Common use of Determination of Net Asset Value Clause in Contracts

Determination of Net Asset Value. The term “Net Asset Value” of any Class shall mean that amount by which the assets belonging to that Class exceed the liabilities belonging to that Class, all as determined by or under the direction of the Trustees. Such value shall be determined separately for each Class and shall be determined on such days and at such times as the Trustees may determine. The Trustees may delegate any of their powers and duties under this Section 8.3 with respect to valuation of assets and liabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Class, shall be divided by the total number of shares of that Class outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Class. At any time, the Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such re-determined value shall become effective. If, for any reason, the net income of any Class, determined at any time, is a negative amount, the Trustees shall have the power with respect to that Class: (i) to offset each Shareholder’s pro rata share of such negative amount from the accrued dividend account of such Shareholder; or (ii) to reduce the number of Outstanding Shares of such Class by reducing the number of Shares in the account of each Shareholder by a pro rata portion of the number of full and fractional Shares which represents the amount of such excess negative net income; or (iii) to cause to be recorded on the books of such Class an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Class with respect to such Class and shall not be paid to any Shareholder), which account may be reduced by the amount of dividends declared thereafter upon the Outstanding Shares of such Class on the day such negative net income is experienced, until such asset account is reduced to zero; or (iv) to combine the methods described in clauses (i) and (ii) and (iii) of this sentence; or (v) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Class to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Trustees also shall have the power not to declare a dividend out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Trustees shall not be required to adopt, but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset Value per Share of a Class at a constant amount.

Determination of Net Asset Value. The term “Net Asset Value” Trustees shall prescribe and set forth in the By-laws or other written instrument such bases and times for determining the value of any Trust Property, the net asset value of each Series and Class shall mean that amount by which and net income attributable to the assets belonging to that Shares of each Series and Class exceed as they may deem appropriate consistent with the liabilities belonging to that Class, all as determined by or under the direction requirements of the Trustees1940 Act and generally accepted accounting principles. Such value shall be determined separately for each Class To the extent not inconsistent with the requirements of the 1940 Act and shall be determined on such days and at such times as generally accepted accounting principles, the Trustees may determinedetermine which items shall be treated as income and which items as capital; and each such determination shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. The Trustees may delegate any of their powers and duties under this Section 8.3 with respect determine to valuation of assets and liabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Class, shall be divided by the total number of shares of that Class outstanding at the time and the quotient so obtained shall be maintain the Net Asset Value per Share of any Series at a designated constant dollar amount and in connection therewith may adopt procedures not inconsistent with the requirements of the 1940 Act for the continuing declarations of income attributable to that ClassSeries as dividends payable in additional Shares of that Series at the designated constant dollar amount and for the handling of any losses attributable to that Series. At To the extent not inconsistent with the requirements of the 1940 Act, each Shareholder of the Trust, by his or her investment in any time, Series with respect to which the Trustees may cause the Net Asset Value per Share last determined shall have adopted any such procedures, shall be held to have agreed to be determined again bound by the following provisions of this paragraph in similar manner and may fix the time when event of any such re-determined value shall become effectiveloss. If, for any reason, the net income of any ClassSeries, determined at any time, is a negative amount, the Trustees shall have the power may, with respect to that Class: Series, (ia) to offset each Shareholder’s 's pro rata share of such negative amount from against the accrued dividend account of such Shareholder; or (iib) to reduce the number of Outstanding outstanding Shares of such Class Series by reducing the number of Shares in the account of each Shareholder of such Series by a pro rata portion of the that number of full whole and fractional Shares which represents the amount of such excess negative net incomeamount; or (iiic) to cause to be recorded on the books of such Class Series an asset account in the amount of such negative net income amount (provided that the same shall thereupon become the property of an asset associated with such Class with respect to such Class and Series but shall not be paid to any Shareholder), which Shareholder),which account may be reduced by the amount of dividends declared thereafter upon the Outstanding outstanding Shares of such Class on Series from and including the day such negative net income amount is experienced, experienced until such asset account is reduced to zero; or (ivd) to combine the methods described in clauses (ia), (b) and (ii) and (iiic) of this sentence; or (ve) to take any other action they may deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Class Series to remain at a constant amount per Outstanding outstanding Share immediately after each such determination and declarationdetermination. The Trustees also shall have the power may determine not to declare a dividend out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Trustees shall not be required to adoptto, but at any time may may, adopt, discontinue, discontinue or amend the practice of maintaining the Net Asset Value per Share of a Class Series at a constant designated dollar amount. In event that any Series is divided into Classes, the provisions of this paragraph, to the extent applicable as determined by the Trustees consistent with the requirements of the 1940 Act, may be applied equally to each such Class. The Trustees may delegate any of their powers, authority, functions and duties under this Section 1 with respect to determining the value of Trust Property and the net asset value of each Series (and Class) or with respect to a suspension of the determination of net asset value to an officer or officers or agent or agents of the Trust designated from time to time by the Trustees.

Determination of Net Asset Value. The term “Net Asset Valuenet asset value” of the Shares of each series 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. The “number of Shares of such series outstanding” for the purposes of such computation shall be exclusive of any Class shall mean that amount Shares of such series to be redeemed, purchased or repurchased by the Trust and not then redeemed, purchased or repurchased as to which the price has been determined, but shall include Shares of such series presented for redemption, purchase or repurchase by the Trust and not then redeemed, purchased or repurchased as to which the price has not been determined and Shares of such series the sale of which has been confirmed. Any fractions involved in the computation of net asset value per share shall be adjusted to the nearer cent unless the Trustees shall determine to adjust such fractions to a fraction of a cent. The Trustees, or any officer, or officers or agent of the Trust designated for the purpose by the Trustees shall determine the net asset value of the Shares of each series, and the Trustees shall fix the times as of which the net asset value of the Shares of each series shall be determined and shall fix the periods during which any such net asset value shall be effective as to sales, redemptions and repurchases of, and other transactions in, the Shares of such series, except as such times and periods for any such transaction may be fixed by other provisions of this Declaration of Trust or by the By-Laws. In valuing the portfolio investments of any series for determination of 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 any officer, or officers or agent of the Trust designated for the purpose by the Trustees, most nearly represent the market value of such securities which may, but need not, be the most recent bid price obtained from one or more of the market makers for such securities; other securities and assets belonging to that Class exceed the liabilities belonging to that Class, all shall be valued at fair value as determined by or under pursuant to the direction of the Trustees. Such Notwithstanding the foregoing, short-term debt obligations, commercial paper, and repurchase agreements may be, but need not be, valued on the basis of quoted yields for securities of comparable maturity, quality and type, or on the basis of amortized cost. In the determination of net asset value of any series, dividends receivable and accounts receivable for investments sold and for Shares sold shall be stated at the amounts to be received therefor; and income receivable accrued daily on bonds and notes owned shall be stated at the amount to be received. Any other assets shall be stated at fair value as determined by the Trustees or such officer, officers or agent pursuant to the Trustees’ authority, except that no value shall be assigned to good will, furniture, lists, reports, statistics or other noncurrent assets other than real estate. Liabilities of any series for accounts payable, for investments purchased and for Shares tendered for redemption, purchase or repurchase by the Trust and not then redeemed, purchased or repurchased as to which the price has been determined separately for each Class and shall be determined stated at the amounts payable therefor. In determining net asset value of any series, the person or persons making such determination on behalf of the Trust may include in liabilities such days reserves, estimated accrued expenses and at contingencies as such person or persons may in its, his or their best judgment deem fair and reasonable under the circumstances. Any income dividends and gains distributions payable by the Trust shall be deducted as of such time or times on the record date therefor as the Trustees may shall determine. The Trustees may delegate manner of determining the net assets of any series or of their powers and duties under this Section 8.3 with respect to valuation of assets and liabilities. The resulting amount, which shall represent determining the total Net Asset Value net asset value of the particular Class, Shares of any series may from time to time be altered as necessary or desirable in the judgment of the Trustees to conform to any other method prescribed or permitted by any applicable law or regulation or generally accepted accounting practice. Determinations in accordance with Section 5 made in good faith shall be divided by the total number of shares of that Class outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Class. At any time, the Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such re-determined value shall become effective. If, for any reason, the net income of any Class, determined at any time, is a negative amount, the Trustees shall have the power with respect to that Class: (i) to offset each Shareholder’s pro rata share of such negative amount from the accrued dividend account of such Shareholder; or (ii) to reduce the number of Outstanding Shares of such Class by reducing the number of Shares in the account of each Shareholder by a pro rata portion of the number of full and fractional Shares which represents the amount of such excess negative net income; or (iii) to cause to be recorded binding on the books of such Class an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Class with respect to such Class and shall not be paid to any Shareholder), which account may be reduced by the amount of dividends declared thereafter upon the Outstanding Shares of such Class on the day such negative net income is experienced, until such asset account is reduced to zero; or (iv) to combine the methods described in clauses (i) and (ii) and (iii) of this sentence; or (v) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Class to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Trustees also shall have the power not to declare a dividend out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Trustees shall not be required to adopt, but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset Value per Share of a Class at a constant amountall parties concerned.

Determination of Net Asset Value. The term “Net Asset Value” "net asset value" of any the Shares, of each Series or Class shall mean that amount by which the assets belonging to that Class exceed the liabilities belonging to that Class, all as determined by or under the direction of the Trustees. Such value shall be determined separately for each Class and shall be determined on such days and at such times as the Trustees may determine. The Trustees may delegate any of their powers and duties under this Section 8.3 with respect to valuation of assets and liabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Class, shall be divided by the total number of shares of that Class outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Class. At any time, the Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such re-determined value shall become effective. If, for any reason, the net income of any Class, determined at any time, is a negative amount, the Trustees shall have the power with respect to that Classmean: (i) to offset each Shareholder’s pro rata share the value of all the assets of such negative amount from the accrued dividend account of such ShareholderSeries or Class; or (ii) to reduce less the number of Outstanding Shares total liabilities of such Class Series or Class; (iii) divided by reducing the number of Shares of such Series or Class outstanding, in each case at the account time of each Shareholder by a pro rata portion of the determination. The "number of full and fractional Shares which represents the amount of such excess negative net income; or (iii) to cause to be recorded on the books of such Class an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Class with respect to such Class and shall not be paid to any Shareholder), which account may be reduced by the amount of dividends declared thereafter upon the Outstanding Shares of such Series or Class on outstanding" for the day purposes of such negative computation shall be exclusive of any Shares of such Series or Class to be redeemed and not then redeemed as to which the redemption price has been determined, but shall include Shares of such Series or Class presented for repurchase and not then repurchased and Shares of such Series or Class to be redeemed and not then redeemed as to which the redemption price has not been determined and Shares of such Series or Class the sale of which has been confirmed. Any fractions involved in the computation of net income is experienced, until asset value per share shall be adjusted to the nearer cent unless the Trustees shall determine to adjust such asset account is reduced fractions to zero; or (iv) to combine the methods described in clauses (i) and (ii) and (iii) a fraction of a cent. May be fixed by other provisions of this sentence; Declaration of Trust or (v) to take by the By-Laws. In valuing the portfolio investments of any other action they deem appropriate, in order to cause (Series or in order to assist in causing) the Net Asset Value Class for determination of net asset value per Share share of such Class to remain Series or Class: a) Each security for which market quotations are readily available shall be valued at a constant amount per Outstanding Share immediately after each such determination and declaration. current market value determined by methods specified by the Board of Trustees; b) Each other security, including The Trustees also shall have the power not to declare a dividend out Trustees, or any officer or officers or agent of net income this Trust designated for the purpose by the Trustees, shall determine the net asset value of causing the Net Asset Value per Share Shares of each Series or Class, and the Trustees shall fix the times as of which the net asset value of the Shares of each Series or Class shall be determined and shall fix the periods during which any such net asset value shall be effective as to sales, redemptions and repurchases of, and other transactions in, the Shares of such Series or Class, except as such times and periods for any such transaction any security within subsection (a) for which the specified price does not appear to represent a dependable quotation for such security as of the time of valuation, shall be increasedvalued at a fair value as determined in good faith by the Trustees; c) Any cash on hand shall be valued at the face amount thereof; d) Any cash on deposit, accounts receivable, and cash dividends and interest declared or accrued and not yet received, any prepaid expenses, and any other current asset shall be valued at the face amount thereof, unless the Trustees shall determine that any such item is not worth its face amount, in which case such asset shall be valued at a fair value determined in good faith by the Trustees; and e) Any other asset shall be valued at a fair value determined in good faith by the Trustees. Notwithstanding the foregoing, short-term debt obligations, commercial paper and repurchase agreements may be, but need not be, valued on the basis of quoted yields for securities of comparable maturity, quality and type, or on the basis of amortized cost. Liabilities of any Series or Class for accounts payable for investments purchased and for Shares tendered for redemption and not then redeemed as to which the redemption price has been determined shall be stated at the amounts payable therefor. In determining the net asset value of any Series or Class, the person or persons making such determination on behalf of the Trust may include in liabilities such reserves, estimated accrued expenses and contingencies as such person or persons may in its, his or their best judgment deem fair and reasonable under the circumstances. Any income dividends and gains distributions payable by the Trust shall be deducted as of such time or times on the record date therefor as the Trustees shall determine. The manner of determining the net assets of any Series or Class or of determining the net asset value of the Shares of any Series or Class my from time to time be altered as necessary or desirable in the judgment of the Trustees to conform to any other method prescribed or permitted by any applicable law or regulation. Determinations under this Section 7 made in good faith and in accordance with the provisions of the 1940 Act shall not be required to adopt, but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset Value per Share of a Class at a constant amountbinding on all parties concerned.

Determination of Net Asset Value. The term “Trustees shall cause the Net Asset Value” Value of any Class shall mean that amount by which Shares of each Series or class to be determined from time to time in a manner consistent with applicable laws and regulations. Subject to the assets belonging 1940 Act, the Trustees may delegate the power and duty to that Class exceed the liabilities belonging determine Net Asset Value per Share to that Class, all as determined by one or under the direction more Trustees or officers of the TrusteesTrust or to a Custodian, depository or other agent appointed for such purpose. Such value The Net Asset Value of Shares shall be determined separately for each Class and shall be determined on such days and Series or class at such times as the Trustees may determine. The Trustees may delegate any of their powers and duties under this Section 8.3 with respect to valuation of assets and liabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Class, shall be divided prescribed by the total number of shares of that Class outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Class. At any time, the Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such re-determined value shall become effectiveTrustees. If, for any reason, the net income of any ClassSeries that seeks to maintain a constant Net Asset Value per Share, determined at any time, is a negative amount, the Trustees shall have the power with respect to that ClassSeries: (i) to offset each Shareholder’s 's pro rata share of such negative amount from the accrued dividend account of such Shareholder; or (ii) to reduce the number of Outstanding Shares of such Class Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of the number of full and fractional Shares which represents the amount of such excess negative net income; or (iii) to cause to be recorded on the books of such Class Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Class Series with respect to such Class Series and shall not be paid to any Shareholder), which account may be reduced by the amount amount, of dividends declared thereafter upon the Outstanding Shares of such Class Series on the day such negative net income is experienced, until such asset account is reduced to zero; or (iv) to combine the methods described in clauses (i) and (ii) and (iii) of this the sentence; or (v) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Class Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Trustees also shall have the power not to declare a dividend out of net income for the purpose of causing the Net Asset Value per Share of the Series to be increased. The Trustees shall not be required to adopt, but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset Value value per Share of a Class the Series at a constant amount.

Determination of Net Asset Value. The term “Trustees shall cause the Net Asset Value” Value of any Shares of each Series or Class shall mean that amount by which to be determined from time to time in a manner consistent with applicable laws and regulations. Subject to the assets belonging 1940 Act, the Trustees may delegate the power and duty to that Class exceed the liabilities belonging determine Net Asset Value per Share to that Class, all as determined by one or under the direction more Trustees or officers of the TrusteesTrust or to a Custodian, depository or other agent appointed for such purpose. Such value The Net Asset Value of Shares shall be determined separately for each Series or Class and shall be determined on such days and at such times as the Trustees may determine. The Trustees may delegate any of their powers and duties under this Section 8.3 with respect to valuation of assets and liabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Class, shall be divided prescribed by the total number of shares of that Class outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Class. At any time, the Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such re-determined value shall become effectiveTrustees. If, for any reason, the net income of any ClassSeries that seeks to maintain a constant Net Asset Value per Share, determined at any time, is a negative amount, the Trustees shall have the power with respect to that ClassSeries: (i) to offset each Shareholder’s pro rata share of such negative amount from the accrued dividend account of such Shareholder; or (ii) to reduce the number of Outstanding Shares of such Class Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of the number of full and fractional Shares which represents the amount of such excess negative net income; or (iii) to cause to be recorded on the books of such Class Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Class Series with respect to such Class Series and shall not be paid to any Shareholder), which account may be reduced by the amount amount, of dividends declared thereafter upon the Outstanding Shares of such Class Series on the day such negative net income is experienced, until such asset account is reduced to zero; or (iv) to combine the methods described in clauses (i) and (ii) and (iii) of this the sentence; or (v) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Class Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Trustees also shall have the power not to declare a dividend out of net income for the purpose of causing the Net Asset Value per Share of the Series to be increased. The Trustees shall not be required to adopt, but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset Value per Share of a Class the Series at a constant amount.

Determination of Net Asset Value. The term “"Net Asset Value” " of any Series or Class shall mean that amount by which the assets belonging to that Series or Class exceed the liabilities belonging to that Series or Class, all as determined by or under the direction of the Trustees. Such value shall be determined separately for each Series and Class and shall be determined on such days and at such times as the Trustees may determine. The Trustees may delegate any of their powers and duties under this Section 8.3 with respect to valuation of assets and liabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Series or Class, shall be divided by the total number of shares of that Series or Class outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Series or Class. At any time, time the Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such re-determined value shall become effective. If, for any reason, the net income of any Series or Class, determined at any time, is a negative amount, the Trustees shall have the power with respect to that Series or Class: (i) to offset each Shareholder’s 's pro rata share of such negative amount from the accrued dividend account of such Shareholder; or (ii) to reduce the number of Outstanding Shares of such Series or Class by reducing the number of Shares in the account of each Shareholder by a pro rata portion of the number of full and fractional Shares which represents the amount of such excess negative net income; or (iii) to cause to be recorded on the books of such Series or Class an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Series or Class with respect to such Series or Class and shall not be paid to any Shareholder), which account may be reduced by the amount of dividends declared thereafter upon the Outstanding Shares of such Series or Class on the day such negative net income is experienced, until such asset account is reduced to zero; or (iv) to combine the methods described in clauses (i) and (ii) and (iii) of this sentence; or (v) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Series or Class to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Trustees also shall have the power not to declare a dividend out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Trustees shall not be required to adopt, but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset Value per Share of a Series or Class at a constant amount.

Determination of Net Asset Value. The term “Net Asset Value” of any Class shall mean that amount by which the assets belonging to that Class exceed the liabilities belonging to that Class, all as determined by or under the direction of the Trustees. Such value shall be determined separately for each Class and shall be determined on such days and at such times as the Trustees may determine. The Trustees may delegate any of their powers and duties under this Section 8.3 with respect to valuation of assets and liabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Class, shall be divided by the total number of shares of that Class outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Class. At any time, the Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such re-re- determined value shall become effective. If, for any reason, the net income of any Class, determined at any time, is a negative amount, the Trustees shall have the power with respect to that Class: (i) to offset each Shareholder’s pro rata share of such negative amount from the accrued dividend account of such Shareholder; or (ii) to reduce the number of Outstanding Shares of such Class by reducing the number of Shares in the account of each Shareholder by a pro rata portion of the number of full and fractional Shares which represents the amount of such excess negative net income; or (iii) to cause to be recorded on the books of such Class an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Class with respect to such Class and shall not be paid to any Shareholder), which account may be reduced by the amount of dividends declared thereafter upon the Outstanding Shares of such Class on the day such negative net income is experienced, until such asset account is reduced to zero; or (iv) to combine the methods described in clauses (i) and (ii) and (iii) of this sentence; or (v) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Class to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Trustees also shall have the power not to declare a dividend out of net income for the purpose of causing the Net Asset Value per Share to be increased. The Trustees shall not be required to adopt, but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset Value per Share of a Class at a constant amount.

Determination of Net Asset Value. The term “Trustees shall cause the Net Asset Value” Value of any Shares of each Series or Class shall mean that amount by which to be determined from time to time in a manner consistent with applicable laws and regulations. Subject to the assets belonging 1940 Act, the Trustees may delegate the power and duty to that Class exceed the liabilities belonging determine Net Asset Value per Share to that Class, all as determined by one or under the direction more Trustees or officers of the TrusteesTrust or to a Custodian, depository or other agent appointed for such purpose. Such value The Net Asset Value of Shares shall be determined separately for each Series or Class and shall be determined on such days and at such times as the Trustees may determine. The Trustees may delegate any of their powers and duties under this Section 8.3 with respect to valuation of assets and liabilities. The resulting amount, which shall represent the total Net Asset Value of the particular Class, shall be divided prescribed by the total number of shares of that Class outstanding at the time and the quotient so obtained shall be the Net Asset Value per Share of that Class. At any time, the Trustees may cause the Net Asset Value per Share last determined to be determined again in similar manner and may fix the time when such re-determined value shall become effectiveTrustees. If, for any reason, the net income of any ClassSeries that seeks to maintain a constant Net Asset Value per Share, determined at any time, is a negative amount, the Trustees shall have the power with respect to that ClassSeries: (i) to offset each Shareholder’s 's pro rata share of such negative amount from the accrued dividend account of such Shareholder; or (ii) to reduce the number of Outstanding Shares of such Class Series by reducing the number of Shares in the account of each Shareholder by a pro rata portion of the number of full and fractional Shares which represents the amount of such excess negative net income; or (iii) to cause to be recorded on the books of such Class Series an asset account in the amount of such negative net income (provided that the same shall thereupon become the property of such Class Series with respect to such Class Series and shall not be paid to any Shareholder), which account may be reduced by the amount amount, of dividends declared thereafter upon the Outstanding Shares of such Class Series on the day such negative net income is experienced, until such asset account is reduced to zero; or (iv) to combine the methods described in clauses (i) and (ii) and (iii) of this the sentence; or (v) to take any other action they deem appropriate, in order to cause (or in order to assist in causing) the Net Asset Value per Share of such Class Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Trustees also shall have the power not to declare a dividend out of net income for the purpose of causing the Net Asset Value per Share of the Series to be increased. The Trustees shall not be required to adopt, but at any time may adopt, discontinue, or amend the practice of maintaining the Net Asset Value value per Share of a Class the Series at a constant amount.