Common use of Participation by Telephone Clause in Contracts

Participation by Telephone. One or more of the Trustees or of any committee of the Trust may participate in a meeting thereof by means of a conference telephone or similar Communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting except as otherwise provided by the Investment Company Act of 1940.

Participation by Telephone. One or more of the Trustees or of any committee of the Trust Trustees may participate in a meeting thereof by means of a conference telephone or similar Communications communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting except as otherwise provided by the Investment Company Act of 1940meeting.

Participation by Telephone. One or more of the Trustees or of any committee of the Trust Trustees may participate in a meeting thereof by means of a conference telephone or similar Communications communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting except as otherwise provided by the Investment Company Act of 1940.

Participation by Telephone. One or more of the Trustees or of any committee of the Trust may participate in a meeting thereof by means of a conference telephone or similar Communications communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting except as otherwise provided by the Investment Company Act of 1940.

Participation by Telephone. One or more of the Trustees or of any committee of the Trust may participate in a regular or special Board or Committee meeting thereof by means of a conference telephone or similar Communications communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting except as otherwise provided by the Investment Company Act of 19401940 (the “1940 Act”).

Participation by Telephone. One or more of the Trustees or of any committee of the Trust may participate in a meeting thereof by means of a conference telephone or similar Communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting except as otherwise provided by the Investment Company Act of 1940, as amended (the “1940 Act”).

Participation by Telephone. One or more of the Trustees or of any committee of the Trust Trustees may participate in a meeting thereof by means of a conference telephone or similar Communications communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation Except where in-person participation is required by such means the Investment Company Act of 1940, as amended (the “1940 Act”), participation by conference telephone or similar communications equipment shall constitute presence in person at a meeting except as otherwise provided by the Investment Company Act of 1940meeting.

Participation by Telephone. One or more of the Trustees or of any committee of the Trust may participate in a regular or special Board or Committee meeting thereof by means of a conference telephone or similar Communications communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting except as otherwise provided by the Investment Company Act of 19401940 (the "1940 Act").

Participation by Telephone. One or more of the Trustees may participate in a meeting thereof, or of any committee of the Trust may participate in a meeting thereof Trust, by means of a conference telephone or similar Communications communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting except as otherwise provided by the Investment Company Act of 1940.

Participation by Telephone. One or more of the Trustees or of any committee of the Trust Trustees may participate in a meeting thereof by means of a conference telephone or similar Communications communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting except as otherwise provided by the Investment Company Act of 19401940 (the “1940 Act”).

Participation by Telephone. One or more of the Trustees or of any committee of the Trust may participate in a meeting thereof by means of a conference telephone or similar Communications _______________________________________________________________________________ communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting except as otherwise provided by the Investment Company Act of 1940.