Common use of Safekeeping of Fund Assets Clause in Contracts

Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of each Portfolio and shall segregate each Portfolio’s Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate each Portfolio’s Investments from assets belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian and/or Subcustodian. The Fund will instruct the Custodian to establish on its books and records separate accounts for each separate Portfolio and, if any, for the Fund (i.e., not attributable to a specific Portfolio). Subject to paragraph 5.1, the Custodian and the Subcustodians shall segregate on its books and records assets held for the account of one Portfolio from those held for the account of another Portfolio.

Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments (i) that are not delivered or (ii) that are not caused to be issued to it or its SubcustodiansSubcustodians through no fault of the Custodian or any Subcustodian; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of each Portfolio and shall segregate each Portfolio’s such Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate each Portfolio’s Investments from assets belonging to the Subcustodian in an account held for the Fund Portfolio or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian and/or Subcustodian. The Fund will instruct the Custodian to establish on its books and records separate accounts for each separate Portfolio and, if any, for the Fund (i.e., not attributable to a specific Portfolio). Subject to paragraph 5.1, the Custodian and the its Subcustodians shall segregate on its books and records not commingle any assets held for the account of one Portfolio from with those held for the account of another Portfolio.

Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of each Portfolio the Fund and shall segregate each Portfolio’s Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate each Portfolio’s Investments from assets belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian and/or SubcustodianCustodian. The Fund will instruct the Custodian to shall upon receipt of Instructions and in accordance therewith, establish on its books and records separate maintain a segregated account or accounts for each separate Portfolio and, if any, for the Fund (i.e., not attributable to a specific Portfolio). Subject to paragraph 5.1, the Custodian and the Subcustodians shall segregate on its books and records assets held for the separate from any other account of one Portfolio from those held the Fund) for and on behalf of the Fund, into which account of another Portfolioor accounts the Fund may further instruct to be transferred cash and/or securities, in accordance with the terms hereof.

Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it or Subcustodians Subcustodian s for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians; : or, (b) pre-existing pre­existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of each Portfolio the Fund and shall segregate each Portfolio’s Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate each Portfolio’s Investments from assets belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian and/or Subcustodian. The Fund will instruct the Custodian to establish on its books and records separate accounts for each separate Portfolio and, if any, for the Fund (i.e., not attributable to a specific Portfolio)Custodian. Subject to paragraph 5.1, the Custodian and the its Subcustodians shall segregate on its books and records not commingle any assets held for the account of one Portfolio from with those held for the account of another Portfolio.

Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it or its Subcustodians for the a Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians, in each case not resulting directly from the negligence, bad faith or willful misconduct of the Custodian (or its Subcustodians) hereunder; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of each Portfolio the Trust (and the Funds) and shall segregate each Portfolio’s Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate each Portfolio’s Investments from assets belonging to the Subcustodian in an account held for the Fund Trust (and for the relevant Fund) or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian and/or Subcustodian. The Fund will instruct the Custodian to establish on its books and records separate accounts for each separate Portfolio and, if any, for the Fund (i.e., not attributable to a specific Portfolio)Custodian. Subject to paragraph 5.1, the Custodian shall not, and the shall ensure that its Subcustodians shall segregate on its books and records do not, commingle any assets held for the account of one Portfolio from Fund with those held for the account of another PortfolioFund.

Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians; or, or (b) pre-existing faults or defects in Investments that are delivered to the Custodian Custodian, or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income eventaction. The Custodian shall hold Investments for the account of each Portfolio the Fund and shall segregate each Portfolio’s Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate each Portfolio’s Investments from assets belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian and/or SubcustodianCustodian. The Fund will instruct Custodian's responsibility for safekeeping equity securities of Russian issuers ("Russian Equities") hereunder shall be limited to the Custodian safekeeping of relevant share extracts from the share registration books maintained by the entities providing share registration services to establish on its books and records separate accounts for issuers of Russian Equities (each separate Portfolio and, if any, for the Fund a "Registrar") indicating an investor's ownership of such securities (i.e., not attributable to each a specific Portfolio"Share Extract"). Subject to paragraph 5.1, the Custodian and the Subcustodians shall segregate on its books and records assets held for the account of one Portfolio from those held for the account of another Portfolio.

Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of each Portfolio and shall segregate each Portfolio’s Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate each Portfolio’s Investments from assets belonging to the Subcustodian in an account held for the Fund each Portfolio or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian and/or Subcustodian. The Fund will instruct the Custodian to establish on its books and records separate accounts for each separate Portfolio and, if any, for the Fund (i.e., not attributable to a specific Portfolio). Subject to paragraph 5.1, the Custodian and the its Subcustodians shall segregate on its books and records not commingle any assets held for the account of one Portfolio from with those held for the account of another Portfolio.

Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of each Portfolio the Fund and shall segregate each Portfolio’s Investments from assets belonging to the Custodian and any other account belonging to the Custodian and shall cause its Subcustodians to segregate each Portfolio’s Investments from assets belonging to the Subcustodian and any other account belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian and/or Subcustodian. The Fund will instruct the Custodian to establish on its books and records separate accounts for each separate Portfolio and, if any, for the Fund (i.e., not attributable to a specific Portfolio). Subject to paragraph 5.1, the Custodian and the Subcustodians shall segregate on its books and records assets held for the account of one Portfolio from those held for the account of another PortfolioCustodian.

Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians, except to the extent such failure of the Investments to be so delivered or issued is solely caused by the negligence, bad faith or willful misconduct of the Custodian or any of its Subcustodians; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of each Portfolio the Fund and shall segregate each Portfolio’s Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate each Portfolio’s Investments from assets belonging to the Subcustodian in an account held for the Fund or in an omnibus client account maintained by the Subcustodian generally for non-proprietary assets of the Custodian and/or SubcustodianCustodian. The Fund will instruct Investments held in any such omnibus client account at a Subcustodian shall at all times be segregated on the Custodian to establish on its books and records separate accounts for each separate Portfolio andof BBH&Co. from investments of BBH&Co. and other BBH&Co. clients, if any, for and identifiable as belonging to the Fund (i.e., not attributable to a specific Portfolio). Subject to paragraph 5.1, the Custodian and the Subcustodians shall segregate on its books and records assets held for the account of one Portfolio from those held for the account of another Portfoliorespective Fund.

Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians, provided, in each case, such failure of the Investments to be so delivered or issued is not caused by the negligence, bad faith, willful misconduct or breach of the standard of care of the Custodian or any of its Subcustodians; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of each Portfolio the Fund and shall segregate each Portfolio’s Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate each Portfolio’s Investments from assets belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian and/or Subcustodian. The Fund will instruct the Custodian to establish on its books and records separate accounts for each separate Portfolio and, if any, for the Fund (i.e., not attributable to a specific Portfolio). Subject to paragraph 5.1, the Custodian and the Subcustodians shall segregate on its books and records assets held for the account of one Portfolio from those held for the account of another PortfolioCustodian.

Safekeeping of Fund Assets. The Custodian shall hold Investments investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of each Portfolio and shall segregate each Portfolio’s Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate each Portfolio’s Investments from assets belonging to the Subcustodian in an account held for the Fund each Portfolio or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian and/or Subcustodian. The Fund will instruct the Custodian to establish on its books and records separate accounts for each separate Portfolio and, if any, for the Fund (i.e., not attributable to a specific Portfolio). Subject to paragraph 5.1, the Custodian and the its Subcustodians shall segregate on its books and records not commingle any assets held for the account of one Portfolio from with those held for the account of another Portfolio.

Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians, provided, in each case, such failure of the Investments to be so delivered or issued is not caused by the negligence, bad faith or willful misconduct, of the Custodian or any of its Subcustodians; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of each Portfolio the Fund (for the applicable Portfolio) and shall segregate each Portfolio’s Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate each Portfolio’s Investments from assets belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian and/or Subcustodian. The Fund will instruct the Custodian to establish on its books and records separate accounts for each separate Portfolio and, if any, for the Fund (i.e., not attributable to a specific Portfolio). Subject to paragraph 5.1, the Custodian and the Subcustodians shall segregate on its books and records assets held for the account of one Portfolio from those held for the account of another PortfolioCustodian.

Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it or Subcustodians for the a Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of each Portfolio a Fund and shall segregate each Portfolio’s Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate each Portfolio’s Investments from assets belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian and/or SubcustodianCustodian. The Fund Trust will instruct the Custodian to establish on its books and records separate accounts for each separate Portfolio andaccounts, if any, for the a Fund (i.e., not attributable to a specific Portfolio)if such separate accounts are required. Subject to paragraph 5.1, the The Custodian and the Subcustodians shall segregate on its books and records assets Investments held for the account of one Portfolio account from those held for the in another account of another Portfolioand from its own Investments.

Safekeeping of Fund Assets. The Custodian shall hold Investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this SectionSection and Applicable Law. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians, unless and except to the extent the negligence, bad faith or willful misconduct of the Custodian (or an Agent or Subcustodian) was directly caused the failure to deliver or failure to issue; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of each Portfolio the Fund and shall segregate each Portfolio’s Investments from assets belonging to the Custodian and Custodian’s other clients and shall cause its Subcustodians to segregate each Portfolio’s Investments from assets belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian and/or Subcustodian. The Fund will instruct the Custodian to establish on its books and records separate accounts for each separate Portfolio and, if any, for the Fund (i.e., not attributable to a specific Portfolio). Subject to paragraph 5.1, the Custodian and the Subcustodians shall segregate on its books and records assets held for the account of one Portfolio from those held for the account of another PortfolioCustodian.