Common use of Division of Beneficial Interest Clause in Contracts

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no par value per Share. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes of Shares, including preferred Classes of Shares, without the vote of Shareholders. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares shall be entitled to receive dividends and distributions, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Class with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIII, Section 2 hereof. All dividends and distributions shall be made ratably among all Shareholders of a particular Class according to the number of Shares of such Class held of record by such Shareholder on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. The Trustees may from time to time divide or combine the Shares into a greater or lesser number of Shares without thereby materially changing the proportionate beneficial interest of the Shares in the assets of the Trust.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no par value per Share. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section Sections 3806(b)(1) and 3806(b)(2) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes Series and the division of Shares, including preferred Classes Series into separate classes of Shares, Shares without the vote of Shareholders. The different Series shall be established and designated, and the variations in the relative rights and preferences as between the different Series shall be fixed and determined, by the Trustees. If only one Series shall be established, the Shares shall have the rights and preferences provided for herein and in Article III, Section 6 hereof to the extent relevant and not otherwise provided for herein, and all references to Series (and classes) shall be construed (as the context may require) to refer to the Trust. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series shall be entitled to receive dividends and distributions, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share Shares shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust or of such Series made pursuant to Article VIII, Section 2 hereof. All dividends and distributions shall be made ratably among all Shareholders of a particular Class (class of a particular) Series from the assets held with respect to such Series according to the number of Shares of such Class (class of such) Series held of record by such Shareholder on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustTrust or any Series. The Trustees may from time to time divide or combine the Shares of any particular Series into a greater or lesser number of Shares of that Series without thereby materially changing the proportionate beneficial interest of the Shares of that Series in the assets held with respect to that Series or materially affecting the rights of the TrustShares of any other Series.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no a par value of $ .001 per Share. All Shares when issued hereunder on the terms determined by Share unless the Trustees shall be fully paid and non-assessabledesignate another par value in connection with the issuance of Shares or with respect to outstanding Shares as provided in Section 5 of this Article III. As permitted by Section 3806(b)(1) of the Delaware Act, the The Trustees may authorize the division of Shares into separate Classes Series and the division of Series into separate classes of Shares. The different Series shall be established and designated, including preferred Classes of Sharesand the variations in the relative rights and preferences as between the different Series shall be fixed and determined, without by the vote of ShareholdersTrustees. If no Series shall be established or if only one Series shall be established, the Shares shall have the rights and preferences provided for herein and in Article III, Section 6 hereof to the extent relevant and not otherwise provided for herein. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series shall be 108656, v0.9 4 entitled to receive dividends and distributionsdividends, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIII, Section 2 hereofor otherwise. All dividends and distributions shall be made ratably among all Shareholders of a particular Class Series (or class) from the assets held with respect to such Series according to the number of Shares of such Class Series (or class) held of record by such Shareholder Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may bedistribution. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustTrust or any Series. The Trustees may from time to time divide or combine the Shares of a Series into a greater or lesser number of Shares of such Series without thereby materially changing the proportionate beneficial interest of the such Shares in the assets held with respect to that Series or materially affecting the rights of Shares of any other Series. All references to Shares in this Declaration of Trust shall be deemed to be Shares of the TrustTrust and of any or all Series or classes thereof, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust and each class thereof, except as the context otherwise requires. All Shares issued hereunder, including Xxxxxx issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no or without par value per Share. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the The Trustees may authorize the division of Shares into separate Classes Series and the division of Series into separate classes of Shares. The different Series shall be established and designated, including preferred Classes of Sharesand the variations in the relative rights and preferences as between the different Series shall be fixed and determined, without by the vote of ShareholdersTrustees. If only one Series shall be established, the Shares shall have the rights and preferences provided for herein and in Article III, Section 6 hereof to the extent relevant and not otherwise provided for herein. Subject to the provisions of Section 6 of this Article III, Section 6, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series shall be entitled to receive dividends and distributionsdividends, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIII, Section 2 hereofor otherwise. All dividends and distributions shall be made ratably among all Shareholders of a particular Class Series (or class) from the assets held with respect to such Series according to the number of Shares of such Class Series (or class) held of record by such Shareholder Shareholders on the record date for any dividend or distribution or on the date of terminationtermination of the Trust, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustTrust or any Series. The Trustees may from time to time divide or combine the Shares of a Series into a greater or lesser number of Shares of such Series without thereby materially changing the proportionate beneficial interest of the such Shares in the assets held with respect to that Series or materially affecting the rights of the TrustShares of any other Series.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no . Each Share shall be without par value per Share. All Shares when issued hereunder on the terms determined by the Trustees and shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes of Shares, including preferred Classes of Shares, without the vote of Shareholders. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series or Class shall be entitled to receive dividends and distributionsdividends, when, if when and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Except as otherwise provided in Section 6 of this Article III with respect to Shares of Multi-Class Series, no Share shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust or of such Series made pursuant to Article VIII, Section 2 6 hereof. All Except as otherwise provided in Section 6 of this Article III with respect to Shares of Multi-Class Series, all dividends and distributions shall be made ratably among all Shareholders of a particular Class Series from the assets belonging to such Series according to the number of Shares of such Class Series held of record by such Shareholder Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. The Trustees may from time to time (a) divide or combine the Shares of any particular Series or Class into a greater or lesser number of Shares of that Series or Class without thereby materially changing the proportionate beneficial interest of the Shares of that Series or Class in the assets belonging to that Series or attributable to that Class or in any way affecting the rights of Shares of any other Series or Class or (b) take such other action with respect to the TrustShares as the Trustees may deem necessary or desirable.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, each with no a par value per Share. All of $0.001, and all Shares when issued hereunder and outstanding on or prior to the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes of Shares, including preferred Classes of Shares, without the vote of Shareholdersdate first written above are for all purposes deemed to have been issued with such par value. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series or class shall be entitled to receive dividends and distributionsdividends, when, if when and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Except as otherwise provided in Section 6 of this Article III with respect to Shares of Multi-Class Series, no Share shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust or of such Series made pursuant to Article VIII, Section 2 4 hereof. All Except as otherwise provided in Section 6 of this Article III with respect to Shares of Multi-Class Series, all dividends and distributions shall be made ratably among all Shareholders of a particular Class Series from the assets belonging to such Series according to the number of Shares of such Class Series held of record by such Shareholder Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. The Trustees may from time to time divide or combine the Shares of any particular Series or class into a greater or lesser number of Shares of that Series or class without thereby materially changing the proportionate beneficial interest of the Shares of that Series or class in the assets belonging to that Series or attributable to that class or in any way affecting the rights of the TrustShares of any other Series or class.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no a par value of $ .001 per Share. All Shares when issued hereunder on the terms determined by Share unless the Trustees shall be fully paid and non-assessabledesignate another par value in connection with the issuance of Shares or with respect to outstanding Shares as provided in Section 5 of this Article III. As permitted by Section 3806(b)(1) of the Delaware Act, the The Trustees may authorize the division of Shares into separate Classes Series and the division of Series into separate classes of Shares. The different Series shall be established and designated, including preferred Classes of Sharesand the variations in the relative rights and preferences as between the different Series shall be fixed and determined, without by the vote of ShareholdersTrustees. If no Series shall be established or if only one Series shall be established, the Shares shall have the rights and preferences provided for herein and in Article III, Section 6 hereof to the extent relevant and not otherwise provided for herein. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series shall be entitled to receive dividends and distributionsdividends, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIIIor 48687, Section 2 hereofv0.3 4 otherwise. All dividends and distributions shall be made ratably among all Shareholders of a particular Class Series (or class) from the assets held with respect to such Series according to the number of Shares of such Class Series (or class) held of record by such Shareholder Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may bedistribution. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustTrust or any Series. The Trustees may from time to time divide or combine the Shares of a Series into a greater or lesser number of Shares of such Series without thereby materially changing the proportionate beneficial interest of the such Shares in the assets held with respect to that Series or materially affecting the rights of Shares of any other Series. All references to Shares in this Declaration of Trust shall be deemed to be Shares of the TrustTrust and of any or all Series or classes thereof, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust and each class thereof, except as the context otherwise requires. All Shares issued hereunder, including Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable.

Division of Beneficial Interest. The Trustees may divide the beneficial interest in the Trust shall at all times be divided --------- into an unlimited number of SharesShares and authorize the issuance of Shares without prior Shareholder approval. Shares may be issued in series and, if so, Shares of any series will constitute units of beneficial interest in assets of the Trust specifically allocated to such series. Shares of the Trust, or any series thereof, shall have no par value, shall represent equal and proportionate interests in the Trust, or such series, with no par value per Sharenone having priority or preference over any other except as specifically set forth in this Article III, and shall be transferable. All Shares when issued hereunder on the terms determined by the Trustees hereunder, including any Shares issued in payment of dividends or other distributions or in connection with any split of Shares, shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes of Shares, including preferred Classes of Shares, without the vote of Shareholders. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares shall be entitled to receive dividends and distributions, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Class with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIIIor of any series may be issued in two or more classes, Section 2 hereof. All dividends as the Trustees may, without Shareholder approval, authorize, and distributions Shares of any class shall be made ratably among all Shareholders identical to those of a particular Class according to any other class of the number Trust or such series except that, if the Trustees have authorized the issuance of Shares of any particular series in two or more classes, then such Class held of record by such Shareholder on classes may, consistent with the record date for any dividend 1940 Act, or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe pursuant to any additional Shares or other securities exemptive order issued by the TrustCommission and other applicable law, have such variations as to dividends, redemption charges, conversion, voting rights, net asset value, expenses borne by the class, and other matters as the Trustees shall have determined. The Trustees may from time to time time, without Shareholder approval, divide or combine the Shares of a series into a greater or lesser number of Shares without thereby materially changing the their proportionate beneficial interest of the Shares interests in the assets of the Trust.allocated to such series. OWNERSHIP OF SHARES -------------------

Division of Beneficial Interest. The beneficial interest in the Trust Fund shall at all times be divided into an unlimited number of Shares. The Board of Trustees may further divide the Shares into Classes. The Shares of the Fund shall initially be divided into three Classes of Shares, with no par value per Sharedesignated as Class A, Class C and Class I Shares. The Trustees may from time to time without vote of the Shareholders issue and sell or cause to be issued and sold Shares. All such Shares, including, without limitation, Shares when issued hereunder on the terms determined by the Trustees in connection with a dividend in Shares or a split of Shares, shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) nonassessable, notwithstanding any other provision, of the Delaware Act, the Trustees may authorize the division this Declaration of Shares into separate Classes of Shares, including preferred Classes of Shares, without the vote of ShareholdersTrust. Subject to the provisions of Section 6 of this Article III3.6 hereof, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares shall be entitled to receive dividends and distributionsdividends, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 7.1 hereof. No Share Shares shall have any priority or preference over over. any other Share of the same Class with respect to dividends or distributions paid in the ordinary course of business or distributions, including distributions upon termination of the Trust Fund made pursuant to Article VIII, Section 2 hereof9.2 hereof or of a Class. All dividends and distributions shall be made ratably among all Shareholders of a particular Class according to the number of Shares of such Class held of record by such Shareholder on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustFund. The Trustees may from time to time in their sole discretion and without the need for Shareholder approval divide or combine the Shares of any particular Class into a greater or lesser number of Shares and may establish, increase or decrease the par value of the Shares of any Class without thereby materially changing the proportionate beneficial interest of the Shares in of that Class or materially affecting the assets rights of the TrustShares of any other Class.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no par value per Share. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes of Shares, including preferred Classes of Shares, common Shares without the vote of ShareholdersShareholders (the "Common Shares"). The Trust may also, from time to time, issue a Class of an unlimited number of preferred Shares of the Trust, no par value (the "Preferred Shares"), having the powers, preferences, rights, qualifications, limitations and restrictions described in this Declaration Trust. Subject to the provisions of Section 6 of this Article IIIIII and the resolutions adopted by the Board of Trustees in the establishment of such Shares, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares shall be entitled to receive dividends and distributions, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Subject to the resolutions adopted by the Board of Trustees in the establishment of such Shares, no Share shall have any priority or preference over any other Share of the same Class with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIII, Section 2 hereof. All Subject to the resolutions adopted by the Board of Trustees in the establishment of such Shares, all dividends and distributions shall be made ratably among all Shareholders of a particular Class according to the number of Shares of such Class held of record by such Shareholder on the record date for any dividend or distribution or on the date of termination, as the case may be. Subject to the resolutions adopted by the Board of Trustees in the establishment of such Shares, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. The Trustees may from time to time divide or combine the Shares into a greater or lesser number of Shares without thereby materially changing the proportionate beneficial interest of the Shares in the assets of the Trust.

Division of Beneficial Interest. The Trustees may divide the beneficial interest in the Trust shall at all times be divided into an unlimited number of SharesShares and authorize the issuance of Shares without prior Shareholder approval. Shares may be issued in series and, if so, Shares of any series will constitute units of beneficial interest in assets of the Trust specifically allocated to such series. Shares of the Trust, or any series thereof, shall have no par value, shall represent equal and proportionate interests in the Trust, or such series, with no par value per Sharenone having priority or preference over any other except as specifically set forth in this Article III, and shall be transferable. All Shares when issued hereunder on the terms determined by the Trustees hereunder, including any Shares issued in payment of dividends or other distributions or in connection with any split of Shares, shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes of Shares, including preferred Classes of Shares, without the vote of Shareholders. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares shall be entitled to receive dividends and distributions, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Class with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIIIor of any series may be issued in two or more classes, Section 2 hereof. All dividends as the Trustees may, without Shareholder approval, authorize, and distributions Shares of any class shall be made ratably among all Shareholders identical to those of a particular Class according to any other class of the number Trust or such series except that, if the Trustees have authorized the issuance of Shares of any particular series in two or more classes, then such Class held of record by such Shareholder on classes may, consistent with the record date for any dividend 1940 Act, or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe pursuant to any additional Shares or other securities exemptive order issued by the TrustCommission and other applicable law, have such variations as to dividends, redemption charges, conversion, voting rights, net asset value, expenses borne by the class, and other matters as the Trustees shall have determined. The Trustees may from time to time time, without Shareholder approval, divide or combine the Shares of a series into a greater or lesser number of Shares without thereby materially changing the their proportionate beneficial interest of the Shares interests in the assets of the Trustallocated to such series.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no a par value of $ .001 per Share. All Shares when issued hereunder on the terms determined by Share unless the Trustees shall be fully paid and non-assessabledesignate another par value in connection with the issuance of Shares or with respect to outstanding Shares as provided in Section 5 of this Article III. As permitted by Section 3806(b)(1) of the Delaware Act, the The Trustees may authorize the division of Shares into separate Classes Series and the division of Series into separate classes of Shares. The different Series shall be established and designated, including preferred Classes of Sharesand the variations in the relative rights and preferences as between the different Series shall be fixed and determined, without by the vote of ShareholdersTrustees. If no Series shall be established or if only one Series shall be established, the Shares shall have the rights and preferences provided for herein and in Article III, Section 6 hereof to the extent relevant and not otherwise provided for herein. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series shall be entitled to receive dividends and distributionsdividends, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIIIor 108134, Section 2 hereofv0.7 3 otherwise. All dividends and distributions shall be made ratably among all Shareholders of a particular Class Series (or class) from the assets held with respect to such Series according to the number of Shares of such Class Series (or class) held of record by such Shareholder Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may bedistribution. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustTrust or any Series. The Trustees may from time to time divide or combine the Shares of a Series into a greater or lesser number of Shares of such Series without thereby materially changing the proportionate beneficial interest of the such Shares in the assets held with respect to that Series or materially affecting the rights of Shares of any other Series. All references to Shares in this Declaration of Trust shall be deemed to be Shares of the TrustTrust and of any or all Series or classes thereof, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust and each class thereof, except as the context otherwise requires. All Shares issued hereunder, including Xxxxxx issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable.

Division of Beneficial Interest. The Trustees may divide the beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares and authorize the issuance of Shares without prior Shareholder approval. Shares may be issued in series and, if so, Shares of any series will constitute units of beneficial interest, in assets of the Trust specifically allocated to such series. Shares of the Trust, or any series thereof, shall have no par value, shall represent equal and proportionate interests in the Trust, or such series, with none having priority or preference over any other except as specifically set forth in this Article III, and shall be transferable. All shares issued hereunder, including any Shares issued in payment of dividends or other distributions or in connection with any split of Shares, with no par value per Share. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes of Shares, including preferred Classes of Shares, without the vote of Shareholders. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares shall be entitled to receive dividends and distributions, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Class with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIIIor of any series may be issued in two or more classes, Section 2 hereof. All dividends as the Trustees may, without Shareholder approval, authorize, and distributions Shares of any class shall be made ratably among all Shareholders identical to those of a particular Class according to any other class of the number Trust or such series except that, if the Trustees have authorized the issuance of Shares of any particular series in two or more classes, then such Class held of record by such Shareholder on classes may, consistent with the record date for any dividend 1940 Act, or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe pursuant to any additional Shares or other securities exemptive order issued by the TrustCommission and other applicable law, have such variations as to dividends, redemption charges, conversion, voting rights, net asset value, expenses borne by the class, and other matters as the Trustees shall have determined. The Trustees may from time to time time, without Shareholder approval, divide or combine the Shares of a series into a greater or lesser number of Shares without thereby materially changing the their proportionate beneficial interest of the Shares interests in the assets of the Trustallocated to such series.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no a par value of $ .001 per Share. All Shares when issued hereunder on the terms determined by Share unless the Trustees shall be fully paid and non-assessabledesignate another par value in connection with the issuance of Shares or with respect to outstanding Shares as provided in Section 5 of this Article III. As permitted by Section 3806(b)(1) of the Delaware Act, the The Trustees may authorize the division of Shares into separate Classes Series and the division of Series into separate classes of Shares. The different Series shall be established and designated, including preferred Classes of Sharesand the variations in the relative rights and preferences as between the different Series shall be fixed and determined, without by the vote of ShareholdersTrustees. If no Series shall be established or if only one Series shall be established, the Shares shall have the rights and preferences provided for herein and in Article III, Section 6 hereof to the extent relevant and not otherwise provided for herein. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series shall be 48152, v0.3 3 entitled to receive dividends and distributionsdividends, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIII, Section 2 hereofor otherwise. All dividends and distributions shall be made ratably among all Shareholders of a particular Class Series (or class) from the assets held with respect to such Series according to the number of Shares of such Class Series (or class) held of record by such Shareholder Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may bedistribution. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustTrust or any Series. The Trustees may from time to time divide or combine the Shares of a Series into a greater or lesser number of Shares of such Series without thereby materially changing the proportionate beneficial interest of the such Shares in the assets held with respect to that Series or materially affecting the rights of Shares of any other Series. All references to Shares in this Declaration of Trust shall be deemed to be Shares of the TrustTrust and of any or all Series or classes thereof, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust and each class thereof, except as the context otherwise requires. All Shares issued hereunder, including Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no a par value of $.001 per Share. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the The Trustees may authorize the division of Shares into separate Classes Series and the division of Series into separate classes of Shares. The different Series (and classes) shall be established and designated, including preferred Classes of Sharesand the variations in the relative rights and preferences as between the different Series (or classes), without shall be fixed and determined by the vote of ShareholdersTrustees. If only one Series shall be established, the Shares shall have the rights and preferences provided for herein and in Article III, Section 6 hereof to the extent relevant and not otherwise provided for herein. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series shall be entitled to receive dividends and distributionsdividends, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIII, Section 2 hereofor otherwise. All dividends and distributions shall be made ratably ratable among all Shareholders of a particular Class Series from the assets held with respect to such Series according to the number of Shares of such Class Series held of record by such Shareholder Shareholders on the record date for any dividend or distribution or on the date of terminationtermination of the Trust, as the case may be. No Shareholder shall be entitled to receive any payment of a dividend or distribution, nor to have notice given to him or her as provided herein or in the Bylaws, until he or she has given his or her address to the Trust or to the Trust’s transfer or similar agent. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustTrust or any Series. The Trustees may from time to time divide or combine the Shares of a Series (or class) into a greater or lesser number of Shares of such Series (or class) without thereby materially changing the proportionate beneficial interest of the such Shares in the assets held with respect to that Series (or class) or materially affecting the rights of the TrustShares of any other Series (or class).

Division of Beneficial Interest. The beneficial interest interests in the Trust shall at all times be divided into an unlimited number of Shares, with no a par value of $ .001 per ShareShare and Shares shall have the rights and preferences provided for herein. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the The Trustees may authorize the division of Shares into separate Classes of SharesSeries. The different Series shall be established and designated, including preferred Classes of Sharesand the variations in the relative rights and preferences as between the different Series shall be fixed and determined, without by the vote of ShareholdersTrustees. If the context so requires, all references to Series shall be construed to refer to the Trust. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series shall be entitled to receive dividends and distributionsdividends, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share Shares shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust or of such Series made pursuant to Article VIII, Section 2 4 hereof. All dividends and distributions shall be made ratably among all Shareholders of a particular Class Series from the assets held with respect to such Series according to the number of Shares of such Class Series held of record by such Shareholder on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustTrust or any Series. The Trustees may from time to time divide or combine the Shares of any particular Series into a greater or lesser number of Shares of that Series without thereby materially changing the proportionate beneficial interest of the Shares of that Series in the assets held with respect to that Series or materially affecting the rights of the TrustShares of any other Series.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no par value per Share. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes of Shares, including preferred Classes of Shares, common Shares without the vote of ShareholdersShareholders (the “Common Shares”). The Trust may also, from time to time, issue a Class of an unlimited number of preferred Shares of the Trust, no par value (the “Preferred Shares”), having the powers, preferences, rights, qualifications, limitations, and restrictions described in this Declaration Trust. The Trustees may establish investor eligibility requirements for the purchase of the Shares. Subject to the provisions of Section 6 of this Article IIIIII and the resolutions adopted by the Board of Trustees in the establishment of such Shares, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares shall be entitled to receive dividends and distributions, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Subject to the resolutions adopted by the Board of Trustees in the establishment of such Shares, no Share shall have any priority or preference over any other Share of the same Class with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIII, Section 2 hereof. All Subject to the resolutions adopted by the Board of Trustees in the establishment of such Shares, all dividends and distributions shall be made ratably among all Shareholders of a particular Class according to the number of Shares of such Class held of record by such Shareholder on the record date for any dividend or distribution or on the date of termination, as the case may be. Subject to the resolutions adopted by the Board of Trustees in the establishment of such Shares, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. The Trustees may from time to time divide or combine the Shares into a greater or lesser number of Shares without thereby materially changing the proportionate beneficial interest of the Shares in the assets of the Trust.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no a par value of $ .001 per Share. All Shares when issued hereunder on the terms determined by Share unless the Trustees shall be fully paid and non-assessabledesignate another par value in connection with the issuance of Shares or with respect to outstanding Shares as provided in Section 5 of this Article III. As permitted by Section 3806(b)(1) of the Delaware Act, the The Trustees may authorize the division of Shares into separate Classes Series and the division of Series into separate classes of Shares. The different Series shall be established and designated, including preferred Classes of Sharesand the variations in the relative rights and preferences as between the different Series shall be fixed and determined, without by the vote of ShareholdersTrustees. If no Series shall be established or if only one Series shall be established, the Shares shall have the rights and preferences provided for herein and in Article III, Section 6 hereof to the extent relevant and not otherwise provided for herein. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series shall be entitled to receive dividends and distributionsdividends, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any 108670, v0.2 7 other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIII, Section 2 hereofor otherwise. All dividends and distributions shall be made ratably among all Shareholders of a particular Class Series (or class) from the assets held with respect to such Series according to the number of Shares of such Class Series (or class) held of record by such Shareholder Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may bedistribution. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustTrust or any Series. The Trustees may from time to time divide or combine the Shares of a Series into a greater or lesser number of Shares of such Series without thereby materially changing the proportionate beneficial interest of the such Shares in the assets held with respect to that Series or materially affecting the rights of Shares of any other Series. All references to Shares in this Declaration of Trust shall be deemed to be Shares of the TrustTrust and of any or all Series or classes thereof, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust and each class thereof, except as the context otherwise requires. All Shares issued hereunder, including Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no without par value per Share. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes of Shares, including preferred Classes of Shares, without the vote of Shareholdersvalue. Subject to the provisions of Section 6 of this Article III, III each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series or Class shall be entitled to receive dividends and distributionsdividends, when, if when and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Series and Class with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust or of such Series or Class made pursuant to Article VIIIIX, Section 2 4 hereof. All dividends and distributions shall be made ratably among all Shareholders of a particular Series or Class from the assets belonging to such Series (or, in the case of a Class, allocable to such Class) according to the number of Shares of such Series or Class held of record by such Shareholder Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. The Trustees may from time to time divide or combine the Shares of any particular Series or Class into a greater or lesser number of Shares of that Series or Class without thereby materially changing the proportionate beneficial interest of the Shares of that Series or Class in the assets belonging to that Series (or, in the case of a Class, allocable to such Class) or in any way affecting the Trustrights of Shares of any other Series or Class.

Division of Beneficial Interest. The beneficial interest in --------- ------------------------------- the Trust shall at all times be divided into an unlimited number of Shares, with no without par value per Share. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes of Shares, including preferred Classes of Shares, without the vote of Shareholdersvalue. Subject to the provisions of Section 6 of this Article III, each Share shall have the voting rights as provided in Article V hereof, and holders of the Shares of any Series or Class shall be entitled to receive dividends and distributionsdividends, when, if when and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Series and Class with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust or of such Series or Class made pursuant to Article VIIIIX, Section 2 4 hereof. All Unless the Trustees have authorized the issuance of Shares of a Series in two or more Classes, all dividends and distributions shall be made ratably among all Shareholders of a particular Class Series from the assets belonging to such Series according to the number of Shares of such Class Series held of record by such Shareholder Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. The Trustees may from time to time divide or combine the Shares of any particular Series or Class into a greater or lesser number of Shares of that Series or Class without thereby materially changing the proportionate beneficial interest of the Shares of that Series or Class in the assets belonging to that Series (or allocable to the Shares of that Class) or in any way affecting the Trustrights of Shares of any other Series or Class.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no par value per Sharevalue. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the The Trustees may authorize the division of Shares into separate Classes Series and the division of Series into separate classes of Shares. The different Series shall be established and designated, including preferred Classes of Sharesand the variations in the relative rights and preferences as between the different Series shall be fixed and determined, without by the vote of ShareholdersTrustees. If only one or no Series (or classes) shall be established, the Shares shall have the rights and preferences provided for herein and in this Article III, Section 6 hereof to the extent relevant and not otherwise provided for herein, and all references to Series (and classes) shall be construed (as the context may require) to refer to the Trust. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series shall be entitled to receive dividends and distributions, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust or of such Series made pursuant to Article VIII, Section 2 hereof. All dividends and distributions shall be made ratably among all Shareholders of a particular Class class of a particular Series and, if no classes, of a particular Series from the assets held with respect to such Series according to the number of Shares of such Class class of such Series or of such Series held of record by such Shareholder on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustTrust or any Series. The Trustees may from time to time divide or combine the Shares of any particular Series into a greater or lesser number of Shares of that Series without thereby materially changing the proportionate beneficial interest of the Shares of that Series in the assets held with respect to that Series or materially affecting the rights of the TrustShares of any other Series.

Division of Beneficial Interest. The Shares of the Trust shall be issued in one or more series as the Trustees may, without Shareholder approval, authorize. Each series shall be preferred over all other series in respect of the assets allocated to that series within the meaning of the 1940 Act and shall represent a separate investment portfolio of the Trust. The beneficial interest in the Trust each series shall at all times be divided into an unlimited number of Shares, with no par value per Share. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes of Shares, including preferred Classes of Shares, without the vote of Shareholders. Subject to the provisions of Section 6 of this Article IIIpar value, each Share shall have voting rights of which shall, except as provided in Article V hereofthe following sentence, and holders of the Shares shall be entitled to receive dividends and distributions, when, if and as declared with respect thereto represent an equal proportionate interest in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any series with each other Share of the same Class with respect to dividends series, none having priority or distributions paid preference over another. The Trustees may, without Shareholder approval, divide the Shares of any series into two or more classes, Shares of each such class having such preferences and special or relative rights and privileges (including conversion rights, if any) as the Trustees may determine or as shall be set forth in the ordinary course of business or distributions upon termination of Bylaws. Subject to applicable law, the Trustees may, without Shareholder approval, authorize the Trust made pursuant to Article VIII, Section 2 hereofissue subscription or other rights representing interests in Shares to existing Shareholders or other persons subject to such terms and conditions as the Trustees may determine. All dividends and distributions shall be made ratably among all Shareholders of a particular Class according to the The number of Shares of such Class held of record by such Shareholder on the record date for any dividend or distribution or on the date of terminationauthorized shall be unlimited, except as the case Bylaws may be. Shareholders shall have no preemptive or other right to subscribe to any additional otherwise provide, and the Shares or other securities issued so authorized may be represented in part by the Trustfractional shares. The Trustees may from time to time divide or combine the Shares of any series or class into a greater or lesser number of Shares without thereby materially changing the proportionate beneficial interest of in the series or class. The Trustees also may from time to time, without Shareholder approval, combine the Shares in the assets of the Trusttwo or more classes of any series into a single class.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no par value per Share. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-non- assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes of Shares, including preferred Classes of Shares, without the vote of Shareholders. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares shall be entitled to receive dividends and distributions, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Class with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIII, Section 2 hereof. All dividends and distributions shall be made ratably among all Shareholders of a particular Class according to the number of Shares of such Class held of record by such Shareholder on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. The Trustees may from time to time divide or combine the Shares into a greater or lesser number of Shares without thereby materially changing the proportionate beneficial interest of the Shares in the assets of the Trust.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no par value per Share. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section Sections 3806(b)(1) and 3806(b)(2) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes Series and the division of Shares, including preferred Classes Series into separate classes of Shares, Shares without the vote of Shareholders. The different Series shall be established and designated, and the variations in the relative rights and preferences as between the different Series shall be fixed and determined, by the Trustees. If only one Series shall be established, the Shares shall have the rights and preferences provided for herein and in Article III, Section 6 hereof to the extent relevant and not otherwise provided for herein, and all references to Series (and classes) shall be construed (as the context may require) to refer to the Trust. Notwithstanding any other provision hereof, including any provision relating to the reduction in the number of Shares of any Series (or class) or any other action that the Trustees are authorized to take under Article VI, Section 1, all Shares issued hereunder, including, without limitation, Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series shall be entitled to receive dividends and distributions, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share Shares shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust or of such Series made pursuant to Article VIII, Section 2 hereof. All dividends and distributions shall be made ratably among all Shareholders of a particular Class (class of a particular) Series from the assets held with respect to such Series according to the number of Shares of such Class (class of such) Series held of record by such Shareholder on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustTrust or any Series. The Trustees may from time to time divide or combine the Shares of any particular Series into a greater or lesser number of Shares of that Series without thereby materially changing the proportionate beneficial interest of the Shares of that Series in the assets held with respect to that Series or materially affecting the rights of the TrustShares of any other Series.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no or without par value per Sharevalue. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the The Trustees may authorize the division of Shares into separate Classes Series and the division of Series into separate classes of Shares. The different Series shall be established and designated, including preferred Classes of Sharesand the variations in the relative rights and preferences as between the different Series shall be fixed and determined, without by the vote of ShareholdersTrustees. If only one Series shall be established, the Shares shall have the rights and preferences provided for herein and in Article III, Section 6 hereof to the extent relevant and not otherwise provided for herein. Subject to the provisions of Section 6 of this Article III, Section 6, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series shall be entitled to receive dividends and distributionsdividends, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIII, Section 2 hereofor otherwise. All dividends and distributions shall be made ratably among all Shareholders of a particular Class Series (or class) from the assets held with respect to such Series according to the number of Shares of such Class Series (or class) held of record by such Shareholder Shareholders on the record date for any dividend or distribution or on the date of terminationtermination of the Trust, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustTrust or any Series. The Trustees may from time to time divide or combine the Shares of a Series into a greater or lesser number of Shares of such Series without thereby materially changing the proportionate beneficial interest of the such Shares in the assets held with respect to that Series or materially affecting the rights of the TrustShares of any other Series.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no a par value of $ .001 per Share. All Shares when issued hereunder on the terms determined by Share unless the Trustees shall be fully paid and non-assessabledesignate another par value in connection with the issuance of Shares or with respect to outstanding Shares as provided in Section 5 of this Article III. As permitted by Section 3806(b)(1) of the Delaware Act, the The Trustees may authorize the division of Shares into separate Classes Series and the division of Series into separate classes of Shares. The different Series shall be established and designated, including preferred Classes of Sharesand the variations in the relative rights and preferences as between the different Series shall be fixed and determined, without by the vote of ShareholdersTrustees. If no Series shall be established or if only one Series shall be established, the Shares shall have the rights and preferences provided for herein and in Article III, Section 6 hereof to the extent relevant and not otherwise provided for herein. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series shall be 108656, v0.9 4 entitled to receive dividends and distributionsdividends, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Share shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust made pursuant to Article VIII, Section 2 hereofor otherwise. All dividends and distributions shall be made ratably among all Shareholders of a particular Class Series (or class) from the assets held with respect to such Series according to the number of Shares of such Class Series (or class) held of record by such Shareholder Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may bedistribution. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustTrust or any Series. The Trustees may from time to time divide or combine the Shares of a Series into a greater or lesser number of Shares of such Series without thereby materially changing the proportionate beneficial interest of the such Shares in the assets held with respect to that Series or materially affecting the rights of Shares of any other Series. All references to Shares in this Declaration of Trust shall be deemed to be Shares of the TrustTrust and of any or all Series or classes thereof, as the context may require. All provisions herein relating to the Trust shall apply equally to each Series of the Trust and each class thereof, except as the context otherwise requires. All Shares issued hereunder, including Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no without par value per Share. All Shares when issued hereunder on the terms determined by the Trustees shall be fully paid and non-assessable. As permitted by Section 3806(b)(1) of the Delaware Act, the Trustees may authorize the division of Shares into separate Classes of Shares, including preferred Classes of Shares, without the vote of Shareholdersvalue. Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders of the Shares of any Series shall be entitled to receive dividends and distributionsdividends, when, if when and as declared with respect thereto in the manner provided in Article VI, Section 1 l hereof. No Share shall have any priority or preference over any other Share of the same Class Series with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust or of such Series made pursuant to Article VIII, Section 2 hereof4 thereof. All dividends and distributions shall be made ratably among all Shareholders of a particular Class Series from the assets belonging to such Series according to the number of Shares of such Class Series held of record by such Shareholder Shareholders on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive All Shares issued hereunder, including any Shares issued in payment of dividends or other right to subscribe to distributions or in connection with any additional Shares or other securities issued by the Trustsplit of Shares, shall be fully paid and non-assessable. The Trustees may from time to time divide or combine the Shares of any particular Series into a greater or lesser number of Shares of that Series without thereby materially changing the proportionate beneficial interest of the Shares of that Series in the assets belonging to that Series or in any way affecting the rights of Shares of any other Series. Shares of the TrustTrust or of any Series may be issued in two or more classes, as the Trustees may, without Shareholder approval, authorize, and Shares of any class shall be identical to those of any other class of the Trust or such Series except that, if the Trustees have authorized the issuance of Shares of any particular Series in two or more classes, then such classes may, consistent with the 1940 Act, or pursuant to any exemptive order issued by the Commission and other applicable law, have such variations as to dividends, redemption, conversion, voting rights, net asset value, expenses borne by the class, and other matters as the Trustees shall have determined.

Division of Beneficial Interest. The beneficial interest in the Trust shall at all times be divided into an unlimited number of Shares, with no a par value of $ 0.01 per Share. All ; provided that the Shares when issued hereunder on the terms determined of Series that are established by the Trustees to be taxable as a separate partnership for federal income tax purposes shall be fully paid and non-assessablehave no par value. As permitted by Section 3806(b)(1) The number of the Delaware ActShares authorized hereunder is unlimited. The Trustees may, the Trustees may from time to time, authorize the division of Shares into separate Classes Series and the division of Series into separate classes of Shares. The different Series (or classes) shall be established and designated, including preferred Classes of Sharesand the variations in the relative rights and preferences as between the different Series (or classes) shall be fixed and determined, without by the vote of ShareholdersTrustees. If only one or no Series (or classes) shall be established, the Shares shall have the rights and preferences provided for herein and in Article III, Section 3.06 hereof to the extent relevant and not otherwise provided for herein, and all references to Series (and classes) shall be construed (as the context may require) to refer to the Trust. Subject to the provisions of Section 6 3.06 of this Article III, each Share shall have voting rights as provided in Article V hereof, and holders Holders of the Shares of any Series shall be entitled to receive dividends and distributions, if, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 6.01 hereof. No Share Shares shall have any priority or preference over any other Share of the same Class Series (i) with respect to the net assets held with respect to such Series, as described in this Article III, Section 3.06, or (ii) with respect to dividends or distributions paid in the ordinary course of business or distributions upon termination of the Trust or of such Series made pursuant to Article VIII, Section 2 8.02 hereof. All dividends and distributions shall be made ratably among all Shareholders Holders of a particular Class Series (or class thereof) from the net assets held with respect to such Series according to the number of Shares of such Class Series (or class of such Series) held of record by such Shareholder Holder on the record date for any dividend or distribution or on the date of terminationtermination of the Trust or any Series, as the case may be. Shareholders Holders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the TrustTrust or any Series. The Trustees may from time to time divide or combine the Shares of a Series into a greater or lesser number of Shares of such Series without thereby materially changing the proportionate beneficial interest of the Shares of such Series in the assets held with respect to such Series or materially affecting the rights of Shares of any other Series. Any Trustee, officer or other agent of the Trust, and any organization in which any such Person is interested, may acquire, own, hold and dispose of Shares of the Trust to the same extent as if such Person were not a Trustee, officer or other agent of the Trust; and the Trust may issue and sell or cause to be issued and sold and may purchase Shares from any such Person or any such organization subject only to the general limitations, restrictions or other provisions applicable to the sale or purchase of such Shares generally.