Common use of Determination of Net Asset Value and Valuation of Portfolio Assets Clause in Contracts

Determination of Net Asset Value and Valuation of Portfolio Assets. The "Net Asset Value" of any Series shall mean that amount by which the assets of that Series exceed its liabilities, all as determined by or under the direction of the Directors. Such value shall be determined separately for each Series and shall be determined on such days and at such times as the Directors may determine. Such determination shall be made with respect to securities for which market quotations are readily available, at the market value of such securities; and with respect to other securities and assets, at the fair value as determined in good faith by the Directors; provided, however, that the Directors, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order of the Commission applicable to the Series. The resulting amount, which shall represent the total Net Asset Value of the particular Series, shall be divided by the total number of Outstanding Shares of that Series at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, the Directors may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Directors shall have the power with respect to that Series (a) to offset each Shareholder's pro rata share of such negative amount from the accrued distribution account of such Shareholder, or (b) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of that number of full and fractional Shares which represents the amount of such excess negative net income, or (c) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount of distributions declared thereafter upon the Outstanding Shares of such Series until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; (d) to combine the methods described in clauses (a) and (b) and (e) of this sentence; or (e) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors shall also have the power not to declare a distribution out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Directors may, but shall not be required to adopt, discontinue or amend the practice of maintaining the Net Asset Value per Share of any Series at a constant amount.

Determination of Net Asset Value and Valuation of Portfolio Assets. The "term “Net Asset Value" ” of any Series shall mean that amount by which the assets of that Series exceed its liabilities, all as determined by or under the direction of the DirectorsTrustees. Such value shall be determined separately for each Series and shall be determined on such days and at such times as the Directors Trustees may determine. Such determination shall be made The Trustees may delegate any of their powers and duties under this Section 9.3 with respect to securities for which market quotations are readily available, at the market value valuation of such securities; assets and with respect to other securities and assets, at the fair value as determined in good faith by the Directors; provided, however, that the Directors, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order of the Commission applicable to the Seriesliabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Series, shall be divided by the total number of Outstanding Shares shares of that Series outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, time the Directors trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Directors Trustees shall have the power with respect to that Series Series: (ai) to offset each Shareholder's ’s pro rata share of such negative amount from the accrued distribution dividend account of such Shareholder, ; or (bii) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of that the number of full and fractional Shares which represents the amount of such excess negative net income, ; or (ciii) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount amount, of distributions dividends declared thereafter upon the Outstanding Shares of such Series on the day such negative net income is experienced, until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; or (div) to combine the methods described in clauses (ai) and (bii) and (eiii) of this the sentence; or (ev) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors Trustees also shall also have the power not to declare a distribution dividend out of net income for the purpose of causing the Net Asset Value per Share share to be increased. The Directors may, but Trustees shall not be required to adopt, discontinue but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset Value value per Share of any the Series at a constant amount. In the event that any Series are divided into classes, the provisions of this Section 9.3, to the extent applicable as determined in the discretion of the Trustees and consistent with applicable law, may be equally applied to each such class.

Determination of Net Asset Value and Valuation of Portfolio Assets. The term "Net Asset Value" of any Series shall mean that amount by which the assets of that Series exceed its liabilities, all as determined by or under the direction of the DirectorsTrustees. Such value shall be determined separately for each Series and shall be determined on such days and at such times as the Directors Trustees may determine. Such determination shall be made The Trustees may delegate any of their powers and duties under this Section 9.03 with respect to securities for which market quotations are readily available, at the market value valuation of such securities; assets and with respect to other securities and assets, at the fair value as determined in good faith by the Directors; provided, however, that the Directors, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order of the Commission applicable to the Seriesliabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Series, shall be divided by the total number of Outstanding Shares shares of that Series outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, time the Directors trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Directors Trustees shall have the power with respect to that Series Series: (ai) to offset each Shareholder's pro rata share of such negative amount from the accrued distribution dividend account of such Shareholder, ; or (bii) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of that the number of full and fractional Shares which represents the amount of such excess negative net income, ; or (ciii) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount amount, of distributions dividends declared thereafter upon the Outstanding Shares of such Series on the day such negative net income is experienced, until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; or (div) to combine the methods described in clauses (ai) and (bii) and (eiii) of this the sentence; or (ev) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors Trustees also shall also have the power not to declare a distribution dividend out of net income for the purpose of causing the Net Asset Value per Share share to be increased. The Directors may, but Trustees shall not be required to adopt, discontinue but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset Value value per Share of any the Series at a constant amount. In the event that any Series are divided into classes, the provisions of this Section 9.03, to the extent applicable as determined in the discretion of the Trustees and consistent with applicable law, may be equally applied to each such class.

Determination of Net Asset Value and Valuation of Portfolio Assets. The term "Net Asset Value" of any Series shall mean that amount by which the assets of that Series exceed its liabilities, all as determined by or under the direction of the DirectorsTrustees. The Trustees may delegate any of their powers and duties under this Section 9.03 with respect to valuation of assets and liabilities. Such value shall be determined separately for each Series and shall be determined on such days and at such times as the Directors Trustees may determine. Such determination shall be made with respect to securities for which market quotations are readily available, at the market value of such securities; and with respect to other securities and assets, at the 13 91 fair value as determined in good faith by the DirectorsTrustees; provided, however, that the DirectorsTrustees, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order of the Commission applicable to the SeriesAct. The resulting amount, which shall represent the total Net Asset Value of the particular Series, shall be divided by the total number of Outstanding Shares shares of that Series outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, time the Directors Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. The Trustees shall not be required to adopt, but may at any time adopt, discontinue or amend a practice of seeking to maintain the Net Asset Value per Share of a Series at a constant amount. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Directors Trustees shall have the power with respect to that Series (a) to offset each Shareholder's pro rata share of such negative amount from the accrued distribution dividend account of such Shareholder, or (b) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of that number of full and fractional Shares which represents the amount of such excess negative net income, or (c) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount of distributions dividends declared thereafter upon the Outstanding Shares of such Series on the day such negative net income is experienced, until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; (d) to combine the methods described in clauses (a) and (b) and (ec) of this sentence; or (e) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors Trustees shall also have the power not to declare a distribution dividend out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Directors may, but shall not be required to adopt, discontinue or amend In the practice of maintaining the Net Asset Value per Share of event that any Series at a constant amount.is divided into classes, the provisions of this Section 9.03, to the extent applicable as determined in the discretion of the Trustees and consistent with the 1940 Act and other applicable law, may be equally applied to each such class. SECTION 9.04

Determination of Net Asset Value and Valuation of Portfolio Assets. The "term “Net Asset Value" ” of any Series shall mean that amount by which the assets of that Series exceed its liabilities, all as determined by or under the direction of the DirectorsTrustees. Such value shall be determined separately for each Series and shall be determined on such days and at such times as the Directors Trustees may determine. Such determination shall be made The Trustees may delegate any of their powers and duties under this Section 9.3 with respect to securities for which market quotations are readily available, at the market value valuation of such securities; assets and with respect to other securities and assets, at the fair value as determined in good faith by the Directors; provided, however, that the Directors, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order of the Commission applicable to the Seriesliabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Series, shall be divided by the total number of Outstanding Shares shares of that Series outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, time the Directors Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Directors Trustees shall have the power with respect to that Series Series: (ai) to offset each Shareholder's ’s pro rata share of such negative amount from the accrued distribution dividend account of such Shareholder, ; or (bii) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of that the number of full and fractional Shares which represents the amount of such excess negative net income, ; or (ciii) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount of dividends or distributions declared thereafter upon the Outstanding Shares of such Series on the day such negative net income is experienced, until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; or (div) to combine the methods described in clauses (ai) and (bii) and (eiii) of this sentenceabove; or (ev) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors Trustees also shall also have the power not to declare a dividend or distribution out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Directors may, but Trustees shall not be required to adopt, discontinue but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset Value value per Share of any the Series at a constant amount. In the event that any Series are divided into classes, the provisions of this Section 9.3, to the extent applicable as determined in the sole discretion of the Trustees and consistent with applicable law, may be equally applied to each such class.

Determination of Net Asset Value and Valuation of Portfolio Assets. The "term “Net Asset Value" ” of any Series shall mean that amount by which the assets of that Series exceed its liabilities, all as determined by or under the direction of the DirectorsTrustees. Such value shall be determined separately for each Series and shall be determined on such days and at such times as the Directors Trustees may determine. Such determination shall be made The Trustees may delegate any of their powers and duties under this Section 9.03 with respect to securities for which market quotations are readily available, at the market value valuation of such securities; assets and with respect to other securities and assets, at the fair value as determined in good faith by the Directors; provided, however, that the Directors, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order of the Commission applicable to the Seriesliabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Series, shall be divided by the total number of Outstanding Shares shares of that Series outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, time the Directors trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Directors Trustees shall have the power with respect to that Series Series: (ai) to offset each Shareholder's ’s pro rata share of such negative amount from the accrued distribution dividend account of such Shareholder, ; or (bii) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of that the number of full and fractional Shares which represents the amount of such excess negative net income, ; or (ciii) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount amount, of distributions dividends declared thereafter upon the Outstanding Shares of such Series on the day such negative net income is experienced, until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; or (div) to combine the methods described in clauses (ai) and (bii) and (eiii) of this the sentence; or (ev) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors Trustees also shall also have the power not to declare a distribution dividend out of net income for the purpose of causing the Net Asset Value per Share share to be increased. The Directors may, but Trustees shall not be required to adopt, discontinue but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset Value value per Share of any the Series at a constant amount. In the event that any Series are divided into classes, the provisions of this Section 9.03, to the extent applicable as determined in the discretion of the Trustees and consistent with applicable law, may be equally applied to each such class.

Determination of Net Asset Value and Valuation of Portfolio Assets. Section 9.03 The term "Net Asset Value" of any Series shall mean that amount by which the assets of that Series exceed its liabilities, all as determined by or under the direction of the DirectorsTrustees. Such value shall be determined separately for each Series and shall be determined on such days and at such times as the Directors Trustees may determine. Such determination shall be made with respect to securities for which market quotations are readily available, at the market value of such securities; and with respect to other securities and assets, at the fair value as determined in good faith by the DirectorsTrustees; provided, however, that the DirectorsTrustees, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order Order of the Commission applicable to the Series. The Trustees may delegate any of their powers and duties under this Section 9.03 with respect to valuation of assets and liabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Series, shall be divided by the total number of Outstanding Shares shares of that Series outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, the Directors Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Directors Trustees shall have the power with respect to that Series (ai) to offset each Shareholder's pro rata share of such negative amount from the accrued distribution dividend account of such Shareholder, or (bii) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of that number of full and fractional Shares which represents the amount of such excess negative net income, or (ciii) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount amount, of distributions dividends declared thereafter upon the Outstanding Shares of such Series on the day such negative net income is experienced, until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; (div) to combine the methods described in clauses (ai) and (bii) and (eiii) of this sentence; or (ev) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors Trustees shall also have the power not to declare a distribution dividend out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Directors may, but Trustees shall not be required to adopt, but may at any time adopt, discontinue or amend the practice of maintaining the Net Asset Value per Share of any the Series at a constant amount.

Determination of Net Asset Value and Valuation of Portfolio Assets. The "term “Net Asset Value" ” of any Series shall mean that amount by which the assets of that Series exceed its liabilities, all as determined by or under the direction of the DirectorsTrustees. Such value shall be determined separately for each Series and shall be determined on such days and at such times as the Directors Trustees may determine. Such determination shall be made The Trustees may delegate any of their powers and duties under this Section 9.03 with respect to securities for which market quotations are readily available, at the market value valuation of such securities; assets and with respect to other securities and assets, at the fair value as determined in good faith by the Directors; provided, however, that the Directors, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order of the Commission applicable to the Seriesliabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Series, shall be divided by the total number of Outstanding Shares shares of that Series outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, time the Directors Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Directors Trustees shall have the power with respect to that Series Series: (ai) to offset each Shareholder's ’s pro rata share of such negative amount from the accrued distribution dividend account of such Shareholder, or ; (bii) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of that the number of full and fractional Shares which represents the amount of such excess negative net income, or ; (ciii) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount amount, of distributions dividends declared thereafter upon the Outstanding Shares of such Series on the day such negative net income is experienced, until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; (div) to combine the methods described in clauses (ai) and (bii) and (eiii) of this the sentence; or (ev) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors Trustees also shall also have the power not to declare a distribution dividend out of net income for the purpose of causing the Net Asset Value per Share share to be increased. The Directors may, but Trustees shall not be required to adopt, discontinue but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset Value per Share of any the Series at a constant amount. In the event that any Series are divided into classes, the provisions of this Section 9.03, to the extent applicable as determined in the discretion of the Trustees and consistent with applicable law, may be equally applied to each such class.

Determination of Net Asset Value and Valuation of Portfolio Assets. The term "Net Asset Value" of any Series shall mean that amount by which the assets of that Series exceed its liabilities, all as determined by or under the direction of the DirectorsTrustees. Such value shall be determined separately for each Series and shall be determined on such days and at such times as the Directors Trustees may determine. Such determination shall be made The Trustees may delegate any of their powers and duties under this Section 9.03 with respect to securities for which market quotations are readily available, at the market value valuation of such securities; assets and with respect to other securities and assets, at the fair value as determined in good faith by the Directors; provided, however, that the Directors, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order of the Commission applicable to the Seriesliabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Series, shall be divided by the total number of Outstanding Shares shares of that Series outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, time the Directors Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Directors Trustees shall have the power with respect to that Series Series: (ai) to offset each Shareholder's pro rata share of such negative amount from the accrued distribution dividend account of such Shareholder, or ; (bii) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of that the number of full and fractional Shares which represents the amount of such excess negative net income, or ; (ciii) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount amount, of distributions dividends declared thereafter upon the Outstanding Shares of such Series on the day such negative net income is experienced, until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; (div) to combine the methods described in clauses (ai) and (bii) and (eiii) of this the sentence; or (ev) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors Trustees also shall also have the power not to declare a distribution dividend out of net income for the purpose of causing the Net Asset Value per Share share to be increased. The Directors may, but Trustees shall not be required to adopt, discontinue but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset Value per Share of any the Series at a constant amount. In the event that any Series are divided into classes, the provisions of this Section 9.03, to the extent applicable as determined in the discretion of the Trustees and consistent with applicable law, may be equally applied to each such class.

Determination of Net Asset Value and Valuation of Portfolio Assets. The term "Net Asset Value" of any Series shall mean that amount by which the assets of that Series exceed its liabilities, all as determined by or under the direction of the DirectorsTrustees. Such value shall be determined separately for each Series and shall be determined on such days and at such times as the Directors Trustees may determine. Such determination shall be made with respect to securities for which market quotations are readily available, at the market value of such securities; and with respect to other securities and assets, at the fair value as determined in good faith by the DirectorsTrustees; provided, however, that the DirectorsTrustees, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted or allowed under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order Order of the Commission applicable to the Series. The Trustees may delegate any of their powers and duties under this Section 9.03 with respect to valuation of assets and liabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Series, shall be divided by the total number of Outstanding Shares of that Series outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, time the Directors Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Directors Trustees shall have the power with respect to that Series (a) to offset each Shareholder's pro rata share of such negative amount from the accrued distribution dividend account of such Shareholder, or ; (b) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of that number of full and fractional Shares which represents the amount of such excess negative net income, or ; (c) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount amount, of distributions dividends declared thereafter upon the Outstanding Shares of such Series on the day such negative net income is experienced, until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; (d) to combine the methods described in clauses (a) and (b) and (ec) of this sentence; or (e) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors Trustees shall also have the power not to declare a distribution dividend out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Directors may, but Trustees shall not be required to adopt, but may at any time adopt, discontinue or amend the practice of maintaining the Net Asset Value per Share of any the Series at a constant amount.

Determination of Net Asset Value and Valuation of Portfolio Assets. The term "Net Asset Value" of any Series shall mean that amount by which the assets of that Series exceed its liabilities, all as determined by or under the direction of the DirectorsTrustees. Such value shall be determined separately for each Series and shall be determined on such days and at such times as the Directors Trustees may determine. Such determination shall be made with respect to securities for which market quotations are readily available, at the market value of such securities; and with respect to other securities and assets, at the fair value as determined in good faith by the DirectorsTrustees; providedPROVIDED, howeverHOWEVER, that the DirectorsTrustees, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order of the Commission applicable to the Series. The Trustees may delegate any of their powers and duties under this Section 9.03 with respect to valuation of assets and liabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Series, shall be divided by the total number of Outstanding Shares shares of that Series outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, time the Directors Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Directors Trustees shall have the power with respect to that Series (a) to offset each Shareholder's pro rata share of such negative amount from the accrued distribution dividend account of such Shareholder, or (b) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of that number of full and fractional Shares which represents the amount of such excess negative net income, or (c) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount of distributions dividends declared thereafter upon the Outstanding Shares of such Series on the day such negative net income is experienced until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; (d) to combine the methods described in clauses (a) and (b) and (ec) of this sentence; or (e) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors Trustees shall also have the power not to declare a distribution dividend out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Directors may, but Trustees shall not be required to adopt, but may at any time adopt, discontinue or amend the practice of maintaining the Net Asset Value per Share of any the Series at a constant amount.

Determination of Net Asset Value and Valuation of Portfolio Assets. The "term “Net Asset Value" ” of any Series Class shall mean that amount by of which the assets of that Series Class exceed its liabilities, all as determined by or under the direction of the DirectorsTrustees. Such value shall be determined separately for each Series Class and shall be determined on such days and at such times as the Directors Trustees may determine. Such determination shall be made with respect to securities for which market quotations are readily available, at the market value of such securities; and with respect to other securities and assets, at the fair value as determined in good faith by the DirectorsTrustees; provided, however, that the DirectorsTrustees, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted under consistent with the 1940 Act Act. The Trustees may delegate any of their powers and the rules, regulations duties under this Section 9.3 with respect to valuation of assets and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order of the Commission applicable to the Seriesliabilities. The resulting amount, which shall represent the total Net Asset Value of the particular SeriesClass, shall be divided by the total number of Outstanding Shares shares of that Series Class outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, the Directors Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. If, for any reason, the net income of any SeriesClass, determined at any time, is a negative amount, the Directors Trustees shall have the power with respect to that Series Class (ai) to offset each Shareholder's ’s pro rata share of such negative amount from the accrued distribution dividend account of such Shareholder, or (bii) to reduce the number of Outstanding Shares of such Series Class by reducing the number of Shares in the account amount of each Shareholder by a pro rata portion of that number of full and fractional Shares which represents the amount of such excess negative net income, or (ciii) to cause to be recorded on the books of such Series Class an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series Class and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount amount, of distributions dividends declared thereafter upon the Outstanding Shares of such Series Class on the day such negative net income is experienced, until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; (div) to combine the methods described in clauses (ai) and (bii) and (eiii) of this sentence; or (ev) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series Class to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors Trustees shall also have the power not to declare a distribution dividend out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Directors may, but Trustees shall not be required to adopt, but may at any time adopt, discontinue or amend the practice of maintaining the Net Asset Value per Share of any Series the Class at a constant amount.

Determination of Net Asset Value and Valuation of Portfolio Assets. The "“Net Asset Value" ” of any Series shall mean that amount by which the assets of that Series exceed its liabilities, all as determined by or under the direction of the Directors. Such value shall be determined separately for each Series and shall be determined on such days and at such times as the Directors may determine. Such determination shall be made with respect to securities for which market quotations are readily available, at the market value of such securities; and with respect to other securities and assets, at the fair value as determined in good faith by the Directors; provided, however, that the Directors, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order of the Commission applicable to the Series. The resulting amount, which shall represent the total Net Asset Value of the particular Series, shall be divided by the total number of Outstanding Shares of that Series at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, the Directors may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Directors shall have the power with respect to that Series (a) to offset each Shareholder's ’s pro rata share of such negative amount from the accrued distribution account of such Shareholder, or (b) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of that number of full and fractional Shares which represents the amount of such excess negative net income, or (c) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount of distributions declared thereafter upon the Outstanding Shares of such Series until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; (d) to combine the methods described in clauses (a) and (b) and (e) of this sentence; or (e) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors shall also have the power not to declare a distribution out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Directors may, but shall not be required to adopt, discontinue or amend the practice of maintaining the Net Asset Value per Share of any Series at a constant amount.

Determination of Net Asset Value and Valuation of Portfolio Assets. The "Net Asset Value" of any Series shall mean that amount by which the assets of that Series exceed its liabilities, all as determined by or under the direction of the Directors. Such value shall be determined separately for each Series and shall be determined on such days and at such times as the Directors may determine. Such determination shall be made with respect to securities for which market quotations are readily available, at the market value of such securities; and with respect to other securities and assets, at the fair value as determined in good faith by the Directors; provided, however, that the Directors, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order of the Commission applicable to the Series. The resulting amount, which shall represent the total Net Asset Value of the particular Series, shall be divided by the total number of Outstanding Shares of that Series at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, the Directors may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Directors shall have the power with respect to that Series (a) to offset each Shareholder's Shareholders pro rata share of such negative amount from the accrued distribution account of such Shareholder, or (b) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of that number of full and fractional Shares which represents the amount of such excess negative net income, or (c) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount of distributions declared thereafter upon the Outstanding Shares of such Series until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; (d) to combine the methods described in clauses (a) and (b) and (e) of this sentence; or (e) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors shall also have the power not to declare a distribution out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Directors may, but shall not be required to adopt, discontinue or amend the practice of maintaining the Net Asset Value per Share of any Series at a constant amount.

Determination of Net Asset Value and Valuation of Portfolio Assets. The term "Net Asset Value" of any Series shall mean that amount by which the assets of that Series exceed its liabilities, all as determined by or under the direction of the DirectorsTrustees. Such value shall be determined separately for each Series and shall be determined on such days and at such times as the Directors Trustees may determine. Such determination shall be made with respect to securities for which market quotations are readily available, at the market value of such securities; and with respect to other securities and assets, at the fair value as determined in good faith by the DirectorsTrustees; provided, however, that the DirectorsTrustees, without Shareholder approval, may alter the method of valuing portfolio securities insofar as permitted under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order Order of the Commission applicable to the Series. The Trustees may delegate any of their powers and duties under this Section 9.03 with respect to valuation of assets and liabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Series, shall be divided by the total number of Outstanding Shares of that Series outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series. At any time, time the Directors Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such redetermined value shall become effective. If, for any reason, the net income of any Series, determined at any time, is a negative amount, the Directors Trustees shall have the power with respect to that Series (a) to offset each Shareholder's pro rata share of such negative amount from the accrued distribution dividend account of such Shareholder, or ; (b) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of that number of full and fractional Shares which represents the amount of such excess negative net income, or ; (c) to cause to be recorded on the books of such Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series with respect to such Series and shall not be paid to any Shareholder), which account may notwithstanding any other provision of this Agreement to the contrary, may in the sole discretion of the Directors be reduced by the amount amount, of distributions dividends declared thereafter upon the Outstanding Shares of such Series on the day such negative net income is experienced, until such asset account is reduced to zero, and Shareholders of such Outstanding Shares shall have no right to any such distributions; (d) to combine the methods described in clauses (a) and (b) and (ec) of this sentence; or (e) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Directors Trustees shall also have the power not to declare a distribution dividend out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Directors may, but Trustees shall not be required to adopt, but may at any time adopt, discontinue or amend the practice of maintaining the Net Asset Value per Share of any the Series at a constant amount.