Common use of NAV OF SHARES Clause in Contracts

NAV OF SHARES. The NAV of the Fund is determined as of the last business day of each calendar month in accordance with the valuation procedures approved by the Board of Trustees. The Fund commenced investment operations as of May 1, 2005 with an NAV per Share of $100.00. The NAV per Share as of the end of each month since the Fund's inception was as follows: As of NAV per Share ----- ------------- May 31, 2005 $ 99.73 June 30, 2005 $ 99.97 July 31, 2005 $ 100.75 August 31, 2005 $ 101.00 September 30, 2005 $ 101.22 October 31, 2005 $ 101.79 November 30, 2005 $ 102.11 December 31, 2005 $ 102.37 January 31, 2006 $ 103.06 February 28, 2006 $ 103.39 March 31, 2006 $ 104.52 April 30, 2006 $ 105.59 May 31, 2006 $ 106.18 June 30, 2006 $ 106.60 July 31, 2006 $ 107.24

NAV OF SHARES. The NAV of the Fund is determined as of the last business day of each calendar month in accordance with the valuation procedures approved by the Board of Trustees. The Fund commenced investment operations as of May 1, 2005 with an NAV per Share of $100.00. The NAV per Share as of the end of each month since the Fund's inception was as follows: As of NAV per Share ----- ------------- May 31, 2005 $ 99.73 June 30, 2005 $ 99.97 July 31, 2005 $ 100.75 August 31, 2005 $ 101.00 September 30, 2005 $ 101.22 October 31, 2005 $ 101.79 November 30, 2005 $ 102.11 December 31, 2005 $ 102.37 January 31, 2006 $ 103.06 February 28, 2006 $ 103.39 March 31, 2006 $ 104.52 April 30, 2006 $ 105.59 May 31, 2006 $ 106.18 June 30, 2006 $ 106.60 July 31, 2006 $ 107.24103.06

NAV OF SHARES. The NAV of the Fund is determined as of the last business day of each calendar month in accordance with the valuation procedures approved by the Board of Trustees. The Fund commenced investment operations as of May 1, 2005 with an NAV per Share of $100.00. The NAV per Share as of the end of each month since the Fund's inception was as follows: As of NAV per Share ----- ------------- May 31, 2005 $ 99.73 June 30, 2005 $ 99.97 July 31, 2005 $ 100.75 August 31, 2005 $ 101.00 September 30, 2005 $ 101.22 October 31, 2005 $ 101.79 November 30, 2005 $ 102.11 December 31, 2005 $ 102.37 January 31, 2006 $ 103.06 February 28, 2006 $ 103.39 March 31, 2006 $ 104.52 April 30, 2006 $ 105.59 May 31, 2006 $ 106.18 June 30, 2006 $ 106.60 July 31, 2006 $ 107.24105.59