Common use of Division of Beneficial Interest Clause in Contracts

Division of Beneficial Interest. The Shares of the Trust shall be issued in one or more series as the Trustees may, without shareholder approval, authorize. Each series shall be preferred over all other series in respect of the assets allocated to that series within the meaning of the 1940 Act and shall represent a separate investment portfolio of the Trust. The beneficial interest in each series shall at all times be divided into Shares, without par value, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The Trustees may, without Shareholder approval, divide the Shares of any series into two or more classes, Shares of each such class having such preferences and special or relative rights and privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in the Bylaws. The number of Shares authorized shall be unlimited. The Trustees may from time to time divide or combine the Shares of any series or class into a greater or lesser number without thereby changing the proportionate beneficial interest in the series or class.

Division of Beneficial Interest. The Shares of the Trust shall be issued in one or more series Series as the Trustees may, without shareholder approval, authorize. Each series Series shall be preferred over all other series Series in respect of the assets specifically allocated to that series Series within the meaning of the 1940 Act and shall represent a separate investment portfolio of the Trust. The beneficial interest in each series Series shall at all times be divided into Shares, without par value, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the series Series with each other Share of the same seriesSeries, none having priority or preference over another. The Trustees may, without Shareholder approval, divide the Shares of any series Series into two or more classesClasses, Shares of each such class Class having such preferences and special or relative rights and privileges (including conversion rights, if any) as the Trustees may determine and or as shall be set forth in the BylawsBy-Laws. The number of Shares authorized shall be unlimited. The Trustees may from time to time divide or combine the Shares of any series Series or class Class into a greater or lesser number without thereby changing the proportionate beneficial interest in the series Series or classClass.

Division of Beneficial Interest. The Shares of the Trust shall be issued in one or more series as the Trustees may, without shareholder approval, authorize. Each series shall be preferred over all other series in respect of the assets allocated to that series within the meaning of the 1940 Act and shall represent a separate investment portfolio of the Trust. The beneficial interest in each series shall at all times be divided into Shares, without par value, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The Trustees may, without Shareholder approval, divide the Shares of any series into two or more classes, Shares of each such class having such preferences and special or relative rights and privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in the Bylaws. The number of Shares authorized shall be unlimited. The Trustees may from time to time divide or combine the Shares of any series or class into a greater or lesser number without thereby changing the proportionate beneficial interest interests in the series or class.

Division of Beneficial Interest. The Shares of the Trust shall be issued in one or more series as the Trustees may, without shareholder Shareholder approval, authorize. Each series shall be preferred over all other series in respect of the assets allocated to that series within the meaning of the 1940 Act and shall represent a separate investment portfolio of the Trust. The beneficial interest in each series shall at all times be divided into Shares, without par value, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The Trustees may, without Shareholder approval, divide the Shares of any series into two or more classes, Shares of each such class having such preferences and special or relative rights and privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in the BylawsBy-Laws. The number of Shares authorized shall be unlimited. The Trustees may from time to time divide or combine the Shares of any series or class into a greater or lesser number without thereby changing the proportionate beneficial interest interests in the series or class.

Division of Beneficial Interest. The Shares of the Trust shall be issued in one or more series as the Trustees may, without shareholder approval, authorize. Each series shall be preferred over all other series in respect of the assets allocated to that series within the meaning of the 1940 Act and shall represent a separate investment portfolio of the Trust. The beneficial interest in each series shall at all times be divided into Shares, without par value, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The Trustees may, without Shareholder shareholder approval, divide the Shares of any series into two or more classes, Shares of each such class having such preferences and special or relative rights and privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in the Bylaws. The number of Shares authorized shall be unlimited. The Trustees may from time to time divide or combine the Shares of any series or class into a greater or lesser number without thereby changing the proportionate beneficial interest in the series or class.

Division of Beneficial Interest. The Shares of the Trust shall be issued in one or more series Series as the Trustees may, without shareholder Shareholder approval, authorize. Each series Series shall be preferred over all other series Series in respect of the assets specifically allocated to that series Series within the meaning of the 1940 Act and shall represent a separate investment portfolio of the Trust. The beneficial interest in each series Series shall at all times be divided into Shares, without par value, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the series Series with each other Share of the same seriesSeries, none having priority or preference over another. The Trustees may, without Shareholder approval, divide the Shares of any series Series into two or more classesClasses, Shares of each such class Class having such preferences and special or relative rights and privileges (including conversion rights, if any) as the Trustees may determine and or as shall be set forth in the BylawsBy-Laws. The number of Shares authorized shall be unlimited. The Trustees may from time to time divide or combine the Shares of any series Series or class Class into a greater or lesser number without thereby changing the proportionate beneficial interest in the series Series or classClass.

Division of Beneficial Interest. The Shares of the Trust shall be issued in one or more series as the Trustees may, without shareholder approval, authorize. Each series shall be preferred over all other series in respect of the assets allocated to that series within the meaning of the 1940 Act and shall represent a separate investment portfolio of the Trust. The beneficial interest in each series shall at all times be divided into Shares, without par valuevalue $0.0001 per Share, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The Trustees may, without Shareholder approval, divide the Shares of any series into two or more classes, Shares of each such class having such preferences and special or relative rights and privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in the Bylaws. The number of Shares authorized shall be unlimited. The Trustees may from time to time divide or combine the Shares of any series or class into a greater or lesser number without thereby changing the proportionate beneficial interest in the series or class.

Division of Beneficial Interest. The Shares of the Trust shall be issued in one or more series Series as the Trustees may, without shareholder Shareholder approval, authorize. Each series Series shall be preferred over all other series Series in respect of the assets specifically allocated to that series Series within the meaning of the 1940 Act and shall represent a separate investment portfolio of the Trust. The beneficial interest in each series Series shall at all times be divided into Shares, without par value, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the series Series with each other Share of the same seriesSeries, none having priority or preference over another. The Trustees may, without Shareholder approval, divide the Shares of any series Series into two or more classesClasses, Shares of each such class Class having such par value and such preferences and special or relative rights and privileges (including conversion rights, if any) as the Trustees may determine and or as shall be set forth in the BylawsBy-Laws. The number of Shares authorized shall be unlimited. The Trustees may from time to time divide or combine the Shares of any series Series or class Class into a greater or lesser number without thereby changing the proportionate beneficial interest in the series Series or classClass.

Division of Beneficial Interest. The Shares of the Trust shall be issued in one or more series as the Trustees may, without shareholder approval, authorize. Each series shall be preferred over all other series in respect of the assets allocated to that series within the meaning of the 1940 Act and shall represent a separate investment portfolio of the Trust. The beneficial interest in each series shall at all times be divided into Shares, without par value, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The Trustees may, without Shareholder approval, divide the Shares of any series into two or more classes, Shares of each such class having such preferences and special or relative rights and privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in the Bylaws. The number of Shares authorized shall be unlimited. The Trustees may from time to time divide or combine the Shares of any series or class into a greater or lesser number without thereby changing the proportionate beneficial interest interests in the series or class.. Ownership of Shares -------------------