Common use of Net Asset Value Clause in Contracts

Net Asset Value. (a) The Net Asset Value per Share of any Series or Class thereof shall be the quotient obtained by dividing the value of the net assets of that Series or Class (being the value of the assets belonging to that Series or Class less the liabilities belonging to that Series or Class) by the total number of Shares of that Series or Class outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time. (b) The Trustees may determine to maintain the Net Asset Value per Share of any Series at a designated constant dollar amount and in connection therewith may adopt procedures not inconsistent with the 1940 Act for the continuing declarations of income attributable to that Series or Class thereof as dividends payable in additional Shares of that Series or Class thereof at the designated constant dollar amount and for the handling of any losses attributable to that Series or Class thereof. Such procedures may, among other things, provide that in the event of any loss each Shareholder of a Series or Class thereof shall be deemed to have contributed to the capital of the Trust attributable to that Series or Class thereof his pro rata portion of the total number of Shares required to be cancelled in order to permit the Net Asset Value per Share of that Series or Class thereof to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have agreed, by his investment in the Trust, to make the contribution referred to in the preceding sentence in the event of any such loss.

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

Net Asset Value. (a) The Net Asset Value per Share of any Series or Class thereof shall be the quotient obtained by dividing the value of the net assets of that Series or Class (being the value of the assets belonging to that Series or Class less the liabilities belonging to that Series or Class) by the total number of Shares of that Series or Class outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time. (b) The Trustees may determine to maintain the Net Asset Value per Share of any Series at a designated constant dollar amount and in connection therewith may adopt procedures not inconsistent with the 1940 Act for the continuing declarations of income attributable to that Series or Class thereof as dividends payable in additional Shares of that Series or Class thereof at the designated constant dollar amount and for the handling of any losses attributable to that Series or Class thereof. Such procedures may, among other things, provide that in the event of any loss each Shareholder of a Series or Class thereof shall be deemed to have contributed to the capital of the Trust attributable to that Series or Class thereof his or her pro rata portion of the total number of Shares required to be cancelled in order to permit the Net Asset Value per Share of that Series or Class thereof to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have agreed, by his or her investment in the Trust, to make the contribution referred to in the preceding sentence in the event of any such loss.

Net Asset Value. (a) The Net Asset Value net asset value per Share of any Series or Class thereof shall be (i) in the case of a Series whose Shares are not divided into classes, the quotient obtained by dividing the value of the net assets of that Series or Class (being the value of the assets belonging to that Series or Class less the liabilities belonging to that Series or ClassSeries) by the total number of Shares of that Series or Class outstanding, and (ii) in the case of a class of Shares of a Series whose Shares are divided into classes, the quotient obtained by dividing the value of the net assets of that Series allocable to such class (being the value of the assets belonging to that Series allocable to such class less the liabilities belonging to such class) by the total number of Shares of such class outstanding; all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time. (b) . The Trustees may determine to maintain the Net Asset Value net asset value per Share of any Series at a designated constant dollar amount and in connection therewith may adopt procedures not inconsistent with the 1940 Act for the continuing declarations of income attributable to that Series or Class thereof as dividends payable in additional Shares of that Series or Class thereof at the designated constant dollar amount and for the handling of any losses attributable to that Series or Class thereofSeries. Such procedures may, among other things, may provide that in the event of any loss each Shareholder of a Series or Class thereof shall be deemed to have contributed to the capital of the Trust attributable to that Series or Class thereof his such Shareholder's pro rata portion of the total number of Shares required to be cancelled in order to permit the Net Asset Value net asset value per Share of that Series or Class thereof to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have agreed, by his making an investment in any Series with respect to which the TrustTrustees shall have adopted any such procedure, to make the contribution referred to in the preceding sentence in the event of any such loss.

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

Net Asset Value. (a) The Net Asset Value net asset value per Share of any Series or Class thereof shall be the quotient obtained by dividing the value of the net assets of that Series or Class (being the value of the assets belonging to that Series or Class less the liabilities belonging to that Series or Class) by the total number of Shares of that Series or Class outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time. (b) . Net asset value shall be determined separately for each Class of a Series. The Trustees may determine to maintain the Net Asset Value net asset value per Share of any Series or Class at a designated constant dollar amount and in connection therewith may adopt procedures not inconsistent with the 1940 Act for the continuing declarations of income attributable to that Series or Class thereof as dividends payable in additional Shares of that Series or Class thereof at the designated constant dollar amount and for the handling of any losses ____________________________________________________________________________________ attributable to that Series or Class thereofClass. Such procedures may, among other things, may provide that in the event of any loss each Shareholder of a Series or Class thereof shall be deemed to have contributed to the capital of the Trust attributable to that Series or Class thereof his pro rata portion of the total number of Shares required to be cancelled canceled in order to permit the Net Asset Value net asset value per Share of that Series or Class thereof to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have agreed, by his investment investing in any Series with respect to which the TrustTrustees shall have adopted any such procedure, to make the contribution referred to in the preceding sentence in the event of any such loss.

Net Asset Value. (a) The Net Asset Value per Share of any Series --------------- or Class thereof shall be the quotient obtained by dividing the value of the net assets of that Series or Class (being the value of the assets belonging to that Series or Class less the liabilities belonging to that Series or Class) by the total number of Shares of that Series or Class outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time. (b) . The Trustees may determine to maintain the Net Asset Value per Share of any Series at a designated constant dollar amount and in connection therewith may adopt procedures not inconsistent with the 1940 Act for the continuing declarations of income attributable to that Series or Class thereof as dividends payable in additional Shares of that Series or Class thereof at the designated constant dollar amount and for the handling of any losses attributable to that Series or Class thereof. Such procedures may, among other things, provide that in the event of any loss each Shareholder of a Series or Class thereof shall be deemed to have contributed to the capital of the Trust attributable to that Series or Class thereof his pro rata portion of the total number of Shares required to be cancelled in order to permit the Net Asset Value per Share of that Series or Class thereof to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have agreed, by his investment in the Trust, to make the contribution referred to in the preceding sentence in the event of any such loss.

Net Asset Value. (a) The Net Asset Value net asset value per Share of any Series or Class thereof Sub-Series shall be the quotient obtained by dividing the value of the net assets of that Series or Class Sub-Series (being the value of the assets belonging to that Series or Class Sub-Series less the liabilities belonging to that Series or ClassSub-Series) by the total number of Shares of that Series or Class Sub-Series outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time. (b) . The Trustees may determine to maintain the Net Asset Value net asset value per Share of any Series at a designated constant dollar amount and in connection therewith may adopt procedures not inconsistent with the 1940 Act for the continuing declarations of income attributable to that Series or Class thereof as dividends payable in additional Shares of that Series or Class thereof at the designated constant dollar amount and for the handling of any losses attributable to that Series or Class thereofSeries. Such procedures may, among other things, may provide that in the event of any loss each Shareholder of a Series or Class thereof shall be deemed to have contributed to the capital of the Trust attributable to that Series or Class thereof Sub-Series his pro rata portion of the total number of Shares required to be cancelled canceled in order to permit the Net Asset Value net asset value per Share of that Series or Class thereof to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have agreed, by his investment in any Series with respect to which the TrustTrustees shall have adopted any such procedure, to make the contribution referred to in the preceding sentence in the event of any such loss.

Net Asset Value. (a) The Net Asset Value per Share of any Series or Class thereof shall be the quotient obtained by dividing the value of the net assets of that Series or Class (being the value of the assets belonging to that Series or Class less the liabilities belonging to that Series or Class) by the total number of Shares of that Series or Class outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time. (b) The Trustees may determine to maintain the Net Asset Value per Share of any Series at a designated constant dollar amount and in connection therewith may adopt procedures not inconsistent with the 1940 Act for the continuing declarations of income attributable to that Series or Class thereof as dividends payable in additional Shares of that Series or Class thereof at the designated constant dollar amount and for the handling of any losses attributable to that Series or Class thereof. Such procedures may, among other things, provide that in the event of any loss each Shareholder of a Series or Class thereof shall be deemed to have contributed to the capital of the Trust attributable to that Series or Class thereof his pro rata rata (c) portion of the total number of Shares required to be cancelled in order to permit the Net Asset Value per Share of that Series or Class thereof to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have agreed, by his investment in the Trust, to make the contribution referred to in the preceding sentence in the event of any such loss.