Common use of Series of the Trust Clause in Contracts

Series of the Trust. The following provisions shall be applicable to ------------------- any series of the Trust that may from time to time be established and designated by the Trustees pursuant to Section 9.8 (f) hereof: (a) All consideration received by the Trust for the issue or sale of Units of a particular series together with all Trust Property in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to that series for all purposes, subject only to the rights of creditors of such series and except as may otherwise be required by applicable tax laws, and shall be so recorded upon the books of account of the Trust. In the event that there is any Trust Property, or any income, earnings, profits, and proceeds thereof, funds, or payments which are not readily identifiable as belonging to any particular series, the Trustees shall allocate them among any one or more of the series established and designated from time to time in such manner and on such basis as they in their sole discretion, deem fair and equitable. Each such allocation by the Trustees shall be conclusive and binding upon the Holders of all Units for all purposes. (b) The Trust Property belonging to each particular series shall be charged with the liabilities of the Trust in respect of that series and all expenses, costs, charges and reserves attributable to that series, and any general liabilities, expenses, costs, charges or reserves of the Trust which are not readily identifiable as belonging to any particular series shall be allocated and charged by the Trustees to and among any one or more of the series established and designated from time to time in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Holders of all Units for all purposes in absence of manifest error. The Trustees shall have full discretion, to the extent not inconsistent with the 1940 Act, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the Holders. Notice of this limitation on inter-series liabilities may, in the Trustees' sole discretion, be set forth in the Certificate of Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the DBTA, and upon the giving of such notice in the Certificate of Trust, the statutory provisions of Section 3804 of the DBTA relating to limitations on inter-series liabilities (and the statutory effect under Section 3804 of setting forth such notice in the Certificate of Trust) shall become applicable to the Trust and each series. Every note, bond, contract or other undertaking issued by or on behalf of a particular series shall include a recitation limiting the obligation represented thereby to that series and its assets. (c) Dividends and distributions on Units of a particular series may be paid with such frequency as the Trustees may determine, which may be daily or otherwise, pursuant to a standing resolution or resolution adopted only once or with such frequency as the Trustees may determine, to the Holders of Units in that series, from such of the income and capital gains, accrued or realized, from the Trust Property belonging to that series as the Trustees may determine, after providing for actual and accrued liabilities belonging to that series. All dividends and distributions on units in a particular series shall be distributed pro rata to the Holders of Units in that series in proportion to the total outstanding Units in that series held by such Holders at the date and time of record established for the payment of such dividends or distribution. (d) The Units in a series of the Trust shall represent beneficial interests in the Trust Property belonging to such series. Each Holder of units in a series shall be entitled to receive its pro rata share of distributions of income and capital gains made with respect to such series upon reduction or withdrawal of its Units or indemnification for liabilities incurred by reason of being or having been a Holder of Units in a series, such Holder shall be paid solely out of the funds and property of such series of the Trust. Upon liquidation or termination of a series of the Trust, Holders of Units in such series shall be entitled to receive a pro rata share of the Trust Property belonging to such series. A Holder of Units in a particular series of the Trust shall not be entitled to participate in a derivative or class action lawsuit on behalf of any other series or the Holders of Units in any other series of the Trust. (e) Notwithstanding any other provision hereof, if the Trust Property has been divided into two or more series, then on any matter submitted to a vote of Holders of Units in the Trust, all Units then entitled to vote shall be voted by individual series, except that (1) when required by the 1940 Act, Units shall be voted in the aggregate and not by individual series, and (2) when the Trustees have determined that the matter affects only the interests of Holders of Units in a limited number of series, then only the Holders of Units in such series shall be entitled to vote thereon. Except as otherwise provided in this Article IX, the Trustees shall have the power to determine the designations, preferences, privileges, limitations and rights, including voting and dividend rights, of each series of Units. (f) The establishment and designation of any series of Units shall be effective upon the adoption by a majority of the then Trustees of a resolution which sets forth such establishment and designation and the relative rights and preferences of such series (or class). At any time that there are no Units outstanding of any particular series previously established and designated, the Trustees may by an instrument executed by a majority of their number abolish that series and the establishment and designation thereof. Each resolution referred to in this paragraph shall have the status of an amendment to this Declaration. (g) If the Trust Property has been divided into two or more series, then Sections 10.2 and 10.3 of this Agreement shall apply also with respect to each such series as if such series were a separate trust. (h) The Trustees shall be authorized to issue an unlimited number of Units of each series. (i) At any time that there are no Holders of units in a series, the Trustees may abolish such series.

Series of the Trust. The following provisions shall be applicable to ------------------- any series of the Trust that may from time to time be established and designated by the Trustees pursuant to Section 9.8 (f9.8(f) hereof: (a) All consideration received by the Trust for the issue or sale of Units of a particular series together with all Trust Property in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to that series for all purposes, subject only to the rights of creditors of such series and except as may otherwise be required by applicable tax laws, and shall be so recorded upon the books of account of the Trust. In the event that there is any Trust Property, or any income, earnings, profits, and proceeds thereof, funds, or payments which are not readily identifiable as belonging to any particular series, the Trustees shall allocate them among any one or more of the series established and designated from time to time in such manner and on such basis as they they, in their sole discretion, deem fair and equitable. Each such allocation by the Trustees shall be conclusive and binding upon the Holders of all Units for all purposes. (b) The Trust Property belonging to each particular series shall be charged with the liabilities of the Trust in respect of that series and all expenses, costs, charges and reserves attributable to that series, and any general liabilities, expenses, costs, charges or reserves of the Trust which are not readily identifiable as belonging to any particular series shall be allocated and charged by the Trustees to and among any one or more of the series established and designated from time to time in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Holders of all Units for all purposes in absence of manifest error. The Trustees shall have full discretion, to the extent not inconsistent with the 1940 Act, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the Holders. Notice of this limitation on inter-series liabilities may, in the Trustees' sole discretion, be set forth in the Certificate of Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the DBTADSTA, and upon the giving of such notice in the Certificate of Trust, the statutory provisions of Section 3804 of the DBTA DSTA relating to limitations on inter-series liabilities (and the statutory effect under Section 3804 of setting forth such notice in the Certificate of Trust) shall become applicable to the Trust and each series. Every note, bond, contract or other undertaking issued by or on behalf of a particular series shall include a recitation limiting the obligation represented thereby to that series and its assets. (c) Dividends and distributions on Units of a particular series may be paid with such frequency as the Trustees may determine, which may be daily or otherwise, pursuant to a standing resolution or resolution adopted only once or with such frequency as the Trustees may determine, to the Holders of Units in that series, from such of the income and capital gains, accrued or realized, from the Trust Property belonging to that series as the Trustees may determine, after providing for actual and accrued liabilities belonging to that series. All dividends and distributions on units Units in a particular series shall be distributed pro rata to the Holders of Units in that series in proportion to the total outstanding Units in that series held by such Holders at the date and time of record established for the payment of such dividends or distribution. (d) The Units in a series of the Trust shall represent beneficial interests in the Trust Property belonging to such series. Each Holder of units Units in a series shall be entitled to receive its pro rata share of distributions of income and capital gains made with respect to such series upon series. Upon reduction or withdrawal of its Units or indemnification for liabilities incurred by reason of being or having been a Holder of Units in a series, such Holder shall be paid solely out of the funds and property of such series of the Trust. Upon liquidation or termination dissolution of a series of the Trust, Holders of Units in such series shall be entitled to receive a pro rata share of the Trust Property belonging to such series. A Holder of Units in a particular series of the Trust shall not be entitled to participate in a derivative or class action lawsuit on behalf of any other series or the Holders of Units in any other series of the Trust. (e) Notwithstanding any other provision hereof, if the Trust Property has been divided into two or more series, then on any matter submitted to a vote of Holders of Units in the Trust, all Units then entitled to vote shall be voted by individual series, except that (1) when required by the 1940 Act, Units shall be voted in the aggregate and not by individual series, and (2) when the Trustees have determined that the matter affects only the interests of Holders of Units in a limited number of series, then only the Holders of Units in such series shall be entitled to vote thereon. Except as otherwise provided in this Article IX, the Trustees shall have the power to determine the designations, preferences, privileges, limitations and rights, including voting and dividend rights, of each series of Units. (f) The establishment and designation of any series of Units shall be effective upon the adoption by a majority of the then Trustees of a resolution which sets forth such establishment and designation and the relative rights and preferences of such series (or class). At any time that there are no Units outstanding of any particular series previously established and designated, the Trustees may by an instrument executed by a majority of their number abolish dissolve that series, wind-up the affairs of such series in accordance with Section 10.2 of this Declaration and thereafter rescind the establishment and designation thereof. Each resolution referred to in this paragraph shall have the status of an amendment to this Declaration. (g) If the Trust Property has been divided into two or more series, then Sections Section 10.2 and 10.3 of this Agreement shall apply also with respect to each such series as if such series were a separate trust. (h) The Trustees shall be authorized to issue an unlimited number of Units of each series. (i) At any time that there are no Holders of units in a series, the Trustees may abolish such series.