Common use of Net Asset Value Clause in Contracts

Net Asset Value. The net asset value per Share of any Series at any time shall be the quotient obtained by dividing the value of the net assets of such Series at such time (being the current value of the assets belonging to such Series, less its then existing liabilities) by the total number of Shares of that Series then outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time in accordance with the requirements of the 1940 Act. The net asset value of the several Classes of a particular Series shall be separately computed, and may vary from one another. The Trustees shall establish procedures for the allocation of investment income or capital gains and expenses and liabilities of a particular Series between the several Classes of such Series. If the Trustees have determined to maintain the net asset value per Share of a Series at a designated constant dollar amount at the time such Series is established, and in connection therewith adopt procedures (not inconsistent with the 1940 Act for the continuing declaration of income attributable to that Series as dividends payable in additional Shares of that Series at the designated constant dollar amount and for the handling of any losses attributable to that Series), such procedures may provide that in the event of any loss each Shareholder shall be deemed to have contributed to the shares of beneficial interest account of that Series his pro rata portion of the total number of Shares required to be canceled in order to permit the net asset value per Share of that Series to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have expressly agreed, by his investment in any Series with respect to which the Trustees shall have adopted any such procedure, to make the contribution referred to in the preceding sentence in the event of any such loss.

Net Asset Value. The net asset value per Share of any Series at any time shall be the quotient obtained by dividing the value of the net assets of such Series at such time (being the current value of the assets belonging to such Series, less its then existing liabilities) by the total number of Shares of that Series then outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time in accordance with the requirements of the 1940 Act. The net asset value of the several Classes of a particular Series shall be separately computed, and may vary from one another. The Trustees shall establish procedures for the allocation of investment income or capital gains and expenses and liabilities of a particular Series between the several Classes of such SeriesSeries . If the The Trustees have determined may determine to maintain the net asset value per Share of a any Series at a designated constant dollar amount at the time such Series is established, and in connection therewith may adopt procedures (not inconsistent with the 1940 Act for the continuing declaration of income attributable to that Series as dividends payable in additional Shares of that Series at the designated constant dollar amount and for the handling of any losses attributable to that Series), such . Such procedures may provide that in the event of any loss each Shareholder shall be deemed to have contributed to the shares of beneficial interest account of that Series his pro rata portion of the total number of Shares required to be canceled in order to permit the net asset value per Share of that Series to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have expressly agreed, by his investment in any Series with respect to which the Trustees shall have adopted any such procedure, to make the contribution referred to in the preceding sentence in the event of any such loss.

Net Asset Value. The net asset value per Share of any Series at any time shall be the quotient obtained by dividing the value of the net assets of such Series at such time (being the current value of the assets belonging to such Series, less its then existing liabilities) by the total number of Shares of that Series then outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time in accordance with the requirements of the 1940 Act. The net asset value of the several Classes of a particular Series shall be separately computed, and may vary from one another. The Trustees shall establish procedures for the allocation of investment income or capital gains and expenses and liabilities of a particular Series between the several Classes of such Series. If the The Trustees have determined may determine to maintain the net asset value per Share of a any Series at a designated constant dollar amount at the time such Series is established, and in connection therewith may adopt procedures (not inconsistent with the 1940 Act for the continuing declaration of income attributable to that Series as dividends payable in additional Shares of that Series at the designated constant dollar amount and for the handling of any losses attributable to that Series), such . Such procedures may provide that in the event of any loss each Shareholder shall be deemed to have contributed to the shares of beneficial interest account of that Series his pro rata portion of the total number of Shares required to be canceled in order to permit the net asset value per Share of that Series to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have expressly agreed, by his investment in any Series with respect to which the Trustees shall have adopted any such procedure, to make the contribution referred to in the preceding sentence in the event of any such loss.

Net Asset Value. The net asset value per Share of any Series at any time or Sub-Series shall be the quotient obtained by dividing the value of the net assets of such that Series at such time or Sub-Series (being the current value of the assets belonging to such that Series or Sub-Series less the liabilities belonging to that Series or Sub-Series, less its then existing liabilities) by the total number of Shares of that Series then or Sub-Series outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time in accordance with the requirements of the 1940 Act. The net asset value of the several Classes of a particular Series shall be separately computed, and may vary from one anothertime. The Trustees shall establish procedures for the allocation of investment income or capital gains and expenses and liabilities of a particular Series between the several Classes of such Series. If the Trustees have determined may determine to maintain the net asset value per Share of a any Series at a designated constant dollar amount at the time such Series is established, and in connection therewith may adopt procedures (not inconsistent with the 1940 Act for the continuing declaration declarations of income attributable to that Series as dividends payable in additional Shares of that Series at the designated constant dollar amount and for the handling of any losses attributable to that Series), such . Such procedures may provide that in the event of any loss each Shareholder shall be deemed to have contributed to the shares capital of beneficial interest account of the Trust attributable to that Series or Sub-Series his pro rata portion of the total number of Shares required to be canceled in order to permit the net asset value per Share of that Series to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have expressly agreed, by his investment in any Series with respect to which the Trustees shall have adopted any such procedure, to make the contribution referred to in the preceding sentence in the event of any such loss.

Net Asset Value. The net asset value per Share of any Series Portfolio at any time shall be the quotient obtained by dividing the value of the net assets of such Series Portfolio at such time (being the current value of the assets belonging to such SeriesPortfolio, less its then existing liabilities) by the total number of Shares of that Series Portfolio then outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time in accordance with the requirements of the 1940 Acttime. The net asset value of the several Classes a Class A Share of a particular Series Portfolio and the net asset value of a Class B Share of such Portfolio shall be separately computed, and may vary from one another. The Trustees shall establish procedures for the allocation of investment income or capital gains and expenses and liabilities of a particular Series Portfolio between the several Classes of such SeriesClass A Shares and the Class B Shares. If the The Trustees have determined may determine to maintain the net asset value per Share of a Series any Portfolio at a designated constant dollar amount at the time such Series is established, and in connection therewith may adopt procedures (not inconsistent with the 1940 Act for the continuing declaration of income attributable to that Series Portfolio as dividends payable in additional Shares of that Series Portfolio at the designated constant dollar amount and for the handling of any losses attributable to that Series), such Portfolio. Such procedures may provide that in the event of any loss each Shareholder shall be deemed to have contributed to the shares of beneficial interest account of that Series Portfolio his pro rata portion of the total number of o Shares required to be canceled cancelled in order to permit the net asset value per Share of that Series Portfolio to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have expressly agreed, by his investment in any Series Portfolio with respect to which the Trustees shall have adopted any such procedure, to make the contribution referred to in the preceding sentence in the event of any such loss.