Common use of Net Asset Value, Distributions, and Redemptions Clause in Contracts

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUE, NET INCOME AND DISTRIBUTIONS. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust or any Series or class thereof, respectively, that shall yield to the Trust or such Series or class not less than the net asset value thereof, at which price the Shares of the Trust or such Series or class, respectively, shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or such Series or class, respectively, not less than the net asset value thereof from sales of the Shares of the Trust or such Series or class; PROVIDED, HOWEVER, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or such Series or class, respectively, less than the net asset value thereof next determined after the receipt of the order, except in the case of Shares of the Trust or such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust or in a resolution of the Board of Trustees such bases and time for determining the net asset value per Share, or net asset value of the Shares, of the Trust or any Series or class thereof or net income attributable to the Shares of the Trust or any Series or class thereof, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereof, as it may deem necessary or desirable.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust or any Series or class thereof, respectively, that thereof which shall yield to the Trust or such Series or class not less than the net asset value thereof, at which price the Shares of the Trust or such Series or class, respectively, class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or such Series or class, respectively, class not less than the net asset value thereof from sales of the Shares of the Trust or such Series or class; PROVIDEDprovided, HOWEVERhowever, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or such Series or class, respectively, class less than the net asset value thereof of the Shares of such Series or class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its their absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust laws or in a resolution duly adopted vote of the Board of Trustees such bases and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or any Series or class thereof or net income attributable to the Shares of the Trust or any Series or class thereofSeries, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereofSeries, as it they may deem necessary or desirable. Section 2. Redemptions at the Option of a Shareholder. Unless otherwise provided in the prospectus of the Trust relating to the Shares, as such prospectus may be amended from time to time ("Prospectus"): (a) The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is received in proper form. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays, or if permitted by the Rules of the Commission during periods when trading on the Exchange is restricted or during any National Financial Emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Trustees. If certificates have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Shares and accompanied by proper stock transfer stamps, if applicable.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONS. Net Income and Distributions Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust Trust, or any Series or class thereof, respectively, that thereof which shall yield to the Trust or Trust, such Series or class not less than the net asset value thereof, at which price the Shares of the Trust or Trust, such Series or class, respectively, class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or Trust, such Series or class, respectively, class not less than the net asset value thereof from sales of the Shares of the Trust or Trust, such Series or class; PROVIDEDprovided, HOWEVERhowever, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or Trust, such Series or class, respectively, class less than the net asset value thereof of the Shares of the Trust, such Series or class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or Trust, such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its their absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust laws or in a resolution duly adopted vote of the Board of Trustees such bases and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or Trust, any Series or class thereof of a Series or net income attributable to the Shares of the Trust or Trust, any Series or class thereofof a Series, or the declaration and payment of dividends and distributions on the Shares of the Trust or Trust, any Series or class thereofof a Series, as it they may deem necessary or desirable. Section 2. Redemptions at the Option of a Shareholder. Unless otherwise provided in the prospectus of the Trust relating to the Shares of the Trust or Series thereof, as such prospectus may be amended from time to time ("Prospectus"): (a) The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is received in proper form. The obligation set forth in this Section 2 is subject to the provision that (i) in the event that the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays, (ii) if permitted by the Rules of the Commission during periods when trading on the Exchange is restricted or during any National Financial Emergency which makes it impracticable for the Trust to dispose of the investments of the Trust or applicable Series or to determine fairly the value of the net assets of the Trust or held with respect to such Series, or (iii) during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Trustees. If certificates have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Shares and accompanied by proper stock transfer stamps, if applicable. (b) Payments for Shares so redeemed by the Trust shall be made in cash, except payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as the Board of Trustees may duly authorize in its complete discretion, be made in kind, or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or its delegate, shall have absolute discretion as to what security or securities of the Trust shall be distributed in kind and the amount of the same; and the securities distributed shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares, provided that any Shareholder who cannot legally acquire securities so distributed in kind by reason of the prohibitions of the 1940 Act or the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), shall receive cash. Shareholders shall bear the expenses of in-kind transactions, including, but not limited to, transfer agency fees, custodian fees and costs of disposition of such securities. (c) Payment for Shares so redeemed by the Trust shall be made by the Trust as provided above within seven days after the date on which the redemption request is received in good order; provided, however, that if payment shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly as any necessary transfers of such securities on the books of the several corporations whose securities are to be delivered practicably can be made, which may not necessarily occur within such seven-day period. Moreover, redemptions may be suspended in the event of a National Financial Emergency. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind. (d) The right of Shareholders to receive dividends or other distributions on Shares may be set forth in a Plan adopted by the Board of Trustees and amended from time to time pursuant to Rule 18f-3 under the 1940 Act. The right of any Shareholder of the Trust to receive dividends or other distributions on Shares redeemed and all other rights of such Shareholder with respect to the Shares so redeemed by the Trust, except the right of such Shareholder to receive payment for such Shares, shall cease at the time as of which the purchase price of such Shares shall have been fixed, as provided above.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUE, NET INCOME AND DISTRIBUTIONS. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust or any Series or class thereof, respectively, that Class thereof which shall yield to the Trust or such Series or class Class not less than the net asset value thereof, at which price the Shares of the Trust or such Series or class, respectively, Class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or such Series or class, respectively, Class not less than the net asset value thereof from sales of the Shares of the Trust or such Series or classClass; PROVIDED, HOWEVER, that no Shares of the Trust or a Series or class Class thereof shall be issued or sold for consideration which shall yield to the Trust or such Series or class, respectively, Class less than the net asset value thereof of the Shares of such Series or Class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or such Series or class Class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its their absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust laws or in a resolution duly adopted vote of the Board of Trustees such bases and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or any Series or class thereof Class or net income attributable to the Shares of the Trust or any Series or class thereofClass, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereofClass, as it they may deem necessary or desirable.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust Trust, or any Series or class thereof, respectively, that thereof which shall yield to the Trust or Trust, such Series or class not less than the net asset value thereof, at which price the Shares of the Trust or Trust, such Series or class, respectively, class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or Trust, such Series or class, respectively, class not less than the net asset value thereof from sales of the Shares of the Trust or Trust, such Series or class; PROVIDEDprovided, HOWEVERhowever, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or Trust, such Series or class, respectively, class less than the net asset value thereof of the Shares of the Trust, such Series or class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or Trust, such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its their absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust laws or in a resolution duly adopted vote of the Board of Trustees such bases and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or Trust, any Series or class thereof of a Series or net income attributable to the Shares of the Trust or Trust, any Series or class thereofof a Series, or the declaration and payment of dividends and distributions on the Shares of the Trust or Trust, any Series or class thereofof a Series, as it they may deem necessary or desirable. Section 2. Redemptions at the Option of a Shareholder. Unless otherwise provided in the prospectus of the Trust relating to the Shares of the Trust or Series thereof, as such prospectus may be amended from time to time ("Prospectus"): (a) The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is received in proper form. The obligation set forth in this Section 2 is subject to the provision that (i) in the event that the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays, (ii) if permitted by the Rules of the Commission during periods when trading on the Exchange is restricted or during any National Financial Emergency which makes it impracticable for the Trust to dispose of the investments of the Trust or applicable Series or to determine fairly the value of the net assets of the Trust or held with respect to such Series, or (iii) during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Trustees. If certificates have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Shares and accompanied by proper stock transfer stamps, if applicable. (b) Payments for Shares so redeemed by the Trust shall be made in cash, except payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as the Board of Trustees may duly authorize in its complete discretion, be made in kind, or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or its delegate, shall have absolute discretion as to what security or securities of the Trust shall be distributed in kind and the amount of the same; and the securities distributed shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares, provided that any Shareholder who cannot legally acquire securities so distributed in kind by reason of the prohibitions of the 1940 Act or the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), shall receive cash. Shareholders shall bear the expenses of in-kind transactions, including, but not limited to, transfer agency fees, custodian fees and costs of disposition of such securities. (c) Payment for Shares so redeemed by the Trust shall be made by the Trust as provided above within seven days after the date on which the redemption request is received in good order; provided, however, that if payment shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly as any necessary transfers of such securities on the books of the several corporations whose securities are to be delivered practicably can be made, which may not necessarily occur within such seven-day period. Moreover, redemptions may be suspended in the event of a National Financial Emergency. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind. (d) The right of Shareholders to receive dividends or other distributions on Shares may be set forth in a Plan adopted by the Board of Trustees and amended from time to time pursuant to Rule 18f-3 under the 1940 Act. The right of any Shareholder of the Trust to receive dividends or other distributions on Shares redeemed and all other rights of such Shareholder with respect to the Shares so redeemed by the Trust, except the right of such Shareholder to receive payment for such Shares, shall cease at the time as of which the purchase price of such Shares shall have been fixed, as provided above.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONS. Net Income and Distributions. (a) Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial determine from time to time the offering price for the authorized, but unissued, Shares of beneficial interest of the Trust or any Series or class thereof, respectively, that shall yield to the Trust or such Series or class not less than the net asset value thereof, in addition to any amount of applicable sales charge to be paid to the Principal Underwriter or the selling broker or dealer in connection with the sale of such Shares, at which price the Shares of the Trust or such Series or class, respectively, shall be offered initially for sale, and subject to determine from time to time thereafter the offering price which shall yield to the Trust any other requirements or such Series or class, respectively, not less than the net asset value thereof from sales limitations of the Shares of the Trust or such Series or class; PROVIDED, HOWEVER, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or such Series or class, respectively, less than the net asset value thereof next determined after the receipt of the order, except in the case of Shares of the Trust or such Series or class issued in payment of a dividend properly declared and payable. 1940 Act. (b) Subject to Article III, Section 6 hereofhereof and the 1940 Act, the Board of Trustees, in its absolute discretion, Trustees may prescribe and shall set forth in the By-lawsLaws, this Declaration of Trust or in a resolution of the Board of Trustees such bases and time for determining the net asset value per Share, or net asset value of the Shares, Share of the Trust or any Series or class thereof thereof, or net income attributable to the Shares of the Trust or any Series or class thereof, thereof or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereof, as it may deem necessary or desirable, and such dividends and distributions may vary between the classes to reflect differing allocations of the expenses of the Trust between such classes to such extent and for such purposes as the Trustees may deem appropriate. (c) The Shareholders of the Trust or any Series or class, if any, shall be entitled to receive dividends and distributions, when, if and as declared by the Board of Trustees with respect thereto, provided that with respect to classes, such dividends and distributions shall comply with the 1940 Act. The right of Shareholders to receive dividends or other distributions on Shares of any class may be set forth in a plan adopted by the Board of Trustees and amended from time to time pursuant to the 1940 Act. No Share shall have any priority or preference over any other Share of the Trust with respect to dividends or distributions paid in the ordinary course of business or distributions upon dissolution of the Trust made pursuant to Article VIII, Section 2 hereof; provided however, that (i) if the Shares of the Trust are divided into Series thereof, no Share of a particular Series shall have any priority or preference over any other Share of the same Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon dissolution of the Trust or of such Series made pursuant to Article VIII, Section 2 hereof; (ii) if the Shares of the Trust are divided into classes thereof, no Share of a particular class shall have any priority or preference over any other Share of the same class with respect to dividends or distributions paid in the ordinary course of business or distributions upon dissolution of the Trust made pursuant to Article VIII, Section 2 hereof; and (iii) if the Shares of a Series are divided into classes thereof, no Share of a particular class of such Series shall have any priority or preference over any other Share of the same class of such Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon dissolution of such Series made pursuant to Article VIII, Section 2 hereof or upon dissolution of such class made pursuant to Article III, Section 6(j) hereof. All dividends and distributions shall be made ratably among all Shareholders of the Trust, a particular class of the Trust, a particular Series, or a particular class of a Series from the Trust Property held with respect to the Trust, such Series or such class, respectively, according to the number of Shares of the Trust, such Series or such class held of record by such Shareholders on the record date for any dividend or distribution; provided, however, that: (i) if the Shares of the Trust are divided into Series thereof, all dividends and distributions from the Trust Property and, if applicable, held with respect to such Series, shall be distributed to each Series thereof according to the net asset value computed for such Series and within such particular Series, shall be distributed ratably to the Shareholders of such Series according to the number of Shares of such Series held of record by such Shareholders on the record date for any dividend or distribution; and (ii) if the Shares of the Trust or of a Series are divided into classes thereof, all dividends and distributions from the Trust Property and, if applicable, held with respect to the Trust or such Series, shall be distributed to each class thereof according to the net asset value computed for such class and within such particular class, shall be distributed ratably to the Shareholders of such class according to the number of Shares of such class held of record by such Shareholders on the record date for any dividend or distribution. Dividends and distributions may be paid in cash, in kind or in Shares. (d) Before payment of any dividend there may be set aside out of any funds of the Trust, or the applicable Series thereof, available for dividends such sum or sums as the Board of Trustees may from time to time, in its absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Trust, or any Series thereof, or for such other lawful purpose as the Board of Trustees shall deem to be in the best interests of the Trust, or the applicable Series, as the case may be, and the Board of Trustees may abolish any such reserve in the manner in which the reserve was created. Section 2. Redemptions at the Option of a Shareholder. Unless otherwise provided in the prospectus of the Trust relating to the Shares, as such prospectus may be amended from time to time ("Prospectus"): (a) The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Trustees may from time to time authorize. If certificates have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Shares and accompanied by proper stock transfer stamps, if applicable. (b) The Trust shall pay for such Shares the net asset value thereof (excluding any applicable redemption fee or sales load), in accordance with this Declaration of Trust, the By-Laws, the 1940 Act and other applicable law. Payments for Shares so redeemed by the Trust shall be made in cash, except payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as it may duly authorize in its complete discretion, be made in kind or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or its delegate, shall have absolute discretion as to what security or securities of the Trust shall be distributed in kind and the amount of the same; and the securities shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares, provided that any Shareholder who cannot legally acquire securities so distributed in kind shall receive cash to the extent permitted by the 1940 Act. Shareholders shall bear the expenses of in-kind transactions, including, but not limited to, transfer agency fees, custodian fees and costs of disposition of such securities. (c) Payment by the Trust shall be made by the Trust for such redemption of Shares shall be made by the Trust to the Shareholder within seven days after the date on which the redemption request is received in proper form and/or such other procedures authorized by the Board of Trustees are complied with; provided, however, that if payment shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly as any necessary transfers of such securities on the books of the several corporations whose securities are to be delivered practicably can be made, which may not necessarily occur within such seven-day period. Moreover, redemptions may be suspended in the event of a National Financial Emergency. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind. (d) The obligations of the Trust set forth in this Section 2 are subject to the provision that such obligations may be suspended or postponed by the Board of Trustees (1) during any time the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays; (2) if permitted by the rules of the Commission, during periods when trading on the Exchange is restricted; or (3) during any National Financial Emergency. The Board of Trustees may, in its discretion, declare that the suspension relating to a National Financial Emergency shall terminate, as the case may be, on the first business day on which the Exchange shall have reopened or the period specified above shall have expired (as to which, in the absence of an official ruling by the Commission, the determination of the Board of Trustees shall be conclusive). (e) The right of Shareholders to receive dividends or other distributions on Shares may be set forth in a Plan adopted by the Board of Trustees and amended from time to time pursuant to Rule 18f-3 of the 1940 Act. The right of any Shareholder of the Trust to receive dividends or other distributions on Shares redeemed and all other rights of such Shareholder with respect to the Shares so redeemed by the Trust, except the right of such Shareholder to receive payment for such Shares, shall cease at the time as of which the purchase price of such Shares shall have been fixed, as provided above.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUE... Determination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions. Subject to Article III, Section 6 hereof, the Board of Trustees Directors shall have the power to fix an initial offering price for the Shares Interests of the Trust Partnership or any Series or class thereof, respectively, that thereof which shall yield to the Trust Partnership or such Series or class not less than the net asset value thereof, at which price the Shares Interests of the Trust Partnership or such Series or class, respectively, shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust Partnership or such Series or class, respectively, not less than the net asset value thereof from sales of the Shares Interests of the Trust Partnership or such Series or classSeries; PROVIDEDprovided, HOWEVERhowever, that no Shares Interests of the Trust Partnership or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust Partnership or such Series or class, respectively, less than the net asset value thereof of the Interests of the Partnership or such Series next determined after the receipt of the orderorder (or at such other times set by the Board of Directors), except in the case of Shares Interests of the Trust Partnership or such Series or class issued in payment of a dividend distribution properly declared and payable. Subject to Article III, Section 6 hereof, the Board of TrusteesDirectors, in its absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust laws or in a resolution duly adopted vote of the Board of Trustees Directors such bases and time for determining the net asset value per Share, unit or net asset value of the Shares, Interests of the Trust Partnership or any Series or class thereof or net income attributable to the Shares Interests of the Trust Partnership or any Series or class thereofSeries, or the declaration and payment of dividends and distributions on the Shares Interests of the Trust Partnership or any Series or class thereofSeries, as it may deem necessary or desirable. Section 2... Redemptions at the Option of an Investor. Unless otherwise provided in the prospectus of the Partnership relating to the Interests of the Partnership or Series thereof, as such prospectus may be amended from time to time ("Prospectus"): (a) The Partnership shall purchase such Interests as are offered by any Investor for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Partnership or a Person designated by the Partnership that the Partnership purchase such Interests or in accordance with such other procedures for redemption as the Board of Directors may from time to time authorize; and the Partnership will pay therefor the net asset value thereof, in accordance with the By-Laws and applicable law. Payment for said Interest shall be made by the Partnership to the Investor within seven days after the date on which the request is received in proper form. The obligation set forth in this Section 2 is subject to the provision that (i) in the event that the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays, (ii) if permitted by the Rules of the Commission during periods when trading on the Exchange is restricted or during any National Financial Emergency which makes it impracticable for the Partnership to dispose of the investments of the Partnership or applicable Series or to determine fairly the value of the net assets of the Partnership or held with respect to such Series, or (iii) during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Directors. If certificates have been issued to an Investor, any such request by such Investor must be accompanied by surrender of any outstanding certificate or certificates for such Interest in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Interests and accompanied by proper stock transfer stamps, if applicable. (b) Payments for Interests so redeemed by the Partnership shall be made in cash, except payment for such Interests may, at the option of the Board of Directors, or such officer or officers as the Board of Directors may duly authorize in its complete discretion, be made in kind, or partially in cash and partially in kind. In case of any payment in kind, the Board of Directors, or its delegate, shall have absolute discretion as to what security or securities of the Partnership shall be distributed in kind and the amount of the same; and the securities distributed shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Interests, provided that any Investor who cannot legally acquire securities so distributed in kind by reason of the prohibitions of the 1940 Act or the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), shall receive cash. Investors shall bear the expenses of in-kind transactions, including, but not limited to, transfer agency fees, custodian fees and costs of disposition of such securities. (c) Payment for Interests so redeemed by the Partnership shall be made by the Partnership as provided above within seven days after the date on which the redemption request is received in good order; provided, however, that if payment shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly as any necessary transfers of such securities on the books of the several corporations whose securities are to be delivered practicably can be made, which may not necessarily occur within such seven-day period. Moreover, redemptions may be suspended in the event of a National Financial Emergency. In no case shall the Partnership be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind. (d) The right of Investors to receive distributions on Interests may be set forth in a plan adopted by the Board of Directors and amended from time to time pursuant to Rule 18f-3 under the 1940 Act. The right of any Investor of the Partnership to receive distributions on Interests redeemed and all other rights of such Investor with respect to the Interests so redeemed by the Partnership, except the right of such Investor to receive payment for such Interests, shall cease at the time as of which the purchase price of such Interests shall have been fixed, as provided above.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions. -------------------------------------------------------------- Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust Trust, or any Series or class thereof, respectively, that thereof which shall yield to the Trust or Trust, such Series or class not less than the net asset value thereof, at which price the Shares of the Trust or Trust, such Series or class, respectively, class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or Trust, such Series or class, respectively, class not less than the net asset value thereof from sales of the Shares of the Trust or Trust, such Series or class; PROVIDEDprovided, HOWEVERhowever, that no Shares of ----------------- the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or Trust, such Series or class, respectively, class less than the net asset value thereof of the Shares of the Trust, such Series or class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or Trust, such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its their absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust laws or in a resolution duly adopted vote of the Board of Trustees such bases and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or Trust, any Series or class thereof of a Series or net income attributable to the Shares of the Trust or Trust, any Series or class thereofof a Series, or the declaration and payment of dividends and distributions on the Shares of the Trust or Trust, any Series or class thereofof a Series, as it they may deem necessary or desirable.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUE... Determination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions. Subject to Article III, Section 6 hereof, the Board of Trustees Directors shall have the power to fix an initial offering price for the Shares Interests of the Trust Partnership or any Series or class thereof, respectively, that thereof which shall yield to the Trust Partnership or such Series or class not less than the net asset value thereof, at which price the Shares Interests of the Trust Partnership or such Series or class, respectively, shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust Partnership or such Series or class, respectively, not less than the net asset value thereof from sales of the Shares Interests of the Trust Partnership or such Series or classSeries; PROVIDEDprovided, HOWEVERhowever, that no Shares Interests of the Trust Partnership or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust Partnership or such Series or class, respectively, less than the net asset value thereof of the Interests of the Partnership or such Series next determined after the receipt of the orderorder (or at such other times set by the Board of Directors), except in the case of Shares Interests of the Trust Partnership or such Series or class issued in payment of a dividend distribution properly declared and payable. Subject to Article III, Section 6 hereof, the Board of TrusteesDirectors, in its absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust Laws or in a resolution duly adopted vote of the Board of Trustees Directors such bases and time for determining the net asset value per Share, unit or net asset value of the Shares, Interests of the Trust Partnership or any Series or class thereof or net income attributable to the Shares Interests of the Trust Partnership or any Series or class thereofSeries, or the declaration and payment of dividends and distributions on the Shares Interests of the Trust Partnership or any Series or class thereofSeries, as it may deem necessary or desirable. Section 2... Redemptions at the Option of an Investor. Unless otherwise provided in the prospectus of the Partnership relating to the Interests of the Partnership or Series thereof, as such prospectus may be amended from time to time ("Prospectus"): (a) The Partnership shall purchase such Interests as are offered by any Investor for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Partnership or a Person designated by the Partnership that the Partnership purchase such Interests or in accordance with such other procedures for redemption as the Board of Directors may from time to time authorize; and the Partnership will pay therefor the net asset value thereof, in accordance with this Partnership Agreement (including the By-Laws) and applicable law. Subject to paragraph (c) below, payment for said Interest shall be made by the Partnership to the Investor within seven days after the date on which the request is received in proper form. The obligation set forth in this Section 2 is subject to the provision that (i) in the event that the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays, (ii) if permitted by the Rules of the Commission during periods when trading on the Exchange is restricted or during any National Financial Emergency which makes it impracticable for the Partnership to dispose of the investments of the Partnership or applicable Series or to determine fairly the value of the net assets of the Partnership or held with respect to such Series, or (iii) during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Directors. If certificates have been issued to an Investor, any such request by such Investor must be accompanied by surrender of any outstanding certificate or certificates for such Interest in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Interests and accompanied by proper stock transfer stamps, if applicable.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUE, NET INCOME AND DISTRIBUTIONS. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust or any Series or class thereof, respectively, that thereof which shall yield to the Trust or result in such Series or class being valued at not less than the net asset value thereof, at which price the Shares of the Trust or such Series or class, respectively, class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or result in such Series or class, respectively, class being valued at not less than the net asset value thereof from sales of the Shares of the Trust or such Series or class; PROVIDED, HOWEVER, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or result in such Series or class, respectively, class being valued at less than the net asset value thereof of the Shares of such Series or class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust Laws or in a resolution duly adopted vote of the Board of Trustees such bases and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or any Series or class thereof or net income attributable to the Shares of the Trust or any Series or class thereofSeries, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereofSeries, as it they may deem necessary or desirable.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust or any Series or class thereof, respectively, that thereof which shall yield to the Trust or such Series or class not less than the net asset value thereof, at which price the Shares of the Trust or such Series or class, respectively, class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or such Series or class, respectively, class not less than the net asset value thereof from sales of the Shares of the Trust or such Series or class; PROVIDEDprovided, HOWEVERhowever, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or such Series or class, respectively, class less than the net asset value thereof of the Shares of such Series or class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its their absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust Laws or in a resolution duly adopted vote of the Board of Trustees such bases and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or any Series or class thereof or net income attributable to the Shares of the Trust or any Series or class thereofSeries, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereofSeries, as it they may deem necessary or desirable. Section 2. Redemptions at the Option of a Shareholder. Unless otherwise provided in the prospectus of the Trust relating to the Shares, as such prospectus may be amended from time to time, or otherwise determined by the Board of Trustees by resolution or written consent: (a) The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within the number of days determined by the Trustees after the date on which the request is received in proper form. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the New York Stock Exchange is restricted or during any National Financial Emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Trustees. If certificates have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Shares and accompanied by proper stock transfer stamps, if applicable. (b) Payments for Shares so redeemed by the Trust shall be made in cash, except payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as it may duly authorize in its complete discretion, be made in kind or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or its delegate, shall have absolute discretion as to what security or securities of the Trust shall be distributed in kind and the amount of the same; and the securities shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares, provided that any Shareholder who cannot legally acquire securities so distributed in kind by reason of the prohibitions of the 1940 Act or the provisions of the Employee Retirement Income Security Act shall receive cash. Shareholders shall bear the expenses of in kind transactions, including, but not limited to, transfer agency fees, custodian fees and costs of disposition of such securities. (c) Payment for Shares so redeemed by the Trust shall be made by the Trust as provided above within the number of days determined by the Trustees after the date on which the request is received in good order; provided, however, that if payment shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly as any necessary transfers of such securities on the books of the several corporations whose securities are to be delivered practicably can be made, which may not necessarily occur within such period. Moreover, redemptions may be suspended in the event of a National Financial Emergency. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind. (d) The right of Shareholders to receive dividends or other distributions on Shares may be set forth in a plan adopted by the Board of Trustees and amended from time to time. The right of any Shareholder of the Trust to receive dividends or other distributions on Shares redeemed and all other rights of such Shareholder with respect to the Shares so redeemed by the Trust, except the right of such Shareholder to receive payment for such Shares, shall cease at the time as of which the purchase price of such Shares shall have been fixed, as provided above.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust or any Series or class thereof, respectively, that Class thereof which shall yield to the Trust or such Series or class Class not less than the net asset value thereof, at which price the Shares of the Trust or such Series or class, respectively, Class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or such Series or class, respectively, Class not less than the net asset value thereof from sales of the Shares of the Trust or such Series or classClass; PROVIDEDprovided, HOWEVERhowever, that no Shares of the Trust or a Series or class Class thereof shall be issued or sold for consideration which shall yield to the Trust or such Series or class, respectively, Class less than the net asset value thereof of the Shares of such Series or Class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or such Series or class Class issued in payment of a dividend properly declared and payable. Nothing in the foregoing shall prevent the Principal Underwriter from, pursuant to its agreement with the Trust, imposing a sales charge upon investments in the Trust. Subject to Article III, Section 6 hereof, the Board of Trustees, in its their absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust laws or in a resolution duly adopted vote of the Board of Trustees such bases and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or any Series or class thereof or net income attributable to the Shares of the Trust or any Series or class thereofSeries, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereofSeries, as it they may deem necessary or desirable. Section 2. Redemptions at the Option of a Shareholder. Unless otherwise provided in the prospectus of the Trust relating to the Shares, as such prospectus may be amended from time to time ("Prospectus"): (a) The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, subject to any contingent deferred sales charge or redemption fee in effect at the time of redemption, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is received in proper form. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays, or if permitted by the Rules of the Commission during periods when trading on the Exchange is restricted or during any National Financial Emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Trustees. If certificates have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Shares and accompanied by proper stock transfer stamps, if applicable.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust or any Series or class thereof, respectively, that thereof which shall yield to the Trust or such Series or class not less than the net asset value thereof, at which price the Shares of the Trust or such Series or class, respectively, class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or such Series or class, respectively, class not less than the net asset value thereof from sales of the Shares of the Trust or such Series or class; PROVIDEDprovided, HOWEVERhowever, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or such Series or class, respectively, class less than the net asset value thereof of the Shares of such Series or class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its their absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust Laws or in a resolution duly adopted vote of the Board of Trustees such bases basis and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or any Series or class thereof or net income attributable to the Shares of the Trust or any Series or class thereofSeries, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereofSeries, as it they may deem necessary or desirable. Section 2. Redemptions at the Option of a Shareholder. Unless otherwise provided in the prospectus of the Trust relating to the Shares, as such prospectus may be amended from time to time (the “Prospectus”): (a) The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares in accordance with any fundamental policies outlined in the Prospectus and such other procedures for redemption as the Board of Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is received in proper form. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange (the “Exchange”) is closed for other than weekends or holidays, or if permitted by the Rules of the Commission during periods when trading on the Exchange is restricted or during any National Financial Emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Trustees. If certificates have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Shares and accompanied by proper stock transfer stamps, if applicable. (b) Payments for Shares so redeemed by the Trust shall be made in cash, except payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as it may duly authorize in its complete discretion, be made in kind or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or its delegate, shall have absolute discretion as to what security or securities of the Trust shall be distributed in kind and the amount of the same; and the securities shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares, provided that any Shareholder who cannot legally acquire securities so distributed in kind by reason of the prohibitions of the 1940 Act or the provisions of the Employee Retirement Income Security Act (“ERISA”) shall receive cash. Shareholders shall bear the expenses of in-kind transactions, including, but not limited to, transfer agency fees, custodian fees and costs of disposition of such securities. (c) Payment for Shares so redeemed by the Trust shall be made by the Trust as provided above within seven days after the date on which the redemption request is received in good order; provided, however, that if payment shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly as any necessary transfers of such securities on the books of the several corporations whose securities are to be delivered practicably can be made, which may not necessarily occur within such seven day period. Moreover, redemptions may be suspended in the event of a National Financial Emergency. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind. (d) The right of Shareholders to receive dividends or other distributions on Shares may be set forth in a Plan adopted by the Board of Trustees and amended from time to time pursuant to Rule 18f-3 of the 1940 Act, as though Rule 18f-3 applied to the Shares of the Trust. The right of any Shareholder of the Trust to receive dividends or other distributions on Shares redeemed and all other rights of such Shareholder with respect to the Shares so redeemed by the Trust, except the right of such Shareholder to receive payment for such Shares, shall cease at the time as of which the purchase price of such Shares shall have been fixed, as provided above. (e) An early withdrawal fee (the “Early Withdrawal Fee”) may be charged by the Trust with respect to any repurchase of Shares from a Shareholder at any time prior to the day immediately preceding the one-year anniversary of the Shareholder’s purchase of the Shares, as determined in the sole discretion of the Board of Trustees and as described in the Prospectus. The Early Withdrawal Fee will be retained by the Trust and will be for the benefit of the Trust’s remaining Shareholders. Shares tendered for repurchase will be treated as having been repurchased on a “first in-first out” basis. (f) A Shareholder tendering for repurchase only a portion of its Shares must maintain a minimum investment balance, as determined by the Board of Trustees from time to time, after the repurchase is affected. If a Shareholder tenders an amount that would cause the Shareholder’s investment balance to fall below the required minimum, the Trust reserves the right to reduce the amount to be repurchased from the Shareholder so that the required minimum balance is maintained. The Trust may also repurchase all of the Shareholder’s Shares in the Trust.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust or any Series or class thereof, respectively, that thereof which shall yield to the Trust or such Series or class not less than the net asset value thereof, at which price the Shares of the Trust or such Series or class, respectively, class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or such Series or class, respectively, class not less than the net asset value thereof from sales of the Shares of the Trust or such Series or class; PROVIDEDprovided, HOWEVERhowever, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or such Series or class, respectively, class less than the net asset value thereof of the Shares of such Series or class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its their absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust laws or in a resolution duly adopted vote of the Board of Trustees such bases and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or any Series or class thereof or net income attributable to the Shares of the Trust or any Series or class thereofSeries, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereofSeries, as it they may deem necessary or desirable. Section 2. Redemptions at the Option of a Shareholder. Unless otherwise provided in the prospectus of the Trust relating to the Shares, as such prospectus may be amended from time to time (“Prospectus”): (a) The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is received in proper form. The obligation set forth in this is subject to the provision that in the event that any time the New York Stock Exchange (the “Exchange”) is closed for other than weekends or holidays, or if permitted by the Rules of the Commission during periods when trading on the Exchange is restricted or during any National Financial Emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Trustees. If certificates have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Shares and accompanied by proper stock transfer stamps, if applicable. (b) Payments for Shares so redeemed by the Trust shall be made in cash, except payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as it may duly authorize in its complete discretion, be made in kind or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or its delegate, shall have absolute discretion as to what security or securities of the Trust shall be distributed in kind and the amount of the same; and the securities shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares, provided that any Shareholder who cannot legally acquire securities so distributed in kind by reason of the prohibitions of the 1940 Act or the provisions of the Employee Retirement Income Security Act (“ERISA”) shall receive cash. Shareholders shall bear the expenses of inkind transactions, including, but not limited to, transfer agency fees, custodian fees and costs of disposition of such securities. (c) Payment for Shares so redeemed by the Trust shall be made by the Trust as provided above within seven days after the date on which the redemption request is received in good order; provided, however, that if payment shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly as any necessary transfers of such securities on the books of the several corporations whose securities are to be delivered practicably can be made, which may not necessarily occur within such seven day period. Moreover, redemptions may be suspended in the event of a National Financial Emergency. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind. (d) The right of Shareholders to receive dividends or other distributions on Shares may be set forth in a Plan adopted by the Board of Trustees and amended from time to time pursuant to Rule 18f-3 of the 1940 Act. The right of any Shareholder of the Trust to receive dividends or other distributions on Shares redeemed and all other rights of such Shareholder with respect to the Shares so redeemed by the Trust, except the right of such Shareholder to receive payment for such Shares, shall cease at the time as of which the purchase price of such Shares shall have been fixed, as provided above. Section 3. Redemptions at the Option of the Trust. The Board of Trustees may, from time to time, without the vote or consent of the Shareholders, and subject to the 1940 Act, redeem Shares or authorize the closing of any Shareholder account, subject to such conditions as may be established by the Board of Trustees.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONS. Net Income and Distributions. (a) Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial determine from time to time the offering price for the authorized, but unissued, Shares of beneficial interest of the Trust or any Series or class Class thereof, respectively, that shall yield to the Trust or such Series or class Class not less than the net asset value thereof, in addition to any amount of applicable sales charge to be paid to the Principal Underwriter or the selling broker or dealer in connection with the sale of such Shares, at which price the Shares of the Trust or such Series or classClass, respectively, shall be offered initially for sale, and subject to determine from time to time thereafter the offering price which shall yield to the Trust any other requirements or such Series or class, respectively, not less than the net asset value thereof from sales limitations of the Shares of the Trust or such Series or class; PROVIDED, HOWEVER, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or such Series or class, respectively, less than the net asset value thereof next determined after the receipt of the order, except in the case of Shares of the Trust or such Series or class issued in payment of a dividend properly declared and payable. 1940 Act. (b) Subject to Article III, Section 6 hereofhereof and the 1940 Act, the Board of Trustees, in its absolute discretion, Trustees may prescribe and shall set forth in the By-lawsLaws, this Declaration of Trust or in a resolution of the Board of Trustees such bases and time for determining the net asset value per Share, or net asset value of the Shares, Share of the Trust or any Series or class thereof Class thereof, or net income attributable to the Shares of the Trust or any Series or class thereof, Class thereof or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class Class thereof, as it may deem necessary or desirable, and such dividends and distributions may vary between the Classes to reflect differing allocations of the expenses of the Trust between such Classes to such extent and for such purposes as the Trustees may deem appropriate. (c) The Shareholders of the Trust or any Series or Class, if any, shall be entitled to receive dividends and distributions, when, if and as declared by the Board of Trustees with respect thereto, provided that with respect to Classes, such dividends and distributions shall comply with the 1940 Act. The right of Shareholders to receive dividends or other distributions on Shares of any Class may be set forth in a plan adopted by the Board of Trustees and amended from time to time pursuant to the 1940 Act. No Share shall have any priority or preference over any other Share of the Trust with respect to dividends or distributions paid in the ordinary course of business or distributions upon dissolution of the Trust made pursuant to Article VIII, Section 2 hereof; provided however, that (i) if the Shares of the Trust are divided into Series thereof, no Share of a particular Series shall have any priority or preference over any other Share of the same Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon dissolution of the Trust or of such Series made pursuant to Article VIII, Section 2 hereof; (ii) if the Shares of the Trust are divided into Classes thereof, no Share of a particular Class shall have any priority or preference over any other Share of the same Class with respect to dividends or distributions paid in the ordinary course of business or distributions upon dissolution of the Trust made pursuant to Article VIII, Section 2 hereof; and (iii) if the Shares of a Series are divided into Classes thereof, no Share of a particular Class of such Series shall have any priority or preference over any other Share of the same Class of such Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon dissolution of such Series made pursuant to Article VIII, Section 2 hereof or upon dissolution of such Class made pursuant to Article III, Section 6(j) hereof. All dividends and distributions shall be made ratably among all Shareholders of the Trust, a particular Class of the Trust, a particular Series, or a particular Class of a Series from the Trust Property held with respect to the Trust, such Series or such Class, respectively, according to the number of Shares of the Trust, such Series or such Class held of record by such Shareholders on the record date for any dividend or distribution; provided, however, that: (i) if the Shares of the Trust are divided into Series thereof, all dividends and distributions from the Trust Property and, if applicable, held with respect to such Series, shall be distributed to each Series thereof according to the net asset value computed for such Series and within such particular Series, shall be distributed ratably to the Shareholders of such Series according to the number of Shares of such Series held of record by such Shareholders on the record date for any dividend or distribution; and (ii) if the Shares of the Trust or of a Series are divided into Classes thereof, all dividends and distributions from the Trust Property and, if applicable, held with respect to the Trust or such Series, shall be distributed to each Class thereof according to the net asset value computed for such Class and within such particular Class, shall be distributed ratably to the Shareholders of such Class according to the number of Shares of such Class held of record by such Shareholders on the record date for any dividend or distribution. Dividends and distributions may be paid in cash, in kind or in Shares. (d) Before payment of any dividend there may be set aside out of any funds of the Trust, or the applicable Series thereof, available for dividends such sum or sums as the Board of Trustees may from time to time, in its absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Trust, or any Series thereof, or for such other lawful purpose as the Board of Trustees shall deem to be in the best interests of the Trust, or the applicable Series, as the case may be, and the Board of Trustees may abolish any such reserve in the manner in which the reserve was created. Section 2. Redemptions at the Option of a Shareholder. Unless otherwise provided in the prospectus of the Trust relating to the Shares, as such prospectus may be amended from time to time ("Prospectus"): (a) The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Trustees may from time to time authorize. If certificates have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Shares and accompanied by proper stock transfer stamps, if applicable. (b) The Trust shall pay for such Shares the net asset value thereof (excluding any applicable redemption fee or sales load), in accordance with this Declaration of Trust, the By-Laws, the 1940 Act and other applicable law. Payments for Shares so redeemed by the Trust shall be made in cash, except payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as it may duly authorize in its complete discretion, be made in kind or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or its delegate, shall have absolute discretion as to what security or securities of the Trust shall be distributed in kind and the amount of the same; and the securities shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares, provided that any Shareholder who cannot legally acquire securities so distributed in kind shall receive cash to the extent permitted by the 1940 Act. Shareholders shall bear the expenses of in-kind transactions, including, but not limited to, transfer agency fees, custodian fees and costs of disposition of such securities. (c) Payment by the Trust shall be made by the Trust for such redemption of Shares shall be made by the Trust to the Shareholder within seven days after the date on which the redemption request is received in proper form and/or such other procedures authorized by the Board of Trustees are complied with; provided, however, that if payment shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly as any necessary transfers of such securities on the books of the several corporations whose securities are to be delivered practicably can be made, which may not necessarily occur within such seven-day period. Moreover, redemptions may be suspended in the event of a National Financial Emergency. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind. (d) The obligations of the Trust set forth in this Section 2 are subject to the provision that such obligations may be suspended or postponed by the Board of Trustees (1) during any time the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays; (2) if permitted by the rules of the Commission, during periods when trading on the Exchange is restricted; or (3) during any National Financial Emergency. The Board of Trustees may, in its discretion, declare that the suspension relating to a National Financial Emergency shall terminate, as the case may be, on the first business day on which the Exchange shall have reopened or the period specified above shall have expired (as to which, in the absence of an official ruling by the Commission, the determination of the Board of Trustees shall be conclusive). (e) The right of Shareholders to receive dividends or other distributions on Shares may be set forth in a Plan adopted by the Board of Trustees and amended from time to time pursuant to Rule 18f-3 of the 1940 Act. The right of any Shareholder of the Trust to receive dividends or other distributions on Shares redeemed and all other rights of such Shareholder with respect to the Shares so redeemed by the Trust, except the right of such Shareholder to receive payment for such Shares, shall cease at the time as of which the purchase price of such Shares shall have been fixed, as provided above.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions . Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust or any Series or class thereof, respectively, that thereof which shall yield to the Trust or result in such Series or class being valued at not less than the net asset value thereof, at which price the Shares of the Trust or such Series or class, respectively, class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or result in such Series or class, respectively, class being valued at not less than the net asset value thereof from sales of the Shares of the Trust or such Series or class; PROVIDEDprovided, HOWEVERhowever, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or result in such Series or class, respectively, class being valued at less than the net asset value thereof of the Shares of such Series or class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust laws or in a resolution duly adopted vote of the Board of Trustees such bases and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or any Series or class thereof or net income attributable to the Shares of the Trust or any Series or class thereofSeries, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereofSeries, as it they may deem necessary or desirable. Section 2. Redemptions at the Option of a Shareholder . Unless otherwise provided in the prospectus of the Trust relating to the Shares, as such prospectus may be amended from time to time ("Prospectus"): (a) The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Trustees may from time to time authorize; and the Trust will pay therefore the net asset value thereof, in accordance with the By-Laws and applicable law. The payment of redemption proceeds may be reduced by any applicable sales charges or fees described in the Prospectus. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is received in proper form. The obligation set forth in this Section 2 may be suspended or postponed in accordance with Section 22(e) of the 1940 Act and the rules and regulations thereunder or as otherwise permitted by the Commission. If certificates have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Shares and accompanied by proper stock transfer stamps, if applicable. (b) Payments for Shares so redeemed by the Trust shall be made in cash, except payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as it may duly authorize in its complete discretion, be made in kind or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or its delegate, shall have absolute discretion as to what security or securities of the Trust shall be distributed in kind and the amount of the same; and the securities shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares, provided that any Shareholder who cannot legally acquire securities so distributed in kind by reason of the prohibitions of the 1940 Act or the provisions of the Employee Retirement Income Security Act ("ERISA") shall receive cash. Shareholders shall bear the expenses of in- kind transactions, including, but not limited to, transfer agency fees, custodian fees and costs of disposition of such securities. (c) If payment for Shares shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly as any necessary transfers of such securities on the books of the several corporations whose securities are to be delivered practicably can be made, which may not necessarily occur within such seven day period. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind. (d) The right of Shareholders to receive dividends or other distributions on Shares may be set forth in a Plan adopted by the Board of Trustees and amended from time to time pursuant to Rule 18f-3 of the 1940 Act. The right of any Shareholder of the Trust to receive dividends or other distributions on Shares redeemed and all other rights of such Shareholder with respect to the Shares so redeemed by the Trust, except the right of such Shareholder to receive payment for such Shares, shall cease at the time as of which the purchase price of such Shares shall have been fixed, as provided above.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust or any Series or class thereof, respectively, that thereof which shall yield to the Trust or such Series or class not less than the net asset value thereof, at which price the Shares of the Trust or such Series or class, respectively, class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or such Series or class, respectively, class not less than the net asset value thereof from sales of the Shares of the Trust or such Series or class; PROVIDEDprovided, HOWEVERhowever, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or such Series or class, respectively, class less than the net asset value thereof of the Shares of such Series or class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its their absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust Laws or in a resolution duly adopted vote of the Board of Trustees such bases basis and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or any Series or class thereof or net income attributable to the Shares of the Trust or any Series or class thereofSeries, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereofSeries, as it they may deem necessary or desirable. Section 2. Redemptions at the Option of a Shareholder. Unless otherwise provided in the prospectus of the Trust relating to the Shares, as such prospectus may be amended from time to time (“Prospectus”): i. The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares in accordance with any fundamental policies outlined in the Prospectus and such other procedures for redemption as the Board of Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is received in proper form. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange (the “Exchange”) is closed for other than weekends or holidays, or if permitted by the Rules of the Commission during periods when trading on the Exchange is restricted or during any National Financial Emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Trustees. If certificates have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Shares and accompanied by proper stock transfer stamps, if applicable. ii. Payments for Shares so redeemed by the Trust shall be made in cash, except payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as it may duly authorize in its complete discretion, be made in kind or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or its delegate, shall have absolute discretion as to what security or securities of the Trust shall be distributed in kind and the amount of the same; and the securities shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares, provided that any Shareholder who cannot legally acquire securities so distributed in kind by reason of the prohibitions of the 1940 Act or the provisions of the Employee Retirement Income Security Act (“ERISA”) shall receive cash. Shareholders shall bear the expenses of in-kind transactions, including, but not limited to, transfer agency fees, custodian fees and costs of disposition of such securities. iii. Payment for Shares so redeemed by the Trust shall be made by the Trust as provided above within seven days after the date on which the redemption request is received in good order; provided, however, that if payment shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly as any necessary transfers of such securities on the books of the several corporations whose securities are to be delivered practicably can be made, which may not necessarily occur within such seven day period. Moreover, redemptions may be suspended in the event of a National Financial Emergency. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind. iv. The right of Shareholders to receive dividends or other distributions on Shares may be set forth in a Plan adopted by the Board of Trustees and amended from time to time pursuant to Rule 18f-3 of the 1940 Act, as though Rule 18f-3 applied to the Shares of the Trust. The right of any Shareholder of the Trust to receive dividends or other distributions on Shares redeemed and all other rights of such Shareholder with respect to the Shares so redeemed by the Trust, except the right of such Shareholder to receive payment for such Shares, shall cease at the time as of which the purchase price of such Shares shall have been fixed, as provided above. v. An early withdrawal fee (the "Early Withdrawal Fee") may be charged by the Trust with respect to any repurchase of Shares from a Shareholder at any time prior to the day immediately preceding the one-year anniversary of the Shareholder's purchase of the Shares, as determined in the sole discretion of the Board of Trustees and as described in the Prospectus. The Early Withdrawal Fee will be retained by the Trust and will be for the benefit of the Trust's remaining Shareholders. Shares tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. vi. A Shareholder tendering for repurchase only a portion of its Shares must maintain an minimum investment balance, as determined by the Board of Trustees from time to time, after the repurchase is affected. If a Shareholder tenders an amount that would cause the Shareholder's investment balance to fall below the required minimum, the Trust reserves the right to reduce the amount to be repurchased from the Shareholder so that the required minimum balance is maintained. The Trust may also repurchase all of the Shareholder's Shares in the Trust.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust or any Series or class thereof, respectively, that thereof which shall yield to the Trust or such Series or class not less than the net asset value thereof, at which price the Shares of the Trust or such Series or class, respectively, class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or such Series or class, respectively, class not less than the net asset value thereof from sales of the Shares of the Trust or such Series or class; PROVIDEDprovided, HOWEVERhowever, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or such Series or class, respectively, class less than the net asset value thereof of the Shares of such Series or class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its their absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust Laws or in a resolution duly adopted vote of the Board of Trustees such bases basis and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or any Series or class thereof or net income attributable to the Shares of the Trust or any Series or class thereofSeries, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereofSeries, as it they may deem necessary or desirable. Section 2. Redemptions at the Option of a Shareholder. Unless otherwise provided in the prospectus of the Trust relating to the Shares, as such prospectus may be amended from time to time ("Prospectus"): (a) The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof or as described in the Prospectus, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is received in proper form. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays, or if permitted by the Rules of the Commission during periods when trading on the Exchange is restricted or during any National Financial Emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Trustees. If certificates have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Shares and accompanied by proper stock transfer stamps, if applicable. (b) Payments for Shares so redeemed by the Trust shall be made in cash, except payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as it may duly authorize in its complete discretion, be made in kind or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or its delegate, shall have absolute discretion as to what security or securities of the Trust shall be distributed in kind and the amount of the same; and the securities shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares, provided that any Shareholder who cannot legally acquire securities so distributed in kind by reason of the prohibitions of the 1940 Act or the provisions of the Employee Retirement Income Security Act ("ERISA") shall receive cash. Shareholders shall bear the expenses of in-kind transactions, including, but not limited to, transfer agency fees, custodian fees and costs of disposition of such securities. (c) Payment for Shares so redeemed by the Trust shall be made by the Trust as provided above within seven days after the date on which the redemption request is received in good order; provided, however, that if payment shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly as any necessary transfers of such securities on the books of the several corporations whose securities are to be delivered practicably can be made, which may not necessarily occur within such seven day period. Moreover, redemptions may be suspended in the event of a National Financial Emergency. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind. (d) The right of Shareholders to receive dividends or other distributions on Shares may be set forth in a Plan adopted by the Board of Trustees and amended from time to time pursuant to Rule 18f-3 of the 1940 Act, as though Rule 18f-3 applied to the Shares of the Trust. The right of any Shareholder of the Trust to receive dividends or other distributions on Shares redeemed and all other rights of such Shareholder with respect to the Shares so redeemed by the Trust, except the right of such Shareholder to receive payment for such Shares, shall cease at the time as of which the purchase price of such Shares shall have been fixed, as provided above.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust or any Series or class thereof, respectively, that thereof which shall yield to the Trust or such Series or class not less than the net asset value thereof, at which price the Shares of the Trust or such Series or class, respectively, class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or such Series or class, respectively, class not less than the net asset value thereof from sales of the Shares of the Trust or such Series or class; PROVIDEDprovided, HOWEVERhowever, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or such Series or class, respectively, class less than the net asset value thereof of the Shares of such Series or class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its their absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust laws or in a resolution duly adopted vote of the Board of Trustees such bases and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or any Series or class thereof or net income attributable to the Shares of the Trust or any Series or class thereofSeries, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereofSeries, as it they may deem necessary or desirable. Section 2. Redemptions at the Option of a Shareholder. Unless otherwise provided in the prospectus of the Trust relating to the Shares, as such prospectus may be amended from time to time ("Prospectus"): (a) The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is received in proper form. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays, or if permitted by the Rules of the Commission during periods when trading on the Exchange is restricted or during any National Financial Emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Trustees. If certificates have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Shares and accompanied by proper stock transfer stamps, if applicable. (b) Payments for Shares so redeemed by the Trust shall be made in cash, except payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as it may duly authorize in its complete discretion, be made in kind or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or its delegate, shall have absolute discretion as to what security or securities of the Trust shall be distributed in kind and the amount of the same; and the securities shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares, provided that any Shareholder who cannot legally acquire securities so distributed in kind by reason of the prohibitions of the 1940 Act or the provisions of the Employee Retirement Income Security Act ("ERISA") shall receive cash. Shareholders shall bear the expenses of in-kind transactions, including, but not limited to, transfer agency fees, custodian fees and costs of disposition of such securities. (c) Payment for Shares so redeemed by the Trust shall be made by the Trust as provided above within seven days after the date on which the redemption request is received in good order; provided, however, that if payment shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly as any necessary transfers of such securities on the books of the several corporations whose securities are to be delivered practicably can be made, which may not necessarily occur within such seven day period. Moreover, redemptions may be suspended in the event of a

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust or any Series or class thereof, respectively, that thereof which shall yield to the Trust or such Series or class not less than the net asset value thereof, at which price the Shares of the Trust or such Series or class, respectively, class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or such Series or class, respectively, class not less than the net asset value thereof from sales of the Shares of the Trust or such Series or class; PROVIDEDprovided, HOWEVERhowever, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or such Series or class, respectively, class less than the net asset value thereof of the Shares of such Series or class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its their absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust laws or in a resolution duly adopted vote of the Board of Trustees such bases and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or any Series or class thereof or net income attributable to the Shares of the Trust or any Series or class thereofSeries, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereofSeries, as it they may deem necessary or desirable. Section 2. Redemptions at the Option of a Shareholder. Unless otherwise provided in the prospectus of the Trust relating to the Shares, as such prospectus may be amended from time to time ("Prospectus"): (a) The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Trust or a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is received in proper form. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays, or if permitted by the Rules of the Commission during periods when trading on the Exchange is restricted or during any National Financial Emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Trustees. If certificates have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be required on such Shares and accompanied by proper stock transfer stamps, if applicable. (b) Payments for Shares so redeemed by the Trust shall be made in cash, except payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as it may duly authorize in its complete discretion, be made in kind or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or its delegate, shall have absolute discretion as to what security or securities of the Trust shall be distributed in kind and the amount of the same; and the securities shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares, provided that any Shareholder who cannot legally acquire securities so distributed in kind by reason of the prohibitions of the 1940 Act or the provisions of the Employee Retirement Income Security Act ("ERISA") shall receive cash. Shareholders shall bear the expenses of in-kind transactions, including, but not limited to, transfer agency fees, custodian fees and costs of disposition of such securities. (c) Payment for Shares so redeemed by the Trust shall be made by the Trust as provided above within seven days after the date on which the redemption request is received in good order; provided, however, that if payment shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly as any necessary transfers of such securities on the books of the several corporations whose securities are to be delivered practicably can be made, which may not necessarily occur within such seven day period. Moreover, redemptions may be suspended in the event of a National Financial Emergency. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind. (d) The right of Shareholders to receive dividends or other distributions on Shares may be set forth in a Plan adopted by the Board of Trustees and amended from time to time pursuant to Rule 18f-3 of the 1940 Act. The right of any Shareholder of the Trust to receive dividends or other distributions on Shares redeemed and all other rights of such Shareholder with respect to the Shares so redeemed by the Trust, except the right of such Shareholder to receive payment for such Shares, shall cease at the time as of which the purchase price of such Shares shall have been fixed, as provided above. Section 3. Redemptions at the Option of the Trust. The Board of Trustees may, from time to time, without the vote or consent of the Shareholders, and subject to the 1940 Act, redeem Shares or authorize the closing of any Shareholder account, subject to such conditions as may be established by the Board of Trustees.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and ------------------------------------------------ Distributions. Subject to Article III, Section 6 hereof, the Board of Trustees ------------- shall have the power to fix an initial offering price for the Shares of the Trust or any Series or class thereof, respectively, that shall yield to the Trust or such Series or class not less than the net asset value thereof, at which price the Shares of the Trust or such Series or class, respectively, shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or such Series or class, respectively, not less than the net asset value thereof from sales of the Shares of the Trust or such Series or class; PROVIDEDprovided, HOWEVERhowever, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or such Series or class, respectively, less than the net asset value thereof next determined after the receipt of the order, except in the case of Shares of the Trust or such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust or in a resolution of the Board of Trustees such bases and time for determining the net asset value per Share, or net asset value of the Shares, of the Trust or any Series or class thereof or net income attributable to the Shares of the Trust or any Series or class thereof, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or class thereof, as it may deem necessary or desirable.

Net Asset Value, Distributions, and Redemptions. Section 1. DETERMINATION OF NET ASSET VALUEDetermination of Net Asset Value, NET INCOME AND DISTRIBUTIONSNet Income and Distributions. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of the Trust Trust, or any Series or class thereof, respectively, that thereof which shall yield to the Trust or Trust, such Series or class not less than the net asset value thereof, at which price the Shares of the Trust or Trust, such Series or class, respectively, class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to the Trust or Trust, such Series or class, respectively, class not less than the net asset value thereof from sales of the Shares of the Trust or Trust, such Series or class; PROVIDEDprovided, HOWEVERhowever, that no Shares of the Trust or a Series or class thereof shall be issued or sold for consideration which shall yield to the Trust or Trust, such Series or class, respectively, class less than the net asset value thereof of the Shares of the Trust, such Series or class next determined after the receipt of the orderorder (or at such other times set by the Board of Trustees), except in the case of Shares of the Trust or Trust, such Series or class issued in payment of a dividend properly declared and payable. Subject to Article III, Section 6 hereof, the Board of Trustees, in its their absolute discretion, may prescribe and shall set forth in the By-laws, this Declaration of Trust laws or in a resolution duly adopted vote of the Board of Trustees such bases and time for determining the net asset value per Share, Share or net asset value of the Shares, Shares of the Trust or Trust, any Series or class thereof of a Series or net income attributable to the Shares of the Trust or Trust, any Series or class thereofof a Series, or the declaration and payment of dividends and distributions on the Shares of the Trust or Trust, any Series or class thereofof a Series, as it they may deem necessary or desirable.