Common use of Limitations of Liability of the Trustees and Shareholders Clause in Contracts

Limitations of Liability of the Trustees and Shareholders. In the case where the Fund is a trust, a copy of the trust instrument (if applicable) is on file with the Secretary of the State of the state of its organization, and notice is hereby given that this instrument is executed on behalf of the trustees of the trust as trustees and not individually and that the obligations of this instrument are not binding upon any of the trustees or Shareholders individually but are binding only upon the assets and property of the Fund.

Limitations of Liability of the Trustees and Shareholders. In the case where the Fund is a trust, a copy of the trust instrument (if applicable) is on file with the Secretary of the State of the state of its organization, and notice is hereby given that this instrument is executed on behalf of the trustees of the trust as trustees and not individually and that the obligations of this instrument are not binding upon any of the trustees or Shareholders individually but are binding only upon the assets and property of the Fundtrust.

Limitations of Liability of the Trustees and Shareholders. In the case where the Fund is a trust, a copy of the trust instrument (if applicable) is on file with the Secretary of the State of the state of its organization, and notice is hereby given that this instrument is executed on behalf of the trustees of the trust as trustees and not individually and that the obligations of this instrument are not binding upon any of the trustees or Shareholders individually but are binding only upon the assets and property of the such Fund.

Limitations of Liability of the Trustees and Shareholders. In the case where the Fund is a trust, a copy of the trust instrument (if applicable) is on file with the Secretary of the State of the state of its organization, and notice is hereby given that this instrument is executed on behalf of the trustees of the trust as trustees and not individually and that the obligations of this instrument are not binding upon any of the trustees or Shareholders individually but are binding only upon the assets and property of the Fundtrust (or a particular Portfolio, where applicable).

Limitations of Liability of the Trustees and Shareholders. In the case where the Fund is a trust, a copy of the trust instrument (if applicable) is on file with the Secretary of the State of the state of its organization, and notice is hereby given that this instrument is executed on behalf of the trustees of the trust as trustees and not individually and that the obligations of this instrument are not binding upon any of the trustees or Shareholders individually but are binding only upon the assets and property of the Fund.. Madison Asset Management

Limitations of Liability of the Trustees and Shareholders. In the case where the Fund is a trust, a copy of the trust instrument (if applicable) is on file with the Secretary of the State of the state of its organization, and notice is hereby given that this instrument is executed on behalf of the trustees of the trust as trustees and not individually and that the obligations of this instrument are not binding upon any of the trustees or Shareholders individually but are binding only upon the assets and property of the Fund.. Madison Asset Management 27

Limitations of Liability of the Trustees and Shareholders. In the case where the Fund is a trust, a copy of the trust instrument (if applicable) is on file with the Secretary of the State of the state of its organization, and notice is hereby given that this instrument is executed on behalf of the trustees of the trust as trustees and not individually and that the obligations of this instrument are not binding upon any of the trustees or Shareholders individually but are binding only upon the assets and property of the Fund. [Signatures appear on next page.]

Limitations of Liability of the Trustees and Shareholders. In the case where the Fund is a trust, a A copy of the trust instrument (if applicable) Declaration of Trust of the Fund is on file with the Secretary of the State of the state of its organization, and notice is hereby given that this instrument is executed on behalf of the trustees Trustees of the trust Trust as trustees Trustees and not individually and that the obligations of this instrument are not binding upon any of the trustees Trustees or Shareholders individually but are binding only upon the assets and property of the Fund.

Limitations of Liability of the Trustees and Shareholders. In the case where the Fund is a trust, a copy of the trust instrument (if applicable) is on file with the Secretary of the State of the state of its organization, and notice is hereby given that this instrument is executed on behalf of the trustees of the trust as trustees and not individually and that the obligations of this instrument are not binding upon any of the trustees or Shareholders individually but are binding only upon the assets and property of the Fund.

Limitations of Liability of the Trustees and Shareholders. In the case where the a Fund is a trust, a copy of the trust instrument (if applicable) is on file with the Secretary of the State of the state of its organization, and notice is hereby given that this instrument is executed on behalf of the trustees of the trust as trustees and not individually and that the obligations of this instrument are not binding upon any of the trustees or Shareholders individually but are binding only upon the assets and property of the Fund.

Limitations of Liability of the Trustees and Shareholders. In the case where If the Fund is a trust, a copy of the trust instrument (if applicable) is on file with the Secretary of the State of the state of its organizationwhere it is organized. In addition, and notice is hereby given that (i) this instrument is executed on behalf of the trustees of the trust as trustees and not individually individually, and that (ii) the obligations of this instrument are not binding upon any of the trustees or Shareholders individually but are binding only upon the assets and property of the Fundtrust.