Common use of Foreign Subcustodians and Securities Depositories Clause in Contracts

Foreign Subcustodians and Securities Depositories. The Custodian may deposit and/or maintain non-U.S. Investments of a Fund in any non-U.S. Securities Depository. Additionally, the Custodian may, at any time and from time to time, appoint any bank, trust company or other similar entity that is regulated as such in the country in which it offers banking, trust or custodial services, to act on behalf of the Fund as a Subcustodian for purposes of holding Investments of the Fund outside the United States. Such appointment of foreign Subcustodians shall be subject to approval of the Fund which approval shall be evidenced by the Fund’s receipt of the Global Custody Network Listing as the same may from time to time be updated.

Foreign Subcustodians and Securities Depositories. The Custodian may deposit and/or maintain non-U.S. Investments of a the Fund in any non-U.S. Securities Depository. Additionally, the Custodian may, at any time and from time to time, appoint any bank, trust company or other similar entity that is regulated as such in the country in which it offers banking, trust or custodial services, to act on behalf of the Fund as a Subcustodian for purposes of holding Investments of the Fund outside the United States. Such appointment of foreign Subcustodians shall be subject to approval (which may be withdrawn at any time) of the Fund or Investment Manager as the case may be which approval shall be evidenced by the Fund’s their receipt of the Global Custody Network Listing as the same may from time to time be updated.

Foreign Subcustodians and Securities Depositories. The Custodian may deposit and/or maintain non-U.S. Investments of a the Fund in any non-U.S. Securities Depository. Additionally, the Custodian may, at any time and from time to time, appoint any bank, trust company or other similar entity that is regulated as such in the country in which it offers banking, trust or custodial services, to act on behalf of the Fund as a Subcustodian for purposes of holding Investments of the Fund outside the United States. Such appointment of foreign Subcustodians shall be subject to approval of the Fund or the Sponsor as the case may be which approval shall be evidenced by the Fund’s their receipt of the Global Custody Network Listing as the same may from time to time be updated.