Common use of Ownership of Assets of the Trust Clause in Contracts

Ownership of Assets of the Trust. (a) Legal title to all of the Trust Property shall at all times be vested in the Trust as a separate legal entity, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualification. Upon the resignation, removal, death or incapacity of a Trustee he shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Ownership of Assets of the Trust. (a) The assets of the Trust and of each Portfolio thereof shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title to in all of the assets of the Trust Property and the right to conduct any business shall at all times be vested considered to be held by or in the Trust as a separate legal entityname of the Trust, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of by the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust or any Portfolio or Class of the Trust. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust, or belonging to any Portfolio, or allocable to any Class thereof, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in the Trust or in assets belonging to the Portfolio (or allocable to the Class) in which the Shareholder holds Shares. The Shares shall be personal property giving only the rights specifically set forth in this Agreement or the Delaware Act.

Ownership of Assets of the Trust. (a) The assets of the Trust and of each Portfolio thereof shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title to in all of the assets of the Trust Property and the right to conduct any business shall at all times be vested considered to be held by or in the Trust as a separate legal entityname of the Trust, except that the Trustees may cause legal title to any Trust Property to be held by, by the Trustees or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust or any Portfolio or Class of the Trust. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust, or belonging to any Portfolio, or allocable to any Class thereof, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in the Trust or in assets belonging to the Portfolio (or allocable to the Class) in which the Shareholder holds Shares. The Shares shall be personal property giving only the rights specifically set forth in this Agreement or the Delaware Act.

Ownership of Assets of the Trust. (a) Legal title to all of the Trust Property shall at all times be vested in the Trust as a separate legal entity, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, of one or more of the Trustees acting for and on behalf of the Trust, or in the name of any Person person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class the Shares of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by of the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If In the event that title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualification. Upon the resignation, removal, death or incapacity of a Trustee he shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Ownership of Assets of the Trust. (a) The assets of the Trust and of each Portfolio thereof shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title to in all of the assets of the Trust Property and the right to conduct any business shall at all times be vested considered to be held by or in the Trust as a separate legal entityname of the Trust, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of by the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in In the event that any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities Property is held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust or any Portfolio or Class of the Trust. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust, or belonging to any Portfolio, or allocable to any Class thereof, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in the Trust or in assets belonging to the Portfolio (or allocable to the Class) in which the Shareholder holds Shares. The Shares shall be personal property giving only the rights specifically set forth in this Agreement or the Delaware Act.

Ownership of Assets of the Trust. (a) The assets of the Trust shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title to in all of the assets of the Trust Property and the right to conduct any business shall at all times be vested considered to be held by or in the Trust as a separate legal entityname of the Trust, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of by the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in In the event that any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities Property is held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in the Trust. The Shares shall be personal property giving only the rights specifically set forth in this Agreement or the Delaware Act.

Ownership of Assets of the Trust. (a) Legal title The assets of the Trust shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Title to all of the assets of the Trust Property shall at all times be considered as vested in the Trust as a separate legal entityTrust, except that the Trustees may shall have power to cause legal title to any Trust Property to be held byby or in the name of one or more of the Trustees, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and nominee, on behalf of such terms as the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such ShareholderTrustees may determine. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, removal, removal or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust or any right of partition or possession thereof, but each Shareholder shall have a proportionate undivided beneficial ownership in the Trust or Series.

Ownership of Assets of the Trust. (a) Legal title The assets of the Trust and each Series shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Title to all of the assets of the Trust Property shall at all times be considered as vested in the Trust as a separate legal entityTrust, except that the Trustees may shall have power to cause legal title to any Trust Property to be held byby or in the name of one or more of the Trustees, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and nominee, on behalf of such terms as the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such ShareholderTrustees may determine. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, removal, removal or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust or any right of partition or possession thereof, but each Shareholder shall have a proportionate undivided beneficial ownership in the Trust or Series.

Ownership of Assets of the Trust. (a) The assets of the Trust shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title to in all of the assets of the Trust Property and the right to conduct any business shall at all times be vested considered to be held by or in the Trust as a separate legal entityname of the Trust, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of by the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in the Trust. The Shares shall be personal property giving only the rights specifically set forth in this Agreement or the Delaware Act.

Ownership of Assets of the Trust. (a) Legal title to all of the Trust Property shall at all times be vested in the Trust as a separate legal entity, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualification. Upon the resignation, removal, death or incapacity of a Trustee, such Trustee he shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Ownership of Assets of the Trust. (a) Legal title to all The assets of the Trust Property shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. All of the assets of the Trust shall at all times be considered as automatically vested in the Trust Trustees as a separate legal entity, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed from time to have a severable ownership interest time in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualificationoffice. Upon the resignation, retirement, removal, declination to serve, incapacity or death or incapacity of a Trustee, such Trustee he shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents or other instruments have been executed or delivered. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and deliverednot related to the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial ownership interest in the Trust. The Shares shall be personal property giving only the rights specifically set forth in this Agreement or the Delaware Act.

Ownership of Assets of the Trust. (a) Legal title Title to all of the assets of the Trust Property shall at all times be considered as vested in the Trust, and title to the assets held with respect to each Series shall at all times be considered as vested in the Trust as a separate legal entitynominee for such Series. Notwithstanding the foregoing, except that the Trustees may shall have power to cause legal title to any Trust Property or assets belonging to a Series to be held byby or in the name of one or more of the Trustees, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and nominee, on behalf such terms as the Trustees may determine with the same effect as if such property were held in the name of the Trust. No Shareholder creditor of any Trustee shall be deemed have any right to have obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property or assets belonging to a severable ownership interest Series with respect to any claim against, or obligation of, such Trustee in any its individual asset of capacity and not related to the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholderthe Trust. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property or assets belonging to a Series shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust PropertyProperty or assets belonging to a Series, and the right, title and interest of such Trustee in the Trust Property or assets belonging to a Series shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust or any right of partition or possession thereof, but each Shareholder shall have a proportionate undivided beneficial interest in a Series of the Trust.

Ownership of Assets of the Trust. (a) The assets of the Trust shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title to in all of the assets of the Trust Property and the right to conduct any business shall at all times be vested considered to be held by or in the Trust as a separate legal entityname of the Trust, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of by the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust or any Class of the Trust. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust, or allocable to any Class thereof, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in the Trust or in assets allocable to the Class in which the Shareholder holds Shares. The Shares shall be personal property giving only the rights specifically set forth in this Agreement or the Delaware Act.

Ownership of Assets of the Trust. (a) The assets of the Trust shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title to in all of the assets of the Trust Property and the right to conduct any business shall at all times be vested considered to be held by or in the Trust as a separate legal entityname of the Trust, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of by the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in In the event that any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities Property is held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust or any Class of the Trust. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust, or allocable to any Class thereof, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in the Trust or in assets allocable to the Class in which the Shareholder holds Shares. The Shares shall be personal property giving only the rights specifically set forth in this Agreement or the Delaware Act.

Ownership of Assets of the Trust. (a) Legal title Title to all the assets of the Trust Property shall at all times be considered as vested in the Trust, and title to the assets held with respect to each Series shall at all times be considered as vested in the Trust as a separate legal entitynominee for such Series. Notwithstanding the foregoing, except that the Trustees may shall have power to cause legal title to any assets of the Trust Property to be held by, by or in the name of, of one or more of the Trustees acting for and on behalf of the TrustTrustees, or in the name of any Person other person as nominee acting for and nominee, on behalf of such terms as the Trust. No Shareholder shall be deemed to have a severable ownership interest Trustees may determine with the same effect as if such assets were held in any individual asset the name of the Trust or in the name of the Trust as nominee for such Series. No creditor of any Series or ClassTrustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf assets of the Trust, shall be deemed with respect to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organizedclaim against, or existing under obligation of, such Trustee in his individual capacity and not related to the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the Trust. The right, title and interest of the Trustees in the assets of the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity or death or incapacity of a Trustee Trustee, he shall automatically cease to have any right, title or interest in any of the Trust Propertyassets of the Trust, and the right, title and interest of such Trustee in the assets of the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Ownership of Assets of the Trust. (a) Legal title Title to all of the assets of the Trust Property shall at all times be considered as vested in the Trust. Title to assets held with respect to each Series shall at all times be considered as vested in the Trust as a separate legal entitynominee for the applicable Series. Notwithstanding the foregoing, except that the Trustees may shall have power to cause legal title to any Trust Property or Series Property to be held byby or in the name of one or more of the Trustees, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee, on such terms as the Trustees may determine with the same effect as if such property were held in the name of the Trust or in the name of the Trust as nominee acting for such Series. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property or Series Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and on behalf not related to the Trust or any Series or Class of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property and Series Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property or Series Property, and the right, title and interest of such Trustee in the Trust Property or Series Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Ownership of Assets of the Trust. (a) Legal title Title to all of the assets of the Trust Property shall at all times be considered as vested in the Trust. Title to assets held with respect to a Series shall at all times be considered vested in the Trust as a separate legal entitynominee for the applicable Series. Notwithstanding the foregoing, except that the Trustees may shall have power to cause legal title to any Trust Property or assets held with respect to a Series, as the case may be, to be held byby or in the name of one or more of the Trustees, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and nominee, on behalf such terms as the Trustees may determine with the same effect as if such property were held in the name of the Trust. No Shareholder creditor of any Trustee shall be deemed have any right to have obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property or assets held with respect to a severable ownership interest Series with respect to any claim against, or obligation of, such Trustee in any its individual asset of capacity and not related to the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholderthe Trust. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property or assets held with respect to a Series shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust PropertyProperty or assets held with respect to a Series, and the right, title and interest of such Trustee in the Trust Property or assets held with respect to a Series shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Ownership of Assets of the Trust. (a) Legal title Title to all of the assets of the Trust Property shall at all times be considered as vested in the Trust as a separate legal entityTrust, except that the Trustees may shall have power to cause legal title to any Trust Property to be held byby or in the name of one or more of the Trustees, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for nominee, on such terms as the Trustees may determine, in accordance with applicable law. The right, title and on behalf interest, if any, of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee. Upon the resignation, removal or death of a Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest, if any, of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust or any Series or Class of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust Trust, or of belonging to any Series Series, or Classallocable to any Class thereof, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each the Trust or in assets belonging to the Series (or Class of Shares allocable to the Class) in which are owned by such Shareholderthe Shareholder holds Shares. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, Shares shall be deemed to hold legal title and beneficial ownership personal property giving only the rights specifically set forth in this Declaration of any income earned on securities held by Trust or the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign countryDelaware Act. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualification. Upon the resignation, removal, death or incapacity of a Trustee he shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Ownership of Assets of the Trust. (a) The assets of the Trust and of each Portfolio thereof shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title to in all of the assets of the Trust Property and the right to conduct any business shall at all times be vested considered to be held by or in the Trust as a separate legal entityname of the Trust, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of by the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in such Trustee’s individual capacity and not related to the Trust or any Portfolio or Class of the Trust. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust, or belonging to any Portfolio, or allocable to any Class thereof, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in the Trust or in assets belonging to the Portfolio (or allocable to the Class) in which the Shareholder holds Shares. The Shares shall be personal property giving only the rights specifically set forth in this Agreement or the Delaware Act.

Ownership of Assets of the Trust. (a) Legal title Title to all of the assets of the Trust Property shall at all times be considered as vested in the Trustees and shall be held separately and apart from any assets, now or hereafter held in any capacity other than as Trustee hereunder, by the Trustees, including without limitation any successor Trustees. Legal title to all the assets of the Trust shall be vested in the Trustees as a separate legal entity, joint tenants except that the Trustees may shall have power to cause legal title to any assets of the Trust Property to be held byby or in the name of one or more of the Trustees, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any Person other person as nominee acting for and nominee, on behalf of such terms as the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such ShareholderTrustees may reasonably determine. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the assets of the Trust Property shall vest automatically in each person who may hereafter become a Trustee Trustee, upon his due election and qualification. Upon the resignation, removal, removal or death or incapacity of a Trustee, such Trustee he shall automatically cease to have any right, title or interest in any of the Trust Propertyassets of the Trust, and the right, title and interest of such Trustee in the assets of the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective regardless of whether or not conveyancing documents have been executed and delivered. Except to the extent otherwise required by Articles IV and V hereof, no Shareholder shall be deemed to have severable ownership in any individual asset of the Trust or any right of partition of possession thereof, or shall be called upon to assume any loss of the Trust nor can he be called upon to assume any loss of the Trust or suffer an assessment of any kind by virtue of his ownership of Shares, but each Shareholder shall have a proportionate undivided beneficial interest in the assets belonging to a particular class or classes of Shares to the extent provided in Articles IV and V. The ownership of Trust property of every description and the right to conduct any business hereinbefore described shall be vested exclusively in the Trustees, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall be personal property giving only the rights specifically set forth in this Agreement. Shares shall not entitle any holder thereof to preference, preemptive, appraisal, conversion or exchange rights, except as the Trustees may determine pursuant to Articles IV and V hereof.

Ownership of Assets of the Trust. (a) The assets of the Trust and of each Fund thereof shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title to in all of the assets of the Trust Property and the right to conduct any business shall at all times be vested considered to be held by or in the Trust as a separate legal entityname of the Trust, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of by the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust or any Fund or Class of the Trust. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust, or belonging to any Fund, or allocable to any Class thereof, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in the Trust or in assets belonging to the Fund (or allocable to the Class) in which the Shareholder holds Shares. The Shares shall be personal property giving only the rights specifically set forth in this Agreement or the Delaware Act.

Ownership of Assets of the Trust. (a) The assets of the Trust shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title to in all of the assets of the Trust Property and the right to conduct any business shall at all times be vested considered to be held by or in the Trust as a separate legal entityname of the Trust, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of by the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust or any Class of the Trust. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust, or allocable to any Class thereof, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in the Trust or in assets allocable to the Class in which the Shareholder holds

Ownership of Assets of the Trust. (a) Legal title to all of the Trust Property shall at all times be vested in the Trust as a separate legal entity, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualification. Upon the resignation, removal, death or incapacity of a Trustee he shall automatically cease to have any any (c) right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Ownership of Assets of the Trust. (a) The assets of the Trust and of each Portfolio thereof shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title to in all of the assets of the Trust Property and the right to conduct any business shall at all times be vested considered to be held by or in the Trust as a separate legal entityname of the Trust, except that the Trustees may cause legal title to any Trust Property to be held by, by the Trustees or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust or any Portfolio or Class of the Trust. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust, or belonging to any Portfolio, or allocable to any Class thereof, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in the Trust or in assets belonging to the Portfolio (or allocable to the Class) in which the

Ownership of Assets of the Trust. (a) The assets of the Trust shall be held separate and apart from any assets now or hereafter held in any capacity, other than as Trustees hereunder, by the Trustees, including without limitation any successor Trustees. Legal title to all the assets of the Trust Property shall at all times be vested in the Trust Trustees as a separate legal entity, joint tenants except that the Trustees may shall have power to cause legal title to any assets of the Trust Property to be held byby or in the name of one or more of the Trustees, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any Person other person as nominee acting for and nominee, on behalf of such terms as the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such ShareholderTrustees may reasonably determine. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the assets of the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, removal, removal or death or incapacity of a Trustee, such Trustee he shall automatically cease to have any right, title or interest in any of the Trust Propertyassets of the Trust, and the right, title and interest of such Trustee in the assets of the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective regardless of whether or not conveyancing documents (pursuant to Section 6.6 hereof or otherwise) have been executed and delivered. Except to the extent otherwise required by Article V hereof, no Shareholder shall be deemed to have severable ownership in any individual asset of the Trust or any right of partition or possession thereof, or shall be called upon to assume any loss of the Trust or suffer an assessment of any kind by virtue of his ownership of Shares, but each Shareholder shall have a proportionate undivided beneficial interest in tie assets belonging to a particular class or classes of Shares to the extent provided in Article V. The ownership of the Trust Property of every description and the right to conduct any business hereinbefore described shall be vested exclusively in the Trustees, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall be personal property giving only the rights specifically set forth in this Declaration of Trust. Shares shall not entitle any holder thereof to preference, preemptive, appraisal, conversion or exchange rights, except as the Trustees may determine pursuant to Article V hereof.

Ownership of Assets of the Trust. (a) The assets of the Trust and of each Series shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title to in all of the assets of the Trust Property and the right to conduct any business shall at all times be considered as vested in the Trust as a separate legal entityTrust, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any Person person as nominee acting for and on behalf of the Trustnominee. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, thereof but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each the Trust or Series or Class based upon the number of Shares which are owned by such Shareholderowned. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, Shares shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by personal property giving only the rights specifically set forth in this Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the Instrument. The right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the declination to serve, death, resignation, retirement, removal, death incapacity or incapacity inability to serve of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Ownership of Assets of the Trust. (a) Legal title to all of the Trust Property shall at all times be vested in the Trust as a separate legal entity, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, of one or more of the Trustees acting for and on behalf of the Trust, or in the name of any Person person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class the Shares of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by of the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If In the event that title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his his/her due election and qualification. Upon the resignation, removal, death or incapacity of a Trustee he shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Ownership of Assets of the Trust. (a) Legal title The assets of the Trust shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Title to all of the assets of the Trust Property shall at all times be considered as vested in the Trust as a separate legal entityTrust, except that the Trustees may shall have power to cause legal title to any Trust Property to be held byby or in the name of one or more of the Trustees, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and nominee, on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except such terms as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of may determine. To the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trusteesextent applicable, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, removal, removal or death or incapacity of a Trustee he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust or any right of partition or possession thereof, but each Shareholder shall have a proportionate undivided beneficial ownership in the Trust or Series.

Ownership of Assets of the Trust. (a) The assets of the Trust shall be held separate and apart from any assets now or hereafter held in any capacity, other than as Trustees hereunder, by the Trustees, including without limitation any successor Trustees. Legal title to all the assets of the Trust Property shall at all times be vested in the Trust Trustees as a separate legal entity, joint tenants except that the Trustees may shall have power to cause legal title to any assets of the Trust Property to be held byby or in the name of one or more of the Trustees, or in the name of, one or more of the Trustees acting for and on behalf of the Trust, or in the name of any Person other person as nominee acting for and nominee, on behalf of such terms as the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such ShareholderTrustees may reasonably determine. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the assets of the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, removal, removal or death or incapacity of a Trustee, such Trustee he shall automatically cease to have any right, title or interest in any of the Trust Propertyassets of the Trust, and the right, title and interest of such Trustee in the assets of the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective regardless of whether or not conveyancing documents (pursuant to Section 6.6 hereof or otherwise) have been executed and delivered. Except to the extent otherwise required by Article V hereof, no Shareholder shall be deemed to have severable ownership in any individual asset of the Trust or any right of partition or possession thereof, or shall be called upon to assume any loss of the Trust or suffer an assessment of any kind by virtue of his ownership of Shares, but each Shareholder shall have a proportionate undivided beneficial interest in the assets belonging to a particular class or classes of Shares to the extent provided in Article V. The ownership of the Trust Property of every description and the right to conduct any business hereinbefore described shall be vested exclusively in the Trustees, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall be personal property giving only the rights specifically set forth in this Declaration of Trust. Shares shall not entitle any holder thereof to preference, preemptive, appraisal, conversion or exchange rights, except as the Trustees may determine pursuant to Article V hereof.

Ownership of Assets of the Trust. (a) The assets of the Trust shall be held separate and apart from any assets now or hereafter held in any capacity other than as Trustee hereunder by the Trustees or any successor Trustees. Legal title to in all of the assets of the Trust Property and the right to conduct any business shall at all times be vested considered to be held by or in the Trust as a separate legal entityname of the Trust, except that the Trustees may cause legal title to any Trust Property to be held by, or in the name of, one or more of by the Trustees acting for and on behalf of the Trust, or in the name of any other Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in In the event that any individual asset of the Trust or of any Series or Class, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in each Series or Class of Shares which are owned by such Shareholder. The Trust, or at the determination of the Trustees, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities Property is held by the Trust which have been issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. (b) If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each person Person who may hereafter become a Trustee upon his due election and qualificationTrustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death or incapacity of a Trustee Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust. No Shareholder shall be deemed to have a severable ownership in any individual asset of the Trust or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate undivided beneficial interest in the Trust. The Shares shall be personal property giving only the rights specifically set forth in this Agreement or the Delaware Act.