Common use of Applicable Law Clause in Contracts

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence Trust and this Trust Instrument, and the rights and obligations of a specific reference herein the Trustees and Shareholders hereunder, shall be governed by and construed and administered according to any such powerthe Act and the laws of said State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a “statutory trust”, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence Trust and this Trust Instrument, and the rights and obligations of a specific reference herein the Trustees and Shareholders hereunder, are to any such powerbe governed by and construed and administered according to the Act and the laws of said State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a “statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a3.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: ; (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is created under and is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant and the applicable provisions of the 1940 Act and the Code; provided, that, all matters relating to or in connection with the Delaware Actconduct of Shareholders’ and Trustees’ meetings (excluding, and without limiting the provisions hereofhowever, the Trust specifically reserves the Shareholders’ right to exercise any vote), including, without limitation, matters relating to or in connection with record dates, notices to Shareholders or Trustees, nominations and elections of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware ActTrustees, voting by, and the absence validity of, Shareholder proxies, quorum requirements, meeting adjournments, meeting postponements and inspectors, which are not specifically addressed in this Declaration of a specific reference herein Trust, in the By-Laws or in the DSTA (other than DSTA Section 3809), or as to any such powerwhich an ambiguity exists, privilege or action shall not imply that be governed by the Delaware General Corporation Law, and judicial interpretations thereunder, as if the Trust may not exercise were a Delaware corporation, the Shareholders were shareholders of such power or privilege or take Delaware corporation and the Trustees were directors of such actions. (b) Notwithstanding the first sentence of Section 8.6(a)Delaware corporation; provided, further, however, that there shall not be applicable to the Trust, the Trustees Trustees, the Shareholders or any other Person or to this Declaration of Trust, Trust or the By-Laws (a) the provisions of Section Sections 3533, 3540 and 3583(a) of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware ActDSTA) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the indemnification, acts or powers of trustees that or other Persons, which are inconsistent with the limitations or of liabilities or authorities and powers of the Trustees or officers of the Trust set forth or referenced in this Declaration of TrustTrust or the By-Laws. The Trust shall be a Delaware statutory trust pursuant to the DSTA, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a statutory trust.

Applicable Law. (a) The This Declaration and the Trust is created under, and this Declaration of Trust is to be hereunder are governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the applicable laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (a) the provisions of Section 3540 of Title 12 of the Delaware Code Code, or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or of responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Declaration. The Trust shall be of Trustthe type commonly called a Delaware business trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The This Declaration and the Trust is created under, and this Declaration of Trust is to be hereunder are governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the applicable laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (a) the provisions of Section 3540 of Title 12 of the Delaware Code Code, or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or of responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Declaration. The Trust shall be of Trustthe type commonly called a Delaware statutory trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, by and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence paragraph (a) of this Section 8.6(a)11.3, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section § 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or ; (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust; (viii) the requirement that a trust have an identified beneficiary at the time of formation; or (ix) the requirement that a trust have corpus at the time of formation.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State state of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Actbusiness trust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory business trusts or actions that may be engaged in by statutory business trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)6(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (x) the provisions of Section section 3540 of Title 12 of the Delaware Code or (y) any provisions of the laws (statutory or common) of the State state of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Actbusiness trust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory business trusts or actions that may be engaged in by statutory business trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)5(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, Trust either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee Trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust; or (viii) activities similar to those referenced in the foregoing items (i) through (vii).

Applicable Law. (a) The This Declaration and the Trust is created under, and this Declaration of Trust is to be hereunder are governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the applicable laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, (a) the provisions of Section 3540 of Title 12 of the Delaware Code Code, or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or of responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Declaration. The Trust shall be of Trustthe type commonly called a Delaware statutory trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is created under and is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant and the applicable provisions of the 1940 Act and the Code; provided, that, all matters relating to or in connection with the Delaware Actconduct of Shareholders’ and Trustees’ meetings (excluding, and without limiting the provisions hereofhowever, the Trust specifically reserves the Shareholders’ right to exercise any vote), including, without limitation, matters relating to or in connection with record dates, notices to Shareholders or Trustees, nominations and elections of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware ActTrustees, voting by, and the absence validity of, Shareholder proxies, quorum requirements, meeting adjournments, meeting postponements and inspectors, which are not specifically addressed in this Declaration of a specific reference herein Trust, in the By-Laws or in the DSTA (other than DSTA Section 3809), or as to any such powerwhich an ambiguity exists, privilege or action shall not imply that be governed by the Delaware General Corporation Law, and judicial interpretations thereunder, as if the Trust may not exercise were a Delaware corporation, the Shareholders were shareholders of such power or privilege or take Delaware corporation and the Trustees were directors of such actions. (b) Notwithstanding the first sentence of Section 8.6(a)Delaware corporation; provided, further, however, that there shall not be applicable to the Trust, the Trustees Trustees, the Shareholders or any other Person or to this Declaration of Trust, Trust or the By-Laws (a) the provisions of Section Sections 3533, 3540 and 3583(a) of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware ActDSTA) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the indemnification, acts or powers of trustees that or other Persons, which are inconsistent with the limitations or of liabilities or authorities and powers of the Trustees or officers of the Trust set forth or referenced in this Declaration of TrustTrust or the By-Laws. The Trust shall be a Delaware statutory trust pursuant to the DSTA, and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is to be and the Trust created hereunder are governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the applicable laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (a) the provisions of Section 3540 of Title 12 of the Delaware Code Code, or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or of responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust. The Trust shall be of the type commonly called a Delaware business trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust set forth in this instrument is created under, under and this Declaration of Trust is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of Delaware. The Trust shall be , without reference to its conflicts of law rules, as a Delaware statutory trust pursuant to under the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or and privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)10.3(a) hereof, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or Trust any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) or any other state pertaining to trusts trusts, including by way of illustration and without limitation, laws that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of trustees if such laws are inconsistent with the authorities and powers or the limitation on liability of the Trustees set forth or referenced in this Declaration of Trust. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. (c) No provision of this Declaration of Trust shall be effective to require a waiver of compliance with any provision of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or the 1940 Act, or of any valid rule, regulation or order of the Commission thereunder.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence Trust and this Declaration, and the rights and obligations of a specific reference herein the Trustees and Shareholders hereunder, are to any such powerbe governed by and construed and administered according to the Act and the laws of said State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, (a) the provisions of Section Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Declaration. The Trust shall be of Trustthe type commonly called a “statutory trust”, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)5(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, Trust either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee Trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust; or (viii) activities similar to those referenced in the foregoing items (i) through (vii).

Applicable Law. (a) The This Declaration and the Trust is created under, hereunder are governed by and this Declaration of administered according to the Delaware Statutory Trust is to be governed by, Act and construed and enforced in accordance with, the applicable laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, (a) the provisions of Section 3540 of Title 12 of the Delaware Code Code, or (b) any provisions provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Statutory Trust Act) pertaining to trusts that relate relates to or regulate: regulates (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or of responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Declaration. Without limiting the provisions hereof, the Trust and the Trustees may exercise all powers that are ordinarily exercised by a trust under the Delaware Statutory Trust Act. The Trust specifically reserves the right to exercise any of Trustthe powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Statutory Trust Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust or the Trustees may not exercise such power or privilege or take such actions. Additionally, reference shall be specifically made to the Delaware General Corporation Law as to the construction of matters not specifically covered herein or in the Delaware Statutory Trust Act or as to which an ambiguity exists, although such law shall not be viewed as limiting the powers otherwise granted to the Trustees hereunder and any ambiguity shall be viewed in favor of such powers.

Applicable Law. (a) The This Declaration and the Trust is created under, and this Declaration of Trust is hereunder are to be governed by, by and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding anything herein to the first sentence of Section 8.6(a)contrary, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of TrustDeclaration.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)7(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, Trust either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee Trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust; or (viii) activities similar to those referenced in the foregoing items (i) through (vii).

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Actbusiness trust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory business trusts or actions that may be engaged in by statutory business trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)6(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (x) the provisions of Section 3540 of Title 12 of the Delaware Code or (y) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust was created and is created continued under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust was created as and shall continue to be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence Trust and this Trust Instrument, and the rights and obligations of a specific reference herein the Trustees and Shareholders hereunder, shall be governed by and construed and administered according to any such powerthe Act and the laws of said State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, or (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers . The Trust shall be of the Trustees set forth type commonly called a “statutory trust”, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or referenced privileges afforded to trusts or actions that may be engaged in this Declaration by trusts under the Act, and the absence of Trusta specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The trust set forth in this instrument is made in the State of Delaware, and the Trust is created under, and this Declaration of Trust is Trust, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Actsaid State; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (a) the provisions of Section Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust. The Trust shall be of the type commonly called a “statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is created under and is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant and the applicable provisions of the 1940 Act and the Code; provided, that, all matters relating to or in connection with the Delaware Actconduct of Shareholders' and Trustees' meetings (excluding, and without limiting the provisions hereofhowever, the Trust specifically reserves the Shareholders' right to exercise any vote), including, without limitation, matters relating to or in connection with record dates, notices to Shareholders or Trustees, nominations and elections of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware ActTrustees, voting by, and the absence validity of, Shareholder proxies, quorum requirements, meeting adjournments, meeting postponements and inspectors, which are not specifically addressed in this Declaration of a specific reference herein Trust, in the By-Laws or in the DSTA (other than DSTA Section 3809), or as to any such powerwhich an ambiguity exists, privilege or action shall not imply that be governed by the Delaware General Corporation Law, and judicial interpretations thereunder, as if the Trust may not exercise were a Delaware corporation, the Shareholders were shareholders of such power or privilege or take Delaware corporation and the Trustees were directors of such actions. (b) Notwithstanding the first sentence of Section 8.6(a)Delaware corporation; provided, further, however, that there shall not be applicable to the Trust, the Trustees Trustees, the Shareholders or any other Person or to this Declaration of Trust, Trust or the By-Laws (a) the provisions of Section Sections 3533, 3540 and 3583(a) of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware ActDSTA) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the indemnification, acts or powers of trustees that or other Persons, which are inconsistent with the limitations or of liabilities or authorities and powers of the Trustees or officers of the Trust set forth or referenced in this Declaration of TrustTrust or the By-Laws. The Trust shall be a Delaware statutory trust pursuant to the DSTA, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a statutory trust.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is and the Trust created hereunder are to be governed by, by and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)7(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, Trust either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is created under and is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant and the applicable provisions of the 1940 Act and the Code; provided, that, all matters relating to or in connection with the Delaware Actconduct of Shareholders’ and Trustees’ meetings (excluding, and without limiting the provisions hereofhowever, the Trust specifically reserves the Shareholders’ right to exercise any vote), including, without limitation, matters relating to or in connection with record dates, notices to Shareholders or Trustees, nominations and elections of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware ActTrustees, voting by, and the absence validity of, Shareholder proxies, quorum requirements, meeting adjournments, meeting postponements and inspectors, which are not specifically addressed in this Declaration of a specific reference herein Trust, in the Bylaws or in the DSTA (other than DSTA Section 3809), or as to any such powerwhich an ambiguity exists, privilege or action shall not imply that be governed by the DGCL, and judicial interpretations thereunder, as if the Trust may not exercise were a Delaware corporation, the Shareholders were shareholders of such power or privilege or take Delaware corporation and the Trustees were directors of such actions. (b) Notwithstanding the first sentence of Section 8.6(a)Delaware corporation; provided, further, however, that there shall not be applicable to the Trust, the Trustees Trustees, the Shareholders or any other Person or to this Declaration of Trust, Trust or the Bylaws (a) the provisions of Section Sections 3533, 3540 and 3583(a) of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware ActDSTA) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the indemnification, acts or powers of trustees that or other Persons, which are inconsistent with the limitations or of liabilities or authorities and powers of the Trustees or officers of the Trust set forth or referenced in this Declaration of TrustTrust or the Bylaws. The Trust shall be a Delaware statutory trust pursuant to the DSTA, and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence Trust and this Declaration, and the rights and obligations of a specific reference herein the Trustees and Shareholders hereunder, are to any such powerbe governed by and construed and administered according to the Act and the laws of said State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Declaration. The Trust shall be of Trustthe type commonly called a “statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is and the Trust created hereunder are to be governed by, by and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)7(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, Trust either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The This Declaration and the Trust is created under, and this Declaration of Trust is to be hereunder are governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the applicable laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (a) the provisions of Section 3540 of Title 12 of the Delaware Code Code, or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or of responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Declaration. The Trust shall be of Trust.the type commonly called a Delaware statutory trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)6(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (x) the provisions of Section 3540 of Title 12 of the Delaware Code or (y) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: : (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a the trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, ; (iv) fees or other sums applicable to for trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust is created under, and set forth in this Declaration of Trust is made in the State of Delaware, and the Trust and this Declaration of Trust, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)6(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, Trust either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The This Declaration and the Trust is created under, and this Declaration of Trust is to be hereunder are governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the applicable laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (a) the provisions of Section 3540 of Title 12 of the Delaware Code Code, or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or of responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth out or referenced in this Declaration Declaration. The Trust shall be of Trustthe type commonly called a Delaware statutory trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The This Declaration and the Trust is created under, and this Declaration of Trust is hereunder are to be governed by, by and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding anything herein to the first sentence of Section 8.6(a)contrary, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents agents, or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of of, including but not limited to, fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced except as expressly provided in this Declaration of TrustDeclaration.

Applicable Law. (a) The Trust set forth in this instrument is created under, under and this Declaration of Trust is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of Delaware. The Trust shall be , without reference to its conflicts of law rules, as a Delaware statutory trust pursuant to under the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or and privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)11.4(a) hereof, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) or any other state pertaining to trusts trusts, including by way of illustration and without limitation, laws that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of trustees if such laws are inconsistent with the authorities and powers or the limitation on liability of the Trustees set forth or referenced in this Declaration Declaration. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. (c) No provision of this Declaration shall be effective to require a waiver of compliance with any provision of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or the 1940 Act, or of any valid rule, regulation or order of the Commission thereunder.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is created under and is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of DelawareDelaware and the applicable provisions of the 1940 Act and the Code. The Trust shall be a Delaware statutory trust pursuant to the Delaware ActDSTA, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a statutory trust. Nonetheless, reference shall be specifically reserves made to Delaware General Corporation Law as to the right construction of matters not specifically covered herein or in the By-Laws, or as to exercise any of which an ambiguity exists, although such law shall not be viewed as limiting the powers or privileges afforded otherwise granted to statutory trusts or actions that may the Trustees hereunder and any ambiguity shall be engaged viewed in by statutory trusts under favor of such powers. Furthermore, the following Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there trust law provisions shall not be applicable to the Trust, the Trustees Trustees, the Shareholders or this Declaration of Trust, : (a) the provisions of Section 3540 of Title 12 of the Delaware Code or Code; or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware ActDSTA) pertaining to trusts that which relate to or regulate: : (i) the filing with any court or governmental government body or agency of trustee accounts or schedules of trustee fees and charges, , (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, , (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, , (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, , (v) the allocation of receipts and expenditures to income or principal, , (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the indemnification, acts or powers of trustees that or other Persons, which are inconsistent with the limitations or of liabilities or authorities and powers of the Trustees or officers of the Trust set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is and the Trust created hereunder are to be governed by, by and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a3(a), Article X hereof, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, Trust either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is created under and is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant and the applicable provisions of the 1940 Act and the Code; provided, that, all matters relating to or in connection with the Delaware Actconduct of Shareholders' and Trustees' meetings (excluding, and without limiting the provisions hereofhowever, the Trust specifically reserves the Shareholders' right to exercise any vote), including, without limitation, matters relating to or in connection with record dates, notices to Shareholders or Trustees, nominations and elections of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware ActTrustees, voting by, and the absence validity of, Shareholder proxies, quorum requirements, meeting adjournments, meeting postponements and inspectors, which are not specifically addressed in this Declaration of a specific reference herein Trust, in the Bylaws or in the DSTA (other than DSTA Section 3809), or as to any such powerwhich an ambiguity exists, privilege or action shall not imply that be governed by the DGCL, and judicial interpretations thereunder, as if the Trust may not exercise were a Delaware corporation, the Shareholders were shareholders of such power or privilege or take Delaware corporation and the Trustees were directors of such actions. (b) Notwithstanding the first sentence of Section 8.6(a)Delaware corporation; provided, further, however, that there shall not be applicable to the Trust, the Trustees Trustees, the Shareholders or any other Person or to this Declaration of Trust, Trust or the Bylaws (a) the provisions of Section Sections 3533, 3540 and 3583(a) of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware ActDSTA) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the indemnification, acts or powers of trustees that or other Persons, which are inconsistent with the limitations or of liabilities or authorities and powers of the Trustees or officers of the Trust set forth or referenced in this Declaration of TrustTrust or the Bylaws. The Trust shall be a Delaware statutory trust pursuant to the DSTA, and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust.

Applicable Law. (a) The trust set forth in this instrument is made in the State of Delaware, and the Trust is created under, and this Declaration of Trust is Trust, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Actsaid State; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (a) the provisions of Section Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Declaration. The Trust shall be of Trustthe type commonly called a "statutory trust", and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a1) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Actbusiness trust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to business or statutory trusts or actions that may be engaged in by business or statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b2) Notwithstanding the first sentence of Section 8.6(a)6(1) of this Article VIII, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The trust set forth in this instrument is made in the State of Delaware, and the Trust is created under, and this Declaration of Trust is Trust, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Actsaid State; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (a) the provisions of Section Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust. The Trust shall be of the type commonly called a “statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence Trust and this Trust Instrument, and the rights and obligations of a specific reference herein the Trustees and Shareholders hereunder, are to any such powerbe governed by and construed and administered according to the Act and the laws of said State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a "business trust", and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The , and the Trust shall and this Trust Instrument, and the rights and obligations of the Trustees and Shareholders hereunder, are to be a Delaware statutory trust pursuant governed by and construed and administered according to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, Act and the absence laws of a specific reference herein to any such powersaid State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or of responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a "business trust," and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The This Declaration and the Trust is created under, and this Declaration of Trust is to be hereunder are governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the applicable laws of the State of Delaware; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration of Trust (i) the provisions of Section 3540 of Title 12 of the Delaware Code, or (ii) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts which relate to or regulate (A) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (B) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (C) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (D) fees or other sums payable to trustees, officers, agents or employees of a trust, (E) the allocation of receipts and expenditures to income or principal, (F) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (G) the establishment of fiduciary or other standards of responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding Subject to the first sentence Delaware Act, any action commenced by a Shareholder (i) directly against (A) the Trust, (B) its Trustees, officers, or employees, related to, arising out of or concerning the Trust, is business or operations, and/or (C) otherwise related to, arising out of or concerning the Trust, its business or operations or (ii) derivatively in the right or name of, or on behalf of the Trust or a Series or Class thereof (collectively, the “Covered Actions”), shall be brought only in the U.S. District Court for the District of Massachusetts, or if such action may not be brought in that court, then such action shall be brought in Massachusetts Superior Court, Business Litigation Session, in Boston, Massachusetts (each, a “Designated Court”). The Trust, its Trustees, officers, employees and Shareholders each (i) consent to jurisdiction in the Designated Courts; (ii) waive any objection to venue in either Designated Court and (iii) waive any objection that either Designated Court is an inconvenient forum. Except to the extent prohibited by applicable law, if any Shareholder shall commence a Covered Action in any court other than a Designated Court without the written consent of the Trust, then each such Shareholder shall be obligated, jointly and severally, to reimburse the Trust and any Trustee or officer of the Trust made a party to such proceeding for the costs and expenses (including attorneys’ fees) incurred by the Trust and any Trustee or officer of the Trust in connection with any successful motion to dismiss, stay or transfer such action on the basis of the failure to comply with this Section 8.6(a9(b). (c) In any Covered Action, there shall not be applicable no right to the Trust, the Trustees or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trustjury trial. THE RIGHT TO A TRIAL BY JURY IS EXPRESSLY WAIVED TO THE FULLEST EXTENT PERMITTED BY LAW.

Applicable Law. (a1) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Actbusiness trust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory business trusts or actions that may be engaged in by statutory business trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b2) Notwithstanding the first sentence of Section 8.6(a)6(1) of this Article VIII, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The trust set forth in this instrument is made in the State of Delaware, and the Trust is created under, and this Declaration of Trust is Trust, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Actsaid State; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust. The Trust shall be of the type commonly called a “statutory trust”, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The trust set forth in this instrument is made in the State of Delaware, and the Trust is created under, and this Declaration of Trust is Trust, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by, by and construed and enforced in accordance with, administered according to the Act and the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust. The Trust shall be of the type commonly called a “statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The , and the Trust shall and this Trust Instrument, and the rights and obligations of the Trustees and Shareholders hereunder, are to be a Delaware statutory trust pursuant governed by and construed and administered according to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, Act and the absence laws of a specific reference herein to any such powersaid State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the trust, the Trust, the Trustees Trustee or this Declaration of Trust, Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents agents, or employees of a trust, (v) the allocation of receipts and expenditures to income or and principal, (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a “Delaware statutory trust” and, without limiting the provisions hereof, the Trust may exercise all powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence Trust and this Trust Instrument, and the rights and obligations of a specific reference herein the Trustees and Shareholders hereunder, are to any such powerbe governed by and construed and administered according to the Act and the laws of said State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument: (a) the provisions of Section 3540 of Title 12 of the Delaware Code Code; or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a “statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Actbusiness trust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory business trusts or actions that may be engaged in by statutory business trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)7(a) of this Article IX, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, Trust either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The This Trust is Instrument and the Trust created under, and this Declaration of Trust is to be hereunder are governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the applicable laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code Code, or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or of responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a Delaware business trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The This Declaration and the Trust is created under, and this Declaration of Trust is to be hereunder are governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the applicable laws of the State of 12966669/2 Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (a) the provisions of Section 3540 of Title 12 of the Delaware Code Code, or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or of responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Declaration. The Trust shall be of Trustthe type commonly called a Delaware statutory trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Actbusiness trust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory business trusts or actions that may be engaged in by statutory business trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)6(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (x) the provisions of Section 3540 of Title 12 of the Delaware Code or (y) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: : (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a the trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, ; (iv) fees or other sums applicable to for trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is and the Bylaws are created under and are to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant and the applicable provisions of the 1940 Act and the Code; provided, that, all matters relating to or in connection with the Delaware Actconduct of Shareholders’ and Trustees’ meetings (excluding, and without limiting the provisions hereofhowever, the Trust specifically reserves the Shareholders’ right to exercise any vote), including, without limitation, matters relating to or in connection with record dates, notices to Shareholders or Trustees, nominations and elections of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware ActTrustees, voting by, and the absence validity of, Shareholder proxies, quorum requirements, meeting adjournments, meeting postponements and inspectors, which are not specifically addressed in this Declaration of a specific reference herein Trust, in the Bylaws or in the DSTA (other than DSTA Section 3809), or as to any such powerwhich an ambiguity exists, privilege or action shall not imply that be governed by the DGCL, and judicial interpretations thereunder, as if the Trust may not exercise were a Delaware corporation, the Shareholders were shareholders of such power or privilege or take Delaware corporation and the Trustees were directors of such actions. (b) Notwithstanding the first sentence of Section 8.6(a)Delaware corporation; provided further, however, that there shall not be applicable to the Trust, the Trustees Trustees, the Shareholders or any other Person or to this Declaration of Trust, Trust or the Bylaws (a) the provisions of Section Sections 3533, 3540 and 3583(a) of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware ActDSTA) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the indemnification, acts or powers of trustees that or other Persons, which are inconsistent with the limitations or of liabilities or authorities and powers of the Trustees or officers of the Trust set forth or referenced in this Declaration of TrustTrust or the Bylaws. The Trust shall be a Delaware statutory trust pursuant to the DSTA, and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust.

Applicable Law. (a) The Trust was created and is created continued under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust was created as and shall continue to be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence paragraph (a) of this Section 8.6(a)8.6, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or ; (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust; (viii) the requirement that a trust have an identified beneficiary at the time of formation; or (ix) the requirement that a trust have corpus at the time of formation. The Trust shall be of the type commonly called a Delaware statutory trust, and, without limiting the provisions hereof, the Trust and the Series may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust and the Series may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust and the Series specifically reserve the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust or a Series may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, by and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence paragraph (a) of this Section 8.6(a)11.3, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section § 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or ; (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust; (viii) the requirement that a trust have an identified beneficiary at the time of formation; or (ix) the requirement that a trust have corpus at the time of formation.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (ii)(i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (iiii)(ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iiiiii)(iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iviv)(iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (vv)(v) the allocation of receipts and expenditures to income or principal, (vivi)(vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (viivii)(vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The This Trust is Instrument and the Trust created under, and this Declaration of Trust is hereunder are to be governed by, by and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)7(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, Trust Instrument either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a “statutory trust”, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The trust set forth in this instrument is made in the State of Delaware, and the Trust is created under, and this Declaration of Trust is Trust, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Actsaid State; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (a) the provisions of Section Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust. The Trust shall be of the type commonly called a "statutory trust", and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The This Trust is Instrument and the Trust created under, and this Declaration of Trust is to be hereunder are governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the applicable laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code Code, or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities of responsibility or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or on liabilities or authorities authority and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a Delaware business trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is created under and is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant and the applicable provisions of the 1940 Act and the Code; provided, that, all matters relating to or in connection with the Delaware Actconduct of Shareholders’ and Trustees’ meetings (excluding, and without limiting the provisions hereofhowever, the Trust specifically reserves the Shareholders’ right to exercise any vote), including, without limitation, matters relating to or in connection with record dates, notices to Shareholders or Trustees, nominations and elections of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware ActTrustees, voting by, and the absence validity of, Shareholder proxies, quorum requirements, meeting adjournments, meeting postponements and inspectors, which are not specifically addressed in this Declaration of a specific reference herein Trust, in the By-Laws or in the DSTA (other than DSTA Section 3809), or as to any such powerwhich an ambiguity exists, privilege or action shall not imply that be governed by the Delaware General Corporation Law, and judicial interpretations thereunder, as if the Trust may not exercise were a Delaware corporation, the Shareholders were shareholders of such power or privilege or take Delaware corporation and the Trustees were directors of such actions. (b) Notwithstanding the first sentence of Section 8.6(a)Delaware corporation; provided, further, however, that there shall not be applicable to the Trust, the Trustees Trustees, the Shareholders or any other Person or to this Declaration of Trust, Trust or the By-Laws (a) the provisions of Section Sections 3533, 3540 and 3583(a) of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware ActDSTA) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the indemnification, acts or powers of trustees that or other Persons, which are inconsistent with the limitations or of liabilities or authorities and powers of the Trustees or officers of the Trust set forth or referenced in this Declaration of TrustTrust or the By-Laws. The Trust shall be a Delaware statutory trust pursuant to the DSTA, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a statutory trust.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, by and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence paragraph (a) of this Section 8.6(a)11.3, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section § 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or ; (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust; (viii) the requirement that a trust have an identified beneficiary at the time of formation; or (ix) the requirement that a trust have corpus at the time of formation. The Trust shall be of the type commonly called a Delaware statutory trust, and, without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserve the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The , and the Trust shall and this Trust Instrument, and the rights and obligations of the Trustees and Shareholders hereunder, are to be a Delaware statutory trust pursuant governed by and construed and administered according to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, Act and the absence laws of a specific reference herein to any such powersaid State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the trust, the Trust, the Trustees Trustee or this Declaration of Trust, Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents agents, or employees of a trust, (v) the allocation of receipts and expenditures to income or and principal, (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a “Delaware statutory trust,” and, without limiting the provisions hereof, the Trust may exercise all powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence Trust and this Trust Instrument, and the rights and obligations of a specific reference herein the Trustees and Shareholders hereunder, are to any such powerbe governed by and construed and administered according to the Act and the laws of said State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a "statutory trust," and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Actbusiness trust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory business trusts or actions that may be engaged in by statutory business trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)6(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, Trust either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust set forth in this instrument is created under, under and this Declaration of Trust is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of Delaware. The Trust shall be , without reference to its conflicts of law rules, as a Delaware statutory trust pursuant to under the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or and privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)11.04(a) hereof, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) or any other state pertaining to trusts trusts, including by way of illustration and without limitation, laws that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of trustees if such laws are inconsistent with the authorities and powers or the limitation on liability of the Trustees set forth or referenced in this Declaration Declaration. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. (c) No provision of this Declaration shall be effective to require a waiver of compliance with any provision of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended or the 1940 Act, or of any valid rule, regulation or order of the Commission thereunder.

Applicable Law. (a) The Trust was created and is created continued under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust was created as and shall continue to be a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, any Series, the Trustees or this Declaration of Trust, Trust or any Shareholders either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts acts, authorities and powers or powers liabilities of trustees or officers that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees or officers set forth or referenced in this Declaration of Trust, (viii) the requirement that a trust have an identified beneficiary at the time of formation, or (ix) the requirement that a trust have corpus at the time of formation.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there There shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The trust set forth in this instrument is made in the State of Delaware, and the Trust is created under, and this Declaration of Trust is Trust, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Actsaid State; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (a) the provisions of Section Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust. The Trust shall be of the type commonly called a “statutory trust”, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under the laws of the State of Delaware. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The This Declaration and the Trust is created under, and this Declaration of Trust is to be hereunder are governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the applicable laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, (a) the provisions of Section 3540 of Title 12 of the Delaware Code Code, or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or of responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Declaration. The Trust shall be of Trustthe type commonly called a Delaware business trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State state of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)6(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (x) the provisions of Section section 3540 of Title 12 of the Delaware Code or (y) any provisions of the laws (statutory or common) of the State state of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is created under and is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant of the type referred to in Section 3801 of the Delaware ActStatutory Trust Act and of the type commonly called a statutory trust, and without limiting the provisions hereof, the Trust specifically reserves the right to may exercise any of the all powers or privileges afforded to statutory trusts or actions that may be engaged in which are ordinarily exercised by statutory trusts under the Delaware Act, and the absence of such a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) trust. Notwithstanding the first sentence of this Section 8.6(a)7.5, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, Trust either the provisions of Section 3540 of Title 12 of the Delaware Code (or any successor provision) or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust Fund is created under, and this Declaration of Trust is to be governed by, by and construed and enforced in accordance with, the laws of the State of Delaware. The Trust Fund shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust Fund specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust Fund may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence paragraph (a) of this Section 8.6(a)11.3, there shall not be applicable to the TrustFund, the Trustees or this Declaration of Trust, the provisions of Section § 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or ; (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust; (viii) the requirement that a trust have an identified beneficiary at the time of formation; or (ix) the requirement that a trust have corpus at the time of formation. The Trust shall be of the type commonly called a Delaware statutory trust, and, without limiting the provisions hereof, the Fund may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Fund may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Fund specifically reserve the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Fund may not exercise such power or privilege or take such actions.

Applicable Law. (a) The trust set forth in this instrument is made in the State of Delaware, and the Trust is created under, and this Declaration of Trust is Trust, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Actsaid State; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Declaration. The Trust shall be of Trustthe type commonly called a “statutory trust”, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence Trust and this Trust Instrument, and the rights and obligations of a specific reference herein the Trustees and Shareholders hereunder, are to any such powerbe governed by and construed and administered according to the Act and the laws of said State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument: (a) the provisions of Section 3540 of Title 12 of the Delaware Code Code; or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: : (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a “statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)6(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (x) the provisions of Section section 3540 of Title 12 of the Delaware Code or (y) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence paragraph (a) of this Section 8.6(a)8.6, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or ; (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust; (viii) the requirement that a trust have an identified beneficiary at the time of formation; or (ix) the requirement that a trust have corpus at the time of formation. The Trust shall be of the type commonly called a Delaware statutory trust, and, without limiting the provisions hereof, the Trust and the Series may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust and the Series may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust and the Series specifically reserve the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust or a Series may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is and the Trust created hereunder are to be governed by, by and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)8.7(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, Trust either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is created under and is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant and the applicable provisions of the 1940 Act and the Code; provided, that, all matters relating to or in connection with the Delaware Actconduct of Shareholders’ and Trustees’ meetings (excluding, and without limiting the provisions hereofhowever, the Trust specifically reserves the Shareholders’ right to exercise any vote), including, without limitation, matters relating to or in connection with record dates, notices to Shareholders or Trustees, nominations and elections of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware ActTrustees, voting by, and the absence validity of, Shareholder proxies, quorum requirements, meeting adjournments, meeting postponements and inspectors, which are not specifically addressed in this Declaration of a specific reference herein Trust, in the By-Laws or in the DSTA (other than DSTA Section 3809), or as to any such powerwhich an ambiguity exists, privilege or action shall not imply that be governed by the Delaware General Corporation Law, and judicial interpretations thereunder, as if the Trust may not exercise were a Delaware corporation, the Shareholders were shareholders of such power or privilege or take Delaware corporation and the Trustees were directors of such actions. (b) Notwithstanding the first sentence of Section 8.6(a)Delaware corporation; provided, further, however, that there shall not be applicable to the Trust, the Trustees Trustees, the Shareholders or any other Person or to this Declaration of Trust, Trust or the By-Laws (a) the provisions of Section Sections 3533, 3540 and 3583(a) of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware ActDSTA) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the indemnification, acts or powers of trustees that or other Persons, which are inconsistent with the limitations or of liabilities or authorities and powers of the Trustees or officers of the Trust set forth or referenced in this Declaration of Trust.Trust or the By-Laws. The Trust shall be a Delaware statutory trust pursuant to the DSTA, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a statutory trust. 35

Applicable Law. (a) The This Trust is Instrument and the Trust created under, hereunder are governed by and this Declaration of Trust is to shall be governed by, and construed and enforced in accordance with, administered according to the Delaware Act and the applicable laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to ; provided that the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action following shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable apply to the Trust, the Trustees Trustees, or this Declaration of Trust, the provisions of Trust Instrument: (a) Section 3540 of Title 12 of the Delaware Code Code; or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents agents, or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or of responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a Delaware statutory trust, and, without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such action.

Applicable Law. (a) The trust set forth in this instrument is made in the State of Delaware, and the Trust is created under, and this Declaration of Trust is Trust, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Actsaid State; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (a) the provisions of Section Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust. The Trust shall be of the type commonly called a "statutory trust," and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The , and the Trust shall and this Agreement, and the rights and obligations of the Trustees and Shareholders hereunder, are to be a Delaware statutory trust pursuant governed by and construed and administered according to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, Act and the absence laws of a specific reference herein to any such powersaid State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Agreement (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Agreement. The Trust shall be of Trustthe type commonly called a "statutory trust", and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The trust set forth in this instrument is made in the State of Delaware, and the Trust is created under, and this Declaration of Trust is Trust, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Actsaid State; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust. The Trust shall be of the type commonly called a “statutory trust”, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The , and the Trust shall and this Trust Instrument, and the rights and obligations of the Trustees and Shareholders hereunder, are to be a Delaware statutory trust pursuant governed by and construed and administered according to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, Act and the absence laws of a specific reference herein to any such powersaid State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the trust, the Trust, the Trustees Trustee or this Declaration of Trust, Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents agents, or employees of a trust, (v) the allocation of receipts and expenditures to income or and principal, (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a "Delaware statutory trust," and, without limiting the provisions hereof, the Trust may exercise all powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and set forth in this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware, and the Trust and this Declaration of Trust, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Delaware Act and the laws of said State. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)6(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (x) the provisions of Section 3540 of Title 12 of the Delaware Code or (y) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: : (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, ; (iv) fees or other sums applicable to for trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence Trust and this Trust Instrument, and the rights and obligations of a specific reference herein the Trustees and Shareholders hereunder, are to any such powerbe governed by and construed and administered according to the Act and the laws of said State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a “business trust”, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is and the Fund created hereunder are to be governed by, by and construed and enforced in accordance with, the laws of the State of Delaware. The Trust Fund shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust Fund specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust Fund may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)6(a) of this Article VIII, there shall not be applicable to the TrustFund, the Trustees Trustees, or this Declaration of Trust, Trust either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The This Trust is Instrument and the Trust created under, and this Declaration of Trust is hereunder are to be governed by, by and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)7(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, Trust Instrument either the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) except as to duties (including state law fiduciary duties of loyalty and care) and liabilities of trustees with respect to matters arising under federal securities laws, the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers or liabilities or authorities and powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a “statutory trust”, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this 11.4.1. This Declaration of Trust is created under and is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of DelawareDelaware and the Delaware Act. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to may exercise any of the all powers or privileges afforded to which are ordinarily exercised by such a statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actionstrust. (b) 11.4.2. Notwithstanding the first sentence of Section 8.6(a)11.4.1., there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (x) the provisions of Section 3540 of Title 12 of the Delaware Code or (y) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: : (ia) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (iib) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, ; (iiic) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, ; (ivd) fees or other sums applicable to for trustees, officers, agents or employees of a trust, ; (ve) the allocation of receipts and expenditures to income or principal, ; (vif) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or ; or (viig) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The , and the Trust shall and this Trust Instrument, and the rights and obligations of the Trustees and Shareholders hereunder, are to be a Delaware statutory trust pursuant governed by and construed and administered according to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, Act and the absence laws of a specific reference herein to any such powersaid State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a “statutory trust”, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is to be and the Trust created hereunder are governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the applicable laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (a) the provisions of Section 3540 of Title 12 of the Delaware Code Code, or (b) any provisions of the laws (statutory or Harbor ETF Trust Agreement & Declaration of Trust - Page 15 of 18 common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or of responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust. The Trust shall be of the type commonly called a Delaware business trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust set forth in this instrument is created under, under and this Declaration of Trust is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of Delaware. The Trust shall be , without reference to its conflicts of law rules, as a Delaware statutory trust pursuant to under the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or and privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)11.4(a) hereof, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) or any other state pertaining to trusts trusts, including by way of illustration and without limitation, laws that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of trustees if such laws are inconsistent with the authorities and powers or the limitation on liability of the Trustees set forth or referenced in this Declaration Declaration. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. (c) No provision of this Declaration shall be effective to require a waiver of compliance with any provision of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, or the 1940 Act, or of any valid rule, regulation or order of the Commission thereunder.

Applicable Law. (a1) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Acttrust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b2) Notwithstanding the first sentence of Section 8.6(a)7(1) of this Article IX, there shall not be applicable to the Trust, the Trustees Trustees, the Shareholders or this Declaration of Trust, the provisions of Section Sections 3540 and 3561 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust is created under, and this Declaration of Trust is to be governed by, and construed and enforced in accordance with, the laws of the State of Delaware. The Trust shall be of the type commonly called a Delaware statutory trust pursuant to the Delaware Actbusiness trust, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory business trusts or actions that may be engaged in by statutory business trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a)6(a) of this Article VIII, there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust (x) the provisions of Section 3540 of Title 12 of the Delaware Code or (y) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees Trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The This Declaration and the Trust is created under, and this Declaration of Trust is to be organized hereunder are governed by, by and construed and enforced in accordance with, administered according to the Maryland Act and the applicable laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware ActMaryland; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or Trust any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) Maryland pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or of responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Declaration. The Trust shall be of Trustthe type commonly called a Maryland business trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Maryland law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Maryland Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust set forth in this instrument is created under, under and this Declaration of Trust is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of Delaware. The Trust shall be , without reference to its conflicts of law rules, as a Delaware statutory trust pursuant to under the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or and privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (ba) Notwithstanding the first sentence of Section 8.6(a)11.4(a) hereof, there shall not be applicable to the Trust, the Trustees Trustees, or this Declaration of Trust, the provisions of Section 3540 of Title 12 of the Delaware Code or any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) or any other state pertaining to trusts trusts, including by way of illustration and without limitation, laws that relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, ; (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, ; (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, ; (iv) fees or other sums applicable to trustees, officers, agents or employees of a trust, ; (v) the allocation of receipts and expenditures to income or principal, ; (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, ; or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of trustees if such laws are inconsistent with the authorities and powers or the limitation on liability of the Trustees set forth or referenced in this Declaration Declaration. Section 3540 of Title 12 of the Delaware Code shall not apply to the Trust. (b) No provision of this Declaration shall be effective to require a waiver of compliance with any provision of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended or the 1940 Act, or of any valid rule, regulation or order of the Commission thereunder.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence Trust and this Trust Instrument, and the rights and obligations of a specific reference herein the Trustees and Shareholders hereunder, are to any such powerbe governed by and construed and administered according to the Act and the laws of said State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Trust Instrument. The Trustees shall be subject to the same fiduciary duties to which the directors of a Delaware corporation would be subject if the Trust were a Delaware corporation, the Shareholders were shareholders of such Delaware corporation and the Trustees were directors of such Delaware corporation, and such modified duties shall replace any fiduciary duties to which the Trustees would otherwise be subject except for duties and liabilities arising under the federal securities laws. Without limiting the generality of the foregoing, all actions and omissions of the Trustees shall be evaluated under the doctrine commonly referred to as the “business judgment rule,” as defined and developed under Delaware law, to the same extent that the same actions or 25 omissions of directors of a Delaware corporation in a substantially similar circumstance would be evaluated under such doctrine. Notwithstanding the foregoing, the provisions of this Declaration of TrustTrust and the Bylaws, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities relating thereto of a Trustee otherwise applicable under the foregoing standard or otherwise existing at law or in equity, are agreed by each Shareholder and the Trust to replace such other duties and liabilities of such Trustee. Notwithstanding anything to the contrary, nothing modifying, restricting or eliminating the duties or liabilities of the Trustees will apply to, or in any way limit, the duties (including state law fiduciary duties) or liabilities of the Trustees with respect to matters arising under the federal securities laws. The Trust shall be of the type commonly called a “statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The trust set forth in this instrument is made in the State of Delaware, and the Trust is created under, and this Declaration of Trust is Trust, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by, by and construed and enforced in accordance with, administered according to the Delaware Act and the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Actsaid State; provided, and without limiting the provisions hereofhowever, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Declaration. The Trust shall be of Trustthe type commonly called a “statutory trust”, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The , and the Trust shall and this Trust Instrument, and the rights and obligations of the Trustees and Shareholders hereunder, are to be a Delaware statutory trust pursuant governed by and construed and administered according to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, Act and the absence laws of a specific reference herein to any such powersaid State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees Trustee or this Declaration of Trust, Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents agents, or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding holding, or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents agents, or employees of a trust, (v) the allocation of receipts and expenditures to income or and principal, (vi) restrictions or limitations on the permissible nature, amount amount, or concentration of trust investments or requirements relating to the titling, storage storage, or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a “Delaware statutory trust,” and, without limiting the provisions hereof, the Trust may exercise all powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege, or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Applicable Law. (a) The Trust is created under, and this This Declaration of Trust is created under and is to be governed by, by and construed and enforced in accordance with, administered according to the laws of the State of DelawareDelaware and the applicable provisions of the 1940 Act and the Code. The Trust shall be a Delaware statutory trust pursuant to the Delaware ActDSTA, and without limiting the provisions hereof, the Trust specifically reserves the right to may exercise any of the all powers or privileges afforded to which are ordinarily exercised by such a statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actionstrust. (b) Notwithstanding the first sentence foregoing, reference shall be specifically made to Delaware General Corporation Law as to the construction of Section 8.6(a)matters not specifically covered herein or in the By-Laws, there or as to which an ambiguity exists, although such law shall not be viewed as limiting the powers otherwise granted to the Trustees hereunder and any ambiguity shall be viewed in favor of such powers. (c) The following Delaware trust law provisions shall not be applicable to the Trust, the Trustees Trustees, the Shareholders or this Declaration of Trust, the : (i) The provisions of Section 3540 of Title 12 of the Delaware Code or any Code; or (ii) Any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware ActDSTA) pertaining to trusts that which relate to or regulate: : (iA) the filing with any court or governmental government body or agency of trustee accounts or schedules of trustee fees and charges, , (iiB) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, , (iiiC) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, , (ivD) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, , (vE) the allocation of receipts and expenditures to income or principal, , (viF) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or or (viiG) the establishment of fiduciary or other standards or responsibilities or limitations on the indemnification, acts or powers of trustees that or other Persons, which are inconsistent with the limitations or of liabilities or authorities and powers of the Trustees or officers of the Trust set forth or referenced in this Declaration of Trust.

Applicable Law. (a) The Trust trust set forth in this instrument is created under, and this Declaration of Trust is to be governed by, and construed and enforced made in accordance with, the laws of the State of Delaware. The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts or actions that may be engaged in by statutory trusts under the Delaware Act, and the absence Trust and this Trust Instrument, and the rights and obligations of a specific reference herein the Trustees and Unitholders hereunder, are to any such powerbe governed by and construed and administered according to the Act and the laws of said State; provided, privilege or action shall not imply however, that the Trust may not exercise such power or privilege or take such actions. (b) Notwithstanding the first sentence of Section 8.6(a), there shall not be applicable to the Trust, the Trustees or this Declaration of Trust, Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining a court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums applicable payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees that trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration Trust Instrument. The Trust shall be of Trustthe type commonly called a “statutory trust,” and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.