Organization of the Funds. Each of the Pilgrim Funds ------------------------- (sometimes collectively referred to as the "Pilgrim Fund Family") is a registered investment company (a "Registrant"), or a series of a Registrant, organized as a Maryland or a California corporation, a Delaware business trust, or a Massachusetts business trust, duly formed and validly existing and in good standing under the law of its jurisdiction of organization. The Pilgrim Disclosure Schedule sets forth a true, complete, and correct list, as of the date hereof, of each of the Registrants and any series thereof, and whether any of Pilgrim, Pilgrim Securities, or any other subsidiary of Pilgrim acts as investment adviser, sub-adviser, broker-dealer, or sponsor for the Registrant. Each Pilgrim Fund for which any affiliate of Pilgrim will act in such capacities after the Effective Time is so indicated in the Pilgrim Disclosure Schedule. Each Pilgrim Fund has the requisite power and authority to carry on its business as it is now being conducted.
Organization of the Funds. Each of the Lexington Funds (sometimes collectively referred to as the "Lexington Fund Family") is a registered investment company (a "Registrant"), or a series of a Registrant, organized as a Maryland corporation, or a Massachusetts business trust, or a New York grantor trust, duly formed and validly existing, and with respect to Lexington Funds that are Maryland corporations and Massachusetts business trusts, in good standing under the law of its jurisdiction of organization. The Lexington Disclosure Schedule sets forth a true, complete, and correct list, as of the date hereof, of each of the Registrants and any series thereof, and whether any of Lexington, Lexington Management Corporation, or any other subsidiary of Lexington acts as investment adviser, broker-dealer, or sponsor for the Registrant. Each Lexington Fund for which any affiliate of Lexington will act in such capacities after the Effective Time is so indicated in the Lexington Disclosure Schedule. Each Lexington Fund has the requisite power and authority to carry on its business as it is now being conducted.
