Common use of Transfer Agent Services Clause in Contracts

Transfer Agent Services. The Transfer Agent will act as Transfer Agent for the Portfolios' accounts and, as such, will record in an account (the "Account") the total number of units of beneficial interest ("Shares") of each Portfolio issued and outstanding from time to time and will maintain Share transfer records in which it will note the names and registered addresses of Shareholders, and the number of Shares from time to time owned by each of them. Each Shareholder will be assigned one or more account numbers. The Transfer Agent is authorized to set up accounts for shareholders and record transactions in the accounts on the basis of instructions received from Shareholders when accompanied by remittance in an appropriate amount and form as provided in the Trust's then current prospectus. The Trust will not issue certificates representing its Shares. Whenever Shares are purchased or issued, the Transfer Agent shall credit the Account with the Shares issued, and credit the proper number of Shares to the appropriate Shareholder. Likewise, whenever the Transfer Agent has occasion to redeem Shares owned by a Shareholder, the Trust authorizes the Transfer Agent to process the transaction by making appropriate entries in its Share transfer records and debiting the Account. Upon notification by the Trust's Custodian of the receipt of funds through the Federal Reserve wire system or conversion into Federal funds of funds transmitted by other means for the purchase of Shares in accordance with the Trust's current prospectus, the Transfer Agent shall notify the Trust of such deposits on a daily basis. The Transfer Agent shall credit each Shareholder's account with the number of units purchased according to the price of the Shares in effect for such purchases determined in the manner set forth in the Trust's then current prospectus. The Transfer Agent shall process each order for the redemption of Shares from or on behalf of a Shareholder, and shall cause cash proceeds to be wired in Federal funds. The requirements as to instruments of transfer and other documentation, the applicable redemption price and the time of payment shall be as provided for in the then current prospectus, subject to such supplemental requirements consistent with such prospectus as may be established by mutual agreement between the Trust and the Transfer Agent. If the Transfer Agent or the Trust's Distributor determines that a request for redemption does not comply with the requirements for redemption, the Transfer Agent shall promptly so notify the Shareholder, together with the reason therefor, and shall effect such redemption at the price next determined after receipt of documents complying with said standards. The Transfer Agent shall produce a confirmation statement reflecting each purchase or redemption transaction and each dividend posting. Confirmation statements will be mailed or transmitted on the Business Day following the transaction. On each day that the Trust's Custodian and the New York Stock Exchange are open for business ("Business Day"), the Transfer Agent shall notify the Custodian of the amount of cash or other assets required to meet payments made pursuant to the provisions of this Article 2, and the Trust shall instruct the Custodian to make available from time to time sufficient funds or other assets therefor. The authority of the Transfer Agent to perform its responsibilities as to purchases and redemptions shall be suspended upon receipt by it of notification from the Securities and Exchange Commission or the Trustees of the suspension of the determination of the Trust's net asset value. In registering transfers, the Transfer Agent may rely upon the opinion of counsel in not requiring complete documentation, in registering transfers without inquiry into adverse claims, in delaying registration for purposes of such inquiry, or in refusing registration where in its judgment an adverse claim requires such refusal.

Transfer Agent Services. The Transfer Agent will act as Transfer Agent for the Portfolios' retail accounts and, as such, will record in an account (the "Account") the total number of units of beneficial interest ("Shares") of each Portfolio issued and outstanding from time to time and will maintain Share transfer records in which it will note the names and registered addresses of Shareholders, and the number of Shares from time to time owned by each of them. Each Shareholder will be assigned one or more account numbers. The Transfer Agent is authorized to set up accounts for shareholders and record transactions in the accounts on the basis of instructions received from Shareholders when accompanied by remittance in an appropriate amount and form as provided in the Trust's then current prospectus. The Trust will not issue certificates representing its Shares. Whenever Shares are purchased or issued, the Transfer Agent shall credit the Account with the Shares issued, and credit the proper number of Shares to the appropriate Shareholder. Likewise, whenever the Transfer Agent has occasion to redeem Shares owned by a Shareholder, the Trust authorizes the Transfer Agent to process the transaction by making appropriate entries in its Share transfer records and debiting the Account. Upon notification by the Trust's Custodian of the receipt of funds through the Federal Reserve wire system or conversion into Federal funds of funds transmitted by other means for the purchase of Shares in accordance with the Trust's current prospectus, the Transfer Agent shall notify the Trust of such deposits on a daily basis. The Transfer Agent shall credit each Shareholder's account with the number of units purchased according to the price of the Shares in effect for such purchases determined in the manner set forth in the Trust's then current prospectus. The Transfer Agent shall process each order for the redemption of Shares from or on behalf of a Shareholder, and shall cause cash proceeds to be wired in Federal funds. The requirements as to instruments of transfer and other documentation, the applicable redemption price and the time of payment shall be as provided for in the then current prospectus, subject to such supplemental requirements consistent with such prospectus as may be established by mutual agreement between the Trust and the Transfer Agent. If the Transfer Agent or the Trust's Distributor determines that a request for redemption does not comply with the requirements for redemption, the Transfer Agent shall promptly so notify the Shareholder, together with the reason therefor, and shall effect such redemption at the price next determined after receipt of documents complying with said standards. The Transfer Agent shall produce a confirmation statement reflecting each purchase or redemption transaction and each dividend posting. Confirmation statements will be mailed or transmitted on the Business Day following the transaction. On each day that the Trust's Custodian and the New York Stock Exchange are open for business ("Business Day"), the Transfer Agent shall notify the Custodian of the amount of cash or other assets required to meet payments made pursuant to the provisions of this Article 2, and the Trust shall instruct the Custodian to make available from time to time sufficient funds or other assets therefor. The authority of the Transfer Agent to perform its responsibilities as to purchases and redemptions shall be suspended upon receipt by it of notification from the Securities and Exchange Commission or the Trustees of the suspension of the determination of the Trust's net asset value. In registering transfers, the Transfer Agent may rely upon the opinion of counsel in not requiring complete documentation, in registering transfers without inquiry into adverse claims, in delaying registration for purposes of such inquiry, or in refusing registration where in its judgment an adverse claim requires such refusal.. The Trust warrants that it has or shall deliver to the Transfer Agent, as transfer agent:

Transfer Agent Services. The Transfer Agent will act as ------------------------ Transfer Agent for the Portfolios' retail accounts and, as such, will record in an account (the "Account") the total number of units of beneficial interest ("Shares") of each Portfolio issued and outstanding from time to time and will maintain Share transfer records in which it will note the names and registered addresses of Shareholders, and the number of Shares from time to time owned by each of them. Each Shareholder will be assigned one or more account numbers. The Transfer Agent is authorized to set up accounts for shareholders and record transactions in the accounts on the basis of instructions received from Shareholders when accompanied by remittance in an appropriate amount and form as provided in the TrustCompany's then current prospectus. The Trust Company will not issue certificates representing its Shares. Whenever Shares are purchased or issued, the Transfer Agent shall credit the Account with the Shares issued, and credit the proper number of Shares to the appropriate Shareholder. Likewise, whenever the Transfer Agent has occasion to redeem Shares owned by a Shareholder, the Trust Company authorizes the Transfer Agent to process the transaction by making appropriate entries in its Share transfer records and debiting the Account. Upon notification by the TrustCompany's Custodian of the receipt of funds through the Federal Reserve wire system or conversion into Federal funds of funds transmitted by other means for the purchase of Shares in accordance with the TrustCompany's current prospectus, the Transfer Agent shall notify the Trust Company of such deposits on a daily basis. The Transfer Agent shall credit each Shareholder's account with the number of units purchased according to the price of the Shares in effect for such purchases determined in the manner set forth in the TrustCompany's then current prospectus. The Transfer Agent shall process each order for the redemption of Shares from or on behalf of a Shareholder, and shall cause cash proceeds to be wired in Federal funds. The requirements as to instruments of transfer and other documentation, the applicable redemption price and the time of payment shall be as provided for in the then current prospectus, subject to such supplemental requirements consistent with such prospectus as may be established by mutual agreement between the Trust Company and the Transfer Agent. If the Transfer Agent or the TrustCompany's Distributor determines that a request for redemption does not comply with the requirements for redemption, the Transfer Agent shall promptly so notify the Shareholder, together with the reason therefor, and shall effect such redemption at the price next determined after receipt of documents complying with said standards. The Transfer Agent shall produce a confirmation statement reflecting each purchase or redemption transaction and each dividend posting. Confirmation statements will be mailed or transmitted on the Business Day following the transaction. On each day that the TrustCompany's Custodian and the New York Stock Exchange are open for business ("Business Day"), the Transfer Agent shall notify the Custodian of the amount of cash or other assets required to meet payments made pursuant to the provisions of this Article 2, and the Trust Company shall instruct the Custodian to make available from time to time sufficient funds or other assets therefor. The authority of the Transfer Agent to perform its responsibilities as to purchases and redemptions shall be suspended upon receipt by it of notification from the Securities and Exchange Commission or the Trustees Directors of the suspension of the determination of the TrustCompany's net asset value. In registering transfers, the Transfer Agent may rely upon the opinion of counsel in not requiring complete documentation, in registering transfers without inquiry into adverse claims, in delaying registration for purposes of such inquiry, or in refusing registration where in its judgment an adverse claim requires such refusal.

Transfer Agent Services. The Transfer Agent Administrator will act as ------------------------ Transfer Agent for the Portfolios' institutional accounts and, as such, will record in an account (the "Account") the total number of units of beneficial interest ("Shares") of each Portfolio issued and outstanding from time to time and will maintain Share transfer records in which it will note the names and registered addresses of Shareholders, and the number of Shares from time to time owned by each of them. Each Shareholder will be assigned one or more account numbers. The Transfer Agent Administrator is authorized to set up accounts for shareholders and record transactions in the accounts on the basis of instructions received from Shareholders when accompanied by remittance in an appropriate amount and form as provided in the TrustCompany's then current prospectus. The Trust Company will not issue certificates representing its Shares. Whenever Shares are purchased or issued, the Transfer Agent Administrator shall credit the Account with the Shares issued, and credit the proper number of Shares to the appropriate Shareholder. Likewise, whenever the Transfer Agent Administrator has occasion to redeem Shares owned by a Shareholder, the Trust Company authorizes the Transfer Agent Administrator to process the transaction by making appropriate entries in its Share transfer records and debiting the Account. Upon notification by the TrustCompany's Custodian of the receipt of funds through the Federal Reserve wire system or conversion into Federal funds of funds transmitted by other means for the purchase of Shares in accordance with the TrustCompany's current prospectus, the Transfer Agent Administrator shall notify the Trust Company of such deposits on a daily basis. The Transfer Agent Administrator shall credit each Shareholder's account with the number of units purchased according to the price of the Shares in effect for such purchases determined in the manner set forth in the TrustCompany's then current prospectus. The Transfer Agent Administrator shall process each order for the redemption of Shares from or on behalf of a Shareholder, and shall cause cash proceeds to be wired in Federal funds. The requirements as to instruments of transfer and other documentation, the applicable redemption price and the time of payment shall be as provided for in the then current prospectus, subject to such supplemental requirements consistent with such prospectus as may be established by mutual agreement between the Trust Company and the Transfer AgentAdministrator. If the Transfer Agent Administrator or the Trust's Distributor Company determines that a request for redemption does not comply with the requirements for redemption, the Transfer Agent Administrator shall promptly so notify the Shareholder, together with the reason therefor, and shall effect such redemption at the price next determined after receipt of documents complying with said standards. The Transfer Agent shall produce a confirmation statement reflecting each purchase or redemption transaction and each dividend posting. Confirmation statements will be mailed or transmitted on the Business Day following the transaction. On each day that the TrustCompany's Custodian and the New York Stock Exchange are open for business ("Business Day"), the Transfer Agent Administrator shall notify the Custodian of the amount of cash or other assets required to meet payments made pursuant to the provisions of this Article 2, and the Trust Company shall instruct the Custodian to make available from time to time sufficient funds or other assets therefor. The authority of the Transfer Agent Administrator to perform its responsibilities as to purchases and redemptions under this Article 2 shall be suspended upon receipt by it of notification from the Securities and Exchange Commission or the Trustees Directors of the suspension of the determination of the TrustCompany's net asset value. In registering transfers, the Transfer Agent Administrator may rely upon the opinion of counsel in not requiring complete documentation, in registering transfers without inquiry into adverse claims, in delaying registration for purposes of such inquiry, or in refusing registration where in its judgment an adverse claim requires such refusal.. The Company warrants that it has or shall deliver to the Administrator, as transfer agent:

Transfer Agent Services. The Transfer Agent will act as Transfer Agent for the Portfolios' accounts and, as such, will record in an account (the "Account") the total number of units of beneficial interest ("Shares") of each Portfolio issued and outstanding from time to time and will maintain Share transfer records in which it will note the names and registered addresses of Shareholders, and the number of Shares from time to time owned by each of them. Each Shareholder will be assigned one or more account numbers. The Transfer Agent is authorized to set up accounts for shareholders and record transactions in the accounts on the basis of instructions received from Shareholders when accompanied by remittance in an appropriate amount and form as provided in the Trust's then current prospectus. The Trust will not issue certificates representing its Shares. Whenever Shares are purchased or issued, the Transfer Agent shall credit the Account with the Shares issued, and credit the proper number of Shares to the appropriate Shareholder. Likewise, whenever the Transfer Agent has occasion to redeem Shares owned by a Shareholder, the Trust authorizes the Transfer Agent to process the transaction by making appropriate entries in its Share transfer records and debiting the Account. Upon notification by the Trust's Custodian of the receipt of funds through the Federal Reserve wire system or conversion into Federal funds of funds transmitted by other means for the purchase of Shares in accordance with the Trust's current prospectus, the Transfer Agent shall notify the Trust of such deposits on a daily basis. The Transfer Agent shall credit each Shareholder's account with the number of units purchased Purchased according to the price of the Shares in effect for such purchases determined in the manner set forth in the Trust's then current prospectus. The Transfer Agent shall process each order for the redemption of Shares from or on behalf of a Shareholder, and shall cause cash proceeds to be wired in Federal funds. The requirements as to instruments of transfer and other documentation, the applicable redemption price and the time of payment shall be as provided for in the then current prospectus, subject to such supplemental requirements consistent with such prospectus as may be established by mutual agreement between the Trust and the Transfer Agent. If the Transfer Agent or the Trust's Distributor determines that a request for redemption does not comply with the requirements for redemption, the Transfer Agent shall promptly so notify the Shareholder, together with the reason therefor, and shall effect such redemption at the price next determined after receipt of documents complying with said standards. The Transfer Agent shall produce a confirmation statement reflecting each purchase or redemption transaction and each dividend posting. Confirmation statements will be mailed or transmitted on the Business Day following the transaction. On each day that the Trust's Custodian and the New York Stock Exchange are open for business ("Business Day"), the Transfer Agent shall notify the Custodian of the amount of cash or other assets required to meet payments made pursuant to the provisions of this Article 2, and the Trust shall instruct the Custodian to make available from time to time sufficient funds or other assets asset therefor. The authority of the Transfer Agent to perform its responsibilities as to purchases and redemptions shall be suspended upon receipt by it of notification from the Securities and Exchange Commission or the Trustees of the suspension of the determination of the Trust's net asset value. In registering transfers, the Transfer Agent may rely upon the opinion of counsel in not requiring complete documentation, in registering transfers without inquiry into adverse claims, in delaying registration for purposes of such inquiry, or in refusing registration where in its judgment an adverse claim requires such refusal.

Transfer Agent Services. The Transfer Agent Manger will act as Transfer Agent for the Portfolios' accounts Portfolios and, as such, will record in an account (the "Account") the total number of units of beneficial interest ("SharesUnits") of each Portfolio issued and outstanding from time to time and will maintain Share Unit transfer records in which it will note the names and registered addresses of ShareholdersUnitholders, and the number of Shares Units from time to time owned by each of them. Each Shareholder Unitholder will be assigned one or more account numbers. The Transfer Agent Manager is authorized to set up accounts for shareholders and record transactions in the accounts on the basis of instructions received from Shareholders Unitholders when accompanied by remittance in an appropriate amount and form as provided in the Trust's then current prospectus. The Trust will not issue certificates representing its SharesUnits. Whenever Shares Units are purchased or issued, the Transfer Agent Manager shall credit the Account with the Shares Units issued, and credit the proper number of Shares Units to the appropriate ShareholderUnitholder. Likewise, whenever the Transfer Agent Manager has occasion to redeem Shares Units owned by a ShareholderUnitholder, the Trust authorizes the Transfer Agent Manager to process the transaction by making appropriate entries in its Share Unit transfer records and debiting the Account. Upon notification receipt by the Trust's Custodian Wire Agent (currently the United States National Bank of Oregon) on behalf of the receipt Manager of funds through the Federal Reserve wire system or conversion into Federal funds of funds transmitted by other means for the purchase Purchase of Shares Units in accordance with the Trust's current prospectus, the Transfer Agent Manager shall notify the Trust of such deposits on a daily basis. The Transfer Agent Manager shall credit each Shareholderthe Unitholder's account with the number of units shares purchased according to the price of the Shares Units in effect for such purchases determined in the manner set forth in the Trust's then current prospectus. The Transfer Agent Manager shall process each order for the redemption of Shares Units from or on behalf of a ShareholderUnitholder, and shall cause cash proceeds to be wired in Federal funds. The requirements as to instruments of transfer and other documentation, the applicable redemption price and the time of payment shall be as provided for in the then current prospectus, subject to such supplemental requirements consistent with such prospectus Prospectus as may be established by mutual agreement between the Trust and the Transfer AgentManager. If the Transfer Agent Manager or the Trust's Distributor Trust determines that a request for redemption does not comply with the requirements for redemption, the Transfer Agent Manager shall promptly so notify the ShareholderUnitholder, together with the reason therefor, and shall effect such redemption at the price next determined after receipt of documents complying with said standards. The Transfer Agent shall produce a confirmation statement reflecting each purchase or redemption transaction and each dividend posting. Confirmation statements will be mailed or transmitted on the Business Day following the transaction. On each day that the Trust's Custodian custodian banks and the New York Stock Exchange are open for business ("Business Day"), the Transfer Agent Manager shall notify the Custodian of the amount of cash or other assets required to meet payments made pursuant to the provisions of this Article 2paragraph, and the Trust shall instruct the Custodian to make available from time to time sufficient funds or other assets therefor. The authority of the Transfer Agent Manager to perform its responsibilities as to purchases and redemptions under this paragraph shall be suspended upon receipt by it of notification from the Securities and Exchange Commission or the Trustees of the suspension of the determination of the Trust's net asset value. In registering transfers, the Transfer Agent Manager may rely upon the opinion of counsel in not requiring complete documentation, in registering transfers without inquiry into adverse claims, in delaying registration for purposes of such inquiry, or in refusing registration where in its judgment an adverse claim requires such refusal.. The Trust warrants that it has or shall deliver to the Manager, as transfer agent:

Transfer Agent Services. The Transfer Agent Administrator will act as Transfer Agent for the Portfolios' institutional accounts and, as such, will record in an account (the "Account") the total number of units of beneficial interest ("Shares") of each Portfolio issued and outstanding from time to time and will maintain Share transfer records in which it will note the names and registered addresses of Shareholders, and the number of Shares from time to time owned by each of them. Each Shareholder will be assigned one or more account numbers. The Transfer Agent Administrator hereby represents and warrants that it is, and shall continue to be, duly registered as a transfer agent pursuant to Section 17A of the Securities Exchange Act of 1934 and such other provisions of law as required and shall continue to be so for the term of this Agreement. The Administrator is authorized to set up accounts for shareholders and record transactions in the accounts on the basis of instructions received from Shareholders when accompanied by remittance in an appropriate amount and form as provided in the Trust's then current prospectus. The Trust will not issue certificates representing its Shares. Whenever Shares are purchased or issued, the Transfer Agent Administrator shall credit the Account with the Shares issued, and credit the proper number of Shares to the appropriate Shareholder. Likewise, whenever the Transfer Agent Administrator has occasion to redeem Shares owned by a Shareholder, the Trust authorizes the Transfer Agent Administrator to process the transaction by making appropriate entries in its Share transfer records and debiting the Account. Upon notification by the Trust's Custodian of the receipt of funds through the Federal Reserve wire system or conversion into Federal funds of funds transmitted by other means for the purchase of Shares in accordance with the Trust's current prospectus, the Transfer Agent Administrator shall notify the Trust of such deposits on a daily basis. The Transfer Agent Administrator shall credit each Shareholder's account with the number of units shares purchased according to the price of the Shares in effect for such purchases determined in the manner set forth in the Trust's then current prospectus. The Transfer Agent Administrator shall process each order for the redemption of Shares from or on behalf of a Shareholder, and shall cause cash proceeds to be wired in Federal funds. The requirements as to instruments of transfer and other documentation, the applicable redemption price and the time of payment shall be as provided for in the then current prospectus, subject to such supplemental requirements consistent with such prospectus as may be established by mutual agreement between the Trust and the Transfer AgentAdministrator. If the Transfer Agent Administrator or the Trust's Distributor Trust determines that a request for redemption does not comply with the requirements for redemption, the Transfer Agent Administrator shall promptly so notify the Shareholder, together with the reason therefor, and shall effect such redemption at the price next determined after receipt of documents complying with said standards. The Transfer Agent shall produce a confirmation statement reflecting each purchase or redemption transaction and each dividend posting. Confirmation statements will be mailed or transmitted on the Business Day following the transaction. On each day that the Trust's Custodian and the New York Stock Exchange are open for business ("Business Day"), the Transfer Agent Administrator shall notify the Custodian of the amount of cash or other assets required to meet payments made pursuant to the provisions of this Article 2, and the Trust shall instruct the Custodian to make available from time to time sufficient funds or other assets therefor. The authority of the Transfer Agent Administrator to perform its responsibilities as to purchases and redemptions under this Article 2 shall be suspended upon receipt by it of notification from the Securities and Exchange Commission or the Trustees of the suspension of the determination of the Trust's net asset value. In registering transfers, the Transfer Agent Administrator may rely upon the an opinion of counsel in not requiring complete documentation, in registering transfers without inquiry into adverse claims, in delaying registration for purposes of such inquiry, or in refusing registration where in its judgment an adverse claim requires such refusal.. The Trust warrants that it has or shall deliver to the Administrator, as transfer agent:

Transfer Agent Services. The Transfer Agent Administrator will act as Transfer Agent for the Portfolios' institutional accounts and, as such, will record in an account (the "Account") the total number of units of beneficial interest ("Shares") of each Portfolio issued and outstanding from time to time and will maintain Share transfer records in which it will note the names and registered addresses of Shareholders, and the number of Shares from time to time owned by each of them. Each Shareholder will be assigned one or more account numbers. The Transfer Agent Administrator is authorized to set up accounts for shareholders and record transactions in the accounts on the basis of instructions received from Shareholders when accompanied by remittance in an appropriate amount and form as provided in the Trust's then current prospectus. The Trust will not issue certificates representing its Shares. Whenever Shares are purchased or issued, the Transfer Agent Administrator shall credit the Account with the Shares issued, and credit the proper number of Shares to the appropriate Shareholder. Likewise, whenever the Transfer Agent Administrator has occasion to redeem Shares owned by a Shareholder, the Trust authorizes the Transfer Agent Administrator to process the transaction by making appropriate entries in its Share transfer records and debiting the Account. Upon notification by the Trust's Custodian of the receipt of funds through the Federal Reserve wire system or conversion into Federal funds of funds transmitted by other means for the purchase of Shares in accordance with the Trust's current prospectus, the Transfer Agent Administrator shall notify the Trust of such deposits on a daily basis. The Transfer Agent Administrator shall credit each Shareholder's account with the number of units shares purchased according to the price of the Shares in effect for such purchases determined in the manner set forth in the Trust's then current prospectus. The Transfer Agent Administrator shall process each order for the redemption of Shares from or on behalf of a Shareholder, and shall cause cash proceeds to be wired in Federal funds. The requirements as to instruments of transfer and other documentation, the applicable redemption price and the time of payment shall be as provided for in the then current prospectus, subject to such supplemental requirements consistent with such prospectus as may be established by mutual agreement between the Trust and the Transfer AgentAdministrator. If the Transfer Agent Administrator or the Trust's Distributor Trust determines that a request for redemption does not comply with the requirements for redemption, the Transfer Agent Administrator shall promptly so notify the Shareholder, together with the reason therefor, and shall effect such redemption at the price next determined after receipt of documents complying with said standards. The Transfer Agent shall produce a confirmation statement reflecting each purchase or redemption transaction and each dividend posting. Confirmation statements will be mailed or transmitted on the Business Day following the transaction. On each day that the Trust's Custodian and the New York Stock Exchange are open for business ("Business Day"), the Transfer Agent Administrator shall notify the Custodian of the amount of cash or other assets required to meet payments made pursuant to the provisions of this Article 2, and the Trust shall instruct the Custodian to make available from time to time sufficient funds or other assets therefor. The authority of the Transfer Agent Administrator to perform its responsibilities as to purchases and redemptions under this Article 2 shall be suspended upon receipt by it of notification from the Securities and Exchange Commission or the Trustees of the suspension of the determination of the Trust's net asset value. In registering transfers, the Transfer Agent Administrator may rely upon the an opinion of counsel in not requiring complete documentation, in registering transfers without inquiry into adverse claims, in delaying registration for purposes of such inquiry, or in refusing registration where in its judgment an adverse claim requires such refusal.. The Trust warrants that it has or shall deliver to the Administrator, as transfer agent:

Transfer Agent Services. The Transfer Agent will act as ------------------------ Transfer Agent for the Portfolios' accounts and, as such, will record in an account (the "Account") the total number of units of beneficial interest ("Shares") of each Portfolio issued and outstanding from time to time and will maintain Share transfer records in which it will note the names and registered addresses of Shareholders, and the number of Shares from time to time owned by each of them. Each Shareholder will be assigned one or more account numbers. The Transfer Agent is authorized to set up accounts for shareholders and record transactions in the accounts on the basis of instructions received from Shareholders when accompanied by remittance in an appropriate amount and form as provided in the TrustFund's then current prospectus. The Trust Fund will not issue certificates representing its Shares. Whenever Shares are purchased or issued, the Transfer Agent shall credit the Account with the Shares issued, and credit the proper number of Shares to the appropriate Shareholder. Likewise, whenever the Transfer Agent has occasion to redeem Shares owned by a Shareholder, the Trust Fund authorizes the Transfer Agent to process the transaction by making appropriate entries in its Share transfer records and debiting the Account. Upon notification by the Trust's Custodian of the receipt of funds through the Federal Reserve wire system or conversion into Federal funds of funds transmitted by other means for the purchase of Shares in accordance with the Trust's current prospectus, the Transfer Agent shall notify the Trust of such deposits on a daily basis. The Transfer Agent shall credit each Shareholder's account with the number of units purchased according to the price of the Shares in effect for such purchases determined in the manner set forth in the TrustFund's then current prospectus. The Transfer Agent shall process each order for the redemption of Shares from or on behalf of a Shareholder, and shall cause cash proceeds to be wired paid as set forth in Federal fundsthe Fund's then current prospectus. The requirements as to instruments of transfer and other documentation, the applicable redemption price and the time of payment shall be as provided for in the then current prospectus, subject to such supplemental requirements consistent with such prospectus as may be established by mutual agreement between the Trust Fund and the Transfer Agent. If the Transfer Agent or the TrustFund's Distributor determines that a request for redemption does not comply with the requirements for redemption, the Transfer Agent shall promptly so notify the Shareholder, together with the reason therefor, and shall effect such redemption at the price next determined after receipt of documents complying with said standards. The Transfer Agent shall produce a confirmation statement reflecting each purchase or redemption transaction and each dividend posting. Confirmation statements will be mailed or transmitted on the Business Day following the transaction. On each day that the TrustFund's Custodian and the New York Stock Exchange are open for business ("Business Day"), the Transfer Agent shall notify the Custodian of the amount of cash or other assets required to meet payments made pursuant to the provisions of this Article 2, and the Trust Fund shall instruct the Custodian to make available from time to time sufficient funds or other assets therefor. The authority of the Transfer Agent to perform its responsibilities as to purchases and redemptions shall be suspended upon receipt by it of notification from the Securities and Exchange Commission or the Trustees Directors of the suspension of the determination of the TrustFund's net asset value. In registering transfers, the Transfer Agent may rely upon the opinion of counsel in not requiring complete documentation, in registering transfers without inquiry into adverse claims, in delaying registration for purposes of such inquiry, or in refusing registration where in its judgment an adverse claim requires such refusal.. The Fund warrants that it has or shall deliver to the Transfer Agent, as transfer agent:

Transfer Agent Services. The Transfer Agent Manager will act as Transfer ----------------------- Agent for the Portfolios' accounts Portfolios and, as such, will record in an account (the "Account") the total number of units of beneficial interest ("SharesUnits") of each Portfolio issued and outstanding from time to time and will maintain Share Unit transfer records in which it will note the names and registered addresses of ShareholdersUnitholders, and the number of Shares Units from time to time owned by each of them. Each Shareholder Unitholder will be assigned one or more account numbers. The Transfer Agent Manager is authorized to set up accounts for shareholders and record transactions in the accounts on the basis of instructions received from Shareholders Unitholders when accompanied by remittance in an appropriate amount and form as provided in the Trust's then current prospectus. The Trust will not issue certificates representing its SharesUnits. Whenever Shares Units are purchased or issued, the Transfer Agent Manager shall credit the Account with the Shares Units issued, and credit the proper number of Shares Units to the appropriate ShareholderUnitholder. Likewise, whenever the Transfer Agent Manager has occasion to redeem Shares Units owned by a ShareholderUnitholder, the Trust authorizes the Transfer Agent Manager to process the transaction by making appropriate entries in its Share Unit transfer records and debiting the Account. Upon notification receipt by the Trust's Custodian Wire Agent (currently the United States National Bank of Oregon) on behalf of the receipt Manager of funds through the Federal Reserve wire system or conversion into Federal funds of funds transmitted by other means means, for the purchase of Shares Units in accordance with the Trust's current prospectus, the Transfer Agent Manager shall notify the Trust of such deposits on a daily basis. The Transfer Agent Manager shall credit each Shareholderthe Unitholder's account with the number of units purchased according to the price of the Shares Units in effect for such purchases determined in the manner set forth in the Trust's then current prospectus. The Transfer Agent Manager shall process each order for the redemption of Shares Units from or on behalf of a ShareholderUnitholder, and shall cause cash proceeds to be wired in Federal funds. The requirements as to instruments of transfer and other documentation, the applicable redemption price and the time of payment shall be as provided for in the then current prospectus, subject to such supplemental requirements consistent with such prospectus as may be established by mutual agreement between the Trust and the Transfer AgentManager. If the Transfer Agent Manager or the Trust's Distributor Trust determines that a request for redemption does not comply with the requirements for redemption, the Transfer Agent Manager shall promptly so notify the ShareholderUnitholder, together with the reason therefor, and shall effect such redemption at the price next determined after receipt of documents complying with said standards. The Transfer Agent shall produce a confirmation statement reflecting each purchase or redemption transaction and each dividend posting. Confirmation statements will be mailed or transmitted on the Business Day following the transaction. On each day that the Trust's Custodian custodian banks and the New York Stock Exchange are open for business ("Business Day"), the Transfer Agent Manager shall notify the Custodian of the amount of cash or other assets required to meet payments made pursuant to the provisions of this Article 2paragraph, and the Trust shall instruct the Custodian to make available from time to time sufficient funds or other assets therefor. The authority of the Transfer Agent Manager to perform its responsibilities as to purchases and redemptions under this paragraph shall be suspended upon receipt by it of notification from the Securities and Exchange Commission or the Trustees of the suspension of the determination of the Trust's net asset value. In registering transfers, the Transfer Agent Manager may rely upon the opinion of counsel in not requiring complete documentation, in registering transfers without inquiry into adverse claims, in delaying registration for purposes of such inquiry, or in refusing registration where in its judgment an adverse claim requires such refusal.. The Trust warrants that it has or shall deliver to the Manager, as transfer agent: (a) a copy of the Declaration of Trust of the Trust, incorporating all amendments thereto, certified by the Secretary or Assistant Secretary of the Trust;

Transfer Agent Services. The Transfer Agent Manager will act as Transfer Agent for the Portfolios' accounts Portfolios and, as such, will record in an account (the "Account") the total number of or units of beneficial interest ("SharesUnits") of each Portfolio issued and outstanding from time to time and will maintain Share Unit transfer records in which it will note the names name and registered addresses of ShareholdersUnitholders, and the number of Shares Units from time to time owned by each of them. Each Shareholder Unitholder will be assigned one or more account numbers. The Transfer Agent Manager is authorized to set up accounts for shareholders and record transactions in the accounts on the basis of instructions received from Shareholders Unitholders when accompanied by remittance in an appropriate amount and form as provided in the Trust's then current prospectus. The Trust will not issue certificates representing its SharesUnits. Whenever Shares Units are purchased or issued, the Transfer Agent Manager shall credit the Account with the Shares Units issued, and credit the proper number of Shares Units to the appropriate ShareholderUnitholder. Likewise, whenever the Transfer Agent Manager has occasion to redeem Shares Units owned by a ShareholderUnitholder, the Trust authorizes the Transfer Agent Manager to process the transaction by making appropriate entries in its Share Unit transfer records and debiting the Account. Upon notification receipt by the Trust's Custodian Wire Agent (currently the United States National Bank of Oregon) on behalf of the receipt Manager of funds through the Federal Reserve wire system or conversion into Federal funds of funds transmitted by other means for the purchase of Shares Units in accordance with the Trust's current prospectus, the Transfer Agent Manager shall notify the Trust of such deposits on a daily basis. The Transfer Agent Manager shall credit each Shareholderthe Unitholder's account with the number of units shares purchased according to the price of the Shares Units in effect for such purchases determined in the manner set forth in the Trust's then current prospectus. The Transfer Agent Manager shall process each order for the redemption of Shares Units from or on behalf of a ShareholderUnitholder, and shall cause cash proceeds to be wired in Federal funds. The requirements as to instruments of transfer and other documentation, the applicable redemption price and the time of payment shall be as provided for in the then current prospectus, subject to such supplemental requirements consistent with such prospectus prospectuses as may be established by mutual agreement between the Trust and the Transfer AgentManager. If the Transfer Agent Manager or the Trust's Distributor Trust determines that a request for redemption does not comply with the requirements for redemption, the Transfer Agent Manager shall promptly so notify the ShareholderUnitholder, together with the reason therefor, and shall effect such redemption at the price next determined after receipt of documents complying with said standards. The Transfer Agent shall produce a confirmation statement reflecting each purchase or redemption transaction and each dividend posting. Confirmation statements will be mailed or transmitted on the Business Day following the transaction. On each day that the Trust's Custodian custodian banks and the New York Stock Exchange are open for business ("Business Day"), the Transfer Agent Manager shall notify the Custodian of the amount of cash or other assets required to meet payments made pursuant to the provisions of this Article 2paragraph, and the Trust shall instruct the Custodian to make available from time to time sufficient funds or other assets therefor. The authority of the Transfer Agent Manager to perform its responsibilities as to purchases and redemptions under this paragraph shall be suspended upon receipt by it of notification from the Securities and Exchange Commission or the Trustees of the suspension of the determination of the Trust's net asset value. In registering transfers, the Transfer Agent Manager may rely upon the opinion of counsel in not requiring complete documentation, in registering transfers without inquiry into adverse claims, in delaying registration for purposes of such inquiry, or in refusing registration where in its judgment an adverse claim requires such refusal.. The Trust warrants that it has or shall deliver to the Manager, as transfer agent:

Transfer Agent Services. The Transfer Agent Manager will act as Transfer Agent for the Portfolios' accounts Portfolios and, as such, such will record in an account (the "Account") the total number of units of beneficial interest ("SharesUnits") of each Portfolio issued and outstanding from time to time and will maintain Share Unit transfer records in which it will note the names and registered addresses of ShareholdersUnitholders, and the number of Shares Units from time to time owned by each of them. Each Shareholder will be assigned one or more account numbers. The Transfer Agent Manager is authorized to set up accounts for shareholders and record transactions in the accounts on the basis of instructions received from Shareholders Unitholders when accompanied by remittance in an appropriate amount and form as provided in the Trust's then current prospectus. The Trust will not issue certificates representing its SharesUnits. Whenever Shares Units are purchased or issued, the Transfer Agent Manager shall credit the Account with the Shares appropriate Units issued, and credit the proper number of Shares Units to the appropriate ShareholderUnitholder. Likewise, whenever the Transfer Agent Manager has occasion to redeem Shares Units owned by a ShareholderUnitholder, the Trust authorizes the Transfer Agent Manager to process the transaction by making appropriate entries in its Share Unit transfer records and debiting debits the Account. Upon notification receipt by the Trust's Custodian Wire Agent (currently the United States National Bank of Oregon) on behalf of the receipt Manager of funds through the Federal Reserve wire system or conversion into Federal funds of funds transmitted by other means means, for the purchase of Shares Units in accordance with the Trust's then current prospectus, the Transfer Agent Manager shall notify the Trust of such deposits on a daily basis. The Transfer Agent Manager shall credit each Shareholderthe Unitholder's account with the number of units purchased according to the price of the Shares Units in effect for such purchases determined in the manner set forth in the Trust's then current prospectus. The Transfer Agent Manager shall process each order for the redemption of Shares Units from or on behalf of a ShareholderUnitholder, and shall cause cash proceeds to be wired in Federal funds. The requirements as to instruments of transfer and other documentation, the applicable redemption price and the time of payment shall be as provided for in the then current prospectus, subject to such supplemental requirements consistent with such prospectus as may be established by mutual agreement between the Trust and the Transfer AgentManager. If the Transfer Agent Manager or the Trust's Distributor Trust determines that a request for redemption does not comply with the requirements for redemption, the Transfer Agent Manager shall promptly so notify the Shareholderunitholder, together with the reason therefortherefore, and shall effect such redemption at the price next determined after receipt of documents complying with said standards. The Transfer Agent shall produce a confirmation statement reflecting each purchase or redemption transaction and each dividend posting. Confirmation statements will be mailed or transmitted on the Business Day following the transaction. On each day that the Trust's Custodian custodian banks and the New York Stock Exchange are open for business ("Business Day"), the Transfer Agent Manager shall notify the Custodian of the amount of cash or other assets required to meet payments made pursuant to the provisions of this Article 2paragraph, and the Trust shall instruct the Custodian to make available from time to time sufficient funds or other assets therefor. The authority of the Transfer Agent Manager to perform its responsibilities as to purchases and redemptions under this paragraph shall be suspended upon receipt by it of notification from the Securities and Exchange Commission or the Trustees of the suspension of the determination of the Trust's net asset value. In registering transfers, the Transfer Agent Manager may rely upon the opinion of counsel in not requiring complete documentation, in registering transfers without inquiry into adverse claims, in delaying registration for purposes of such inquiry, or in refusing registration where in its judgment an adverse claim requires such refusal.. The Trust warrants that it has or shall deliver to the Manager, as transfer agent:

Transfer Agent Services. The Transfer Agent will act as Transfer Agent for the Portfolios' accounts and, as such, will record in an account (the "Account") the total number of units of beneficial interest ("Shares") Shares of each Portfolio issued and outstanding from time to time and will maintain Share transfer records in which it will note the names and registered addresses of Shareholders, and the number of Shares from time to time owned by each of them. Each Shareholder will be assigned one or more account numbers. The Transfer Agent is authorized to set up accounts for shareholders Shareholders and record transactions in the accounts on the basis of instructions received from Shareholders when accompanied by remittance in an appropriate amount and form from as provided in the TrustFund's then current prospectus. The Trust will not issue certificates representing its Shares. Whenever Shares are purchased or issued, the Transfer Agent shall credit the Account with the Shares issued, and issued credit the proper number of Shares to the appropriate ShareholderShareholder and issue certificates upon request. Likewise, whenever the Transfer Agent has occasion to redeem Shares owned by a Shareholder, the Trust Fund authorizes the Transfer Agent to process the transaction by making appropriate entries in its Share transfer records and debiting the Account. Upon notification by the TrustFund's Custodian of the receipt of funds through the Federal Reserve wire system or conversion into Federal funds of funds transmitted by other means for the purchase of Shares in accordance with the TrustFund's current prospectus, the Transfer Agent shall notify the Trust of Fund f such deposits on a daily basis. The Transfer Agent shall credit each Shareholder's account with the number of units Shares purchased according to the price of the Shares in effect for such purchases determined in the manner set forth in the TrustFund's then current prospectus. The Transfer Agent shall process each order for the redemption of Shares from or on behalf of a Shareholder, 's instructions and shall cause cash proceeds to be wired in Federal fundsthe then current prospectus. The requirements as to instruments of transfer and other documentation, the applicable redemption price and the time of payment shall be as a provided for in the then current prospectus, subject to such supplemental requirements consistent with such prospectus as may be established by mutual agreement between the Trust Fund and the Transfer Agent. If the Transfer Agent or the TrustFund's Distributor determines that a request for redemption does not comply with the requirements for redemption, the Transfer Agent shall promptly so notify the Shareholder, together with the reason therefor, and shall effect such redemption at the price next determined after receipt of documents complying with said standards. The Transfer Agent shall produce a confirmation statement reflecting each purchase or redemption transaction and each dividend posting. Confirmation statements will be mailed or transmitted on the Business Day following the transaction. On each day that the TrustFund's Custodian and the New York Stock Exchange are open for business ("Business Day"), the Transfer Agent shall notify the Custodian of the amount of cash or other assets required to meet payments made pursuant to the provisions of this the Article 2, and the Trust Fund shall instruct the Custodian to make available from time to time sufficient funds or other assets therefor. The authority of the Transfer Agent to perform its responsibilities as to purchases and redemptions shall be suspended upon receipt by it of notification from the Securities and Exchange Commission or the Trustees Directors of the suspension of the determination of the TrustFund's net asset value. In registering transfers, the Transfer Agent may rely upon the opinion of counsel in not requiring complete documentation, in registering transfers without inquiry into adverse claims, in delaying registration for purposes of such inquiry, or in refusing registration where in its judgment an adverse claim requires such refusal.