Common use of Investments in the Trust Clause in Contracts

Investments in the Trust. The Trustees may accept investments in the Trust and each Sub-Trust thereof from such persons and on such terms and for such consideration, not inconsistent with the provisions of the 1940 Act, as they from time to time authorize. The Trustees may authorize any distributor, principal underwriter, custodian, transfer agent or other person to accept orders for the purchase of Shares that conform to such authorized terms and to reject any purchase orders for Shares whether or not conforming to such authorized terms. To the extent permitted by the 1940 Act and to the extent that the portfolio management and operations of any Sub-Trust are not adversely affected, each Sub-Trust may invest its cash assets in Shares of any Sub-Trust to the extent permitted by the then current Prospectus applicable to such Sub-Trust. For all Trust purposes, such investments in any Sub-Trust by other Sub-Trusts will be deemed the issuance of Shares by such Sub-Trusts to the Sub-Trusts and the withdrawal of such investments will be deemed a redemption of Shares of such Sub-Trusts. Similarly, each of the other Sub-Trusts will deem such an investment a purchase or redemption of Shares of such Sub-Trusts. Any Sub-Trust investing in any Sub-Trust pursuant to this procedure, will participate equally on a pro-rata basis in all income, capital gains and net assets of such Sub-Trusts and will have all rights and obligations of a Shareholder as provided in this Declaration of Trust, including voting rights hereunder provided, however, that such Shares of such Sub-Trusts issued to such other Sub-Trusts shall be voted by the Trustees in the same proportion as the Shares of such Sub-Trusts which are not held by the other Sub-Trusts.

Investments in the Trust. The Trustees may accept investments in the Trust and each Sub-Trust thereof from such persons and on such terms and for such consideration, not inconsistent with the provisions of the 1940 Act, as they from time to time authorize. The Trustees may authorize any distributor, principal underwriter, custodian, transfer agent or other person to accept orders for the purchase of Shares that conform to such authorized terms and to reject any purchase orders for Shares whether or not conforming to such authorized terms. To the extent permitted by the 1940 Act and to the extent that the portfolio management and operations of any money market Sub-Trust are not adversely affected, each Sub-Trust other than such money market Sub-Trusts, may invest its cash assets in Shares of any money market Sub-Trust to the extent permitted by the then current Prospectus applicable to such Sub-Trust. For all Trust purposes, such investments in any money market Sub-Trust by other Sub-Trusts will be deemed the issuance of Shares by such money market Sub-Trusts to the Sub-Trusts and the withdrawal of such investments will be deemed a redemption of Shares of such money market Sub-Trusts. Similarly, each of the other Sub-Trusts will deem such an investment a purchase or redemption of Shares of such money market Sub-Trusts. Any Sub-Trust investing in any money market Sub-Trust pursuant to this procedure, will participate equally on a pro-rata basis in all income, capital gains and net assets of such money market Sub-Trusts and will have all rights and obligations of a Shareholder as provided in this Declaration of Trust, including voting rights hereunder provided, however, that such Shares of such money market Sub-Trusts issued to such other Sub-Trusts shall be voted by the Trustees in the same proportion as the Shares of such money market Sub-Trusts which are not held by the other Sub-Trusts.

Investments in the Trust. The Trustees may accept investments in the Trust and each Sub-Trust thereof from such persons and on such terms and for such consideration, not inconsistent with the provisions of the 1940 Act, as they from time to time authorize. The Trustees may authorize any distributor, principal underwriter, custodian, transfer agent or other person to accept orders for the purchase of Shares that conform to such authorized terms and to reject any purchase orders for Shares whether or not conforming to such authorized terms. To the extent permitted by the 1940 Act and to the extent that the portfolio management and operations of any Sub-Trust are not adversely affected, each Sub-Trust may invest its cash assets in Shares of any Sub-Trust to the extent permitted by the then current Prospectus applicable to such Sub-Trust. For all Trust purposes, such investments in any Sub-Trust by other Sub-Trusts will be deemed the issuance of Shares by such Sub-Trusts to the Sub-Trusts and the withdrawal of such investments will be deemed a redemption of Shares of such Sub-Trusts. Similarly, each of the other Sub-Trusts will deem such an investment a purchase or redemption of Shares of such Sub-Trusts. Any Sub-Trust investing in any Sub-Trust pursuant to this procedure, will participate equally on a pro-rata basis in all income, capital gains and net assets of such Sub-Trusts and will have all rights and obligations of a Shareholder as provided in this Declaration of Trust, including voting rights hereunder provided, however, that such Shares of such Sub-Trusts issued to such other Sub-Trusts shall be voted by the Trustees in the same proportion as the Shares of such Sub-Trusts which are not held by the other Sub-Trusts. Section 4.6. No Pre-emptive Rights. Shareholders shall have no pre-emptive or other right to subscribe to any additional Shares or other securities issued by the Trust. Section 4.7.