Common use of Series Designation Clause in Contracts

Series Designation. The Trustees, in their discretion from time to time, may authorize the division of Shares into one or more Series, each such Series relating to a separate portfolio of investments. Series that are established and designated pursuant to this Declaration, together with such Classes as may be established and designated pursuant to Section 6.3 of this Declaration, may be set forth on a schedule affixed to this Declaration, provided however that such schedule shall be used solely for administrative convenience and shall not constitute a part of this Declaration. Any such schedule shall be revised from time to time to reflect additions or terminations of Series and Classes, provided however that such revisions shall not constitute an amendment to this Declaration. Different Series may be established and designated and variations in the relative rights and preferences as between the different Series shall be fixed and determined by the Trustees; provided that all Shares shall be identical except as provided for by Section 6.3 and except that there may be variations between different Series as to investment policies, securities portfolios, purchase price, determination of net asset value, the price, terms and manner of redemption, special and relative rights as to dividends and on liquidation, conversion rights, and conditions under which the several Series shall have separate voting rights. The following provisions shall be applicable to all series: (a) The number of Shares of each Series that may be issued shall be unlimited. The Trustees may classify or reclassify any unissued Shares or any Shares previously issued and required of any Series into one or more Series that may be established and designated from time to time. The Trustees may hold as treasury Shares (of the same or some other Series), reissue for such consideration and on such terms as they may determine, or cancel any Shares of any Series reacquired by the Trust at their discretion from time to time. (b) The power of the Trustees to invest and reinvest the Trust Property of each Series that has been or that may be established shall be governed by Section 3.2 of this Declaration. (c) All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets 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, and shall be so recorded upon the books of account of the Trust. In the event that there are any assets, 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 Shareholders of all Series for all purposes. (d) The assets 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 Series for all purposes. 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 Shareholders. (e) The power of the Trustees to pay dividends and make distributions with respect to any one or more Series shall be governed by Section 9.2 of this Trust. Dividends and distributions on Shares 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 resolutions adopted only once or with such frequency as the Trustees may determine, to the holders of Shares of that Series, from such of the income and capital gains, accrued liabilities belonging to that Series. All dividends and distributions on Shares of a particular Series shall be distributed pro rata to the holders of that Series in proportion to the number of Shares of that Series held by such holders at the date and time of record established for the payment of such dividends or distributions. (f) The establishment and designation of any Series of Shares shall be effected by resolution of the Board of Trustees. Upon such establishment and designation of any new Series, an officer of the Trust shall reduce any such resolution to writing, certify to the contents of the resolution, and take appropriate steps to update the Trust’s books and records and other applicable Trust documents to implement and reflect such action.

Series Designation. The Trustees, in their discretion from ------------------ time to time, may authorize the division of Shares into one or more additional Series, each such additional Series relating to a separate portfolio of investments. The first eight such Series that are hereby established and designated: The Money Market Series The Managed Bond Series The Government Securities Series The High Yield Bond Series The Growth Series The Equity Income Series The Multi-Strategy Series The International Series These eight Series shall be the only Series until additional Series are established and designated pursuant to this Declaration, together with such Classes as may be established and designated pursuant to Section 6.3 of this Declaration, may be set forth on a schedule affixed to this Declaration, provided however that such schedule shall be used solely for administrative convenience and shall not constitute a part of this Declaration. Any such schedule shall be revised from time to time to reflect additions or terminations of Series and Classes, provided however that such revisions shall not constitute an amendment to this Declarationby the Trustees. Different Series may be established and designated and variations in the relative rights and preferences as between the different Series shall be fixed and determined by the Trustees; provided that all Shares shall be identical except as provided for by Section 6.3 and except that there may be variations between different Series as to investment policies, securities portfolios, purchase price, determination of net asset value, the price, terms and manner of redemption, special and relative rights as to dividends and on liquidation, conversion rights, and conditions under which the several Series shall have separate voting rights. All references to Shares in this Declaration shall be deemed to be shares of any or all Series as the context may require. The following provisions shall be applicable to all seriesSeries: (a) The number of Shares of each Series that may be issued shall be unlimited. The Trustees may classify or reclassify any unissued Shares or any Shares previously issued and required of any Series into one or more Series that may be established and designated from time to time. The Trustees may hold as treasury Shares (of the same or some other Series), reissue for such consideration and on such terms as they may determine, or cancel any Shares of any Series reacquired by the Trust at their discretion from time to time. (b) The power of the Trustees to invest and reinvest the Trust Property of each Series that has been or that may be established shall be governed by Section 3.2 of this Declaration. (c) All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets 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, and shall be so recorded upon the books of account of the Trust. In the event that there are any assets, 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 Shareholders of all Series for all purposes. (d) The assets 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 Series for all purposes. 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 Shareholders. (e) The power of the Trustees to pay dividends and make distributions with respect to any one or more Series shall be governed by Section 9.2 of this Trust. Dividends and distributions on Shares 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 resolutions adopted only once or with such frequency as the Trustees may determine, to the holders of Shares of that Series, from such of the income and capital gains, accrued liabilities belonging to that Series. All dividends and distributions on Shares of a particular Series shall be distributed pro rata to the holders of that Series in proportion to the number of Shares of that Series held by such holders at the date and time of record established for the payment of such dividends or distributions. (f) . The establishment and designation of any additional Series of Shares shall be effected effective upon the execution by resolution a majority of the Board then Trustees of Trustees. Upon such any instrument setting forth the establishment and designation of such Series. Such instrument shall also set forth any new Series, an officer rights and preferences of the Trust shall reduce any such resolution to writing, certify Series which are in addition to the contents rights and preferences of Shares set forth in this Declaration. The Trustees may by an instrument executed by a majority of their number abolish a Series and the resolution, establishment and take appropriate steps designation thereof. Each instrument referred to update in this paragraph shall have the Trust’s books and records and other applicable Trust documents status of an amendment to implement and reflect such actionthis Declaration.

Series Designation. The Trustees, in their discretion from time ---- ------------------ to time, may authorize the division of Shares into one or more Series, each such Series relating to a separate portfolio of investments. The first twenty of such Series that are have been established and designated pursuant to this Declarationand are as follows: Money Market Portfolio High Yield Bond Portfolio Managed Bond Portfolio Government Securities Portfolio Small-Cap Equity Portfolio* (formerly, together with such Classes the Growth Portfolio) Aggressive Equity Portfolio Growth LT Portfolio Equity Income Portfolio Multi-Strategy Portfolio Large-Cap Value Portfolio Mid-Cap Value Portfolio Equity Portfolio Bond and Income Portfolio Equity Index Portfolio Small-Cap Index Portfolio REIT Portfolio International Value Portfolio* (formerly the International Portfolio) Emerging Markets Portfolio Diversified Research Portfolio* International Large-Cap Portfolio* * Effective as may be established and designated pursuant to Section 6.3 of this DeclarationJanuary 1, may be set forth on a schedule affixed to this Declaration, provided however that such schedule shall be used solely for administrative convenience and shall not constitute a part of this Declaration. Any such schedule shall be revised from time to time to reflect additions or terminations of Series and Classes, provided however that such revisions shall not constitute an amendment to this Declaration2000. Different Series may be established and designated and variations in the relative rights and preferences as between the different Series shall be fixed and determined by the Trustees; provided that all Shares shall be identical except as provided for by Section 6.3 and except that there may be variations between different Series as to investment policies, securities portfolios, purchase price, determination of net asset value, the price, terms and manner of redemption, special and relative rights as to dividends and on liquidation, conversion rights, and conditions under which the several Series shall have separate voting rights. The following provisions shall be applicable to all series: (a) The number of Shares of each Series that may be issued shall be unlimited. The Trustees may classify or reclassify any unissued Shares or any Shares previously issued and required of any Series into one or more Series that may be established and designated from time to time. The Trustees may hold as treasury Shares (of the same or some other Series), reissue for such consideration and on such terms as they may determine, or cancel any Shares of any Series reacquired by the Trust at their discretion from time to time. (b) The power of the Trustees to invest and reinvest the Trust Property of each Series that has been or that may be established shall be governed by Section 3.2 of this Declaration. (c) All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets 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, and shall be so recorded upon the books of account of the Trust. In the event that there are any assets, 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 Shareholders of all Series for all purposes. (d) The assets 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 Series for all purposes. 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 Shareholders. (e) The power of the Trustees to pay dividends and make distributions with respect to any one or more Series shall be governed by Section 9.2 of this Trust. Dividends and distributions on Shares 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 resolutions adopted only once or with such frequency as the Trustees may determine, to the holders of Shares of that Series, from such of the income and capital gains, accrued liabilities belonging to that Series. All dividends and distributions on Shares of a particular Series shall be distributed pro rata to the holders of that Series in proportion to the number of Shares of that Series held by such holders at the date and time of record established for the payment of such dividends or distributions. (f) The establishment and designation of any Series of Shares shall be effected by resolution of the Board of Trustees. Upon such establishment and designation of any new Series, an officer of the Trust shall reduce any such resolution to writing, certify to the contents of the resolution, and take file with the Commonwealth of Massachusetts an appropriate steps notification of such newly established and designated Series. The failure to update file a notification regarding the Trust’s books establishment and records designation of any Series with the Commonwealth of Massachusetts shall not affect the validity of the establishment and other applicable Trust documents to implement and reflect designation of such actionSeries.

Series Designation. The Trustees, in their discretion from time to time, may authorize the division of Shares into one or more Series, each such Series relating to a separate portfolio of investments. Series that are established and designated pursuant to this Declaration, together with such Classes as may be established and designated pursuant to Section 6.3 of this Declaration, may be the date hereof are set forth on a schedule affixed to this Declaration, provided however that such schedule shall be used solely for administrative convenience and shall not constitute a part of this Declaration. Any such schedule shall be revised from time to time to reflect additions or terminations of Series and Classes, provided however that such revisions shall not constitute an amendment to this Declaration. Schedule A. Different Series may be established and designated and variations in the relative rights and preferences as between the different Series shall be fixed and determined by the Trustees; provided that all Shares shall be identical except as provided for by Section 6.3 and except that there may be variations between different Series as to investment policies, securities portfolios, purchase price, determination of net asset value, the price, terms and manner of redemption, special and relative rights as to dividends and on liquidation, conversion rights, and conditions under which the several Series shall have separate voting rights. The following provisions shall be applicable to all series: (a) The number of Shares of each Series that may be issued shall be unlimited. The Trustees may classify or reclassify any unissued Shares or any Shares previously issued and required of any Series into one or more Series that may be established and designated from time to time. The Trustees may hold as treasury Shares (of the same or some other Series), reissue for such consideration and on such terms as they may determine, or cancel any Shares of any Series reacquired by the Trust at their discretion from time to time. (b) The power of the Trustees to invest and reinvest the Trust Property of each Series that has been or that may be established shall be governed by Section 3.2 of this Declaration. (c) All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets 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, and shall be so recorded upon the books of account of the Trust. In the event that there are any assets, 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 Shareholders of all Series for all purposes. (d) The assets 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 Series for all purposes. 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 Shareholders. (e) The power of the Trustees to pay dividends and make distributions with respect to any one or more Series shall be governed by Section 9.2 of this Trust. Dividends and distributions on Shares 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 resolutions adopted only once or with such frequency as the Trustees may determine, to the holders of Shares of that Series, from such of the income and capital gains, accrued liabilities belonging to that Series. All dividends and distributions on Shares of a particular Series shall be distributed pro rata to the holders of that Series in proportion to the number of Shares of that Series held by such holders at the date and time of record established for the payment of such dividends or distributions. (f) The establishment and designation of any Series of Shares shall be effected by resolution of the Board of Trustees. Upon such establishment and designation of any new Series, an officer of the Trust shall reduce any such resolution to writing, certify to the contents of the resolution, and take file with the Commonwealth of Massachusetts an appropriate steps notification of such newly established and designated Series. The failure to update file a notification regarding the Trust’s books establishment and records designation of any Series with the Commonwealth of Massachusetts shall not affect the validity of the establishment and other applicable Trust documents to implement and reflect designation of such actionSeries.

Series Designation. The Trustees, in their discretion from time to timediscretion, may authorize the division of Shares into one two or more Seriesseries or two or more classes, each such Series relating to a separate portfolio of investments. Series that are established and designated pursuant to this Declaration, together with such Classes as may the different series or classes shall be established and designated pursuant to Section 6.3 of this Declarationdesignated, may be set forth on a schedule affixed to this Declaration, provided however that such schedule shall be used solely for administrative convenience and shall not constitute a part of this Declaration. Any such schedule shall be revised from time to time to reflect additions or terminations of Series and Classes, provided however that such revisions shall not constitute an amendment to this Declaration. Different Series may be established and designated and the variations in the relative rights and preferences as between the different Series series or classes shall be fixed and determined determined, by the Trustees, and each additional series shall relate to a separate portfolio of investments; provided provided, that all Shares shall be identical except as provided for by Section 6.3 and except that there may be variations so fixed and determined between different Series series or classes as to investment policies, securities portfoliosobjective, purchase price, determination of net asset value, the price, terms and manner right of redemption, special and relative rights as to dividends and on liquidation, liquidation and conversion rights, and conditions under which the several Series series or classes shall have separate voting rights, as set forth in Section 10.1 of this Declaration. All references to shares in this Declaration shall be deemed to be shares of any or all series and classes as the context may require. The established and designated Series of the Trust as of the date hereof are: The NACM Small Cap Series The NFJ Dividend Value Series The OpCap Managed Series The OpCap Mid Cap Series These Series shall be the only Series until additional Series are established and designated by the Trustees. The following provisions shall be applicable to all seriesSeries: (a) The number of authorized Shares and the number of Shares of each Series series or of each class that may be issued shall be unlimited. The Trustees may classify or reclassify any unissued Shares or any Shares previously issued and required reacquired of any Series series or class into one or more Series series or one or more classes that may be established and designated from time to time. The Trustees may hold as treasury Shares shares (of the same or some other Seriesseries or class), reissue for such consideration and on such terms as they may determine, or cancel any Shares of any Series series or any class reacquired by the Trust at their discretion from time to time. (b) The power of the Trustees Trustee to invest and reinvest the Trust Property property of each Series that has been or that may be established shall be governed by Section section 3.2 of this Declaration. (c) All consideration received by the Trust for the issue or sale of Shares of a particular Seriesseries or class, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, profits and proceeds thereof, including any proceeds derived from the sale, exchange 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 series or class for all purposes, subject only to the rights of creditorscreditors 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 are any assets, income, earnings, profits and proceeds thereof, funds funds, or payments which are not readily identifiable as belonging to any particular Seriesseries or class, the Trustees shall allocate them among any one or more of the Series series or classes 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 Shareholders of all Series series or classes for all purposes. (d) The assets belonging to each particular Series series shall be charged with the liabilities of the Trust in respect of that Series series and all expenses, costs, charges and reserves attributable to that series. All expenses and liabilities incurred or arising in connection with a particular Series, or in connection with the management thereof, shall be payable solely out of the assets of that Series and any creditors of a particular Series shall be entitled to look solely to the property of such Series for satisfaction of their claims. Any general liabilities, expenses, costs, charges or reserves of the Trust which are not readily identifiable as belonging to any particular Series series shall be allocated and charged by the Trustees to and among any one or more of the Series 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 Series series for all purposes. 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 are capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders. (e) The power of the Trustees to pay dividends and make distributions with respect to any one or more Series shall be governed by Section 9.2 of this TrustDeclaration. Dividends and distributions on Shares of a particular Series series or class may be paid with such frequency as the Trustees may determine, which may be daily or otherwise, pursuant to a standing resolution or resolutions adopted only once or with such frequency as the Trustees may determine, to the holders of Shares of that Seriesseries or class, from such of the income and capital gains, accrued or realized, from the assets belonging to that series or class, as the Trustees may determine, after providing for actual and accrued liabilities belonging to that Seriesseries or class. All dividends and distributions on Shares of a particular Series series or class shall be distributed pro rata to the holders of that Series series or class in proportion to the number of Shares of that Series series or class held by such holders at the date and time of record established for the payment of such dividends or distributions. (f) Subject to the requirements of the 1940 Act, particularly Section 18(f) and Rule 18f-2 thereunder, the Trustees shall have the power to determine the designations, preferences, privileges, limitations and rights of each class and series of Shares. (g) Subject to compliance with the requirements of the 1940 Act, the Trustees shall have the authority to provide that the holders of Shares of any series or class shall have the right to convert or exchange said Shares into Shares of one or more series of Shares in accordance with such requirements and procedures as may be established by the Trustees. (h) The establishment and designation of any Series additional series or class of Shares shall be effected effective upon the execution by resolution a majority of the Board then Trustees of Trustees. Upon an instrument setting forth such establishment and designation and the relative rights and preferences of such series or class, or as otherwise provided in such instrument. At any time that there are no Shares outstanding or any particular series or class previously established and designated, the Trustees may by an instrument executed by a majority of their number abolish that series or class and the establishment and designation thereof. Each instrument referred to in this paragraph shall have the status of an amendment to this Declaration. (i) In the event of the liquidation of a particular series, the Shareholders of that series which has been established and designated and which is being liquidated shall be entitled to receive, when and as declared by the Trustees, the excess of the assets belonging to that series over the liabilities belonging to that series. The holders of Shares of any new Series, an officer series shall not be entitled hereby to any distribution upon liquidation of any other series. The assets so distributable to the Shareholders of any series shall be distributed among such Shareholders in proportion to the number of Shares of that series held by them and recorded on the books of the Trust shall reduce Trust. The liquidation of any such resolution to particular series in which there are Shares then outstanding may be authorized by an instrument in writing, certify without a meeting, signed by a majority of the Trustees then in office, subject to the contents approval of a majority of the resolutionoutstanding voting securities of that series, and take appropriate steps to update as that phrase is defined in the Trust’s books and records and other applicable Trust documents to implement and reflect such action1940 Act.

Series Designation. The Trustees, in their discretion from time to time, may authorize the division of Shares into one or more additional Series, each such additional Series relating to a separate portfolio of investments. The first eight such Series that are hereby established and designated: The Stock Portfolio The Money Market Portfolio The Bond Portfolio The Asset Allocation Portfolio These four Series shall be the only Series until additional series are established and designated pursuant to this Declaration, together with such Classes as may be established and designated pursuant to Section 6.3 of this Declaration, may be set forth on a schedule affixed to this Declaration, provided however that such schedule shall be used solely for administrative convenience and shall not constitute a part of this Declaration. Any such schedule shall be revised from time to time to reflect additions or terminations of Series and Classes, provided however that such revisions shall not constitute an amendment to this Declarationby the Trustees. Different Series may be established and designated and variations in the relative rights and preferences as between the different Series shall be fixed and determined by the Trustees; provided that all Shares shall be identical except as provided for by Section 6.3 and except that there may be variations between different Series as to investment policies, securities portfolios, purchase price, determination of net asset value, the price, terms and manner of redemption, special and relative rights as to dividends and on liquidation, conversion rights, and conditions under which the several Series shall have separate voting rights. All references to Shares in this Declaration shall be deemed to be shares of any or all Series as the context may require. The following provisions shall be applicable to all seriesSeries: (a) The number of Shares of each Series that may be issued shall be unlimited. The Trustees may classify or reclassify any unissued Shares or any Shares previously issued and required of any Series into one or more Series that may be established and designated from time to time. The Trustees may hold as treasury Shares (of the same or some other Series), reissue for such consideration and on such terms as they may determine, or cancel any Shares of any Series reacquired by the Trust at their discretion from time to time. (b) The power of the Trustees to invest and reinvest the Trust Property of each Series that has been or that may be established shall be governed by Section 3.2 of this Declaration. (c) All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets 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, and shall be so recorded upon the books of account of the Trust. In the event that there are any assets, 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 Shareholders of all Series for all purposes. (d) The assets 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 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 Series for all purposes. 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 Shareholders. (e) The power of the Trustees to pay dividends and make distributions with respect to any one or more Series shall be governed by Section 9.2 of this Trust. Dividends and distributions on Shares 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 resolutions adopted only once or with such frequency as the Trustees may determine, to the holders of Shares of that Series, from such of the income and capital gains, accrued liabilities belonging to that Series. All dividends and distributions on Shares of a particular Series shall be distributed pro rata to the holders of that Series in proportion to the number of Shares of that Series held by such holders at the date and time of record established for the payment of such dividends or distributions. (f) . The establishment and designation of any additional Series of Shares shall be effected effective upon the execution by resolution a majority of the Board then Trustees of Trustees. Upon such any instrument setting forth the establishment and designation of such Series. Such instrument shall also set forth any new Series, an officer rights and preferences of the Trust shall reduce any such resolution to writing, certify Series which are in addition to the contents rights and preferences of Shares set forth in this Declaration. The Trustees may by an instrument executed by a majority of their number abolish a series and the resolution, establishment and take appropriate steps designation thereof. Each instrument referred to update in this paragraph shall have the Trust’s books and records and other applicable Trust documents status of an amendment to implement and reflect such actionthis Declaration.