Common use of Use of Subcustodian Clause in Contracts

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, (iv) adequate records will be maintained identifying the Property held pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will Bank shall identify the Assets on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such SubcustodianCustomer. (b) A Subcustodian shall hold such Assets together with assets belonging to other customers of Bank in accounts identified on such Subcustodian's books as custody accounts for the exclusive benefit of customers of Bank. (c) Any Property Assets in the Account Accounts held by a Subcustodian will shall be subject only to the instructions of the Custodian Bank or its agents. (c) Property deposited with agent. Any Financial Assets held in a securities depository for the account of a Subcustodian will shall be maintained in an account holding subject only assets for customers to the instructions of the Custodiansuch Subcustodian. (d) Any agreement the Custodian shall enter Bank enters into with a non-U.S. Subcustodian with respect to the for holding of Property Bank's customers' assets shall require provide that (i) the Account will such assets shall not be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration administration, and expenses related thereto, (iii) that the beneficial ownership of such Securities assets shall be freely transferable without the payment of money or value other than for safe custody or administration and expenses related theretoadministration, (iv) adequate records will be maintained identifying or, in the Property held pursuant case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar laws. Where Securities are deposited by a Subcustodian with a securities depository, Bank shall cause the Subcustodian to such Agreement identify on its books as belonging to Bank, as agent, the Custodian, Securities shown on behalf the Subcustodian's account on the books of its customers and (v) such securities depository. The foregoing shall not apply to the extent permitted of any special agreement or arrangement made by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to with any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodianparticular Subcustodian.

Use of Subcustodian. With respect to Property in an the Account which is maintained by the Custodian in the custody of through a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a PortfolioCustomer, any Property held by maintained through such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of maintaining Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities are so maintained 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities will be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, ; and (iv) adequate records will be maintained identifying the Property held maintained pursuant to such Agreement agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian Bank will identify the Assets on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such SubcustodianCustomer. (b) A Subcustodian will hold such Assets together with assets belonging to other customers of the Bank in accounts identified on such Subcustodian's books as special custody accounts for the exclusive benefit of customers of the Bank. (c) Any Property Assets in the Account Accounts held by a Subcustodian will be subject only to the instructions of the Custodian Bank or its agents. (c) Property deposited with agent. Any Securities held in a securities depository for the account of a Subcustodian will be maintained in an account holding subject only assets for customers to the instructions of the Custodiansuch Subcustodian. (d) Any agreement the Custodian shall enter Bank enters into with a non-U.S. Subcustodian with respect to the for holding of Property its customer's assets shall require that provide that: (i) the Account such assets will not be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration and expenses related theretoadministration, (iiiii) the beneficial ownership of such Securities assets will be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, administration; (iviii) adequate records will be maintained identifying the Property assets held pursuant to such Agreement agreement as belonging to the Custodian, on behalf customers of its customers and the Bank; (viv) subject to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the Subcustodian shall permit independent public accountants for Bank and customers of or designated by, the Customer be given Bank reasonable access to Subcustodian's books and records as they pertain to the subcustody account in connection with such accountants' examination of the books and records of such account; and (v) the Bank will receive periodic reports with respect to the safekeeping of assets in the subcustody account, including advices and/or notifications of any transfers to or from such subcustody account. The foregoing shall not apply to the extent of any special agreement or arrangement made by the Customer with any particular Subcustodian. (e) Upon request of the Customer, the Bank shall deliver to the Customer annually a report stating: (i) the identity of each Subcustodian then acting on behalf of the Bank and the name and address of the governmental agency or other regulatory authority that supervises or regulates such Subcustodian; (ii) the countries in which each Subcustodian is located; and (iii) as long as Securities and Exchange Commission ("SEC") Rule 17f-5 under the Investment Company Act of 1940, as amended ("1940 Act"), requires the Customer's Board of Directors/Trustees directly to approve its foreign custody arrangements, such other information relating to such Subcustodians as may reasonably be requested by the Customer to ensure compliance with Rule 17f-5. As long as Rule 17f-5 requires the Customer's Board of Directors/Trustees directly to approve its actions under its agreement pertaining foreign custody arrangements, the Bank shall also furnish annually to any Property held by it thereunder or confirmation of or pertinent the Customer information contained concerning such Subcustodians similar in such books kind and records be scope as that furnished to the Customer in connection with the initial approval hereof. The Bank shall timely advise the Customer of any material adverse change in the facts or circumstances upon which such persons designated by information is based where such changes would affect the Custodianeligibility of the Subcustodian under Rule 17f-5 as soon as practicable after it becomes aware of any such material adverse change in the normal course of its custodial activities.

Use of Subcustodian. With respect to Property in an the Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, (iv) adequate records will be maintained identifying the Property held pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will Bank shall identify the Assets on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such SubcustodianCustomer. (b) A Subcustodian shall hold such Assets together with assets belonging to other customers of Bank in accounts identified on such Subcustodian's books as custody accounts for the exclusive benefit of customers of Bank. (c) Any Property Financial Assets in the Account Accounts held by a Subcustodian will shall be subject only to the instructions of the Custodian Bank or its agents. (c) Property deposited with agent. Any Financial Assets held in a securities depository for the account of a Subcustodian will shall be maintained in an account holding subject only assets for customers to the instructions of the Custodiansuch Subcustodian. (d) Any agreement the Custodian shall enter Bank enters into with a non-U.S. Subcustodian with respect to the for holding of Property Bank's customers' assets shall require that provide (i) for indemnification or insurance arrangements (or any combination) that will adequately protect the Account will be adequately indemnified or its losses adequately insuredCustomer against the risk of loss of Assets held in accordance with the Agreement; (ii) the Securities are that such assets shall 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 of payment in accordance with such agreement for their safe custody or administration and expenses related theretoor, in the case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar laws; (iii) that the beneficial ownership of such Securities assets shall be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, administration; (iv) that adequate records will be maintained identifying the Property held pursuant to such Agreement Assets as belonging to the Custodian, on behalf Customer or as being held by Bank for the benefit of its customers and customers; (v) to that the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the Customer's independent public accountants of or designated by, the Customer will be given access to the books and those records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of the contents of those records; and (vi) that the Customer will receive periodic reports with respect to the safekeeping of Customer's Assets, including notification of any transfer to or pertinent information contained in from Customer's account or a third party account containing assets held for the benefit of the Customer. Where Securities are deposited by a Subcustodian with a securities depository, Bank shall cause the Subcustodian to identify on its books as belonging to Bank, as agent, the Securities shown on the Subcustodian's account on the books of such books and records be furnished securities depository. The foregoing shall not apply to such persons designated the extent of any special agreement or arrangement made by the CustodianCustomer with any particular Subcustodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian Bank will identify the Assets on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such SubcustodianCustomer. (b) A Subcustodian will hold such Assets together with assets belonging to other customers of the Bank in accounts identified on such Subcustodian's books as special custody accounts for the exclusive benefit of customers of the Bank. (c) Any Property Assets in the Account Accounts held by a Subcustodian will be subject only to the instructions of the Custodian Bank or its agents. (c) Property deposited with agent. Any Securities held in a securities depository for the account of a Subcustodian will be maintained in an account holding subject only assets for customers to the instructions of the Custodiansuch Subcustodian. (d) Any agreement the Custodian shall enter Bank enters into with a non-U.S. Subcustodian with respect to the for holding of Property its customer's assets shall require that provide that: (i) the Account such assets will not be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration and expenses related theretoadministration, (iiiii) the beneficial ownership of such Securities assets will be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, administration; (iviii) adequate records will be maintained identifying the Property assets held pursuant to such Agreement agreement as belonging to the Custodian, on behalf customers of its customers and the Bank; (viv) subject to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the Subcustodian shall permit independent public accountants for Bank and customers of or designated by, the Customer be given Bank reasonable access to Subcustodian s books and records as they pertain to the subcustody account in connection with such accountants' examination of the books and records of such account; and (v) the Bank will receive periodic reports with respect to the safekeeping of assets in the subcustody account, including advices and/or notifications of any transfers to or from such subcustody account. The foregoing shall not apply to the extent of any special agreement or arrangement made by the Customer with any particular Subcustodian. (e) Upon request of the Customer, the Bank shall deliver to the Customer annually a report stating: (i) the identity of each Subcustodian then acting on behalf of the Bank and the name and address of the governmental agency or other regulatory authority that supervises or regulates such Subcustodian; (ii) the countries in which each Subcustodian is located; and (iii) as long as Securities and Exchange Commission ("SEC") Rule 17f-5 under the Investment Company Act of 1940, as amended ("1940 Act"), requires the Customer s Board of Directors/Trustees directly to approve its foreign custody arrangements, such other information relating to such Subcustodians as may reasonably be requested by the Customer to ensure compliance with Rule 17f-5. As long as Rule 17f-5 requires the Customer s Board of Directors/Trustees directly to approve its actions under its agreement pertaining foreign custody arrangements, the Bank shall also furnish annually to any Property held by it thereunder or confirmation of or pertinent the Customer information contained concerning such Subcustodians similar in such books kind and records be scope as that furnished to the Customer in connection with the initial approval hereof. The Bank shall timely advise the Customer of any material adverse change in the facts or circumstances upon which such persons designated by information is based where such changes would affect the Custodianeligibility of the Subcustodian under Rule 17f-5 as soon as practicable after it becomes aware of any such material adverse change in the normal course of its custodial activities.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of through a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any Property held by maintained through such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of maintaining Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities so maintained are not 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, (iv) adequate records will be maintained identifying the Property held maintained pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held maintained by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian Bank will identify the Assets on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such Subcustodianparticular Series. (b) A Subcustodian will hold such Assets together with assets belonging to other customers of the Bank in accounts identified on such Subcustodian's books as custody accounts for the exclusive benefit of customers of the Bank. In the event the Subcustodian holds Assets in a securities depository, such Subcustodian shall be required by its agreement with the Bank to identify on its books such Assets as being held for the account of the Bank as custodian for its customers or in such other manner as is required by local law or market practice. (c) Any Property Assets in the Account Accounts held by a Subcustodian will be subject only to the instructions of the Custodian Bank or its agents. (c) Property deposited with agent. Any Securities held in a securities depository for the account of a Subcustodian will be maintained in an account holding subject only assets for customers to the instructions of the Custodiansuch Subcustodian or its agent. (d) Any agreement the Custodian shall enter Bank enters into with a non-U.S. Subcustodian with respect to for holding the holding of Property Customer's Assets shall require that provide that: (i) the Account will be adequately indemnified or and its losses assets adequately insuredinsured in the event of a loss; (ii) the Securities Assets are not 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 of payment in accordance with such agreement for their safe custody or administration and expenses related thereto, administration; (iii) beneficial ownership of such Securities Assets will be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, administration; (iv) adequate records will be maintained identifying the Property Assets held pursuant to such Agreement as belonging to the Custodian, Bank on behalf of its customers and Customer; (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer Customer, will be given access to or confirmation of the contents of the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property Assets held by it thereunder thereunder; and (vi) Customer will receive periodic reports with respect to the safekeeping of the Assets, including notification of any transfer to or confirmation from the Customer's account. (e) The Bank shall deliver to the Customer annually documents stating: (i) the identity of each Subcustodian then acting on behalf of the Bank and the name and address of the governmental agency or pertinent other regulatory authority that supervises or regulates such Subcustodian; (ii) the countries in which each Subcustodian is located; and (iii) so long as Rule 17f-5 of the 1940 Act requires the Customer's Board of Trustees to directly approve its foreign custody arrangements, such other information contained relating to such Subcustodians as may reasonably be requested by the Customer to ensure Customer's compliance with Rule 17f-5 of the 1940 Act. The Bank shall furnish annually to the Customer information concerning such Subcustodians similar in such books kind and records be scope as that furnished to the Customer in connection with the initial approval of this Agreement. Bank agrees to provide Customer with notice of any material adverse changes in the facts or circumstances upon which such persons designated by information is based as soon as practicable after it becomes aware of any such material adverse changes in the Custodiannormal course of its custodian activities.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will Bank shall identify the Assets on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such SubcustodianCustomer. (b) A Subcustodian shall hold such Assets together with assets belonging to other customers of Bank in accounts identified on such subcustodian's books as custody accounts for the exclusive benefit of customers of Bank. (c) Any Property Assets in the Account Accounts held by a Subcustodian will shall be subject only to the instructions of the Custodian Bank or its agents. (c) Property deposited with agent. Any Securities held in a securities depository for the account of a Subcustodian will shall be maintained in an account holding subject only assets for customers to the instructions of the Custodiansuch Subcustodian. (d) Any agreement the Custodian shall enter Bank enters into with a non-U.S. Subcustodian with respect to the for holding of Property Bank's customers' assets shall require provide that (i) the Account will such assets shall not be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration administration, and expenses related thereto, (iii) that the beneficial ownership of such Securities assets shall be freely transferable without the payment of money or value other than for safe custody or administration and expenses related theretoor, (iv) adequate records will be maintained identifying in the Property held pursuant case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar laws. Where Securities are deposited by a Subcustodian with a securities depository, Bank shall cause the Subcustodian to such Agreement identify on its books as belonging to Bank, as agent, the Custodian, Securities shown on behalf the Subcustodian's account on the books of its customers and (v) such securities depository. The foregoing shall not apply to the extent permitted of any special agreement or arrangement made by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to with any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodianparticular Subcustodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will shall identify the Financial Assets on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such SubcustodianCompany. (b) A Subcustodian shall hold Company's Financial Assets together with Financial Assets belonging to other of Custodian's customers in accounts identified on such Subcustodian's books as for the exclusive benefit of Custodian's customers. (c) Any Property Financial Assets in the Account accounts held by a Subcustodian will shall be subject only to the instructions instruction of Custodian. Any Financial Assets held in a securities depository for the Custodian or its agents. (c) Property deposited with account of a Subcustodian will shall be maintained in an account holding subject only assets for customers to the directions of the Custodiansuch Subcustodian. (d) Any agreement the Custodian shall enter enters into with a non-U.S. Subcustodian with respect to the for holding of Property its customers' assets shall require provide that (i) the Account will such assets shall not be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration administration, and expenses related thereto, (iii) that the beneficial ownership of such Securities assets shall be freely transferable without the payment of money or value other than for safe custody or administration and expenses related theretoor, (iv) adequate records will be maintained identifying in the Property held pursuant case of cash deposit, liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar laws. Where Financial Assets are deposited by a Subcustodian with a securities depository, Custodian shall cause the Subcustodian to such Agreement identify on its books as belonging to the Custodian, as agent, the Financial Assets shown on behalf the Subcustodian's account on the books of its customers and (v) such securities depository. The foregoing shall not apply to the extent permitted of any special agreement or arrangement made by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to Company with any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodianparticular Subcustodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will Bank shall identify the Assets on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such SubcustodianCustomer. (b) Any Property A Subcustodian shall hold such Assets together with assets belonging to other customers of Bank in accounts identified on such Subcustodian's books as custody accounts for the exclusive benefit of customers of Bank. (c) Except as may otherwise be required by local law or regulation, any Financial Assets: (i) in the Account Accounts held by a Subcustodian will shall be subject only to the instructions of the Custodian Bank or its agents. agent; and (cii) Property deposited with held in a securities depository for the account of a Subcustodian will shall be maintained in an account holding subject only assets for customers to the instructions of the Custodiansuch Subcustodian. (d) Any agreement the Custodian shall enter Bank enters into with a non-U.S. Subcustodian with respect to the for holding of Property Bank's customers' assets shall require provide that (i) the Account will such assets shall not be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 of payment in accordance with such agreement 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 laws, and expenses related thereto, (iii) that the beneficial ownership of such Securities assets shall be freely transferable without the payment of money or value other than for safe custody or administration and expenses related theretoadministration. Where Securities are deposited by a Subcustodian with a securities depository, (iv) adequate records will be maintained identifying Bank shall cause the Property held pursuant Subcustodian to such Agreement identify on its books as belonging to Bank, as agent, the Custodian, Securities shown on behalf the Subcustodian's account on the books of its customers and (v) such securities depository. The foregoing shall not apply to the extent permitted of any special agreement or arrangement made by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to with any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodianparticular Subcustodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will Bank shall identify the Assets on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such SubcustodianCustomer. (b) A Subcustodian shall hold such Assets together with assets belonging to other customers of Bank in accounts identified on such Subcustodian's books as custody accounts for the exclusive benefit of customers of Bank. (c) Assets held by Bank or a Subcustodian in a Custody Account shall be segregated at all times from Bank's or Subcustodian's proprietary assets, and on Bank's or Subcustodian's records segregated from the assets of any other account holder for which Bank or Subcustodian serves as custodian in any other capacity. Any Property Financial Assets in the Account Accounts held by a Subcustodian will shall be subject only to the instructions of the Custodian Bank or its agents. (c) Property deposited with agent. Any Financial Assets held in a securities depository for the account of a Subcustodian will shall be maintained in an account holding subject only assets for customers to the instructions of the Custodiansuch Subcustodian. (d) Any agreement the Custodian shall enter Bank enters into with a non-U.S. Subcustodian with respect to the for holding of Property Bank's customers' assets shall require that provide (i) for indemnification or insurance arrangements (or any combination of the Account foregoing) such that the Trust and its Portfolios will be adequately indemnified or its losses adequately insuredprotected against the risk of loss of the Assets held in accordance with such agreement; (ii) the Securities are that such assets shall 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 of payment in accordance with such agreement for their safe custody or administration and expenses related theretoor, in the case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar laws; (iii) that the beneficial ownership of such Securities assets shall be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, administration; (iv) that adequate records will be maintained identifying the Property held pursuant to such Agreement Assets as belonging to the Custodian, Bank on behalf of its customers and customers, or as being held by a third party for the benefit of Bank on behalf of its customers; (v) to that the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the Trust's independent public accountants of or designated by, the Customer will be given access to the books and those records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of contents of those records; and (vi) that Bank will receive periodic reports with respect to the safekeeping of the Assets, including but not limited to, notification of any transfer of the Assets to or pertinent information contained in from the account of a Portfolio or a third party account containing Assets held for the benefit of a Portfolio. Where Securities are deposited by a Subcustodian with a securities depository, Bank shall cause the Subcustodian to identify on its books as belonging to Bank, as agent, the Securities shown on the Subcustodian's account on the books of such books and records be furnished securities depository. The foregoing shall not apply to such persons designated the extent of any special agreement or arrangement made by the CustodianCustomer with any particular Subcustodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such Subcustodian. (b) Any Property in the an Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agentsagents unless otherwise agreed between Customer and Custodian. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, (iv) adequate records will be maintained identifying the Property held pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will Bank shall identify the Assets on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such SubcustodianCustomer. (b) A Subcustodian shall hold such Assets together with assets belonging to other customers of Bank in accounts identified on such Subcustodian's books as custody accounts for the exclusive benefit of customers of Bank. (c) Any Property Assets in the Account Accounts held by a Subcustodian will shall be subject only to the instructions of the Custodian Bank or its agents. (c) Property deposited with agent. Any Financial Assets held in a securities depository for the account of a Subcustodian will shall be maintained subject only to the instructions of such Subcustodian and unless not permitted by applicable law, regulation, depository rule or the like, shall be held in an account holding at such depository containing only assets held by Subcustodian as trustee, custodian or the like for customers of the Custodianits customers. (d) Any agreement the Custodian shall enter Bank enters into with a non-U.S. Subcustodian with respect to the for holding of Property Bank's customers' assets shall require that provide either that: (iA) (1) the Account will such assets shall not be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 of payment in accordance with such agreement for their safe custody or administration and expenses related theretoor, in the case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar laws, (iii2) the beneficial ownership of such Securities assets shall be freely transferable without the payment of money or value other than for safe custody or administration and expenses related theretoadministration, (iv3) adequate records will be maintained identifying the Property held pursuant to such Agreement assets as belonging to Customer, (4) subject to applicable law and regulation, Customer's independent public accountants will be given access those records or confirmations of the Custodiancontents of these records, on behalf of its customers and (v5) that the Customer shall be adequately indemnified or its assets adequately insured in the event of loss or (B) such other provisions as Chase may determine will provide, in their entirety, the same or greater level of care and protection for Assets as the provisions specified in (A) in their entirety. Where Securities are deposited by a Subcustodian with a securities depository, Bank shall cause the Subcustodian to identify on its books as belonging to Bank, as agent, the Securities shown on the Subcustodian's account on the books of such securities depository. The foregoing shall not apply to the extent permitted of any special agreement or arrangement made by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to with any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodianparticular Subcustodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, (iv) adequate records will be maintained identifying the Property held pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of Property shall require that (i) the Account will be adequately indemnified or its losses adequately insuredinsured in the event of loss; (ii) so long as and to the Securities are extent that Rule 17f-5 requires, the Property is not 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 in accordance with such agreement for their safe custody or administration and expenses related theretoadministration, (iii) so long as and to the extent that Rule 17f-5 requires, beneficial ownership of such Securities Property be freely transferable without the payment of money or value other than for safe custody or administration and expenses related theretoadministration, (iv) adequate records will be maintained identifying the Property held pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will Bank shall identify the Assets on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such SubcustodianCustomer. (b) A Subcustodian shall hold such Assets together with assets belonging to other customers of Bank in accounts identified on such Subcustodian’s books as custody accounts for the exclusive benefit of customers of Bank. (c) Assets held by Bank or a Subcustodian in a Custody Account shall be segregated at all times from Bank’s or Subcustodian’s proprietary assets, and on Bank’s or Subcustodian’s records segregated from the assets of any other account holder for which Bank or Subcustodian serves as custodian in any other capacity. Any Property Financial Assets in the Account Accounts held by a Subcustodian will shall be subject only to the instructions of the Custodian Bank or its agents. (c) Property deposited with agent. Any Financial Assets held in a securities depository for the account of a Subcustodian will shall be maintained in an account holding subject only assets for customers to the instructions of the Custodiansuch Subcustodian. (d) Any agreement the Custodian shall enter Bank enters into with a non-U.S. Subcustodian with respect to the for holding of Property Bank’s customers’ assets shall require that provide (i) for indemnification or insurance arrangements (or any combination of the Account foregoing) such that AXA Enterprise and its Funds will be adequately indemnified or its losses adequately insuredprotected against the risk of loss of the Assets held in accordance with such agreement; (ii) the Securities are that such assets shall 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 of payment in accordance with such agreement for their safe custody or administration and expenses related theretoor, in the case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar laws; (iii) that the beneficial ownership of such Securities assets shall be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, administration; (iv) that adequate records will be maintained identifying the Property held pursuant to such Agreement Assets as belonging to the Custodian, Bank on behalf of its customers and customers, or as being held by a third party for the benefit of Bank on behalf of its customers; (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the that AXA Enterprise’s independent public accountants of or designated by, the Customer will be given access to the books and those records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of contents of those records; and (vi) that Bank will receive periodic reports with respect to the safekeeping of the Assets, including but not limited to, notification of any transfer of the Assets to or pertinent information contained in from the account of a Fund or a third party account containing Assets held for the benefit of a Fund. Where Securities are deposited by a Subcustodian with a securities depository, Bank shall cause the Subcustodian to identify on its books as belonging to Bank, as agent, the Securities shown on the Subcustodian’s account on the books of such books and records be furnished securities depository. The foregoing shall not apply to such persons designated the extent of any special agreement or arrangement made by the CustodianCustomer with any particular Subcustodian.

Use of Subcustodian. With respect to Property in an the Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a PortfolioCustomer, any Property held by such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, (iv) adequate records will be maintained identifying the Property held pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian Bank will identify the Assets on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such SubcustodianCustomer. (b) A Subcustodian will hold such Assets together with assets belonging to other customers of the Bank in accounts identified on such Subcustodian's books as special custody accounts for the exclusive benefit of customers of the Bank. (c) Any Property Assets in the Account Accounts held by a Subcustodian will be subject only to the instructions of the Custodian Bank or its agents. (c) Property deposited with agent. Any Securities held in a securities depository for the account of a Subcustodian will be maintained in an account holding subject only assets for customers to the instructions of the Custodiansuch Subcustodian. (d) Any agreement the Custodian shall enter Bank enters into with a non-U.S. Subcustodian with respect to the for holding of Property its customer's assets shall require that provide that: (i) the Account such assets will not be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration and expenses related theretoadministration, (iiiii) the beneficial ownership of such Securities assets will be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, administration; (iviii) adequate records will be maintained identifying the Property assets held pursuant to such Agreement agreement as belonging to the Custodian, on behalf customers of its customers and the Bank; (viv) subject to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the Subcustodian shall permit independent public accountants for Bank and customers of or designated by, the Customer be given Bank reasonable access to Subcustodian's books and records as they pertain to the subcustody account in connection with such accountants' examination of the books and records of such account; and (v) the Bank will receive periodic reports with respect to the safekeeping of assets in the subcustody account, including advices and/or notifications of any transfers to or from such subcustody account. The foregoing shall not apply to the extent of any special agreement or arrangement made by the Customer with any particular Subcustodian. (e) Upon request of the Customer, the Bank shall deliver to the Customer annually a report stating: (i) the identity of each Subcustodian then acting on behalf of the Bank and the name and address of the governmental agency or other regulatory authority that supervises or regulates such Subcustodian; (ii) the countries in which each Subcustodian is located; and (iii) as long as SEC Rule 17f-5 under the Investment Company Act of 1940 ("Act"), as amended, requires the Customer's Board of Directors/Trustees directly to approve its foreign custody arrangements, such other information relating to such Subcustodians as may reasonably be requested by the Customer to ensure compliance with Rule 17f-5. As long as Rule 17f-5 requires the Customer's Board of Directors/Trustees directly to approve its actions under its agreement pertaining foreign custody arrangements, the Bank shall also furnish annually to any Property held by it thereunder or confirmation of or pertinent the Customer information contained concerning such Subcustodians similar in such books kind and records be scope as that furnished to the Customer in connection with the initial approval hereof. The Bank shall advise the Customer of any material adverse changes in the facts or circumstances upon which such persons designated by information is based where such changes would affect the Custodianeligibility of the Subcustodian under Rule 17f-5 as soon as practicable after it becomes aware of any such material adverse changes in the normal course of its custodial activities.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of through a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any Property held by maintained through such Subcustodian. (b) Any Property in the Account held by or credited to a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with or credited to a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) In exercising the authority delegated under this Agreement as Foreign Custody Manager to enter into written contracts governing the Customer’s foreign custody arrangements with a non-U.S. Subcustodian, the Custodian shall determine that such contracts provide reasonable care for Foreign Assets based on the standards applicable to non-U.S. Subcustodians in the relevant market. Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of maintaining Property shall require that (i) the Account will be adequately indemnified or its losses adequately insuredinsured (or any combination) against the risk of loss of Foreign Assets; (ii) the Securities Foreign Assets so maintained are not subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors creditors, except a claim for payment in accordance with such agreement for their safe custody or administration and expenses related theretoor, in the case of cash deposits, liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency, or similar laws; (iii) beneficial ownership of such Securities Foreign Assets be freely transferable without the payment of money or value consideration other than for safe custody or administration and expenses related theretoadministration, (iv) adequate records will be maintained identifying the Property held Foreign Assets maintained pursuant to such Agreement as belonging to the Custodian, on behalf for the benefit of its customers and customers; (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, by the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder described in (iv) above or confirmation of the contents of those records; and (vi) the Customer will receive quarterly reports with respect to the safekeeping of the Foreign Assets, including, but not limited to, notification of any transfer to or pertinent information contained from the Customer’s account or a third party account containing assets held for the benefit of the Customer; and any changes in such books contractual arrangements with a non-U. S. Subcustodian and records be furnished to such persons designated by in custody risks, provided that, the Custodiancontract may contain, in lieu of any or all of the provisions specified in this Section 6(d), other provisions that the Custodian determines will provide, in their entirety, the_same or a greater level of care and protection for the Foreign Assets as the specified provisions, in their entirety.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will Bank shall identify the Assets on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such SubcustodianCustomer. (b) A Subcustodian shall hold such Assets together with assets belonging to other customers of Bank in accounts identified on such Subcustodian’s books as custody accounts for the exclusive benefit of customers of Bank. (c) Any Property Financial Assets in the Account Accounts held by a Subcustodian will shall be subject only to the instructions of the Custodian Bank or its agents. (c) Property deposited with agent. Any Financial Assets held in a securities depository for the account of a Subcustodian will shall be maintained in an account holding subject only assets for customers to the instructions of the Custodiansuch Subcustodian. (d) Any agreement the Custodian shall enter Bank enters into with a non-U.S. Subcustodian with respect to the for holding of Property Bank’s customers’ assets shall require that provide (i) for indemnification or insurance arrangements (or any combination) that will adequately protect the Account will be adequately indemnified or its losses adequately insuredCustomer against the risk of loss of Assets held in accordance with the Agreement; (ii) the Securities are that such assets shall 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 of payment in accordance with such agreement for their safe custody or administration and expenses related theretoor, in the case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar laws; (iii) that the beneficial ownership of such Securities assets shall be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, administration; (iv) that adequate records will be maintained identifying the Property held pursuant to such Agreement Assets as belonging to the Custodian, on behalf Customer or as being held by Bank for the benefit of its customers and customers; (v) to that the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the Customer’s independent public accountants of or designated by, the Customer will be given access to the books and those records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of the contents of those records; and (vi) that the Customer will receive periodic reports with respect to the safekeeping of Customer’s Assets, including notification of any transfer to or pertinent information contained in from Customer’s account or a third party account containing assets held for the benefit of the Customer. Where Securities are deposited by a Subcustodian with a securities depository, Bank shall cause the Subcustodian to identify on its books as belonging to Bank, as agent, the Securities shown on the Subcustodian’s account on the books of such books and records be furnished securities depository. The foregoing shall not apply to such persons designated the extent of any special agreement or arrangement made by the CustodianCustomer with any particular Subcustodian.

Use of Subcustodian. With respect to Property in an the Account which is ------------------- maintained by the Custodian Bank in the custody of a Subcustodian employed pursuant to Section 45: (a) The Custodian Bank will identify on its books as belonging to the Customer Fund, on behalf of a Portfolio, any Property held by maintained through such Subcustodian. (b) Any Property in the Account Account(s) held by or credited to a Subcustodian will be subject only to the instructions of the Custodian Bank or its agents. (c) Property deposited with or credited to a Subcustodian will be maintained in an account holding only assets for customers of the CustodianBank. (d) Any agreement the Custodian Bank shall enter into with a non-U.S. Subcustodian with respect to the holding of Property shall require that (i) the Account Property will be adequately indemnified or its losses adequately insured; ;. (ii) the Securities are not subject to any right, charge, security interest, lien lien, or claim of any kind in favor of such Subcustodian or its creditors except for a claim for of payment in accordance with such agreement for their safe custody or administration and expenses related thereto, or in the case of cash deposits, liens or rights in favor of creditors of the custodian arising under bankruptcy, insolvency or similar laws; (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, ; (iv) adequate records will be maintained identifying the Property held pursuant to such Agreement as belonging to the CustodianBank, on behalf of its customers and customers, (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the CustodianBank, including the independent public accountants of or designated by, the Customer Custodian or the Fund be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the CustodianBank, and (vi) the Fund will receive periodic reports with respect to the safekeeping of the Property, including, but not limited to, notification of any transfer to or from the Fund's account or a third party account containing Property held for the benefit of the Fund. Such agreement may contain, in lieu of any or all of the provisions specified in this Section 6(d), such other provisions that the Foreign Custody Manager determines will provide, in their entirety, the same or a greater level of care and protection for Fund assets as the specified provisions, in their entirety.

Use of Subcustodian. With respect to Property Securities in an Account which is are maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4:5, or maintained by the Custodian or Subcustodian in the custody of a Securities System, pursuant to Section 5. (a) The Custodian will identify on its books as belonging to the Customer Customer, on behalf of a Portfolioof, and in the name of, an Investor, any Property Securities held by such SubcustodianSubcustodian or Securities System. (b) In the event that a Subcustodian permits any of the Securities placed in its care to be held in a Securities System, such Subcustodian will be required by its agreement with the Custodian to identify on its books such Securities as being held for the account of the Custodian for its customers. (c) Any Property Securities in the an Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents; and any Securities held in a Securities System for the account of the Custodian or a Subcustodian will be subject only to the instructions of the Custodian or such subcustodian, as the case may be. (cd) Property Securities deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (de) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of Property Securities shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities are not subject to any right, charge, security interest, interest lien or claim of any kind in favor of such Subcustodian or its creditors except a claim for payment in accordance with such agreement for their safe custody or administration and expenses related thereto, thereto and (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, . (iv) adequate records will be maintained identifying the Property held pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, by the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or or, if such access is not permitted by law, confirmation of or pertinent information contained in such books and records shall be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of through a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any Property held by maintained through such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of maintaining Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities so maintained are not 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, (iv) adequate records will be maintained identifying the Property held maintained pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held maintained by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of through a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any Property held by maintained through such Subcustodian. (b) Any Property in the Account held by or credited to a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with or credited to a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of maintaining Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities so maintained are not 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, (iv) adequate records will be maintained identifying the Property held maintained pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held maintained by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. nonU.S. Subcustodian with respect to the holding of Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, (iv) adequate records will be maintained identifying the Property held pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian theCustodian in the custody of a Subcustodian employed pursuant to Section toSection 4: (a) The Custodian will identify on its books as belonging to the Customer theTrust, on behalf of a Portfolio, any Property held by such SubcustodiansuchSubcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only subjectonly to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account anaccount holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian U.S.Subcustodian with respect to the holding of Property shall require that (ithat(i) the Account will be adequately indemnified or its losses adequately insuredadequatelyinsured; (ii) the Securities are will not be subject to any right, charge, ,security interest, lien or claim of any kind in favor of such Subcustodian or Subcustodianor its creditors except a claim for payment in accordance with such agreement suchagreement for their safe custody or administration and expenses related theretorelatedthereto, (iii) beneficial ownership of such Securities will be freely transferable freelytransferable without the payment of money or value other than for safe custody safecustody or administration and expenses related thereto, (iv) adequate records adequaterecords will be maintained identifying the Property held pursuant to such Agreement suchAgreement as belonging to the Custodian, on behalf of its customers and (vand(v) to the extent permitted by applicable law, officers of or auditors employed auditorsemployed by, or other representatives of or designated by, the Custodian, ,including the independent public accountants of or designated by, the Customer theTrust will be given access to the books and records of such Subcustodian relating Subcustodianrelating to its actions under its agreement pertaining to any Property held Propertyheld by it thereunder or confirmation of or pertinent information contained informationcontained in such books and records be furnished to such persons designated personsdesignated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any and Property held by such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian Subcustoidan with respect to the holding of Property shall require that (i) the Account will be adequately indemnified or of its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value vale other than for safe custody or administration and expenses related thereto, (iv) adequate records will be maintained identifying the Property held pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a PortfolioFund, any Property held by such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, (iv) adequate records will be maintained identifying the Property held pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an the Account which is maintained by the Custodian in the custody of through a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a PortfolioCustomer, any Property held by maintained through such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of maintaining Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the so maintained Securities are 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities will be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, ; and (iv) adequate records will be maintained identifying the Property held maintained pursuant to such Agreement agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which that is maintained by the Custodian in the custody of through a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any Property held by maintained through such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of maintaining Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities so maintained are not 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, administration; (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, administration; (iv) adequate records will be maintained identifying the Property held maintained pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and customers; (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, Custodian including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of the contents of those records; and (vi) Custodian on behalf of Customer will receive periodic reports with respect to the safekeeping of the Property, including but not limited to notification of any transfer of Property into or pertinent information contained in such books and records be furnished to such persons designated by the Custodianout of an Account.

Use of Subcustodian. With respect to Property in an Account Accounts which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities are not 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, (iv) adequate records will be maintained identifying the Property held pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation or of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.

Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4: (a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such Subcustodian. (b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents. (c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian. (d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of Property shall require that (i) the Account will be adequately indemnified or and its losses adequately insured; (ii) the Securities are Property is not 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 in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities Property be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, (iv) adequate records will be maintained identifying the Property held pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and Customer, or to the Customer, (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian, and (vi) the Customer will receive periodic reports with respect to the safekeeping of the Customer's Property, including but not limited to, notification of any transfer to or from the Customer's Account.