Common use of Shares Issued in Exchange for Assets and Valuation Clause in Contracts

Shares Issued in Exchange for Assets and Valuation. Full Fund Shares and, to the extent necessary, a fractional Fund Share, of an aggregate net asset value equal to the net value of the Assets of the Partnership acquired shall be issued by the Trust, on behalf of the Fund, in exchange for such Assets of the Partnership. Value in all cases shall be determined as of the Valuation Time. The value of the Assets of the Partnership to be acquired by the Fund and the net asset value per share of the Fund Shares shall be determined in accordance with the procedures for determining the value of the Fund’s assets described under the caption “Shareholder Information — Net Asset Value” in the preliminary prospectus that forms part of the Registration Statement filed by the Trust. The Trust shall issue Fund Shares to the Partnership and the Partnership will receive an aggregate number of Fund Shares equal to the total net value of the Assets of the Partnership transferred to the Trust on the Exchange Date, divided by $10.00 (or as shall be otherwise mutually determined at a later date by the Trust and the Partnership), which will be the initial net asset value of the Fund Shares. In lieu of delivering certificates for Fund Shares, the Trust will credit the Fund Shares to the Partnership’s account on the share record books of the Trust and shall deliver a confirmation of that credit to the Partnership. The Partnership shall then deliver written instructions to the Trust’s transfer agent to set up accounts for its Partners on the share record books of the Trust.

Shares Issued in Exchange for Assets and Valuation. Full Fund Shares and, to the extent necessary, a fractional Fund ShareShares, of an aggregate net asset value equal to the net value of the Assets of the Partnership acquired by the Fund shall be issued by the Trust, on behalf of the Fund, in exchange for such Assets of the Partnership. Value in all cases shall be determined as of the Valuation Time. The value of the Assets of the Partnership to be acquired by the Fund and the net asset value per share of the Fund Shares shall be determined in accordance with the procedures for determining the value of the Fund’s assets described under the caption “Shareholder Information — Net Asset Value” in the preliminary prospectus for the Fund that forms part of the Registration Statement filed by the Trust. The Trust shall issue Fund Shares to the Partnership and the Partnership will receive an aggregate number of Fund Shares equal to the total net value of the Assets of the Partnership transferred to the Trust on the Exchange Date, divided by $10.00 (or as shall be otherwise mutually determined at a later date by the Trust and the Partnership), which will for the purposes of this Section 4 shall be the initial net asset value of the Fund Shares. In lieu of delivering certificates for Fund Shares, the Trust will credit the Fund Shares to the Partnership’s account on the share record books of the Trust and shall deliver a confirmation of that credit to the Partnership. The Partnership shall then deliver written instructions to the Trust’s transfer agent to set up accounts for its Partners on the share record books of the Trust.

Shares Issued in Exchange for Assets and Valuation. Full Fund Shares and, to the extent necessary, a fractional Fund Share, of an aggregate net asset value equal to the net value of the Assets of the each Partnership acquired shall be issued by the Trust, on behalf of the Fund, in exchange for such Assets of the each Partnership. Value in all cases shall be determined as of the Valuation Time. The value of the Assets of the each Partnership to be acquired by the Fund and the net asset value per share of the Fund Shares shall be determined in accordance with the procedures for determining the value of the Fund’s assets described under the caption “Shareholder Information — Net Asset Value” in the preliminary prospectus that forms part of the Registration Statement filed by the Trust. The Trust shall issue Fund Shares to the each Partnership and the each Partnership will receive an aggregate number of Fund Shares equal to the total net value of the Assets of the each Partnership transferred to the Trust on the Exchange Date, divided by [$10.00 10.00] (or as shall be otherwise mutually determined at a later date by the Trust and the PartnershipPartnerships), which will be the initial net asset value of the Fund Shares. In lieu of delivering certificates for Fund Shares, the Trust will credit the Fund Shares to the each Partnership’s account on the share record books of the Trust and shall deliver a confirmation of that credit to the Partnership. The Each Partnership shall then deliver written instructions to the Trust’s transfer agent to set up accounts for its Partners on the share record books of the Trust.

Shares Issued in Exchange for Assets and Valuation. Full Fund Shares and, to the extent necessary, a fractional Fund Share, of an aggregate net asset value equal to the net value of the Assets of the Partnership acquired shall be issued by the Trust, on behalf of the Fund, in exchange for such Assets of the Partnership. Value in all cases shall be determined as of the Valuation Time. The value of the Assets of the Partnership to be acquired by the Fund and the net asset value per share of the Fund Shares shall be determined in accordance with the procedures for determining the value of the Fund’s 's assets described under the caption “"Shareholder Information — - Net Asset Value” " in the preliminary prospectus that forms part of the Registration Statement filed by the Trust. The Trust shall issue Fund Shares to the Partnership and the Partnership will receive an aggregate number of Fund Shares equal to the total net value of the Assets of the Partnership transferred to the Trust on the Exchange Date, divided by $10.00 (or as shall be otherwise mutually determined at a later date by the Trust and the Partnership), which will be the initial net asset value of the Fund Shares. In lieu of delivering certificates for Fund Shares, the Trust will credit the Fund Shares to the Partnership’s 's account on the share record books of the Trust and shall deliver a confirmation of that credit to the Partnership. The Partnership shall then deliver written instructions to the Trust’s 's transfer agent to set up accounts for its Partners on the share record books of the Trust. 5.

Shares Issued in Exchange for Assets and Valuation. Full Fund Shares and, to the extent necessary, a fractional Fund Share, of an aggregate net asset value equal to the net value of the Assets of the Partnership acquired shall be issued by the Trust, on behalf of the Fund, in exchange for such Assets of the Partnership. Value in all cases shall be determined as of the Valuation Time. The value of the Assets of the Partnership to be acquired by the Fund and the net asset value per share of the Fund Shares shall be determined in accordance with the procedures for determining the value of the Fund’s assets described under the caption “Shareholder Information — Net Asset Value” in the preliminary prospectus that forms part of the Registration Statement filed by the Trust. The Trust shall issue Fund Shares to the Partnership and the Partnership will receive an aggregate number of Fund Shares equal to the total net value of the Assets of the Partnership transferred to the Trust on the Exchange Date, divided by [$10.00 10.00] (or as shall be otherwise mutually determined at a later date by the Trust and the Partnership), which will be the initial net asset value of the Fund Shares. In lieu of delivering certificates for Fund Shares, the Trust will credit the Fund Shares to the Partnership’s account on the share record books of the Trust and shall deliver a confirmation of that credit to the Partnership. The Partnership shall then deliver written instructions to the Trust’s transfer agent to set up accounts for its Partners on the share record books of the Trust.

Shares Issued in Exchange for Assets and Valuation. Full Fund Shares and, to the extent necessary, a fractional Fund ShareShares, of an aggregate net asset value equal to the net value of the Assets of the Partnership acquired by the Fund shall be issued by the Trust, on behalf of the Fund, in exchange for such Assets of the Partnership. Value in all cases shall be determined as of the Valuation Time. The value of the Assets of the Partnership to be acquired by the Fund and the net asset value per share of the Fund Shares shall be determined in accordance with the procedures for determining the value of the Fund’s assets described under the caption “Shareholder Information — Net Asset Value” in the preliminary prospectus for the Fund that forms part of the Registration Statement filed by the Trust. The Trust shall issue Fund Shares to the Partnership and the Partnership will receive an aggregate number of Fund Shares equal to the total net value of the Assets of the Partnership transferred to the Trust on the Exchange Date, divided by $10.00 (or as shall be otherwise mutually determined at a later date by the Trust and the Partnership), which will for the purposes of this Section 4 shall be the initial net asset value of the Fund Shares. In lieu of delivering certificates for Fund Shares, the Trust will credit the Fund Shares to the Partnership’s account on the share record books of the Trust and shall deliver a confirmation of that credit to the Partnership. The Partnership shall then deliver written instructions to the Trust’s transfer agent to set up accounts for its Partners on the share record books of the Trust.