Common use of Establishment and Designation of Series or Class Clause in Contracts

Establishment and Designation of Series or Class. The Trustees may establish and designate one or more Series or Classes in their sole discretion without obtaining the approval of the Shareholders of any Series or Class thereof (except as otherwise required by the 1940 Act). The establishment and designation of any Series (or Class) of Shares shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Series (or Class), whether directly in such resolution or by reference to another document including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. Shares of each Series (or Class) established pursuant to this Article III, unless otherwise provided in the resolution establishing such Series, shall have the following relative rights and preferences: (a) Assets Held with Respect to a Particular Series or Class. All consideration received by the Trust for the issue or sale of Shares of a particular Series or Class thereof, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably be held with respect to that Series (or Class) for all purposes, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as "assets held with respect to" that Series (or Class thereof). In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments that are not readily identifiable as assets held with respect to any particular Series (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable, and any General Assets so allocated to a particular Series (and the Classes thereof) shall be assets held with respect to that Series and such Classes. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. Separate and distinct records shall be maintained for each Series and the assets held with respect to each Series shall be held and accounted for separately from the assets held with respect to all other Series and the General Assets of the Trust not allocated to such Series. (b) Liabilities Attributable to a Particular Series (or Class). The assets of the Trust held with respect to each particular Series (or Class thereof) shall be charged exclusively with the liabilities of the Trust attributable to that Series or Class and all expenses, costs, charges and reserves attributable to that Series or Class. Any general liabilities of the Trust that are not readily identifiable as being attributable to any particular Series (and the Classes thereof) shall be allocated and charged by the Trustees to and among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. All liabilities, expenses, costs, charges, and reserves so charged to a Series (and the Classes thereof) are herein referred to as "liabilities attributable to" that Series (or Class thereof). Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. All liabilities attributable to a particular Series shall be enforceable against the assets held with respect to such Series only and not against the assets of the Trust generally or against the assets held with respect to any other Series. Notice of this limitation on the liability of each Series shall be set forth in the Certificate of Trust or in an amendment thereto prior to the issuance of any Shares of a Series. To the extent that the Trustees, pursuant to Section 2 of Article VII hereof, include a Class limitation on liability in any note, bond, contract, instrument, certificate or undertaking made with respect to any Class, the parties to such note, bond, contract, instrument, certificate or undertaking shall look only to the assets attributable to such Class in satisfaction of the liabilities arising thereunder and not to the assets attributable to any other Class of the applicable Series.

Establishment and Designation of Series or Class. The Trustees may establish and designate one or more Series or Classes in their sole discretion without obtaining the approval of the Shareholders of any Series or Class thereof (except as otherwise required by the 1940 Act). a) The establishment and designation of any Series (or Class) Class of Shares shall be effective upon the adoption by a majority of the then Trustees Sponsor of a resolution written instrument that sets forth such establishment and designation and the designation, whether directly in such instrument or by reference to, or approval of, another document that sets forth each such Series or Class of Shares including in a Registration Statement. The relative rights and preferences of such each Series (or Class), whether directly and Class of Shares thereof shall be as set forth herein and as set forth in such resolution or by reference Registration Statement, except to another document including, without limitation, any registration statement of the Trust, or as extent otherwise provided in the instrument establishing such resolutionSeries or Class of Shares. Each Series established pursuant to this Section 4 shall be considered separate from each other Series as set forth in this Article IV. (b) Shares of each Series (or Class) Class established pursuant to this Article IIISection 4, unless except to the extent otherwise provided in the resolution instrument establishing such SeriesSeries or Class, shall have the following relative rights and preferences: (ai) Assets Held with Respect The Trust Estate of each Fund shall be held in separate and distinct records (directly or indirectly, including through a nominee or otherwise) and accounted for in such separate and distinct records separately from the other assets of the Trust and every other Series and are referred to as “assets belonging to” that Series. The assets belonging to a Particular Series or Classshall belong only to that Series for all purposes, and to no other Series, and shall be subject only to the rights of creditors of that Series. All consideration received by the Trust for the issue or sale of Shares of a particular Series or Class thereofAny assets, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derivedthereof, includingfunds, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably be held with respect to that Series (or Class) for all purposes, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as "assets held with respect to" that Series (or Class thereof). In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments that which are not readily identifiable as assets held with respect belonging to any particular Series (collectively "General Assets"), the Trustees shall allocate such General Assets to, be allocated between or and among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees, in their sole discretion, deem Sponsor deems fair and equitable, and any General Assets so allocated to a particular Series (and the Classes thereof) shall be assets held with respect to that Series and such Classes. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. Separate , and distinct records such assets, earnings, income, profits or funds, or payments and proceeds thereof shall be maintained for each Series and the referred to as assets held with respect belonging to each that Series. The assets belonging to a Series shall be held and accounted for separately from so recorded upon the assets held with respect to all other Series and the General Assets books of the Trust not allocated to such Trust, and shall be held in trust for the benefit of the Shareholders of that Series. (b) Liabilities Attributable to a Particular Series (or Class). The assets of the Trust held with respect belonging to each particular a Series (or Class thereof) shall be charged exclusively with the liabilities of the Trust attributable to that Series or Class and all expenses, costs, charges and reserves attributable to that Series, except that liabilities, expenses, costs, charges and reserves allocated solely to a particular Class, if any, shall be borne by that Class. (ii) The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Trust generally or Classof any other Series and, unless otherwise provided by the Sponsor, none of the debts, liabilities, obligations, expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series shall be enforceable against the assets of such Series. Any general liabilities liabilities, expenses, costs, charges or reserves of the Trust that which are not readily identifiable as being attributable held with respect to any particular Series (and the Classes thereof) shall be allocated and charged by the Trustees Sponsor to and among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees Sponsor in their its sole discretion deem deems fair and equitable. All liabilitiesNotice of the contractual limitation on liabilities among Series described in the first sentence of this paragraph may, expensesin the Sponsor’s discretion, costs, chargesbe set forth in the certificate of trust of the Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the Delaware Trust Statute, and reserves so charged upon the giving of such notice in the certificate of trust, the statutory provisions of Section 3804 of the Delaware Trust Statute relating to a limitations on liabilities among Series (and the Classes thereofstatutory effect under Section 3804 of the Delaware Trust Statute of setting forth such notice in the certificate of trust) are herein referred shall become applicable to as "liabilities attributable the Trust and each Series. Any person extending credit to" , contracting with or having any claim against any Series may look only to the assets of that Series to satisfy or enforce any debt, with respect to that Series. No Shareholder or former Shareholder of any Series shall have a claim on or any right to any assets allocated or belonging to any other Series, except to the extent that such Shareholder or former Shareholder has such a claim or right hereunder as a Shareholder or former Shareholder of such other Series. (c) Notwithstanding any other provisions of this Trust Agreement, no distribution including, without limitation, any distribution paid upon termination of the Trust or of any Series or Class thereof). Each allocation with respect to, nor any redemption or repurchase of, the Shares of liabilities, expenses, costs, charges and reserves any Series or Class shall be effected by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. All liabilities attributable to a particular Series shall be enforceable against Trust other than from the assets held with respect to such Series, nor shall any Shareholder of any particular Series only and not against the assets of the Trust generally otherwise have any right or claim against the assets held with respect to any other Series except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series. Notice of this limitation on the liability of each Series The Sponsor shall have full discretion to determine which items shall be set forth in treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Certificate of Trust or in an amendment thereto prior to the issuance of any Shareholders. Any Shares of a Series. To Series acquired, through purchase, exchange or otherwise, by another Series shall not be deemed cancelled, unless the Sponsor affirmatively determines otherwise. (d) Except to the extent that otherwise provided in the Trusteesinstrument establishing such Series, pursuant to Section 2 all the Shares of Article VII hereof, include a Class limitation on liability each particular Series shall represent an equal proportionate interest in any note, bond, contract, instrument, certificate or undertaking made the assets held with respect to any Class, the parties to such note, bond, contract, instrument, certificate or undertaking shall look only that Series (subject to the assets attributable liabilities held with respect to that Series and such Class rights and preferences as may have been established and designated with respect to Classes of Shares within such Series). (e) Except to the extent otherwise provided in satisfaction the instrument establishing such Series, any fractional Share of a Series shall carry proportionately all the rights and obligations of a whole Share of that Series, including rights with respect to voting, receipt of dividends and distributions, redemption of Shares and termination of the liabilities arising thereunder Trust. (f) The Sponsor shall have the authority to provide that the holders of Shares of any Series shall have the right to exchange said Shares for Shares of one or more other Series of Shares in conformity with such requirements and not to procedures as may be established by the assets attributable to any other Class of the applicable SeriesSponsor.

Establishment and Designation of Series or Class. The Trustees may establish and designate one or more Series or Classes in their sole discretion without obtaining the approval of the Shareholders of any Series or Class thereof (except as otherwise required by the 1940 Act). a) The establishment and designation of any Series (or Class) Class of Shares shall be effective upon the adoption by a majority of the then Trustees Sponsor of a resolution written instrument that sets forth such establishment and designation and the designation, whether directly in such instrument or by reference to, or approval of, another document that sets forth each such Series or Class of Shares including in a Registration Statement. The relative rights and preferences of such each Series (or Class), whether directly and Class of Shares thereof shall be as set forth herein and as set forth in such resolution or by reference Registration Statement, except to another document including, without limitation, any registration statement of the Trust, or as extent otherwise provided in the instrument establishing such resolutionSeries or Class of Shares. Each Series established pursuant to this Section 4 shall be considered separate from each other Series as set forth in this Article IV. (b) Shares of each Series (or Class) Class established pursuant to this Article IIISection 4, unless except to the extent otherwise provided in the resolution instrument establishing such SeriesSeries or Class, shall have the following relative rights and preferences: (ai) Assets Held with Respect The Trust Estate of each Fund shall be held in separate and distinct records (directly or indirectly, including through a nominee or otherwise) and accounted for in such separate and distinct records separately from the other assets of the Trust and every other Series and are referred to as “assets belonging to” that Series. The assets belonging to a Particular Series or Classshall belong only to that Series for all purposes, and to no other Series, and shall be subject only to the rights of creditors of that Series. All consideration received by the Trust for the issue or sale of Shares of a particular Series or Class thereofAny assets, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derivedthereof, includingfunds, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably be held with respect to that Series (or Class) for all purposes, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as "assets held with respect to" that Series (or Class thereof). In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments that which are not readily identifiable as assets held with respect belonging to any particular Series (collectively "General Assets"), the Trustees shall allocate such General Assets to, be allocated between or and among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees, in their sole discretion, deem Sponsor deems fair and equitable, and any General Assets so allocated to a particular Series (and the Classes thereof) shall be assets held with respect to that Series and such Classes. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. Separate , and distinct records such assets, earnings, income, profits or funds, or payments and proceeds thereof shall be maintained for each Series and the referred to as assets held with respect belonging to each that Series. The assets belonging to a Series shall be held and accounted for separately from so recorded upon the assets held with respect to all other Series and the General Assets books of the Trust not allocated to such and shall be held in trust for the benefit of the Shareholders of that Series. (b) Liabilities Attributable to a Particular Series (or Class). The assets of the Trust held with respect belonging to each particular a Series (or Class thereof) shall be charged exclusively with the liabilities of the Trust attributable to that Series or Class and all expenses, costs, charges and reserves attributable to that Series, except that liabilities, expenses, costs, charges and reserves allocated solely to a particular Class, if any, shall be borne by that Class. (ii) The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Trust generally or Classof any other Series and, unless otherwise provided by the Sponsor, none of the debts, liabilities, obligations, expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series shall be enforceable against the assets of such Series. Any general liabilities liabilities, expenses, costs, charges or reserves of the Trust that which are not readily identifiable as being attributable held with respect to any particular Series (and the Classes thereof) shall be allocated and charged by the Trustees Sponsor to and among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees Sponsor in their its sole discretion deem deems fair and equitable. All liabilitiesNotice of the contractual limitation on liabilities among Series described in the first sentence of this paragraph may, expensesin the Sponsor’s discretion, costs, chargesbe set forth in the certificate of trust of the Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the Delaware Trust Statute, and reserves so charged upon the giving of such notice in the certificate of trust, the statutory provisions of Section 3804 of the Delaware Trust Statute relating to a limitations on liabilities among Series (and the Classes thereofstatutory effect under Section 3804 of the Delaware Trust Statute of setting forth such notice in the certificate of trust) are herein referred shall become applicable to as "liabilities attributable the Trust and each Series. Any person extending credit to" , contracting with or having any claim against any Series may look only to the assets of that Series to satisfy or enforce any debt, with respect to that Series. No Shareholder or former Shareholder of any Series shall have a claim on or any right to any assets allocated or belonging to any other Series, except to the extent that such Shareholder or former Shareholder has such a claim or right hereunder as a Shareholder or former Shareholder of such other Series. (c) Notwithstanding any other provisions of this Trust Agreement, no distribution including, without limitation, any distribution paid upon termination of the Trust or of any Series or Class thereof). Each allocation with respect to, nor any redemption or repurchase of, the Shares of liabilities, expenses, costs, charges and reserves any Series or Class shall be effected by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. All liabilities attributable to a particular Series shall be enforceable against Trust other than from the assets held with respect to such Series, nor shall any Shareholder of any particular Series only and not against the assets of the Trust generally otherwise have any right or claim against the assets held with respect to any other Series except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series. Notice of this limitation on the liability of each Series The Sponsor shall have full discretion to determine which items shall be set forth in treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Certificate of Trust or in an amendment thereto prior to the issuance of any Shareholders. Any Shares of a Series. To Series acquired, through purchase, exchange or otherwise, by another Series shall not be deemed cancelled, unless the Sponsor affirmatively determines otherwise. (d) Except to the extent that otherwise provided in the Trusteesinstrument establishing such Series, pursuant to Section 2 all the Shares of Article VII hereof, include a Class limitation on liability each particular Series shall represent an equal proportionate interest in any note, bond, contract, instrument, certificate or undertaking made the assets held with respect to any Class, the parties to such note, bond, contract, instrument, certificate or undertaking shall look only that Series (subject to the assets attributable liabilities held with respect to that Series and such Class rights and preferences as may have been established and designated with respect to Classes of Shares within such Series). (e) Except to the extent otherwise provided in satisfaction the instrument establishing such Series, any fractional Share of a Series shall carry proportionately all the rights and obligations of a whole Share of that Series, including rights with respect to voting, receipt of dividends and distributions, redemption of Shares and termination of the liabilities arising thereunder Trust. (f) The Sponsor shall have the authority to provide that the holders of Shares of any Series shall have the right to exchange said Shares for Shares of one or more other Series of Shares in conformity with such requirements and not to procedures as may be established by the assets attributable to any other Class of the applicable SeriesSponsor.

Establishment and Designation of Series or Class. The Trustees may establish and designate one or more Series or Classes in their sole discretion without obtaining the approval of the Shareholders Shares of any Series or Class thereof (except as otherwise required by the 1940 Act). The establishment and designation of any Series (or Class) of Shares shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Series (or Class), whether directly in such resolution or by reference to another document including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. Shares of each Series (or Class) established pursuant to this Article III, unless otherwise provided in the resolution establishing such Series, Trust shall have the following relative rights and preferences: (a) Assets Held with Respect belonging to a Particular Series or Class. All consideration received by the Trust for the issue or sale of Shares of a particular Series or Class thereofClass, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably be held with respect belong to that Series (or Class) Class for all purposes, subject only to the rights of creditors, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as "assets held with respect belonging to" that Series (or Class thereof)Class. In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments that which are not readily identifiable as assets held with respect belonging to any particular Series or Class (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series (or Classes established and the Classes thereof) designated from time to time in such manner and on such basis as the Trusteesthey, in their sole discretion, deem fair and equitable, and any General Assets so allocated to a particular Series (and the Classes thereof) or Class shall be assets held with respect belong to that Series and such Classesor Class. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series and or Classes for all purposes. Separate and distinct records shall be maintained for each Series and the assets held with respect to each Series shall be held and accounted for separately from the assets held with respect to all other Series and the General Assets of the Trust not allocated to such Series. (b) Liabilities Attributable to a Particular Series (or Class). The assets of the Trust held with respect to each particular Series (or Class thereof) shall be charged exclusively with the liabilities of the Trust attributable to that Series or Class and all expenses, costs, charges and reserves attributable to that Series or Class. Any general liabilities of the Trust that are not readily identifiable as being attributable to any particular Series (and the Classes thereof) shall be allocated and charged by the Trustees to and among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. All liabilities, expenses, costs, charges, and reserves so charged to a Series (and the Classes thereof) are herein referred to as "liabilities attributable to" that Series (or Class thereof). Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. All liabilities attributable to a particular Series shall be enforceable against the assets held with respect to such Series only and not against the assets of the Trust generally or against the assets held with respect to any other Series. Notice of this limitation on the liability of each Series shall be set forth in the Certificate of Trust or in an amendment thereto prior to the issuance of any Shares of a Series. To the extent that the Trustees, pursuant to Section 2 of Article VII hereof, include a Class limitation on liability in any note, bond, contract, instrument, certificate or undertaking made with respect to any Class, the parties to such note, bond, contract, instrument, certificate or undertaking shall look only to the assets attributable to such Class in satisfaction of the liabilities arising thereunder and not to the assets attributable to any other Class of the applicable Series.

Establishment and Designation of Series or Class. The Trustees may establish and designate one or more Series or Classes in their sole discretion without obtaining the approval of the Shareholders of any Series or Class thereof (except as otherwise required by the 1940 Act). a) The establishment and designation of any Series (or Class) of Shares Class thereof shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Series (or Class), whether directly in such resolution or by reference to another document including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. . (b) Shares of each Series (or Class) Class established pursuant to this Article IIIII, unless otherwise provided in the resolution establishing such SeriesSeries or Class, shall have the following relative rights and preferences: (ai) Assets Held with Respect to a Particular Series or Class. All consideration received by the Trust Trust, including on behalf of or with respect to a Series, for the issue or sale of Shares of a particular Series or Class thereofSeries, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, derived (including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, assets and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be), shall irrevocably be held separately with respect to that Series (or Class) for all purposes, subject only to the rights of creditors of such Series, from the assets of the Trust and every other Series and shall be so recorded upon the books of account of the TrustTrust and its Series. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, derived (including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds), in whatever form the same may be, are herein referred to as "assets held with respect to" that Series (or Class thereof)Series. In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments that which are not readily identifiable as assets held with respect to any particular Series (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable, and any General Assets so allocated to a particular Series (and the Classes thereof) shall be assets held with respect to that Series and such ClassesSeries. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. Separate and distinct records shall be maintained for each Series and the assets held with respect to each Series shall be held and accounted for separately in such separate and distinct records from the assets held with respect to all other Series and the General Assets of the Trust not allocated to such Series. (bii) Liabilities Attributable Held with Respect to a Particular Series (or Class). The assets of the Trust held with respect to each particular Series (or Class thereof) shall be charged exclusively with against the liabilities of the Trust attributable held with respect to that Series or Class and all expenses, costs, charges charges, and reserves attributable to that Series or Series, except that liabilities and expenses allocated solely to a particular Class shall be borne by that Class. Any general liabilities of the Trust that which are not readily identifiable as being attributable held with respect to any particular Series (and the Classes thereof) or Class shall be allocated and charged by the Trustees to and among any one or more of the Series (and the or Classes thereof) in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. All liabilities, expenses, costs, charges, and reserves so charged to a Series (and the Classes thereof) or Class are herein referred to as "liabilities attributable held with respect to" that Series (or Class thereof)Class. Each allocation of liabilities, expenses, costs, charges charges, and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series and or Classes for all purposes. All liabilities attributable Without limiting the foregoing, but subject to the right of the Trustees to allocate general liabilities, expenses, costs, charges or reserves as herein provided, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets held with respect to such Series only and not against the assets of the Trust generally or against the assets held with respect to any other Series. Notice of this contractual limitation on the liability of each liabilities among Series shall be set forth in the Certificate of Trust (whether originally or by amendment) as filed or to be filed in an amendment thereto prior the Office of the Secretary of State of the State of Delaware pursuant to the issuance Delaware Act, and upon the giving of any Shares such notice in the Certificate of a Trust, the statutory provisions of Section 3804 of the Delaware Act relating to limitations on liabilities among Series (and the statutory effect under Section 3804 of setting forth such notice in the Certificate of Trust) shall become applicable to the Trust and each Series. To the extent that the TrusteesAny person extending credit to, pursuant to Section 2 of Article VII hereof, include a Class limitation on liability in contracting with or having any note, bond, contract, instrument, certificate or undertaking made with respect to claim against any Class, the parties to such note, bond, contract, instrument, certificate or undertaking shall Series may look only to the assets attributable of that Series to such Class in satisfaction satisfy or enforce any debt with respect to that Series. No Shareholder or former Shareholder of the liabilities arising thereunder and not any Series shall have a claim on or any right to the any assets attributable allocated or belonging to any other Class of Series or the applicable SeriesTrust generally.

Establishment and Designation of Series or Class. The Trustees may establish and designate one Without obtaining any authorization or more Series or Classes in their sole discretion without obtaining the approval vote of the Shareholders of any Series or Class thereof (except as otherwise required by the 1940 Act). The , the establishment and designation of any Series (or Class) of Shares shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Series (or Class), whether directly in such resolution or by reference to another document including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. Shares of each Series (or Class) established pursuant to this Article III, unless otherwise provided in the resolution establishing such Series, shall have the following relative rights and preferences: (a) Assets Held with Respect to a Particular Series (or Class). All consideration received by the Trust for the issue or sale of Shares of a particular Series or Class thereof, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably be held with respect to that Series (or Class) for all purposes, subject only to the rights of creditors of such Series (or Class thereof to the extent provided below), and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as "assets held with respect to" to that Series (or Class thereof). In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments that are not readily identifiable as assets held with respect to any particular Series (and the Classes thereof) (collectively "“General Assets"”), the Trustees shall allocate such General Assets to, between or among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable, and any General Assets so allocated to a particular Series (and the Classes thereof) shall be assets held with respect to that Series and such Classes. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. Separate and distinct records shall be maintained for each Series (and the Classes thereof) and the assets held with respect to each Series (and the Classes thereof) shall be held and accounted for separately from the assets held with respect to all other Series (and the Classes thereof) and the General Assets of the Trust not allocated to such Series. (b) Liabilities Attributable to a Particular Series (or Class). The assets of the Trust held with respect to each particular Series (or Class thereof) shall be charged exclusively with the liabilities of the Trust attributable to that Series or Class and all expenses, costs, charges and reserves attributable to that Series or Class. Any general liabilities of the Trust that are not readily identifiable as being attributable to any particular Series (and the Classes thereof) shall be allocated and charged by the Trustees to and among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. All liabilities, expenses, costs, charges, and reserves so charged to a Series (and the Classes thereof) are herein referred to as "liabilities attributable to" that Series (or Class thereof). Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. All liabilities attributable to a particular Series shall be enforceable against the assets held with respect to such Series only and not against the assets of the Trust generally or against the assets held with respect to any other Series. Notice of this limitation on the liability of each Series shall be set forth in the Certificate of Trust or in an amendment thereto prior to the issuance of any Shares of a Series. To the extent that the Trustees, pursuant to Section 2 of Article VII hereof, include a Class limitation on liability in any note, bond, contract, instrument, certificate or undertaking made with respect to any Class, the parties to such note, bond, contract, instrument, certificate or undertaking shall look only to the assets attributable to such Class in satisfaction of the liabilities arising thereunder and not to the assets attributable to any other Class of the applicable SeriesClasses.

Establishment and Designation of Series or Class. The Trustees may establish and designate one Without obtaining any authorization or more Series or Classes in their sole discretion without obtaining the approval vote of the Shareholders of any Series or Class thereof (except as otherwise required by the 1940 Act). The , the establishment and designation of any Series (or Class) of Shares shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Series (or Class), whether directly in such resolution or by reference to another document including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. Shares of each Series (or Class) established pursuant to this Article III, unless otherwise provided in the resolution establishing such Series, shall have the following relative rights and preferences: (a) Assets Held with Respect to a Particular Series (or Class). All consideration received by the Trust for the issue or sale of Shares of a particular Series or Class thereof, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably be held with respect to that Series (or Class) for all purposes, subject only to the rights of creditors of such Series (or Class thereof to the extent provided below), and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as "assets held with respect to" that Series (or Class thereof). In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments that are not readily identifiable as assets held with respect to any particular Series (and the Classes thereof) (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable, and any General Assets so allocated to a particular Series (and the Classes thereof) shall be assets held with respect to that Series and such Classes. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. Separate and distinct records shall be maintained for each Series (and the Classes thereof) and the assets held with respect to each Series (and the Classes thereof) shall be held and accounted for separately from the assets held with respect to all other Series and the General Assets of the Trust not allocated to such Series.from (b) Liabilities Attributable to a Particular Series (or Class). The assets of the Trust held with respect to each particular Series (or Class thereof) shall be charged exclusively with the liabilities of the Trust attributable to that Series or Class and all expenses, costs, charges and reserves attributable to that Series or Class. Any general liabilities of the Trust that are not readily identifiable as being attributable to any particular Series (and the Classes thereof) shall be allocated and charged by the Trustees to and among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. All liabilities, expenses, costs, charges, and reserves so charged to a Series (and the Classes thereof) are herein referred to as "liabilities attributable to" that Series (or Class thereof). Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. All liabilities attributable to a particular Series shall be enforceable against the assets held with respect to such Series only and not against the assets of the Trust generally or against the assets held with respect to any other Series. Notice of this limitation on the liability of each Series shall be set forth in the Certificate of Trust or in an amendment thereto prior to the issuance of any Shares of a Series. To the extent that the Trustees, pursuant to Section 2 of Article VII hereof, include a Class limitation on liability in any note, bond, contract, instrument, certificate or undertaking made with respect to any Class, the parties to such note, bond, contract, instrument, certificate or undertaking shall look only to the assets attributable to of such Class in satisfaction of the liabilities arising thereunder and not to the assets attributable to of any other Class of the applicable Series.

Establishment and Designation of Series or Class. The Trustees may establish and designate one or more Series or Classes in their sole discretion without obtaining the approval of the Shareholders of any Series or Class thereof (except as otherwise required by the 1940 Act). The establishment and designation of any Series (or Class) of Shares shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Series (or Class), whether directly in such resolution or by reference to another document including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. Shares of each Series (or Class) established pursuant to this Article III, unless otherwise provided in the resolution establishing such Series, shall have the following relative rights and preferences: (a) Assets Held with Respect to a Particular Series or Class. All consideration received by the Trust for the issue or sale of Shares of a particular Series or Class thereof, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably be held with respect to that Series (or Class) for all purposes, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as "assets held with respect to" that Series (or Class thereof). In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments that are not readily identifiable as assets held with respect to any particular Series and the Classes thereof (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable, and any General Assets so allocated to a particular Series (and the Classes thereof) shall be assets held with respect to that Series and such Classes. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. Separate and distinct records shall be maintained for each Series and the assets held with respect to each Series shall be held and accounted for separately from the assets held with respect to all other Series and the General Assets of the Trust not allocated to such Series. (b) Liabilities Attributable to a Particular Series (or Class). The assets of the Trust held with respect to each particular Series (or Class thereof) shall be charged exclusively with the liabilities of the Trust attributable to that Series or Class and all expenses, costs, charges and reserves attributable to that Series or Class. Any general liabilities of the Trust that are not readily identifiable as being attributable to any particular Series (and the Classes thereof) shall be allocated and charged by the Trustees to and among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. All liabilities, expenses, costs, charges, and reserves so charged to a Series (and the Classes thereof) are herein referred to as "liabilities attributable to" that Series (or Class thereof). Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. All liabilities attributable to a particular Series shall be enforceable against the assets held with respect to such Series only and not against the assets of the Trust generally or against the assets held with respect to any other Series. Notice of this limitation on the liability of each Series shall be set forth in the Certificate of Trust or in an amendment thereto prior to the issuance of any Shares of a Series. To the extent that the Trustees, pursuant to Section 2 of Article VII hereof, include a Class limitation on liability in any note, bond, contract, instrument, certificate or undertaking made with respect to any Class, the parties to such note, bond, contract, instrument, certificate or undertaking shall look only to the assets attributable to such Class in satisfaction of the liabilities arising thereunder and not to the assets attributable to any other Class of the applicable Series.

Establishment and Designation of Series or Class. The Trustees may establish and designate one or more Series or Classes in their sole discretion without obtaining the approval of the Shareholders of any Series or Class thereof (except as otherwise required by the 1940 Act). The establishment and designation of any Series (or Class) Class of Shares of the Trust shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Series (or Class)Class of the Trust, whether directly in such resolution or by reference to another document including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. Shares of each Series (or Class) Class of the Trust established pursuant to this Article III, unless otherwise provided in the resolution establishing such SeriesSeries or Class, shall have the following relative rights and preferences: (a) Assets Held with Respect to a Particular Series or ClassSeries. All consideration received by the Trust for the issue or sale of Shares of a particular Series or Class thereofSeries, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, derived (including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, assets and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, ) shall irrevocably be held separately with respect to that Series (or Class) for all purposes, subject only to the rights of creditors of such Series from the assets of the Trust and every other Series, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, (including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds), in whatever form the same may be, are herein referred to as "assets held with respect to" that Series (or Class thereof)Series. In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments that which are not readily identifiable as assets held with respect to any particular Series (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable, and any General Assets so allocated to a particular Series (and the Classes thereof) shall be assets held with respect to that Series and such ClassesSeries. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. Separate and distinct records shall be maintained for each Series and the assets held with respect to each Series shall be held and accounted for separately from the assets held with respect to all other Series and the General Assets of the Trust not allocated to such Series. (b) Liabilities Attributable to a Particular Series (or Class). The assets of the Trust held with respect to each particular Series (or Class thereof) shall be charged exclusively with the liabilities of the Trust attributable to that Series or Class and all expenses, costs, charges and reserves attributable to that Series or Class. Any general liabilities of the Trust that are not readily identifiable as being attributable to any particular Series (and the Classes thereof) shall be allocated and charged by the Trustees to and among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. All liabilities, expenses, costs, charges, and reserves so charged to a Series (and the Classes thereof) are herein referred to as "liabilities attributable to" that Series (or Class thereof). Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. All liabilities attributable to a particular Series shall be enforceable against the assets held with respect to such Series only and not against the assets of the Trust generally or against the assets held with respect to any other Series. Notice of this limitation on the liability of each Series shall be set forth in the Certificate of Trust or in an amendment thereto prior to the issuance of any Shares of a Series. To the extent that the Trustees, pursuant to Section 2 of Article VII hereof, include a Class limitation on liability in any note, bond, contract, instrument, certificate or undertaking made with respect to any Class, the parties to such note, bond, contract, instrument, certificate or undertaking shall look only to the assets attributable to such Class in satisfaction of the liabilities arising thereunder and not to the assets attributable to any other Class of the applicable Series.

Establishment and Designation of Series or Class. The Trustees may hereby establish the Series listed in Schedule A attached hereto and designate one or more Series or Classes in their sole discretion without obtaining the approval of the Shareholders of any Series or Class thereof (except as otherwise required by the 1940 Act)made a part hereof. The establishment and designation of any each additional Series (or Class) Class of Shares of the Trust shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Series (or Class)Class of the Trust, whether directly in such resolution or by reference to another document including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. Shares of each Series (or Class) Class of the Trust established pursuant to this Article III, unless otherwise provided in the resolution establishing such SeriesSeries or Class, shall have the following relative rights and preferences: (a) Assets Held with Respect to a Particular Series or ClassSeries. All consideration received by the Trust for the issue or sale of Shares of a particular Series or Class thereofSeries, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, derived (including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, assets and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, ) shall irrevocably be held separately with respect to that Series (or Class) for all purposes, subject only to the rights of creditors of such Series, from the assets of the Trust and every other Series, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, (including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds), in whatever form the same may be, are herein referred to as "assets held with respect to" that Series (or Class thereof)Series. In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments that which are not readily identifiable as assets held with respect to any particular Series (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable, and any General Assets so allocated to a particular Series (and the Classes thereof) shall be assets held with respect to that Series and such ClassesSeries. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. Separate and distinct records shall be maintained for each Series and the assets held with respect to each Series shall be held and accounted for separately from the assets held with respect to all other Series and the General Assets of the Trust not allocated to such Series. (b) Liabilities Attributable to a Particular Series (or Class). The assets of the Trust held with respect to each particular Series (or Class thereof) shall be charged exclusively with the liabilities of the Trust attributable to that Series or Class and all expenses, costs, charges and reserves attributable to that Series or Class. Any general liabilities of the Trust that are not readily identifiable as being attributable to any particular Series (and the Classes thereof) shall be allocated and charged by the Trustees to and among any one or more of the Series (and the Classes thereof) in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. All liabilities, expenses, costs, charges, and reserves so charged to a Series (and the Classes thereof) are herein referred to as "liabilities attributable to" that Series (or Class thereof). Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. All liabilities attributable to a particular Series shall be enforceable against the assets held with respect to such Series only and not against the assets of the Trust generally or against the assets held with respect to any other Series. Notice of this limitation on the liability of each Series shall be set forth in the Certificate of Trust or in an amendment thereto prior to the issuance of any Shares of a Series. To the extent that the Trustees, pursuant to Section 2 of Article VII hereof, include a Class limitation on liability in any note, bond, contract, instrument, certificate or undertaking made with respect to any Class, the parties to such note, bond, contract, instrument, certificate or undertaking shall look only to the assets attributable to such Class in satisfaction of the liabilities arising thereunder and not to the assets attributable to any other Class of the applicable Series.