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ARTICLE 2 <br />ESTABLISHMENT OF FUNDS AND CLASSES OF FUNDS <br />2101 Establishment of Funds. The Trustee may from time to time establish such <br />Funds as it deems necessary and advisable to provide for the collective <br />investment and, reinvestment of assets of Participating Trusts, Each Fund <br />shall be administered, managed, and invested separately, The Investment <br />Guidelines, including the applicable investment objectives, guidelines, and <br />policies, for each Fund are set forth in Appendix A hereto, There is no <br />assurance that any of the Funds will achieve its investment objectives. <br />2.02 Establishment of Classes. The Trustee, in its sole discretion and at any time, <br />may divide a Fund into one or more Classes with differing fee and expense <br />obligations or liabilities. The beneficial interest of each Participating Trust in <br />a Class will be represented by Units, The Trustee may establish a Class by <br />attaching a written description of Classes as Appendix B to this Declaration of <br />Trust (the "Description of Classes"), which will specify the Trustee's rate of <br />compensation and other expenses, costs, charges, and liabilities allocable to <br />each Class of Units, as well as any conditions that must be satisfied to <br />participate in such Class. Each Unit of a Class of a Fund shall represent an <br />undivided proportionate interest in all the assets of the Fund. <br />2103 Change in the Units. As of any Valuation Date, the Trustee, in its sole <br />discretion, may make a uniform change In the Units of any Class of a Fund <br />either by dividing such Units into a greater number of Units of lesser value, <br />or combining such Units to produce a lesser number of Units of greater value, <br />provided that the proportionate interest of each Participating Trust in a Fund <br />or Class of a Fund, as the case may be, shall not thereby be changed. <br />2,04 No Certificates. No certificates shall be issued to evidence any Participating <br />Trust's interest in the Trust, but the Trustee shall keep a record of the <br />number of Units held by each Participating Trust, <br />DLL 1/ 80624185 9 <br />