Common use of DEALING IN SECURITIES OF THE TRUST Clause in Contracts

DEALING IN SECURITIES OF THE TRUST. The Trust, the investment advisor, any corporation, firm or association which may at any time have an exclusive distributor's or principal underwriter's contract with the Trust (the "distributor") and the officers and Trustees of the Trust and officers and directors of every investment advisor and distributor, shall not take long or short positions in the securities of the Trust, except that: (a) the distributor may place orders with the Trust for its shares equivalent to orders received by the distributor; (b) shares of the Trust may be purchased at not less than net asset value for investment by the investment advisor and by officers and directors of the distributor, investment advisor, or the Trust and by any trust, pension, profit-sharing or other benefit plan for such persons, no such purchase to be in contravention of any applicable state or federal requirement.

DEALING IN SECURITIES OF THE TRUST. The Trust, the investment advisoradviser, any corporation, firm or association which may at any time have an exclusive distributor's or principal underwriter's contract with the Trust (the "distributor") and the officers and Trustees of the Trust and officers and directors of every investment advisor adviser and distributor, shall not take long or short positions in the securities of the Trust, except that: (a) the distributor may place orders with the Trust for its shares equivalent to orders received by the distributor; (b) shares of the Trust may be purchased at not less than net asset value for investment by the investment advisor adviser and by officers and directors of the distributor, investment advisoradviser, or the Trust and by any trust, pension, profit-sharing or other benefit plan for such persons, no such purchase to be in contravention of any applicable state or federal requirement.

DEALING IN SECURITIES OF THE TRUST. The Trust, the investment advisor, any corporation, firm or association which may at any time have an exclusive distributor's ’s or principal underwriter's ’s contract with the Trust (the "“distributor"”) and the officers and Trustees of the Trust and officers and directors of every investment advisor and distributor, shall not take long or short positions in the securities of the Trust, except that: (a) the distributor may place orders with the Trust for its shares equivalent to orders received by the distributor; (b) shares of the Trust may be purchased at not less than net asset value for investment by the investment advisor and by officers and directors of the distributor, investment advisor, or the Trust and by any trust, pension, profit-sharing or other benefit plan for such persons, no such purchase to be in contravention of any applicable state or federal requirement.

DEALING IN SECURITIES OF THE TRUST. The Trust, the investment advisoradviser, the manager, any corporation, firm or association which may at any time have an exclusive distributor's or principal underwriter's contract with the Trust (the "distributor") and the officers and Trustees of the Trust and officers and directors of every investment advisor adviser, manager and distributor, shall not take long or short positions in the securities of the Trust, except that: (a) the distributor may place orders with the Trust for its shares equivalent to orders received by the distributor; (b) shares of the Trust may be purchased at not less than net asset value for investment by the investment advisor adviser, manager, and by officers and directors of the distributor, investment advisoradviser, or the Trust and by any trust, pension, profit-sharing or other benefit plan for such persons, no such purchase to be in contravention of any applicable state or federal requirementrequirements.

DEALING IN SECURITIES OF THE TRUST. The Trust, the investment advisor, any ---------------------------------- corporation, firm or association which may at any time have an exclusive distributor's or principal underwriter's contract with the Trust (the "distributor") and the officers and Trustees of the Trust and officers and directors of every investment advisor and distributor, shall not take long or short positions in the securities of the Trust, except that: (a) the distributor may place orders with the Trust for its shares equivalent to orders received by the distributor; (b) shares of the Trust may be purchased at not less than net asset value for investment by the investment advisor and by officers and directors of the distributor, investment advisor, or the Trust and by any trust, pension, profit-sharing or other benefit plan for such persons, no such purchase to be in contravention of any applicable state or federal requirement.

DEALING IN SECURITIES OF THE TRUST. The Trust, the investment advisoradviser, ----------------------------------- any corporation, firm or association which may at any time have an exclusive distributor's or principal underwriter's contract with the Trust (the "distributor") and the officers and Trustees of the Trust and officers and directors of every investment advisor adviser and distributor, shall not take long or short positions in the securities of the Trust, except that: (a) the distributor may place orders with the Trust for its shares equivalent to orders received by the distributor; (b) shares of the Trust may be purchased at not less than net asset value for investment by the investment advisor adviser and by officers and directors of the distributor, investment advisoradviser, or the Trust and by any trust, pension, profit-sharing or other benefit plan for such persons, no such purchase to be in contravention of any applicable state or federal requirement.

DEALING IN SECURITIES OF THE TRUST. The Trust, the investment advisor, any ----------------------------------- corporation, firm or association which may at any time have an exclusive distributor's or principal underwriter's contract with the Trust (the "distributor") and the officers and Trustees of the Trust and officers and directors of every investment advisor and distributor, shall not take long or short positions in the securities of the Trust, except that: (a) the distributor may place orders with the Trust for its shares equivalent to orders received by the distributor; (b) shares of the Trust may be purchased at not less than net asset value for investment by the investment advisor and by officers and directors of the distributor, investment advisor, or the Trust and by any trust, pension, profit-sharing or other benefit plan for such persons, no such purchase to be in contravention of any applicable state or federal requirement.

DEALING IN SECURITIES OF THE TRUST. The Trust, the investment advisoradviser, any ----------------------------------- corporation, firm or association which may at any time have an exclusive distributor's or principal underwriter's contract with the Trust (the "distributor") and the officers and Trustees of the Trust and officers and directors of every investment advisor adviser and distributor, shall not take long or short positions in the securities of the Trust, except that: (a) the distributor may place orders with the Trust for its shares equivalent to orders received by the distributor;: (b) shares of the Trust may be purchased at not less than net asset value for investment by the investment advisor adviser and by officers and directors of the distributor, investment advisoradviser, or the Trust and by any trust, pension, profit-sharing or other benefit plan for such persons, no such purchase to be in contravention of any applicable state or federal requirement.

DEALING IN SECURITIES OF THE TRUST. The Trust, the investment advisor, any corporation, firm or association which may at any time have an exclusive distributor's or principal underwriter's contract with the Trust (the "distributorthe"distributor") and the officers and Trustees of the Trust and officers and directors of every investment advisor and distributor, shall not take long or short positions in the securities of the Trust, except that: (a) the distributor may place orders with the Trust for its shares equivalent to orders received by the distributor; (b) shares of the Trust may be purchased at not less than net asset value for investment by the investment advisor and by officers and directors of the distributor, investment advisor, or the Trust and by any trust, pension, profit-sharing or other benefit plan for such persons, no such purchase to be in contravention of any applicable state or federal requirement.

DEALING IN SECURITIES OF THE TRUST. The Trust, the investment advisor, any corporation, firm or association which may at any time have an exclusive distributor's or principal underwriter's contract with the Trust (the "distributor") and the officers and Trustees of the Trust and officers and directors of every investment advisor and distributor, shall not take long or short positions in the securities of the Trust, except that: (a) the distributor may place orders with the Trust for its shares equivalent to orders received by the distributor; (b) shares of the Trust may be purchased at not less than net asset value for investment by the investment advisor and by officers and directors of the distributor, investment advisor, or the Trust and by any trust, pension, profit-sharing or other benefit plan for such persons, no such purchase to be in contravention of any applicable state or federal requirementrequirements.

DEALING IN SECURITIES OF THE TRUST. The Trust, the investment advisor, ----------------------------------- any corporation, firm or association which may at any time have an exclusive distributor's or principal underwriter's contract with the Trust (the "distributor") and the officers and Trustees of the Trust and officers and directors of every investment advisor and distributor, shall not take long or short positions in the securities of the Trust, except that: (a) the distributor may place orders with the Trust for its shares equivalent to orders received by the distributor; (b) shares of the Trust may be purchased at not less than net asset value for investment by the investment advisor and by officers and directors of the distributor, investment advisor, or the Trust and by any trust, pension, profit-sharing or other benefit plan for such persons, no such purchase to be in contravention of any applicable state or federal requirement.

DEALING IN SECURITIES OF THE TRUST. The Trust, the investment advisoradviser, any ----------------------------------- corporation, firm or association which may at any time have an exclusive distributor's or principal underwriter's contract with the Trust (the "distributor") and the officers and Trustees of the Trust and officers and directors of every investment advisor adviser and distributor, shall not take long or short positions in the securities of the Trust, except that: (a) the distributor may place orders with the Trust for its shares equivalent to orders received by the distributor; (b) shares of the Trust may be purchased at not less than net asset value for investment by the investment advisor adviser and by officers and directors of the distributor, investment advisoradviser, or the Trust and by any trust, pension, profit-sharing or other benefit plan for such persons, no such purchase to be in contravention of any applicable state or federal requirement.

DEALING IN SECURITIES OF THE TRUST. The Trust, the investment advisoradviser, ----------------------------------- any corporation, firm or association which may at any time have an exclusive distributor's or principal underwriter's contract with the Trust (the "distributor") and the officers and Trustees of the Trust and officers and directors of every investment advisor adviser and distributor, shall not take long or short positions in the securities of the Trust, except that: (a) the distributor may place orders with the Trust for its shares equivalent to orders received by the distributor; ; (b) shares of the Trust may be purchased at not less than net asset value for investment by the investment advisor adviser and by officers and directors of the distributor, investment advisoradviser, or the Trust and by any trust, pension, profit-sharing or other benefit plan for such persons, no such purchase to be in contravention of any applicable state or federal requirement.