Common use of Classes of Shares Clause in Contracts

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the division of Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. Except as may otherwise be specifically set forth in this Declaration or in a Statement establishing and designating Classes of Shares, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the division of Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a greater or lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. Except as may otherwise be specifically set forth in this Declaration or in a Statement establishing and designating Classes of Shares, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the division of Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a greater or lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. Except as may otherwise be specifically set forth in this Declaration or in a Statement establishing and designating Classes of Shares, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number two Classes of Common Shares: Class A and Class Y. The number of authorized Shares of each Class is unlimited. The Trustees may from time to time authorize the division of Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. Except as may otherwise be specifically set forth in this Declaration or in a Statement establishing and designating Classes of Shares, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the division of the Common Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class of Common Shares and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The With respect to the Common Shares, the Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any ClassesClasses of Common Shares, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. The Trust may also, from time to time, issue a class of an unlimited number of preferred shares, with or without par value. Except as may otherwise be specifically set forth in this Declaration Declaration, Designation (as defined below) or in a Statement establishing and designating Classes of Shares(as defined below) s, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the division of Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a greater or lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. Except as may otherwise be specifically set forth in this Declaration or in a Statement establishing and designating Classes of Shares, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below: (a) Common Shares. (i) Subject to the rights of the holders of the Preferred Shares, if any, in the event of the termination of the Trust, the holders of the Common Shares shall be entitled to receive pro rata the net distributable assets of the Trust. (ii) The holders of the Common Shares shall not, as such holders, have any right to acquire, purchase or subscribe for any Common Shares or securities of the Trust which it may hereafter issue or sell, other than such right, if any, as the Trustees in their discretion may determine. (iii) Subject to the rights of the holders of the Preferred Shares, if any, dividends or other distributions, when, as and if declared by the Trustees, shall be shared equally by the holders of Common Shares on a share for share basis. Any dividends or other distributions or any portion thereof as declared and distributed may be paid in cash to the holder, or alternatively, be reinvested in full and fractional Shares of the Trust as directed by the Trustees, or, if so permitted by the Trustees, at the election of the Shareholder.

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the division of Shares of the Trust into additional Classes Classes, and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or Class, series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes, Classes or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. Except as may otherwise be specifically set forth in this Declaration or in a Statement establishing and designating Classes of Shares, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:.

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may shall have the authority, without action or approval of the Shareholders, from time to time authorize to divide the division of Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The Trustees may divide or combine Shares of any Class or any series or subSub-class thereof Trust into a lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in classes and to fix and determine the Trust; classify or reclassify any issued or unissued different rights and preferences as between the Shares of any Class or any series or subseparate classes within a particular Sub-class thereof into one or more ClassesTrust as to purchase price, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change right of redemption and the name or price, terms and manner of redemption, dividends and other designation of a Class or series or sub-class thereof; distributions and take rights on liquidation, conversion rights, voting rights and such other action with respect to the Classes or series or sub-classes thereof rights as the Trustees may deem desirabledetermine, and may designate the specific classes of shares of each Sub-Trust. To The fact that a Sub-Trust shall have initially been established and designated without any specific establishment or designation of classes (i.e., that all Shares of such Sub-Trust are initially of a single class), or that a Sub-Trust shall have more than one established and designated class, shall not limit the extent necessary authority of the Trustees to establish and designate separate classes, or appropriate one or more further classes, of said Sub-Trust without approval of the holders of the initial class thereof, or previously established and designated class or classes thereof, provided that the Trustees shall have determined that the establishment and designation of such further separate classes would not adversely affect the rights of the holders of the initial or previously established and designated class or classes. All such determinations by the Trustees shall be conclusive and binding for all purposes and upon all Shareholders. The division of Shares into classes and the terms and conditions pursuant to give effect to which the preferences Shares of the classes will be issued, must be made in compliance with the 1940 Act. The establishment and special or designation of any class of Shares of a Sub-Trust shall be effective upon the execution by a majority of the then Trustees of an instrument setting forth such establishment and designation and the relative rights and privileges preferences of the Shares of such class. The Board of Trustees may, without shareholder approval, exchange shares of one class of a Sub-Trust for shares of another class of such Sub-Trust, provided that (i) the Board has determined that such exchange will not adversely affect the rights of any Classesshareholder of the exchanging class or the class into which the exchanging class is moving; and (ii) the Board has determined that the exchange will not change the proportionate beneficial interest that the exchanging shareholder has in the Fund; and (iii) in advance of the exchange, or series or subthe exchanging shareholders are notified that such exchange will take place. At any time that there are no Shares outstanding of a particular class of a Sub-classes thereofTrust previously established and designated, the Trustees may allocate assets, liabilities, income by an instrument executed by a majority of their number abolish that particular class of a Sub-Trust and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes establishment and designation thereof. Except as may otherwise be specifically set forth in this Declaration or in a Statement establishing and designating Classes of Shares, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:.