Common use of Determination of Net Asset Value Per Share Clause in Contracts

Determination of Net Asset Value Per Share. Net asset value per share of the Trust (or, if the Trust has more than one series of shares, of each series of the Trust) shall mean: (i) the value of all the assets of such series; (ii) less total liabilities of such series; (iii) divided by the number of shares of such series outstanding, in each case at the time of each determination. Except as otherwise determined by the Trustees, the net asset value per share of the Trust (or of each series) shall be determined no less frequently than once daily, Monday through Friday, on days on which the New York Stock Exchange is open for trading, at such time or times that the Trustees set at least annually. In valuing the portfolio investments of the Trust (or of any series), securities for which market quotations are readily available shall be valued at prices which, in the opinion of the Trustees or the person designated by the Trustees to make the determination, most nearly represent the market value of such securities, and other securities and assets shall be valued at their fair value as determined by or pursuant to the direction of the Trustees, which in the case of debt obligations, commercial paper, and repurchase agreements may, but need not, be on the basis of yields for securities of comparable maturity, quality, and type, or on the basis of amortized cost. Expenses and liabilities of the Trust shall be accrued each day. Liabilities may include such reserves for taxes, estimated accrued expenses, and contingencies as the Trustees or their designates may in their sole discretion deem fair and reasonable under the circumstances. No accruals shall be made in respect of taxes on unrealized appreciation of securities owned unless the Trustees shall otherwise determine.

Determination of Net Asset Value Per Share. Net asset value per share of the Trust (or, if the Trust has more than one series of shares, of each class or series of the Trust) Trust shall mean: (i) the value of all the assets of properly allocable to such class or series; (ii) less total liabilities of properly allocable to such class or series; (iii) divided by the number of shares of such series class outstanding, in each case at the time of each determination. Except as otherwise determined by the Trustees, the net asset value per share of the Trust (or of each series) class shall be determined no less frequently than once daily, Monday through Friday, on days on which the New York Stock Exchange is open for trading, at such time or times that the Trustees set at least annually. In valuing the portfolio investments of any class or series of shares for the Trust (determination of the net asset value per share of such class or of any series), securities for which market quotations are readily available shall be valued at prices which, in the opinion of the Trustees or the person designated by the Trustees to make the determination, most nearly represent the market value of such securities, and other securities and assets shall be valued at their fair market value as determined by or pursuant to the direction of the Trustees, which in the case of debt obligations, commercial paper, paper and repurchase agreements may, but need not, be on the basis of yields for securities of comparable maturity, quality, quality and type, type or on the basis of amortized cost. Expenses and liabilities of the Trust shall be accrued each day. Liabilities may include such reserves for taxes, estimated accrued expenses, expenses and contingencies as the Trustees or their designates may in their sole discretion deem fair and reasonable under the circumstances. No accruals shall be made in respect of taxes on unrealized appreciation of securities owned unless the Trustees shall otherwise determine.

Determination of Net Asset Value Per Share. Net The Fund will determine the net asset value per share of its shares once daily as of the Trust (orclose of trading on The New York Stock Exchange on each day that the Exchange is open for business. It is expected that the Exchange will be closed on Saturdays and Sundays and on New Year’s Day, if Presidents’ Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The net asset value is determined by dividing the Trust has more than one series of shares, of each series market value of the Trust) shall mean: Fund’s investments as of the close of trading plus any cash or other assets (i) the value of all the assets of such series; (iiincluding dividends receivable and accrued interest) less total all liabilities of such series; (iiiincluding accrued expenses) divided by the number of fund shares of such series outstanding, in each case at the time of each determination. Except as otherwise determined by the Trustees, the net asset value per share of the Trust (or of each series) shall be determined no less frequently than once daily, Monday through Friday, on days on which the New York Stock Exchange is open for trading, at such time or times that the Trustees set at least annually. In valuing the portfolio investments of the Trust (or any series for determination of any net asset value per share of such series), securities for which market quotations are readily available shall be valued at prices which, in the opinion of the Trustees or the person designated by the Trustees to make the determination, most nearly represent the market value of such securities, and other securities and assets shall be valued at their fair value as determined by or pursuant to the direction of the Trustees, which in the case of short-term debt obligations, commercial paper, paper and repurchase agreements may, but need not, be on the basis of quoted yields for securities of comparable maturity, quality, quality and type, or on the basis of amortized cost. Expenses and liabilities of the Trust shall be accrued each day. Liabilities may include such reserves for taxes, estimated accrued expenses, expenses and contingencies as the Trustees or their designates may in their sole discretion deem fair and reasonable under the circumstances. No accruals shall [illegible] be made in respect of taxes on unrealized appreciation of securities owned unless the Trustees shall otherwise determine. Dividends payable by the Trust shall be deducted as at the time of but immediately prior to the determination of net asset value per share on the record dare therefor.

Determination of Net Asset Value Per Share. Net The Fund will determine the net asset value per share of its shares once daily as of the Trust (orclose of trading on The New York Stock Exchange on each day that the Exchange is open for business. It is expected that the Exchange will be closed on Saturdays and Sundays and on New Year’s Day, if Presidents’ Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The net asset value is determined by dividing the Trust has more than one series of shares, of each series market value of the Trust) shall mean: Fund’s investments as of the close of trading plus any cash or other assets (i) the value of all the assets of such series; (iiincluding dividends receivable and accrued interest) less total all liabilities of such series; (iiiincluding accrued expenses) divided by the number of fund shares of such series outstanding, in each case at the time of each determination. Except as otherwise determined by the Trustees, the net asset value per share of the Trust (or of each series) shall be determined no less frequently than once daily, Monday through Friday, on days on which the New York Stock Exchange is open for trading, at such time or times that the Trustees set at least annually. In valuing the portfolio investments of the Trust (or any series for determination of any net asset value per share of such series), securities for which market quotations are readily available shall be valued at prices which, in the opinion of the Trustees or the person designated by the Trustees to make the determination, most nearly represent the market value of such securities, and other securities and assets shall be valued at their fair value as determined by or pursuant to the direction of the Trustees, which in the case of short-term debt obligations, commercial paper, paper and repurchase agreements may, but need not, be on the basis of quoted yields for securities of comparable maturity, quality, quality and type, or on the basis of amortized cost. Expenses and liabilities of the Trust shall be accrued each day. Liabilities may include such reserves for taxes, estimated accrued expenses, expenses and contingencies as the Trustees or their designates may in their sole discretion deem fair and reasonable under the circumstances. No accruals shall be made in respect of taxes on unrealized appreciation of securities owned unless the Trustees shall otherwise determine. Dividends payable by the Trust shall be deducted as at the time of but immediately prior to the determination of net asset value per share on the record date therefor.

Determination of Net Asset Value Per Share. Net The Fund will ------------------------------------------ determine the net asset value per share of its shares once daily as of the Trust (orclose of trading on The New York Stock Exchange on each day that the Exchange is open for business. It is expected that the Exchange will be closed on Saturdays and Sundays and on New Year's Day, if Washington's Birthday, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The net asset value is determined by dividing the Trust has more than one series of shares, of each series market value of the Trust) shall mean: Fund's securities as of the close of trading plus any cash or other assets (i) the value of all the assets of such series; (iiincluding dividends and accrued interest) less total all liabilities of such series; (iiiincluding accrued expenses) divided by the number of Fund shares of such series outstanding. With respect to those securities for which no trades have taken place that day, the value shall be determined by taking the mean between the latest "bid" and "asked" prices. [Securities sold short against the box will be valued according to usual industry practice; however, in each case instances where the Fund has sold securities short against a long position in the issuer's convertible securities, for the purpose of valuation, the securities in the short position will be valued at the time "asked" price rather than the mean of each determination. Except as otherwise determined by the Trustees, last "bid" and "asked" prices.] In valuing the portfolio investments of any series for determination of net asset value per share of the Trust (or of each such series) shall be determined no less frequently than once daily, Monday through Friday, on days on which the New York Stock Exchange is open for trading, at such time or times that the Trustees set at least annually. In valuing the portfolio investments of the Trust (or of any series), securities for which market quotations are readily available shall be valued at prices which, in the opinion of the Trustees or the person designated by the Trustees to make the determination, most nearly represent the market value of such securities, and other securities and assets shall be valued at their fair value as determined by or pursuant to the direction of the Trustees, which in the case of short-term debt obligations, commercial paper, paper and repurchase agreements may, but need not, be on the basis of quoted yields for securities of comparable maturity, quality, quality and type, or on the basis of amortized cost. Expenses and liabilities of the Trust shall be accrued each day. Liabilities may include such reserves for taxes, estimated accrued expenses, expenses and contingencies as the Trustees or their designates may in their sole discretion deem fair and reasonable under the circumstances. No accruals shall be made in respect of taxes on unrealized appreciation of securities owned unless the Trustees shall otherwise determine. Dividends payable by the Trust shall be deducted as at the time of but immediately prior to the determination of net asset value per share on the record date therefor.