable care, prudence
and diligence in performing the requirements set forth in
Section 2.17(a) above.
(c) Based on the information available to it in the
exercise of diligence, Bank shall determine the eligibility
under rule 17f-7 of each depository before including it on
Schedule 3 hereto and shall promptly advise Customer if any
Eligible Securities Depository ceases to be eligible.
(Eligible Securities Depositories used by Bank as of the
date hereof are set forth in Schedule 3 hereto, and as the
same may be amended on notice to Customer from time to
time.)
2.18 Securities Entitlement Orders.
-----------------------------
Bank shall at all times be bound by Instructions
(except as otherwise herein provided) as to Securities
Entitlements of Customer and shall not permit, honor or act
upon any prior, equal or contemporaneous claim to or
instructions or orders of any kind with respect to
Financial Assets or Cash by or from any other person or
entity of any kind, and shall keep all Financial Assets and
Cash at all times free from all security interests,
charges, claims, mortgages, pledges or other liens,
restrictions or encumbrances other than those arising in
connection with settlement of transactions pursuant to this
Agreement and other charges and payments by Bank as
permitted by this Agreement.
2.19 Confirmations.
--------------
Bank shall send Customer confirmations of transfers
to and from the Accounts at the end of each business day.
3. INSTRUCTIONS
3.1 Acting on Instructions; Unclear Instructions.
--------------------------------------------
(a) Customer authorizes Bank to accept and act
upon any Instructions received by it without inquiry.
Customer will indemnify the Bank Indemnitees against, and
hold each of them harmless from, any Liabilities that may
be imposed on, incurred by, or asserted against the Bank
Indemnitees as a result of any action or omission taken in
accordance with any Instructions or other directions upon
which Bank is authorized to rely under the terms of this
Agreement, provided that Bank shall not be indemnified
against or held harmless from any liability arising out of
Bank's negligence, fraud or willful misconduct.
(b) Unless otherwise expressly provided, all
Instructions will continue in full force and effect until
canceled or superseded.
(c) Bank may (in its sole discretion and without
affecting any part of this Section 3.1) seek clarification
or confirmation of an Instruction from an Authorized Person
and may decline to act upon an Instruction if it does not
receive clarification or confirmation satisfactory to it.
Bank will not, except as provided in Section 7.1 hereof, be
liable for any loss arising from any delay while it seeks
such clarification or confirmation and it documents that it
sought clarification or confirmation.
(d) In executing or paying a payment order Bank may
rely upon the identifying number (e.g. Fedwire routing
number or account) of any party as instructed in the
payment order. Customer assumes full responsibility for
any inconsistency between the name and identifying number
of any party in payment orders issued to Bank in Customer's
name.
3.2 Confirmation of Oral Instructions/Security Devices.
--------------------------------------------------
Any Instructions delivered to Bank by telephone will
promptly thereafter be confirmed in writing by an
Authorized Person. Each confirmation is to be clearly
marked "Confirmation." Bank will not be liable for having
followed such Instructions notwithstanding the failure of
an Authorized Person to send such confirmation in writing
or the failure of such confirmation to conform to the
telephone Instructions received, provided that Bank shall
have exercised reasonable care in following such
Instructions. In the event of a discrepancy between
Instructions and a subsequent confirmation, Bank will
immediately notify Customer of such discrepancy. Either
party may record any of their telephonic communications.
Customer will comply with any security procedures
reasonably required by Bank from time to time with respect
to verification of Instructions. Customer will be
responsible for safeguarding any test keys, identification
codes or other security devices that Bank will make
available to Customer or any Authorized Person.
3.3 Instructions; Contrary to Law/Market Practice.
---------------------------------------------
Bank need not act upon Instructions which it
reasonably believes to be contrary to law, regulation or
market practice and will immediately so notify Customer,
but Bank will be under no duty to investigate whether any
Instructions comply with Applicable Law or market practice.
3.4 Cut-off Times.
-------------
Bank has established cut-off times for receipt of
some categories of Instruction, which are consistent with
industry standards for the receipt of such instructions
and which will be made available to Customer. If Bank
receives an Instruction after its established cut-off
time, Bank will attempt to act upon the Instruction on the
day requested if Bank deems it practicable to do so or
otherwise as soon as practicable on the next business day.
4. FEES, EXPENSES AND OTHER AMOUNTS OWING TO BANK
4.1 Fees and Expenses.
----------------- -
Customer will pay Bank for its services hereunder
the fees set forth in Schedule A hereto or such other
amounts as may be agreed upon in writing from time to
time, together with Bank's reasonable out-of-pocket or
incidental expenses, including, but not limited to,
reasonable and appropriate legal fees. Customer
authorizes Bank to deduct amounts owing to it from the
Cash Account, for any undisputed fees or expenses from
time to time more than 60 days in arrears. Bank may
increase the fees for its services hereunder by not less
than thirty days' notice in writing to Customer. Without
prejudice to Bank's other rights, Bank reserves the right
to charge interest on undisputed overdue amounts from the
due date until actual payment at such rate as Bank may
reasonably determine but not to exceed an annual rate of
the then-current Federal funds plus 0.25%.
4.2 Overdrafts.
----------
If a debit to any currency in the Cash Account
results in a debit balance in that currency (without
regard to Cash Account investments), then Bank may, in its
discretion, (i) advance an amount equal to the overdraft,
(ii) refuse to settle in whole or in part the transaction
causing such debit balance, or (iii) if any such
transaction is posted to the Securities Account, reverse
any such posting. If Bank elects to make such an advance,
the advance will be deemed a loan to Customer, payable on
demand, bearing interest at the applicable rate charged by
Bank from time to time to customers similar to Customer,
for such overdrafts, from the date of such advance to the
date of payment (both after as well as before judgment)
and otherwise on the terms on which Bank makes similar
overdrafts available from time to time. No prior action
or course of dealing on Bank's part with respect to the
settlement of transactions on Customer's behalf will be
asserted by Customer against Bank for Bank's refusal to
make advances to the Cash Account or to settle any
transaction for which Customer does not have sufficient
available funds in the applicable currency in the Cash
Account.
Custodian may, without prior notice to Customer, set
off any payment obligation owed to it by Customer under
this Section 4.2 against Customer's Cash Account,
regardless of currency involved. If, after set off
against Customer's Cash Account, there remains a debit
balance under this Section 4.2, then, with respect to
Financial Assets in the Securities Account and without
prejudice to Bank's rights as a Securities Intermediary
under New York law (including, but not limited to, under
the Uniform Commercial Code), upon notice to Customer, Bank
shall be entitled to withhold delivery of such Financial
Assets against settlement of pending trades, sell or
otherwise realize any such Financial Assets and to apply
the proceeds in satisfaction of any such payment
obligation, provided that the foregoing is not prohibited
by Section 18 of the Investment Company Act of 1940.
5. SUBCUSTODIANS, SECURITIES DEPOSITORIES, AND OTHER
AGENTS
5.1 Appointment of Subcustodians; Use of Securities
------------------------------------------------------
Depositories.
------------
(a) Bank is authorized under this Agreement to act
through and hold Customer's Financial Assets with
Subcustodians, being at the date of this Agreement the
entities listed in Schedule 2. Bank will use reasonable
care in the selection and continued appointment of such
Subcustodians. In addition, Bank and each Subcustodian
may deposit Financial Assets with, and hold Financial
Assets in, any Reported Depository or "other U.S.
Securities Depository." Customer will provide Bank with
such documentation or acknowledgements that Bank may
reasonably require to hold the Financial Assets in such
Securities Depositories.
(b) Any agreement Bank enters into with a
Subcustodian for holding Bank's customers' assets will
provide that such assets will not be subject to any right,
charge, security interest, lien or claim of any kind in
favor of such Subcustodian or its creditors except a claim
for payment for their safe custody or administration, or,
in the case of cash deposits, except for liens or rights
in favor of creditors of the Subcustodian arising under
bankruptcy, insolvency or similar law, and that the
beneficial ownership thereof will be freely transferable
without the payment of money or value other than for safe
custody or administration. Where a Subcustodian deposits
Securities with a Securities Depository, Bank will cause
the Subcustodian to identify on its records as belonging
to Bank, as agent, the Securities shown on the
Subcustodian's account at such Securities Depository. This
Section 5.1(b) will not apply to the extent of any special
agreement or arrangement made by Customer with any
particular Subcustodian.
(c) Bank will not be liable for any act or omission
by (or the insolvency of) any Securities Depository. In
the event Customer incurs a loss due to the negligence,
willful misconduct, or insolvency of a Securities
Depository, Bank will make good faith efforts, in its
discretion, to seek recovery from the Securities
Depository, but Bank will not be obligated to institute
legal proceedings, file a proof of claim in any insolvency
proceeding, or take any similar action.
5.2 Liability for Subcustodians.
---------------------------
(a) Subject to Section 7.1(b), Bank will be liable
for direct losses incurred by Customer that result from:
(i) the failure by a Subcustodian to use
reasonable care in the provision of
custodial services by it in accordance
with the standards prevailing in the
relevant market for Institutional Clients
or from the fraud or willful misconduct
or default of such Subcustodian in the
provision of custodial services by it; or
(ii) the bankruptcy or insolvency of any
Affiliated Subcustodian.
(b) Subject to Section 7.1(b) and Bank's duty to
use reasonable care in the monitoring of a Subcustodian's
financial condition as reflected in its published
financial statements and other publicly available
financial information concerning it, Bank will not be
responsible for the insolvency of any Subcustodian which
is not a branch or an Affiliated Subcustodian.
(c) Bank reserves the right to add, replace or
remove Subcustodians. Bank will give prompt notice of any
such action, which will be advance notice if practicable.
Bank will identify the name, address and principal place
of business of any Subcustodian and the name and address
of the governmental agency or other regulatory authority
that supervises or regulates such Subcustodian.
5.3 Use of Agents.
-------------
(a) Bank may provide certain services under this
Agreement through third parties, which may be Affiliates.
Except to the extent provided in Section 5.2 with respect
to Subcustodians, Bank will not be responsible for any loss
as a result of a failure by any broker or any other third
party that it selects and retains using reasonable care to
provide ancillary services that it may not customarily
provide itself, including, without limitation, delivery
services and providers of information regarding matters
such as pricing, proxy voting or Corporate Actions.
Nevertheless, Bank will be liable for the performance of
any such service provider selected by Bank that is an
Affiliate to the same extent as Bank would have been liable
if it performed such services itself.
(b) In the case of the sale under Section 2.9(c) of
a fractional interest (or in other cases where Customer has
requested Bank to arrange for execution of a trade) Bank
will place trades with a broker which is an Affiliate to
the extent that Bank has established a program for such
trading with such Affiliate. An affiliated broker may
charge its customary commission (or retain its customary
spread) with respect to any such transaction.
6. ADDITIONAL PROVISIONS RELATING TO CUSTOMER
6.1 Representations of Customer and Bank.
------------------------------------
(a) Customer represents and warrants that (i) it
has full authority and power, and has obtained all
necessary authorizations and consents, to deposit and
control the Financial Assets and cash in the Accounts, to
use Bank as its custodian in accordance with the terms of
this Agreement, to incur indebtedness as contemplated by
this Agreement, and to enter into foreign exchange
transactions; (ii) assuming execution and delivery of this
Agreement by Bank, this Agreement is Customer's legal,
valid and binding obligation, enforceable in accordance
with its terms and it has full power and authority to
enter into and has taken all necessary corporate action to
authorize the execution of this Agreement (iii) it has not
relied on any oral or written representation made by Bank
or any person on its behalf, and acknowledges that this
Agreement sets out to the fullest extent the duties of
Bank; and (iv) it is a resident of the United States and
shall notify Bank of any changes in residency.
(b) Bank represents and warrants that (i) assuming
execution and delivery of this Agreement by Customer, this
Agreement is Bank's legal, valid and binding obligation,
enforceable in accordance with its terms, (ii) it has full
power and authority to enter into and has taken all
necessary corporate action to authorize the execution of
this Agreement, (iii) it has not relied on any oral or
written representation made by Customer or any person on
its behalf, and acknowledges that this Agreement sets out
to the fullest extent the duties of Customer; and (iv) it
is qualified to act as a custodian for investment
companies registered under the 1940 Act.
Each party may rely upon the above or the certification of
such other facts as may be required to perform its
obligations hereunder.
6.2 Provision of Additional Information.
-----------------------------------
Upon request, each party will promptly provide to the
other such information about itself and its financial
status as the other party may reasonably request, including
its organizational documents and its current audited and
unaudited financial statements.
6.3 Customer is Liable to Bank Even if it is Acting for
-----------------------------------------------------
Another Person.
--------------
If Customer is acting as an agent for a disclosed or
undisclosed principal in respect of any transaction, cash,
or Financial Asset, Bank nevertheless will treat Customer
as its principal for all purposes under this Agreement. In
this regard, Customer will be liable to Bank as a principal
in respect of any transactions relating to the Account.
The foregoing will not affect any rights Bank might have
against Customer's principal.
7. WHEN BANK IS LIABLE TO CUSTOMER
7.1 Standard of Care; Liability.
---------------------------
(a) Bank will use reasonable care in performing
its obligations under this Agreement. Bank will not be in
violation of this Agreement with respect to any matter as
to which it has satisfied its obligation of reasonable
care.
(b) Bank will be liable for Customer's direct
damages to the extent they result from Bank's negligence
or willful misconduct in performing its duties as set out
in this Agreement and to the extent provided in Section
5.2(a) or breach of any warranty or representation made
under this Agreement. In the event of such negligence or
willful misconduct the liability of the Bank in connection
with the loss or damage will not exceed (i) the lesser of
the current replacement cost of any Financial Assets or
the market value of the Financial Assets to which such
loss or damage relates at the time the Customer reasonably
should have been aware of such negligence or willful
misconduct, plus (ii) compensatory interest up to that
time at the rate applicable to the base currency of the
Customers' Cash Account. Nevertheless, under no
circumstances will Bank be liable for any indirect,
incidental, consequential or special damages (including,
without limitation, lost profits) of any form incurred by
any person or entity, whether or not foreseeable and
regardless of the type of action in which such a claim may
be brought, with respect to the Accounts, Bank's
performance hereunder, or Bank's role as custodian.
(c) Customer will indemnify the Bank Indemnitees
against, and hold them harmless from, any Liabilities that
may be imposed on, incurred by or asserted against any of
the Bank Indemnitees to the extent in connection with or
arising out of (i) Bank's performance under this Agreement,
provided the Bank Indemnitees have not acted with
negligence or engaged in fraud or willful misconduct in
connection with the Liabilities in question or (ii) any
action or omission taken by Bank or such Bank Indemnitees
in accordance with any Instructions or other directions of
Customer on which Bank is authorized hereunder to rely.
Nevertheless, Customer will not be obligated to indemnify
any Bank Indemnitee under the preceding sentence with
respect to any Liability for which Bank is liable under
Section 5.2 of this Agreement.
(d) Without limiting Subsections 7.1(a), (b) or
(c), Bank will have no duty or responsibility to: (i)
question Instructions or make any suggestions to Customer
or an Authorized Person regarding such Instructions,
except as provided in Section 3.2, provided that the
Instructions are not clearly incorrect on their face; (ii)
supervise or make recommendations with respect to
investments or the retention of Financial Assets; (iii)
advise Customer or an Authorized Person regarding any
default in the payment of principal or income of any
security other than as provided in Section 2.7(b) of this
Agreement; (iv) except as may otherwise be required by
Sections 2.16 or 2.17, evaluate or report to Customer or
an Authorized Person regarding the financial condition of
any broker, agent or other party to which Bank is
instructed by an Authorized Person to deliver Financial
Assets or cash; or (v) review or reconcile trade
confirmations received from brokers (and Customer or its
Authorized Persons issuing Instructions will bear any
responsibility to review such confirmations against
Instructions issued to and Statements of Account issued by
Bank).
(e) Promptly after receipt by Bank of notice of
commencement of any action, Bank will, if a claim in
respect thereof is made against Customer under this
Agreement, notify Customer of the commencement thereof; but
the omission so to notify Customer will not relieve it from
any liability which it may have to Customer otherwise than
under this Agreement. In case any such action is brought
against Bank, and it notified Customer of the commencement
thereof, Customer will be entitled to participate therein
and, to the extent that Customer may wish, assume the
defense thereof; provided, that in the case of any claim
that Bank deems significant, Bank shall have the right to
consent to Customer's choice of counsel in its defense of
such action, such consent not to be unreasonably withheld.
After notice from Customer of Customer's intention to
assume the defense of an action, Bank shall bear the
expenses of any additional counsel obtained by Bank, and
Customer shall not be liable to Bank under this section for
any legal or other expenses subsequently incurred by Bank
in connection with the defense thereof other than
reasonable costs of investigation. Bank shall in no case
confess any claim or make any compromise in any case in
which Customer is asked to indemnify Bank except with
Customer's prior written consent.
7.2 Force Majeure.
-------------
Bank will maintain and update from time to time
business continuation and disaster recovery procedures
with respect to its custody business that it determines
from time to time meet reasonable commercial standards.
Bank will have no liability, however, for any damage,
loss, expense or liability of any nature that Customer may
suffer or incur, caused by an act of God, fire, flood,
civil or labor disturbance, war, act of any governmental
authority or other act or threat of any authority (de jure
or de facto), malfunction of equipment or software (except
where such malfunction is primarily attributable to Bank's
negligence in maintaining the equipment or software),
failure of operations of any external funds transfer
system, inability to obtain or interruption of external
communications facilities, or any cause beyond the
reasonable control of Bank (including without limitation,
the non-availability of appropriate foreign exchange).
7.3 Bank May Consult With Counsel.
------------------------------
Bank will be entitled to rely on, and may act upon
the advice of professional advisers in relation to matters
of law, regulation or market practice (which may be the
professional advisers of Customer), and will not be liable
to Customer for any action reasonably taken or omitted
pursuant to such advice of which it promptly notifies
Customer.
7.4 Bank Provides Diverse Financial Services and May
------------------------------------------------------
Generate Profits as a Result.
----------------------------
Customer acknowledges that Bank or its Affiliates
may have a material interest in transactions entered into
by Customer with respect to the Account or that
circumstances are such that Bank may have a potential
conflict of duty or interest. For example, Bank or its
Affiliates may act as a market maker in the Financial
Assets to which Instructions relate, provide brokerage
services to other customers, act as financial adviser to
the issuer of such Financial Assets, act in the same
transaction as agent for more than one customer, have a
material interest in the issue of the Financial Assets; or
earn profits from any of these activities. Customer
further acknowledges that Bank or its Affiliates may be in
possession of investment-related information tending to
show that the Instructions received may not be in the best
interests of Customer but that Bank is not under any duty
to disclose any such information.
8. TAXATION
8.1 Tax Obligations.
---------------
(a) Customer confirms that Bank is authorized to
deduct from any cash received or credited to the Cash
Account any taxes or levies required by any revenue or
governmental authority in respect of Customer's Accounts;
provided that such cash shall be paid to such revenue or
governmental authority or set aside in a separate account
of Customer for such purpose.
(b) Customer will provide to Bank such
certifications, documentation, and information as it may
reasonably require in connection with taxation.
(c) Customer will be responsible for the payment
of all taxes relating to the Financial Assets in the
Securities Account. Customer will indemnify and hold Bank
harmless from and against any and all liabilities,
penalties, interest or additions to tax with respect to or
resulting from, any delay in, or failure by, Bank (i) to
pay, withhold or report any U.S. federal, state or local
taxes or foreign taxes imposed on Customer's Financial
Assets, or (ii) to report interest, dividend or other
income paid or credited to the Cash Account, provided,
however, that Customer will not be liable to Bank for any
penalty or additions to tax due as a result of Bank's
failure to pay or withhold tax or to report interest,
dividend or other income paid or credited to the Cash
Account solely as a result of Bank's negligent acts or
omissions.
8.2 Tax Reclaims.
-------------
(a) Subject to the provisions of this Section, Bank
will apply for a reduction of withholding tax and any
refund of any tax paid or tax credits in respect of income
payments on Financial Assets credited to the Securities
Account that Bank believes may be available. To defray
expenses pertaining to nominal tax claims, Bank may from
time-to-time set minimum thresholds as to a de minimus
value of tax reclaims or reduction of withholding which it
will pursue in respect of income payments under this
section. Notwithstanding any minimum threshold set by Bank,
Bank will file a tax reclaim or application for reduction
of withholding if requested by Customer.
(b) The provision of a tax reclaim service by Bank
is conditional upon Bank receiving from Customer (i) a
declaration of its identity and place of residence and (ii)
certain other documentation requested by Bank (pro forma
copies of which are available from Bank), prior to the
receipt of Financial Assets in the Account or the payment
of income.
(c) Bank will perform tax reclaim services only
with respect to taxation levied by the revenue authorities
of the countries advised to Customer from time to time and
Bank may, by notification in writing, in its absolute
discretion, supplement or amend the countries in which the
tax relief services are offered. Other than as expressly
provided in this Section 8.2, Bank will have no
responsibility with regard to Customer's tax position or
status in any jurisdiction.
(d) Customer confirms that Bank is authorized to
disclose any information required by any revenue authority
or any governmental entity with appropriate jurisdiction in
relation to the processing of any tax reclaim.
9. TERMINATION
This Agreement will continue until terminated by
either Bank giving to Customer, or Customer giving to Bank
, a notice in writing specifying the date of termination,
which date shall be not less than 60 days after the date of
giving such notice. If Customer gives notice of
termination, Customer shall designate a successor custodian
or custodian to whom Bank must deliver the Financial Assets
and cash. If Bank gives notice of termination, Customer
shall, within sixty days of the notice, notify Bank as to
identity of the successor custodian or custodians. Upon
the date of termination specified in the notice, this
Agreement shall terminate, and Bank shall deliver the
Financial Assets and cash to the successor custodian(s).
If a successor custodian is not designated by Customer in
accordance with the foregoing, Bank shall, upon the date of
termination specified in the notice of termination, deliver
the Financial Asset and cash to Customer.
Bank will in any event be entitled to deduct any
undisputed amounts owing to it prior to delivery of the
Financial Assets and cash (and, accordingly, Bank will be
entitled to sell Financial Assets and apply the sale
proceeds in satisfaction of undisputed amounts owing to
it). Customer will reimburse Bank promptly for all
out-of-pocket expenses it incurs in delivering Financial
Assets upon termination. Termination will not affect any
of the liabilities either party owes to the other arising
under this Agreement prior to such termination.
10. MISCELLANEOUS
10.1 Notices.
-------
Notices (other than Instructions) will be served by
registered mail or hand delivery to the address of the
respective parties as set out on the first page of this
Agreement, unless notice of a new address is given to the
other party in writing. Notice will not be deemed to be
given unless it has been received.
10.2 Successors and Assigns.
----------------------
This Agreement will be binding on each of the
parties' successors and assigns, but the parties agree that
neither party can assign its rights and obligations under
this Agreement without the prior written consent of the
other party, which consent will not be unreasonably
withheld. In the event that Customer substitutes another
bank or trust company for Bank due to a change in
control of Bank, Bank shall pay all of Customer's
reasonable expenses incurred in connection with the
transition to the successor custodian, including, without
limitation, the expenses associated with the transfer of
securities, monies and other properties and Customer's
negotiation of new custodian contractual documentation.
10.3 Interpretation.
--------------
Headings are for convenience only and are not
intended to affect interpretation. References to sections
are to sections of this Agreement and references to
sub-sections and paragraphs are to sub-sections of the
sections and paragraphs of the sub-sections in which they
appear.
10.4 Entire Agreement.
----------------
(a) The following Rider(s) are incorporated into
this Agreement:
___ Cash Trade Execution;
___ Cash Sweep;
___ Accounting Services;
___ Mutual Fund.
(b) This Agreement, including the Schedules,
Exhibits, and Riders (and any separate agreement which Bank
and Customer may enter into with respect to any Cash
Account), sets out the entire Agreement between the parties
in connection with the subject matter, and this Agreement
supersedes any other agreement, statement, or
representation relating to custody, whether oral or
written. Amendments must be in writing and signed by both
parties.
10.5 Information Concerning Deposits at Bank's London
------------------------------------------------------
Branch.
------
Under U.S federal law, deposit accounts that Customer
maintains in Bank's foreign branches (outside of the U.S.)
are not insured by the Federal Deposit Insurance
Corporation ("FDIC"); in the event of Bank's liquidation,
foreign branch deposits have a lesser preference than U.S.
deposits; and such foreign deposits are subject to
cross-border risks. Bank's London Branch is a member of
the United Kingdom Deposit Protection Scheme (the "Scheme")
established under Banking Xxx 0000 (as amended). This
Scheme provides that in the event of Bank's insolvency
payments may be made to certain customers of Bank's London
Branch. Payments under the Scheme are limited to 90% of a
depositor's total cash deposits subject to a maximum
payment to any one depositor of(pound)18,000 (or 20,000 euros if
greater). Most deposits denominated in sterling and other
European Economic Area Currencies and euro made with Bank
within the United Kingdom are covered. Further details of
the Scheme are available on request.
10.6 Insurance.
---------
Bank will not be required to maintain any insurance
coverage for the benefit of Customer.
10.7 Governing Law and Jurisdiction.
------------------------------ -
This Agreement will be construed, regulated, and
administered under the laws of the United States or State
of New York, as applicable, without regard to New York's
principles regarding conflict of laws. The United States
District Court for the Southern District of New York will
have the sole and exclusive jurisdiction over any lawsuit
or other judicial proceeding relating to or arising from
this Agreement. If that court lacks federal subject
matter jurisdiction, the Supreme Court of the State of New
York, New York County will have sole and exclusive
jurisdiction. Either of these courts will have proper
venue for any such lawsuit or judicial proceeding, and the
parties waive any objection to venue or their convenience
as a forum. The parties agree to submit to the
jurisdiction of any of the courts specified and to accept
service of process to vest personal jurisdiction over them
in any of these courts. The parties further hereby
knowingly, voluntarily and intentionally waive, to the
fullest extent permitted by Applicable Law, any right to a
trial by jury with respect to any such lawsuit or judicial
proceeding arising or relating to this Agreement or the
transactions contemplated hereby. To the extent that in
any jurisdiction Customer may now or hereafter be entitled
to claim, for itself or its assets, immunity from suit,
execution, attachment (before or after judgment) or other
legal process, Customer shall not claim, and it hereby
irrevocably waives, such immunity.
10.8 Severability; Waiver; and Survival.
----------------------------------
(a) If one or more provisions of this Agreement are
held invalid, illegal or unenforceable in any respect on
the basis of any particular circumstances or in any
jurisdiction, the validity, legality and enforceability of
such provision or provisions under other circumstances or
in other jurisdictions and of the remaining provisions will
not in any way be affected or impaired.
(b) Except as otherwise provided herein, no failure
or delay on the part of either party in exercising any
power or right hereunder operates as a waiver, nor does any
single or partial exercise of any power or right preclude
any other or further exercise, or the exercise of any other
power or right. No waiver by a party of any provision of
this Agreement, or waiver of any breach or default, is
effective unless it is in writing and signed by the party
against whom the waiver is to be enforced.
(c) Each party's rights, protections, and remedies
under this Agreement shall survive its termination.
10.9 Counterparts.
------------
This Agreement may be executed in several
counterparts each of which will be deemed to be an
original and together will constitute one and the same
agreement.
10.10 No Third Party Beneficiaries.
----------------------------
A person who is not a party to this Agreement shall
have no right to enforce any term of this Agreement.
10.11 Confidentiality.
----------------
Bank shall not disclose any information regarding
Customer's Securities, Securities Account, Financial Assets
or cash under this Agreement except as is reasonably
necessary to provide services to Customer, as required by
law or regulation or the organizational documents of the
issuer of any Financial Asset, or otherwise with the
consent of Customer. Customer agrees to keep this Agreement
confidential and, except where disclosure is required by
law or regulation, shall only disclose it (or any part of
it) with the prior written consent of Bank.
10.12 Limited Obligations.
-------------------
With respect to a Customer organized as a
Massachusetts business trust, a copy of such Customer's
Declaration of Trust is on file with the Secretary of State
of The Commonwealth of Massachusetts, the Bank acknowledges
that the obligations of or arising out of this Agreement
with respect to such Customer are not binding upon any of
such Customer's trustees, officers, employees, agents or
shareholders individually, but are binding solely upon the
assets and property of the Customer in accordance with its
proportionate interest hereunder. Bank further acknowledges
that the assets and liabilities of each series are separate
and distinct, and that the obligations of or arising out of
this Agreement are binding solely upon the assets or
property of the series on behalf of which the Customer has
executed this instrument. Bank also agrees that the
obligations of each Customer and series hereunder shall be
several and not joint, in accordance with its proportionate
interest hereunder, and agrees not to proceed against any
Customer or series for the obligations of another Customer
or series.
Customers may be added or deleted as parties to
this Agreement from time to time by amendment to Exhibit A.
OPPENHEIMERFUNDS, INC.
By:_______________________________________
Title: Senior Vice
President and
Treasurer, on behalf of
each investment company
identified as a
Customer in Exhibit A
attached hereto
individually and
severally, and not
jointly and severally
JPMORGAN CHASE BANK
By:_______________________________________
Title:___________________________________
EXHIBIT
--------
A
-
List of Investment Companies that are a Party to this
Agreement (each, a "Customer"):
-----------------------------------------------------------------------
Fund Name
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Champion Income Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Strategic Income Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Multiple Strategies Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Strategic Bond Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx High Yield Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Integrity Funds for the account of Xxxxxxxxxxx Bond Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Main Street Small Cap Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Capital Appreciation Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Global Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Global Securities Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Panorama Series Fund, Inc. for the account of Growth Portfolio
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Panorama Series Fund, Inc. for the account of Total Return Portfolio
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Capital Appreciation Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Panorama Series Fund, Inc. for the account of Government Securities
Portfolio
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Panorama Series Fund, Inc. for the account of Xxxxxxxxxxx
International Growth Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Aggressive Growth Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Bond Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
High Income Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Main Street Growth & Income Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account Xxxxxxxxxxx Money
Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Multiple Strategies Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Multi-Sector Income Trust
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Real Asset Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Developing Markets Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx International Small Company Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx International Growth Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Main Street Small Cap Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx International Bond Fund
-----------------------------------------------------------------------
Schedule A
-----------
FEES
-----
OppenheimerFunds Fee Schedule
August 16, 2002
Domestic Custody Services
Annual
Market Value Fees Safekeeping
(basis points)
----------------------------------------------------------
----------------------------------------------------------
First $15 billion 0.15 bp
----------------------------------------------------------
----------------------------------------------------------
Next $10 billion 0.10 bp
----------------------------------------------------------
----------------------------------------------------------
Over $25 billion 0.05 bp
----------------------------------------------------------
Global Custody Services
----------------------------------------------------------
Annual
Market Safekeeping
(basis points)
----------------------------------------------------------
----------------------------------------------------------
Argentina 25
----------------------------------------------------------
----------------------------------------------------------
Australia 3.8
----------------------------------------------------------
----------------------------------------------------------
Austria 4
----------------------------------------------------------
----------------------------------------------------------
Bahrain 45
----------------------------------------------------------
----------------------------------------------------------
Bangladesh 35
----------------------------------------------------------
----------------------------------------------------------
Belgium 6
----------------------------------------------------------
----------------------------------------------------------
Bermuda 45
----------------------------------------------------------
----------------------------------------------------------
Botswana 35
----------------------------------------------------------
----------------------------------------------------------
Brazil 10
----------------------------------------------------------
----------------------------------------------------------
Bulgaria 50
----------------------------------------------------------
----------------------------------------------------------
Canada 1.43
----------------------------------------------------------
----------------------------------------------------------
CEDEL/Euroclear 1.75
----------------------------------------------------------
----------------------------------------------------------
Chile 25
----------------------------------------------------------
----------------------------------------------------------
China (Shanghai) 35
----------------------------------------------------------
----------------------------------------------------------
China (Shenzhen) 35
----------------------------------------------------------
----------------------------------------------------------
Colombia 35
----------------------------------------------------------
----------------------------------------------------------
Croatia 45
----------------------------------------------------------
----------------------------------------------------------
Cyprus 40
----------------------------------------------------------
----------------------------------------------------------
Czech Republic 25
----------------------------------------------------------
----------------------------------------------------------
Denmark 6
----------------------------------------------------------
----------------------------------------------------------
Ecuador 40
----------------------------------------------------------
----------------------------------------------------------
Egypt 25
----------------------------------------------------------
----------------------------------------------------------
Estonia 45
----------------------------------------------------------
----------------------------------------------------------
Euro CDs 1.75
----------------------------------------------------------
----------------------------------------------------------
Finland 4
----------------------------------------------------------
----------------------------------------------------------
France 2.15
----------------------------------------------------------
----------------------------------------------------------
Germany 1.5
----------------------------------------------------------
----------------------------------------------------------
Ghana 40
----------------------------------------------------------
----------------------------------------------------------
Greece 40
----------------------------------------------------------
----------------------------------------------------------
Hong Kong 2.85
----------------------------------------------------------
----------------------------------------------------------
Hungary 15
----------------------------------------------------------
----------------------------------------------------------
India 16
----------------------------------------------------------
----------------------------------------------------------
Indonesia 12
----------------------------------------------------------
----------------------------------------------------------
Ireland 6
----------------------------------------------------------
----------------------------------------------------------
Israel 30
----------------------------------------------------------
----------------------------------------------------------
Italy 5
----------------------------------------------------------
----------------------------------------------------------
Ivory Coast 50
----------------------------------------------------------
----------------------------------------------------------
Jamaica 50
----------------------------------------------------------
Japan 1.75
----------------------------------------------------------
----------------------------------------------------------
Jordan 35
----------------------------------------------------------
----------------------------------------------------------
Kenya 40
----------------------------------------------------------
----------------------------------------------------------
Korea 7
----------------------------------------------------------
----------------------------------------------------------
Latvia 45
----------------------------------------------------------
----------------------------------------------------------
Lebanon 40
----------------------------------------------------------
----------------------------------------------------------
Lithuania 45
----------------------------------------------------------
----------------------------------------------------------
Luxembourg 6
----------------------------------------------------------
----------------------------------------------------------
Malaysia 5.4
----------------------------------------------------------
----------------------------------------------------------
Mauritius 35
----------------------------------------------------------
----------------------------------------------------------
Mexico 7
----------------------------------------------------------
----------------------------------------------------------
Morocco 40
----------------------------------------------------------
----------------------------------------------------------
Namibia 45
----------------------------------------------------------
----------------------------------------------------------
Netherlands 3.25
----------------------------------------------------------
----------------------------------------------------------
New Zealand 3.5
----------------------------------------------------------
----------------------------------------------------------
Norway 6
----------------------------------------------------------
----------------------------------------------------------
Oman 45
----------------------------------------------------------
----------------------------------------------------------
Pakistan 28
----------------------------------------------------------
----------------------------------------------------------
Peru 28
----------------------------------------------------------
----------------------------------------------------------
Philippines 30
----------------------------------------------------------
----------------------------------------------------------
Poland 30
----------------------------------------------------------
----------------------------------------------------------
Portugal 20
----------------------------------------------------------
----------------------------------------------------------
Romania 45
----------------------------------------------------------
----------------------------------------------------------
Russia 45
----------------------------------------------------------
----------------------------------------------------------
Singapore 3.8
----------------------------------------------------------
----------------------------------------------------------
Xxxxxx Xxxxxxxx 00
----------------------------------------------------------
----------------------------------------------------------
Slovenia 45
----------------------------------------------------------
----------------------------------------------------------
South Africa 5
----------------------------------------------------------
----------------------------------------------------------
Spain 6
----------------------------------------------------------
----------------------------------------------------------
Sri Lanka 35
----------------------------------------------------------
----------------------------------------------------------
Swaziland 45
----------------------------------------------------------
----------------------------------------------------------
Sweden 6
----------------------------------------------------------
----------------------------------------------------------
Switzerland 2.5
----------------------------------------------------------
----------------------------------------------------------
Taiwan 20
----------------------------------------------------------
----------------------------------------------------------
Thailand 15
----------------------------------------------------------
----------------------------------------------------------
Tunisia 35
----------------------------------------------------------
----------------------------------------------------------
Turkey 30
----------------------------------------------------------
----------------------------------------------------------
United Kingdom 1.5
----------------------------------------------------------
----------------------------------------------------------
Uruguay 40
----------------------------------------------------------
----------------------------------------------------------
Venezuela 25
----------------------------------------------------------
----------------------------------------------------------
Zambia 40
----------------------------------------------------------
----------------------------------------------------------
Zimbabwe 40
----------------------------------------------------------
Note: The minimum Russian asset based fee per relationship
is $100,000.
Out of Pocket Fees
The OppenheimerFunds will reimburse JPMorgan for reasonable
out-of-pocket expenses incurred on its behalf.
Earnings Credits for Balances on Domestic Accounts
Earnings credits will be reflected on the monthly custody
bills as an offset to fees. The rates applied will be the
Fed Funds Rate less 10 basis points. The earnings credits
are earned at the Fund level and are carried forward on a
monthly basis throughout a one-year period.
Overdraft Balances on Domestic Accounts
Overdraft amounts will be reflected on the monthly custody
bills at the Fund level. The rates applied will be the Fed
Funds Rate plus 50 basis points.
OppenheimerFunds, Inc. JPMorgan
Chase Bank
on behalf of each investment
company named in Exhibit A
-------------------------------
----------------------------
Signature Signature
-------------------------------
----------------------------
Print Name Print Name
-------------------------------
----------------------------
Title Title
Schedule 1
----------
Information Regarding Country Risk
----------------------------------
1. To aid Customer in its determinations regarding
Country Risk, Bank shall furnish annually and upon the
initial placing of Financial Assets and cash into a country
the following information (check items applicable):
A Opinions of local counsel concerning:
_X_ i. Whether applicable foreign law would restrict
the access afforded Customer's independent
public accountants to books and records kept by
an eligible foreign custodian located in that
country.
_X__ ii. Whether applicable foreign law would restrict
Customer's ability to recover its Financial
Assets and cash in the event of the bankruptcy
of an Eligible Foreign Custodian located in
that country.
_X__ iii. Whether applicable foreign law would restrict
Customer's ability to recover Financial Assets
that are lost while under the control of an
Eligible Foreign Custodian located in the
country.
B. Written information concerning:
_X__ i. The foreseeability of expropriation,
nationalization, freezes, or confiscation of
Customer's Financial Assets.
_X__ ii. Whether difficulties in converting Customer's
cash and cash equivalents to U.S. dollars are
reasonably foreseeable.
C. A market report with respect to the following
topics:
(i) securities regulatory environment, (ii) foreign
ownership restrictions, (iii) foreign exchange, (iv)
securities settlement and registration, (v) taxation,
and (vi) depositories (including depository
evaluation), if any.
2. To aid Customer in monitoring Country Risk, Bank
shall furnish board the following additional information:
Market flashes, including with respect to changes in
the information in market reports.
Schedule 2
----------
LIST OF COUNTRIES and SUBCUSTODIANS
------------------------------------
JPMORGAN INVESTOR SERVICES
AGENT AND CASH NETWORK
-----------------------------------------------------------------------------------
COUNTRY SUB-CUSTODIAN CASH CORRESPONDENT BANK
-----------------------------------------------------------------------------------
ARGENTINA JPMorgan Chase Bank JPMorgan Chase Bank
Arenales 000, 0xx Xxxxx Xxxxxx Xxxxx
0000 Xxxxxx Xxxxx
XXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
AUSTRALIA JPMorgan Chase Bank Australia and New Zealand
Xxxxx 00 Banking Group Ltd.
AAP Xxxxxx 000, Xxxxxx Xxxxxx Xxxxxxxxx
Xxxxxx XXX 0000
XXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
AUSTRIA Bank Austria Creditanstalt AG X.X. Xxxxxx AG
Xxxxxx Xxxxxxx Xxxxx - 0 Xxxxxxxxx
X-0000 Xxxxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BAHRAIN HSBC Bank Middle East National Bank of Bahrain
XX Xxx 00 Xxxxxx
Xxxxxx, 000
BAHRAIN
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BANGLADESH Standard Chartered Bank Standard Chartered Bank
18-20 Motijheel X.X Xxxxx
Xxx 000
Xxxxx-0000
XXXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BELGIUM Fortis Bank N.V. J.P. Xxxxxx XX
0 Xxxxxxxx Xx Xxxx Xxxxxxxxx
0000 Xxxxxxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BERMUDA The Bank of Bermuda Limited The Bank of Bermuda Limited
0 Xxxxx Xxxxxx Xxxxxxxx
Xxxxxxxx HMDX
BERMUDA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BOTSWANA Barclays Bank of Botswana Barclays Bank of Botswana
Limited Limited
Barclays House, Khama Crescent Gaborone
Gaborone
BOTSWANA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BRAZIL Citibank, N.A. Citibank, N.A..
Xxxxxxx Xxxxxxxx, 0000 Xxx Xxxxx
Sao Paulo, SP 00000-000
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BULGARIA ING Bank N.V. ING Bank N.V.
Xxxxx Xxxxxx Sofia
12 Xxxx Bersinski Xxxxxx
Xxxx Xxxxx Xxxxxx
0000 Xxxxx
XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CANADA Royal Bank of Canada Royal Bank of Canada
000 Xxx Xxxxxx, Xxxxx 0000 Xxxxxxx
15th Floor
Xxxxx Xxxx Xxxxx, Xxxxx Xxxxx
Xxxxxxx Xxxxxxx X0X 0X0
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CHILE Citibank, N.A. Citibank, N.A
Xxxx. Xxxxxx Xxxxx 0000 Xxxxxxxx.
0xx xxx 0xx Xxxxxx
Xxxxxxxx
XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CHINA - SHANGHAI The Hongkong and Shanghai Citibank, N.A.
Banking New York
Corporation Limited
00/X, Xxxxxxxx Senmao
International Building
101 Xxx Xxxxx Xxxx Xxxx
Xxxxxx
Xxxxxxxx 000000
THE PEOPLE'S REPUBLIC OF CHINA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CHINA - SHENZHEN The Hongkong and Shanghai JPMorgan Chase Bank
Banking Hong Kong
Corporation Limited
0xx Xxxxx
Xxxxxxx Xxxxx Hotel
No.1 Xxxx Xxxx Lu
Shenzhen
THE PEOPLE'S REPUBLIC OF CHINA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
COLOMBIA Cititrust Colombia S.A. Cititrust Colombia S.A.
Sociedad Fiduciaria Sociedad Fiduciaria
Carrera 9a No 99-02 Santa Fe de Bogota
First Floor
Santa Fe de Bogota, D.C.
COLOMBIA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CROATIA Privredna banka Zagreb d.d. Privredna banka Zagreb d.d.
Xxxxxx x.00 Xxxxxx
00000 Xxxxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CYPRUS The Cyprus Popular Bank Ltd. The Cyprus Popular Bank Ltd.
000 Xxxxxxxx Xxxxxx Xxxxxxx
X.X. Xxx 00000
CY-1598 Nicosia
CYPRUS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CZECH REPUBLIC Ceskoslovenska obchodni banka, Ceskoslovenska obchodni banka,
a.s. a.s.
Xx Xxxxxx 00 Xxxxxx
000 00 Xxxxxx 0
XXXXX XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
DENMARK Danske Bank A/S Nordea Bank Danmark A/S
2-12 Holmens Kanal Copenhagen
DK 1092 Copenhagen K
DENMARK
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ECUADOR Citibank, N.A. Citibank, N.A.
Av. Republica de El Xxxxxxxx x Xxxxx
Naciones Unidas (Esquina)
Quito
ECUADOR
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
EGYPT Citibank, N.A. Citibank, N.A.
4 Xxxxx Xxxxx Street Cairo
Garden City
Cairo
EGYPT
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ESTONIA Hansabank Esti Uhispank
Xxxxxxxxx 0 Xxxxxxx
XX0000 Xxxxxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
FINLAND Nordea Bank Finland Plc X.X. Xxxxxx AG
2598 Custody Services Frankfurt
Xxxxxxx Xxxxx Xxxx 0-0
XXX-00000 XXXXXX, Xxxxxxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
FRANCE BNP Paribas Securities Services X.X. Xxxxxx AG
S.A. Frankfurt
Ref 256
XX 000
0, Xxx X'Xxxxx
75078 Xxxxx
Xxxxx 00
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
GERMANY Dresdner Bank AG X.X. Xxxxxx AG
Xxxxxxx-Xxxxx-Xxxxx 0 Xxxxxxxxx
00000 Xxxxxxxxx/Xxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
GHANA Barclays Bank of Ghana Limited Barclays Bank of Ghana Limited
Xxxxxxxx Xxxxx, Xxxx Xxxxxx Xxxxx
Xxxxx
XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
GREECE HSBC Bank plc X.X. Xxxxxx AG
Messogion 109-111 Xxxxxxxxx
00000 Xxxxxx
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
HONG KONG The Hongkong and Shanghai JPMorgan Chase Bank
Banking Hong Kong
Corporation Limited
36th Floor, Sun Hung Kai Centre
00 Xxxxxxx Xxxx
Xxx Xxxx
XXXX XXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
HUNGARY Citibank Rt. ING Bank Rt.
Szabadsag ter 0-0 Xxxxxxxx
X-0000 Xxxxxxxx V
HUNGARY
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ICELAND Islandsbanki-FBA Islandsbanki-FBA
Xxxxxxxxxxxx 0 Xxxxxxxxx
000 Xxxxxxxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
INDIA Standard Chartered Bank Standard Chartered Bank
Phoenix Centre, Phoenix Xxxxx Mumbai
Compound
Senapati Xxxxx Xxxx, Xxxxx
Xxxxx
Xxxxxx 000 000
XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
INDONESIA The Hongkong and Shanghai The Hongkong and Shanghai
Banking Banking
Corporation Limited Corporation Limited
World Trade Center 4th Floor Jakarta
Xxxxx Xxxxxxx Xxxxxxxx Xxx.
00-00
Xxxxxxx 00000
XXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
IRELAND Bank of Ireland X.X. Xxxxxx AG
International Financial Frankfurt
Services Centre
0 Xxxxxxxxxxxxx Xxxxx
Xxxxxx 0
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Allied Irish Banks, p.l.c. X.X. Xxxxxx AG
P.O. Box 518 Frankfurt
International Financial
Services Centre
Dublin 1
IRELAND
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ISRAEL Bank Leumi le-Israel B.M Bank Leumi le-Israel B.M.
00, Xxxxxx Xxxxxx Xxxxxx Xxx Xxxx
00000 Tel Aviv
ISRAEL
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ITALY BNP Paribas Securities Services X.X. Xxxxxx AG
S.A. Frankfurt
2 Xxxxxx Xxx Xxxxxx
00000 Xxxxx
XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
IVORY COAST Societe Generale de Banques en Societe Generale
Cote d'Ivoire Paris
5 et 7, Avenue J. Anoma - 01
B.P. 1355
Abidjan 01
IVORY COAST
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
JAMAICA CIBC Trust and Merchant Bank CIBC Trust and Merchant Bank
Jamaica Limited Jamaica Limited
00-00 Xxxxxxxxx Xxxx. Xxxxxxxx
Xxxxxxxx 10
JAMAICA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
JAPAN Mizuho Corporate Bank, Limited JPMorgan Xxxxx Xxxx
0-0 Xxxxxxxxxx-Xxxxxxxxx Xxxxx
Xxxx-Xx
Xxxxx 000
XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
JORDAN Arab Bank Plc Arab Bank Plc
P O Box 950544-5 Amman
Amman
Shmeisani
JORDAN
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
KAZAKHSTAN ABN AMRO Bank Kazakhstan ABN AMRO Bank Kazakhstan
45, Khadzhi Mukana Street Almaty
480099 Almaty
KAZAKHSTAN
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
KENYA Barclays Bank of Kenya Limited Barclays Bank of Kenya Limited
c/o Barclaytrust Investment Nairobi
Services & Limited
Mezzanine 0, Xxxxxxxx Xxxxx,
Xxxxx Xxxxxx
Xxxxxxx
XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LATVIA Hansabanka Hansabanka
Kalku iela 26 Xxxx
Xxxx, XX 0000
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LEBANON HSBC Bank Middle East JPMorgan Chase Bank
Ras-Beirut Branch New York
P.O. Box 11-1380
Xxxxx Xxxx
Ras-Beirut
LEBANON
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LITHUANIA Vilniaus Bankas AB Vilniaus Bankas AB
12 Xxxxxxxx xx. Xxxxxxx
XX 0000 Xxxxxxx
XXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LUXEMBOURG Banque Generale du Luxembourg X.X. Xxxxxx AG
S.A. Frankfurt
00 Xxxxxx X.X. Xxxxxxx
X-0000
XXXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MALAYSIA HSBC Bank Malaysia Berhad HSBC Bank Malaysia Berhad
0 Xxxxx Xxxxxx Xxxxx Xxxxxx
00000 Xxxxx Xxxxxx
MALAYSIA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MAURITIUS The Hongkong and Shanghai The Hongkong and Shanghai
Banking Banking
Corporation Limited Corporation Limited
0/X Xxx Xxxxxxxx Xxxxxxxx Xxxx Xxxxx
Xxxxx Xxxxxx Street
Port Louis
MAURITIUS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MEXICO Banco X.X. Xxxxxx, S.A. Banco X.X. Xxxxxx, X.X.
Xxxxx Optima Mexico, D.F
Xxxxx xx xxx Xxxxxx #000 Xxxx
00
Xxxxx xx Xxxxxxxxxxx
00000 Xxxxxx, X. F.
MEXICO
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MOROCCO Banque Commerciale du Maroc Banque Commerciale du Maroc
S.A. S.A.
2 Boulevard Xxxxxx Xxxxxxx Xxxxxxxxxx
Xxxxxxxxxx 00000
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NAMIBIA Standard Bank Namibia Limited Standard Bank of Namibia Limited
Mutual Xxxxx Xxxxxxxx
Xxx. Xxxxxxxx xxx Xxxx Xxxxxxx
X.X.Xxx 0000
Windhoek
NAMIBIA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NETHERLANDS ABN AMRO Bank N.V. J.P. Xxxxxx XX
Kemelstede 2 Frankfurt
X. X. Xxx 0000
0000 Xx Xxxxx
XXXXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NEW ZEALAND National Nominees Limited National Bank of Xxx Xxxxxxx
Xxxxx 0 XXX Xxxxx Xxxxxxxxxx
000 Xxxxx Xxxxxx
Xxxxxxxx
XXX XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
*NIGERIA* Stanbic Bank Nigeria Limited The Standard Bank of South
000 Xxxxxxx Xxxx Xxxxxx Limited
X.X. Xxx 00000 Xxxxxxxxxxxx
Xxxxxx, Xxxxx
Xxxxx
XXXXXXX
-----------------------------------------------------------------------------------
*RESTRICTED SERVICE ONLY. PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER
INFORMATION.*
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NORWAY Den norske Bank ASA Den norske Bank XXX
Xxxxxxxx 00 Xxxx
XX Xxx 0000 Xxxxxxx
X-0000 Xxxx
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
OMAN HSBC Bank Middle East Oman Arab Bank
Bait Al Falaj Main Office Muscat
Ruwi, Muscat PC 112
OMAN
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PAKISTAN Standard Chartered Bank Standard Chartered Bank
Box 4896 Karachi
Xxxxxx Xxxxxxx Xxxxxxxxxx Xxxx
Xxxxxxx 00000
XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PERU Citibank, N.A. Banco de Credito del Peru
Camino Real 457 Lima
Torre Real - 0xx Xxxxx
Xxx Xxxxxx, Xxxx 00
XXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PHILIPPINES The Hongkong and Shanghai The Hongkong and Shanghai
Banking Banking
Corporation Limited Corporation Limited
00/X Xxxxxxxxx Xxxxxx Xxxxxx
00 XXX Xxxxxx
Xxxxxxx Xxxxxx
Xxxxx Xxxx, Xxxxxx
XXXXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
POLAND Bank Handlowy w. Warszawie S.A. Bank Rozwoju Eksportu S.A.
xx. Xxxxxxxxxx 00 Xxxxxx
00-000 Xxxxxx 00
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PORTUGAL Banco Espirito Santo, S.A X.X. Xxxxxx AG
7th floor Frankfurt
Xxx Xxxxxxxx, 00
0000-000 Xxxxxx
XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ROMANIA ING Bank N.V. ING Bank N.V.
00-00 Xxxxxxxx Xxxx Xxxxxxxxx
Xxxxxxxxx 0
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
*RUSSIA* X.X. Xxxxxx Bank International JPMorgan Chase Bank
(Limited Liability Company) Xxx Xxxx
Xxxxxxxx 0/0, 0xx xxxxx X/X XXXxxxxx Chase Bank London
Paveletskaya Square (USD XXXXXX Xxxxxxx)
000000 Xxxxxx
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
*RESTRICTED SERVICE ONLY. PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER
INFORMATION.*
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SINGAPORE Standard Chartered Bank Oversea-Chinese Banking
3/F, 6 Battery Road Corporation
000000 Xxxxxxxxx
XXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SLOVAK REPUBLIC Ceskoslovenska obchodni banka, Vseobecno Uverova Banka S.A.
a.s. Bratislava
pobocka zahranicnej banky v SR
Xxxxxxxxx 00
000 00 Xxxxxxxxxx
XXXXXX XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SLOVENIA Bank Austria Creditanstalt d.d. Bank Austria Creditanstalt d.d.
Xxxxxxxxx Xxxxxxxxx
Xxxxxxx 0 Xxxxxxxxx
XX-0000 Xxxxxxxxx
XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SOUTH AFRICA The Standard Bank of South The Standard Bank of South
Africa Limited Africa Limited
Standard Bank Centre Johannesburg
0xx Xxxxx
0 Xxxxxxxx Xxxxxx
Xxxxxxxxxxxx 0000
XXXXX XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SOUTH KOREA The Hongkong and Shanghai The Hongkong and Shanghai
Banking Banking
Corporation Limited Corporation Limited
0/X XXXX Xxxxxxxx Xxxxx
#00, Xxxxxxx-xxxx 0-xx
Xxxxx
XXXXX XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SPAIN X.X. Xxxxxx Bank, S.A. J.P. Xxxxxx XX
Xxxxx xx xx Xxxxxxxxxx, 00 Xxxxxxxxx
00000 Xxxxxx
XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SRI LANKA The Hongkong and Shanghai The Hongkong and Shanghai
Banking Banking
Corporation Limited Corporation Limited
00 Xxx Xxxxx Xxxxxxxxxxx Xxxxxxx
Xxxxxxx
Xxxxxxx 0
XXX XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SWEDEN Skandinaviska Enskilda Banken Svenska Handelsbanken
Sergels Torg 2 Xxxxxxxxx
XX-000 00 Xxxxxxxxx
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SWITZERLAND UBS AG UBS XX
00 Xxxxxxxxxxxxxx Xxxxxx
0000 Xxxxxx
XXXXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TAIWAN JPMorgan Chase Bank JPMorgan Chase Bank
14th Floor Taipei
0, Xxx Xxx X. Xxxx Xxx. 0
Xxxxxx
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
THAILAND Standard Chartered Bank Standard Chartered Bank
14th Floor, Zone B Bangkok
Sathorn Nakorn Tower
000 Xxxxx Xxxxxxx Xxxx Xxxxxxx
Xxxxxxx 00000
XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TUNISIA Banque Internationale Arabe de Banque Internationale Arabe de
Tunisie, S.A. Tunisie, S.A.
00-00 Xxxxxx Xxxxx Xxxxxxxxx Tunis
X.X. Xxx 000
0000 Xxxxx Xxxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TURKEY JPMorgan Chase Bank JPMorgan Chase Bank
Emirhan Cad. No: 145 Istanbul
Atakule, A Blok Kat:11
00000-Xxxxxxxxx/Xxxxxxxx
Xxxxxxxx
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
*UKRAINE* ING Bank Ukraine ING Bank Ukraine
00 Xxxxxxxxxx Xxxxxx Xxxx
0xx Xxxxx
Xxxx, 000000
XXXXXXX
-----------------------------------------------------------------------------------
*RESTRICTED SERVICE ONLY. PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER
INFORMATION.*
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
U.A.E. HSBC Bank Middle East The National Bank of Abu Dhabi
X.X. Xxx 00 Xxx Xxxxx
Xxxxx
XXXXXX XXXX XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
U.K. JPMorgan Chase Bank National Westminster Bank
Xxxxxx Court London
Ground Floor
00 Xxxxxxxxxxx
Xxxxxx XX0X 0XX
XXXXXX XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
URUGUAY BankBoston, N.A. BankBoston, X.X
Xxxxxx 1463 Montevideo.
Montevideo
URUGUAY
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
U.S.A. JPMorgan Chase Bank JPMorgan Chase Bank
0 Xxx Xxxx Xxxxx Xxx Xxxx
Xxx Xxxx
XX 00000
U.S.A.
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
VENEZUELA Citibank, N.A. Citibank, N.A.
Carmelitas a Xxxxxxxxxx Caracas
Edificio Citibank
Caracas 1010
VENEZUELA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
VIETNAM The Hongkong and Shanghai The Hongkong and Shanghai
Banking Banking
Corporation Limited Corporation Limited
75 Xxxx Hong Thai, District 0 Xx Xxx Xxxx Xxxx
Xx Xxx Xxxx Xxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ZAMBIA Barclays Bank of Zambia Limited Barclays Bank of Zambia Limited
Xxxxx Xxxxx, Xxxxx Xxxx Xxxxxx
Xxxxxx
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ZIMBABWE Barclays Bank of Zimbabwe Barclays Bank of Zimbabwe
Limited Limited
0xx Xxxxx, 0 Xxxxxx Xxxxx Xxxxxx
Xxxxx Xxxx Avenue
Harare
ZIMBABWE
-----------------------------------------------------------------------------------
Schedule 3
----------
ELIGIBLE SECURITIES DEPOSITORIES
--------------------------------
JPMORGAN INVESTOR SERVICES
SECURITIES DEPOSITORIES
-----------------------------------------------------------------------------------
COUNTRY DEPOSITORY INSTRUMENTS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ARGENTINA CVSA Equity, Corporate Debt,
(Caja de Valores S.A.) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CRYL Government Debt
(Central de Registration y
Liquidacion de Instrumentos de
Endeudamiento Publico)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
AUSTRALIA Austraclear Limited Corporate Debt, Money Market,
Government Debt and
Semi-Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CHESS Equity
(Clearing House Electronic
Sub-register System)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
AUSTRIA OeKB Equity, Corporate Debt,
(Oesterreichische Kontrollbank Government Debt
AG)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BELGIUM CIK Equity, Corporate Debt
(Caisse Interprofessionnelle de
Depots et de Virements de
Titres S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NBB Corporate Debt, Government Debt
(National Bank of Belgium)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BRAZIL CBLC Equity
(Companhia Brasileira de
Liquidacao e Custodia)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CETIP Corporate Debt
(Central de Custodia e
Liquidacao Financiera de
Titulos Privados)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SELIC Government Debt
(Sistema Especial de Liquidacao
e Custodia)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BULGARIA BNB Government Debt
(Bulgaria National Bank)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CDAD Equity, Corporate Debt
(Central Depository A.D.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CANADA CDS Equity, Corporate, Government
(The Canadian Depository for Debt
Securities Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CHILE DCV Equity, Corporate Debt,
(Deposito Central de Valores Government Debt
S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CHINA, SHANGHAI CSDCC, Shanghai Branch Equity
(China Securities Depository
and Clearing Corporation
Limited, Shanghai Branch)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CHINA, SHENZHEN CSDCC, Shenzhen Branch Equity
(China Securities Depository
and Clearing Corporation Ltd,
Shenzhen Branch)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
COLOMBIA DCV Government Debt
(Deposito Central de Valores)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
DECEVAL Equity, Corporate Debt,
(Deposito Centralizado de Government Debt
Valores de Colombia S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CROATIA SDA Equity, Government Debt
(Central Depository Agency Inc.
- Stredisnja depozitarna
agencija d.d.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MOF Short-term debt issued by the
(Ministry of Finance of the Ministry of Finance.
Republic of Croatia)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CNB Short-term debt issued by the
(Croatian National Bank) National Bank of Croatia.
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CZECH REPUBLIC SCP Equity, Corporate Debt,
(Stredisko cennych papiru - Government Debt
Ceska republica)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CNB Government Debt
(Czech National Bank)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
DENMARK VP Equity, Corporate Debt,
(Vaerdipapircentralen A/S) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
EGYPT MCSD Equity, Corporate Debt
(Misr for Clearing, Settlement
and Depository)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ESTONIA ECDS Equity, Corporate Debt,
(Estonian Central Depository Government Debt
for Securities Limited - Eesti
Vaatpaberite Keskdepositoorium)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
EUROMARKET DCC Euro-CDs
(The Depository and Clearing
Centre)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CBL Internationally Traded Debt,
(Clearstream Banking, S.A.) Equity
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Euroclear Bank Internationally Traded Debt,
Equity
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
FINLAND APK Equity, Corporate Debt,
(Finnish Central Securities Government Debt
Depository Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
FRANCE Euroclear France Equity, Corporate Debt,
Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
GERMANY CBF Equity, Corporate Debt,
(Clearstream Banking AG) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
GREECE CSD Equity, Corporate Debt
(Central Securities Depository
S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BoG Government Debt
(Bank of Greece)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
HONG KONG HKSCC Equity
(Hong Kong Securities Clearing
Company Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CMU Corporate Debt, Government Debt
(Central Moneymarkets Unit)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
HUNGARY KELER Equity, Corporate Debt,
(Central Clearing House and Government Debt
Depository (Budapest) Ltd. -
Kozponti Elszamolohaz es
Ertektar (Budapest) Rt.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ICELAND ISD Equity, Corporate Debt,
(The Islandic Securities Government Debt
Depository)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
INDIA NSDL Equity, Corporate Debt,
(National Securities Depository Government Debt
Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CDSL Equity
(Central Depository Services
(India) Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
RBI Government Debt
(Reserve Bank of India)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
INDONESIA KSEI Equity, Corporate Debt
(PT Kustodian Sentral Efek
Indonesia)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
IRELAND CREST Equity, Corporate Debt
(CRESTCo Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ISRAEL TECH Equity, Corporate Debt,
(Tel Aviv Stock Exchange Government Debt
Clearing House Ltd.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ITALY Monte Titoli S.p.A. Equity, Corporate Debt,
Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
IVORY COAST DC/BR Equity
(Le Depositaire Central /
Banque de Reglement)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
JAMAICA JCSD Equity, Corporate Debt,
(Jamaica Central Securities Government Debt
Depository)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
JAPAN JASDEC Equity, Convertible Debt
(Japan Securities Depository
Center, Incorporated)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BoJ Registered Government Debt
(Bank of Japan)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
KAZAHKSTAN CSD Equity
(Central Securities Depository
CJSC)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
KENYA CBCD Government Debt
(Central Bank Central
Depository)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LATVIA LCD Equity, Corporate Debt,
(Latvian Central Depository) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LEBANON Midclear X.X.X. Equity
(Custodian and Clearing Center
of Financial Instruments for
Lebanon and the Middle East
X.X.X.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LITHUANIA CSDL Equity, Corporate Debt,
(Central Securities Depository Government Debt
of Lithuania)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LUXEMBOURG CBL Equity
(Clearstream Banking S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MALAYSIA MCD Equity, Corporate Debt
(Malaysian Central Depository
Sdn. Bhd.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BNM Government Debt
(Bank Negara Malaysia)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MAURITIUS CDS Equity, Corporate Debt
(Central Depository and
Settlement Company Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MEXICO INDEVAL Equity, Corporate Debt,
(S.D. INDEVAL S.A. de C.V.) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MOROCCO Maroclear Equity, Corporate Debt,
Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NETHERLANDS NECIGEF Equity, Corporate Debt,
(Nederlands Centraal Insituut Government Debt
voor Giraal Effectenverkeer
B.V.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NEW ZEALAND NZCSD Equity, Corporate Debt,
(New Zealand Central Securities Government Debt
Depository)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NIGERIA CSCS Equity, Corporate Debt,
(Central Securities Clearing Government Debt
System Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NORWAY VPS Equity, Corporate Debt,
(Verdipapirsentralen) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
OMAN MDSRC Equity, Corporate Debt
(The Muscat Depository and
Securities Registration
Company, S.A.O.C.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PAKISTAN CDC Equity, Corporate Debt
(Central Depository Company of
Pakistan Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SBP Government Debt
(State Bank of Pakistan)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PERU CAVALI Equity, Corporate Debt,
(CAVALI ICLV S.A.) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PHILIPPINES PCD Equity
(Philippine Central Depository,
Inc.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ROSS Government Debt
(Bangko Sentral ng Pilipinas /
Register of Scripless
Securities)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
POLAND NDS Equity, Long-Term Government
(National Depository for Debt
Securities S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CRT Short-Term Government Debt
(Central Registry of
Treasury-Bills)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PORTUGAL INTERBOLSA Equity, Corporate Debt,
(Sociedade Gestora de Sistemas Government Debt
de Liquidacao e de Sistemas
Centralizados de Valores
Mobiliarios, S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ROMANIA SNCDD Equity
(National Company for Clearing,
Settlement and Depository for
Securities)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BSE Equity
(Bucharest Stock Exchange)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
RUSSIA VTB Equity, Corporate Debt,
(Vneshtorgbank) Government Debt (Ministry of
Finance Bonds)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NDC Equity, Corporate Debt,
(National Depository Centre) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SINGAPORE CDP Equity, Corporate Debt
(The Central Depository (Pte)
Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MAS Government Debt
(Monetary Authority of
Singapore)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SLOVAK REPUBLIC SCP Equity, Corporate Debt,
(Stredisko cennych papierov SR, Government Debt
a.s.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NBS Government Debt
(National Bank of Slovakia)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SLOVENIA KDD Equity, Corporate Debt,
(Centralna klirinsko depotna Government Debt
xxxxxx x.x.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SOUTH AFRICA CD Corporate Debt, Government Debt
(The Central Depository Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
STRATE Equity
(Share Transactions Totally
Electronic)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SOUTH KOREA KSD Equity, Corporate Debt,
(Korea Securities Depository) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SPAIN SCLV Equity, Corporate Debt
(Servicio de Compensacion y
Liquidacion de Valores, S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bank of Spain Corporate Debt, Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SRI LANKA CDS Equity, Corporate Debt
(Central Depository System
(Private) Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SWEDEN VPC Equity, Corporate Debt,
(Vardepapperscentralen AB) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SWITZERLAND SIS Equity, Corporate Debt,
(SIS SegaInterSettle AG) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TAIWAN TSCD Equity, Government Debt
(Taiwan Securities Central
Depository Co., Ltd.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
THAILAND TSD Equity, Corporate Debt,
(Thailand Securities Depository Government Debt
Company Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TUNISIA STICODEVAM Equity, Corporate Debt,
(Societe Tunisienne Government Debt
Interprofessionnelle pour la
Compensation et le Depot des
Valeurs Mobilieres)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TURKEY TAKASBANK Equity, Corporate Debt,
(IMKB Takas ve Saklama Bankasi Government Debt
A.S.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
UNITED ARAB DFM Equity, Corporate Debt,
EMIRATES (Dubai Financial Market Government Debt
Clearing House)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
UNITED KINGDOM CREST Equity, Corporate Debt,
(CRESTCo Limited) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CMO Sterling & Euro CDs,
(Central Moneymarkets Office) Commercial Paper
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
UNITED STATES DTC Equity, Corporate Debt
(Depository Trust Company)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
FED Government Debt, Mortgage Back
(The Federal Reserve Book-Entry Debt
System)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
VENEZUELA BCV Government Debt
(Banco Central de Venezuela)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CVV Equity, Corporate Debt, Money
(Caja Venezolana de Valores, Market
S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
VIETNAM SCC Equity, Corporate Debt,
(Securities Custody Centre) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ZAMBIA CSD Equity, Government Debt
(XxXX Central Shares Depository
Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BoZ Government Debt
(Bank of Zambia)
-----------------------------------------------------------------------------------
