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in such manner and on such basis as they in their sole discretion. deem fair and equitable. <br /> Each such allocation by the Trustees shall be conclusive and binding upon the Participants of all <br /> Portfolios for all Qurposes. <br /> l) The assets belonging to each particular Portfolio shall be charged with <br /> the liabilities of the Fund in respect of that Portfolio and all expenses, costs. charges and <br /> reserves attributable to that Portfolio in such manner an on such basis as the Trustees in their <br /> sole discretion deem fair and equitable Any general liabilities expenses costs charges or <br /> reserves of the Trust which are not readily identifiable as attributable to any particular Portfolio <br /> shall be allocated and charged by the Trustees to an among any or more of the Portfolios <br /> established and designated from time to time in such manner and on such basis as the Trustees <br /> in their sole discretion deem fair and gQuitable Each allocation of liabilities. expenses. costs. <br /> charges and reserves by the Trustees shall be conclusive and binding upon the Participants of <br /> all Portfolios for all purposes The Trustees shall have full discretion to determine which asset <br /> items will be treated as income and which as funds placed in the Fund by Participants and each <br /> such determination and allocation shall be conclusive and binding_upon the Participants of all <br /> Portfolios. <br /> vi The net income of the Fund shall be determined separately for each <br /> Portfolio and shall be credited to the respective Share account of the Participants in each <br /> Portfolio in the manner and at the time provided in Article X hereof. <br /> vii The terms designated by the Trustees with respect to a Portfolio may <br /> • provide that the Shares (or series of Shares) applicable to such Portfolio shall only relate to a <br /> particular Participant or limitation on the number and identity of the Participants to which the <br /> Shares (or series of Shares of such Portfolio shall relate. <br /> viii The terms designated by the Trustees with respect to a Portfolio may <br /> provide that such Portfolio shall be established on a particular date and be terminated on a <br /> particular date. <br /> ix) The terms designated by the Trustees with respect to a particular <br /> Portfolio may provide for limitations of time or otherwise with respect to the ability of the <br /> participants participating in such Portfolio to withdraw funds relating to the Shares (or series of <br /> Shares) of such Portfolio from the Fund. <br /> Lx) To effect the division of the Shares into one or more series or to <br /> establish a Portfolio, the Trustees shall authorize and adopt a Certificate of Designation for each <br /> such series or Portfolio. Such Certificate of Designation shall become effective when (a) <br /> executed (i) by any two of the Chair, the Vice Chair, the Treasurer and the Secretary of the <br /> Fund or (ii) by such other Trustees or officers of the Fund as shall be determined by the <br /> Trustees and (b) lodged in the records of the Trust. Any such Certificate of Designation may <br /> be filed or recorded pursuant to Article XII of this Declaration of Trust. but no such <br /> recordation or filing shall be a condition precedent to the effectiveness of such Certificate of <br /> Designation. No Certificate of Designation shall be. or shall be deemed to be, an amendment <br /> iof this Declaration of Trust within the meaning of Article XIII of this Declaration of Trust. It <br /> shall not be necessary for each Participant to be advised of the adoption of any Certificate of <br /> Designation prior to its effectiveness, but the Trustees shall take, or shall cause to be taken, such <br /> 21 <br />