Common use of Division of Beneficial Interest Clause in Contracts

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 unless otherwise determined by the Trustees, 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 Trustees may, without Shareholder approval, 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. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 unless otherwise determined by the Trustees, 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 or special or relative rights and or privileges (including conversion rights, if any) as the Trustees may determine and as are not inconsistent with any provision of this Declaration of Trust. Each series shall be set forth preferred over all other series in respect of the assets allocated to that series. The beneficial interest in each series shall at all times be divided into Shares, without par value, each of which shall, except as the Trustees may otherwise authorize in the Bylawscase of any series that is divided into two or more classes, represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The number of Shares authorized shall be unlimited, and the Shares so authorized may be represented in part by fractional shares. The Trustees may, without Shareholder approval, 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. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. The Shares of the Trust shall be issued in one or more series as the Trustees may, from time to time and 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 unless otherwise determined by the Trustees, 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, from time to time and 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 this Declaration of Trust or in the Bylaws. The Trustees may, without Shareholder approval, 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. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class, or combine the shares of two or more series into a single series.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. The Shares of the Trust shall may 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 unless otherwise determined by the Trusteesvalue, 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 Subject to applicable law, the Trustees may, without Shareholder approval, authorize the Trust to issue subscription or other rights representing interests in Shares to existing Shareholders or other persons subject to such terms and conditions as the Trustees may determine. The number of Shares authorized shall be unlimited, except as the Bylaws may otherwise provide, and the Shares so authorized may be represented in part by fractional shares. 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 class. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single classClass.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 unless otherwise determined by the Trustees, 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 or special or relative rights and or privileges (including conversion rights, if any) as the Trustees may determine and as are not inconsistent with any provision of this Declaration of Trust. Each series shall be set forth preferred over all other series in respect of the assets allocated to that series. The beneficial interest in each series shall at all time be divided into Shares, without par value, each of which shall, except as the Trustees may otherwise authorize in the Bylawscase of any series that is divided into two or more classes, represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The number of Shares authorized shall be unlimited, and the Shares so authorized may be represented in part by fractional shares. The Trustees may, without Shareholder approval, 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. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 Trustseries. The beneficial interest in each series shall at all times be divided into Shares, without par value unless otherwise determined by the Trusteesvalue, each of which shall, except as provided in the following sentence, shall represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The Each series shall be represented by one or more classes of Shares, with each class possessing such rights (including, notwithstanding any contrary provision herein, voting rights) as the Trustees may, without Shareholder shareholder approval, divide authorize. The number of Shares authorized shall be unlimited, and 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 so authorized may determine and as shall be set forth represented in the Bylawspart by fractional Shares. The Trustees may, without Shareholder approval, 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. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single classseries.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 specifically 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 with a par value unless otherwise of $0.00001 or $0.001, as may be determined by the Trustees, 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 or as shall be set forth in the Bylaws. The number of Shares authorized shall be unlimited. The Trustees may, without Shareholder approval, 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. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 specifically 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 with a par value unless otherwise determined of $0.00001 per share or such other amount as may be fixed from time to time by the Trustees, 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 or as shall be set forth in the Bylaws. The number of Shares of each series or class authorized shall be unlimited and the Shares so authorized may be represented in part by fractional shares. The Trustees may, without Shareholder approval, 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. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 unless otherwise determined by the Trusteesvalue, 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 or as shall be set forth in the Bylaws. The number of Shares authorized shall be unlimited, except as the Bylaws may otherwise provide, and the Shares so authorized may be represented in part by fractional shares. The Trustees may, without Shareholder approval, 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. The Trustees also may also, without shareholder approval, from time to time time, without Shareholder approval, combine the Shares of two or more series into a single series or the Shares of two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. The Shares of the Trust shall be issued with or without par value and 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 Trustseries. The beneficial interest Shares of any series may be issued in two or more classes, as the Trustees may, without Shareholder approval, authorize. Unless the Trustees have authorized the issuance of Shares of a series in two or more classes, each Share of a series shall at all times be divided into Shares, without par value unless otherwise determined by the Trustees, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the assets and liabilities of the series with each other Share of the same series, none having priority or preference over another. The If the Trustees may, without Shareholder approval, divide have authorized the issuance of Shares of any a series into in two or more classes, Shares of each then the classes may have such class having such preferences variations as to dividend, redemption, and special or relative rights and privileges (including conversion voting rights, if any) net asset values, expenses borne by the classes, and other matters as the Trustees may determine and as have authorized. The number of Shares authorized shall be set forth in the Bylawsunlimited. The Trustees may, without Shareholder approval, may from time to time divide or combine the Shares of any series or of any class of a series into a greater or lesser number without thereby changing the proportionate beneficial interest interests in the series or class. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 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 unless otherwise determined by the Trustees, 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 Series into two or more classes, Shares of each such class having such preferences and or special or relative rights and or privileges (including conversion rights, if any) as the Trustees may determine and as are not inconsistent with any provision of this Agreement and Declaration of Trust. Each Series shall be set forth preferred over all other Series in respect of the assets allocated to that Series. The beneficial interest in each Series shall at all times be divided into Shares, without par value, each of which shall, except as the Trustees may otherwise authorize in the Bylawscase of any Series that is divided into two or more classes, represent an equal proportionate interest in the Series with each other Share of the same Series, none having priority or preference over another. The number of Shares authorized shall be unlimited, and the Shares so authorized may be represented in part by fractional shares. The Trustees may, without Shareholder approval, may from time to time divide or combine the Shares of any series Series or class into a greater or lesser number without thereby changing the proportionate beneficial interest interests in the series Series or class. The Trustees may also, without shareholder approval, from time Shareholders shall have no preemptive or other right to time combine the subscribe to any additional Shares or two other securities issued by the Trust or more classes of any series into a single classSeries.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 Trustseries. The beneficial interest in each series shall at all times be divided into Shares, without par value unless otherwise determined by the Trusteesvalue, each of which shall, except as provided in the following sentence, shall represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The Each series shall be represented by one or more classes of Shares, with each class possessing such rights (including, notwithstanding any contrary provisions herein, voting rights) as the Trustees may, without Shareholder approvalshareholder approval authorize. The number of Shares authorized shall be unlimited, divide and 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 so authorized may determine and as shall be set forth represented in the Bylawspart by fractional shares. The Trustees may, without Shareholder approval, 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. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 specifically 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 with a par value unless otherwise determined of $0.0001 or such other amount as may be fixed from time to time by the Trustees, 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 or as shall be set forth in the Bylaws. The number of Shares authorized shall be unlimited. The Trustees may, without Shareholder approval, 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. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. The Shares of the Trust shall be issued in one or more series Series as the Trustees may, without shareholder approval, may authorize. Each series Series shall be preferred over all other series Series in respect of the assets 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 unless otherwise determined by the Trusteesvalue, 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, may divide the Shares of any series Series into two or more classesClasses, with 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 as shall be set forth herein and/or in such other document as the BylawsTrustees determine. The number of Shares authorized shall be unlimited. The Trustees may, without Shareholder approval, 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 number, classify or class. The Trustees may alsore-classify any issued or unissued Shares of any Series or Class into one or more Series or Classes, without shareholder approval, from time and take such other actions with respect to time combine the Shares or two or more classes of any series into a single classas the Trustees deem desirable.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. The Shares of the Trust shall may 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 unless otherwise determined by the Trusteesvalue, 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, except as the Bylaws may otherwise provide, and the Shares so authorized may be represented in part by fractional shares. The Trustees may, without Shareholder approval, 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 class. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single classClass.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 Trustseries. The beneficial interest in each series shall at all times be divided into Shares, without par value unless otherwise determined by the Trusteesvalue, 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 or as shall be set forth in the Bylaws. The number of Shares of the Trust and of any series and classes of the Trust authorized shall be unlimited, except as the Bylaws may otherwise provide or as the Trustees maymay otherwise determine, without Shareholder approval, and the Shares so authorized may be represented in part by fractional shares. 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. The Trustees also may also, without shareholder approval, from time to time time, without Shareholder approval, combine the Shares of two or more series into a single series or the Shares of two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 an unlimited number of Shares, without par value unless otherwise determined by the Trustees$0.001 per share, 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 classes, Shares of each such class having such preferences preferences, voting powers 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 of each class or series authorized shall be unlimited except as the By-Laws may otherwise provide. The Trustees may, without Shareholder approval, 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 class. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single classClass.

Division of Beneficial Interest. (a) The number of Shares authorized shall be unlimited. 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 with a par value unless otherwise determined of $0.00001 per share or such other amount (including $0.00 par value) as may be fixed from time to time by the Trustees, 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 Trustees may, without Shareholder approval, 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 such series or class. The Trustees may also, without shareholder approval, from time to time combine the Shares of two or more series into a single series or the Shares of two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 unless otherwise determined by the Trustees, 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 series or class having such preferences par value and such preferences, voting powers, terms of redemption, if any, and special or relative rights and or privileges (including conversion rights, if any) as the Trustees may determine and or as shall be set forth in the Bylaws. The number of Shares of each series or class authorized shall be unlimited, except as the Bylaws may otherwise provide or as the Trustees maymay otherwise determine, without Shareholder approval, and the Shares so authorized may be represented in part by fractional shares. 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. The Trustees may also, without shareholder Shareholder approval, from time to time combine the Shares of two or more series into a single series or the Shares of two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. The Shares shares of the Trust shall be issued in one or more series as the Board of 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 unless otherwise determined by the Trustees, 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 shares of any series into two or more classes, Shares shares of each such class having such preferences and or special or relative rights and or privileges (including conversion rights, if any) as the Trustees may determine and as are not inconsistent with any provision of this Declaration of Trust. Each series shall be set forth preferred over all other series with respect to the assets allocated to that series. The beneficial interest in each series shall at all times be divided into shares, with or without par value as the Board of Trustees shall determine, each of which shall, except as the Trustees may otherwise authorize in the Bylawscase of any series that is divided into two or more classes, represent an equal proportionate interest in the series with each other share of the same series, none having priority or preference over another. The number of shares authorized shall be unlimited, and the shares so authorized may be represented in part by fractional shares. The Board of Trustees may, without Shareholder approval, may from time to time divide or combine the Shares 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. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. The Shares of the Trust shall may 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 unless otherwise determined by the Trusteesvalue, 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 and exchange 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, except as the Bylaws may otherwise provide, and the Shares so authorized may be represented in part by fractional shares. The Trustees maymay from time to time, without Shareholder approval, 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. The Trustees also may also, without shareholder approval, from time to time time, without Shareholder approval, combine the Shares or of two or more classes Classes of any series Series into a single classClass.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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. Each series within may be divided into two or more classes, as the meaning Trustees may, without shareholder approval, authorize. The number of the 1940 Act and Shares authorized shall represent a separate investment portfolio of the Trustbe unlimited. The beneficial interest in each series shall at all times be divided into Shares, without with a par value unless otherwise determined by of $0.00001. Unless the TrusteesTrustees have authorized the issuance of Shares of a series in two or more classes, each Share of which shall, except as provided in the following sentence, a series shall represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The If the Trustees may, without Shareholder approval, divide have authorized the issuance of Shares of any a series into in two or more classes, Shares of each then the classes may have such class having such preferences variations as to dividend, redemption and special or relative rights and privileges (including conversion voting rights, if any) net asset values, expenses borne by the classes, and other matters as the Trustees have authorized. The investment objective, policies, and restrictions governing the management and operations of each series and class, including the management of assets belonging to any particular series, may determine and as shall from time to time be set forth in changed or supplemented by the BylawsTrustees, subject to the requirements of the 1940 Act. The Trustees may, without Shareholder approval, may from time to time divide or combine the Shares of any series or of any class of a series into a greater or lesser number without thereby changing the proportionate beneficial interest interests in the series or class. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single classseries.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 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 unless otherwise determined by the Trustees, 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 Series into two or more classes, Shares of each such class having such preferences and or special or relative rights and or privileges (including conversion rights, if any) as the Trustees may determine and as are not inconsistent with any provision of this Declaration of Trust. Each Series shall be set forth preferred over all other Series in respect of the assets allocated to that Series. The beneficial interest in each Series shall at all times be divided into Shares, without par value, each of which shall, except as the Trustees may otherwise authorize in the Bylawscase of any Series that is divided into two or more classes, represent an equal proportionate interest in the Series with each other Share of the same Series, none having priority or preference over another. The number of Shares authorized shall be unlimited, and the Shares so authorized may be represented in part by fractional shares. The Trustees may, without Shareholder approval, may from time to time divide or combine the Shares of any series Series or class into a greater or lesser number without thereby changing the proportionate beneficial interest interests in the series Series or class. The Trustees may also, without shareholder approval, from time Shareholders shall have no preemptive or other right to time combine the subscribe to any additional Shares or two other securities issued by the Trust or more classes of any series into a single classSeries.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 with a par value unless otherwise determined of $0.00001 per share or such other amount (including $0.00 par value) as may be fixed from time to time by the Trustees, 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 Trustees may, without Shareholder approval, 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 such series or class. The Trustees may also, without shareholder approval, from time to time combine the Shares of two or more series into a single series or the Shares of two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. The Shares shares of the Trust shall be issued in one or more series as the Board of 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 unless otherwise determined by the Trustees, 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 shares of any series into two or more classes, Shares shares of each such class having such preferences and or special or relative rights and or privileges (including conversion rights, if any) as the Trustees may determine and as are not inconsistent with any provision of this Declaration of Trust. Each series shall be set forth preferred over all other series with respect to the assets allocated to that series. The beneficial interest in each series shall at all times be divided into shares, with or without par value as the Board of Trustees may determine, each of which shall, except as the Trustees may otherwise authorize in the Bylawscase of any series that is divided into two or more classes, represent an equal proportionate interest in the series with each other share of the same series, none having priority or preference over another. The number of shares authorized shall be unlimited, and the shares so authorized may be represented in part by fractional shares. The Board of Trustees may, without Shareholder approval, may from time to time divide or combine the Shares 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. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. The Shares of the Trust shall be issued in one or more series as the Trustees may, from time to time and 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 unless otherwise determined by the Trustees, 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, from time to time and 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 herein or in such other document as the BylawsTrustees determine. The Trustees may, without Shareholder approval, 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. The Trustees may also, without shareholder Shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class, or combine the shares of two or more series into a single series.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. 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 Trustseries. The beneficial interest Shares of any series may be issued in two or more classes, as the Trustees may, without Shareholder approval, authorize. Unless the Trustees have authorized the issuance of Shares of a series in two or more classes, each Share of a series shall at all times be divided into Shares, without par value unless otherwise determined by the Trustees, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the assets and liabilities of the series with each other Share of the same series, none having priority or preference over another. The If the Trustees may, without Shareholder approval, divide have authorized the issuance of Shares of any a series into in two or more classes, Shares of each then the classes may have such class having such preferences variations as to dividend, redemption, and special or relative rights and privileges (including conversion voting rights, if any) net asset values, expenses borne by the classes, and other matters as the Trustees may determine and as have authorized. The number of Shares authorized shall be set forth unlimited, and the Shares so authorized may be represented in the Bylawspart by fractional shares. The Trustees may, without Shareholder approval, may from time to time divide or combine the Shares of any series or any class of a series into a greater or lesser number without thereby changing the proportionate beneficial interest interests represented by such Shares in the series or class. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single classseries.

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. The Shares of the Trust shall be issued in one or more series as the Trustees may, without shareholder Shareholder approval, authorizeauthorize from time to time. 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 Trustas hereinafter provided. The beneficial interest in each series shall at all times be divided into Shares, Shares (without par value unless otherwise determined by the Trusteesvalue) of such series, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the such series with each other Share of the same series, none having priority or preference over anotheranother Share of the same series. 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 or privileges (including conversion rights, if any) as the Trustees may determine and as determine. The number of Shares authorized shall be set forth unlimited, and the Shares so authorized may be represented in the Bylawspart by fractional Shares. The Trustees may, without Shareholder approval, may from time to time divide or combine the Shares 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. The Without limiting the authority of the Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class.set forth in this

Division of Beneficial Interest. The number of Shares authorized shall be unlimited. The Shares of the Trust shall be issued in one or more series as the Trustees may, without shareholder Shareholder approval, authorizeauthorize from time to time. 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 Trustas hereinafter provided. The beneficial interest in each series shall at all times be divided into Shares, Shares (without par value unless otherwise determined by the Trusteesvalue) of such series, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the such series with each other Share of the same series, none having priority or preference over anotheranother Share of the same series. 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 or privileges (including conversion rights, if any) as the Trustees may determine and as determine. The number of Shares authorized shall be set forth unlimited, and the Shares so authorized may be represented in the Bylawspart by fractional Shares. The Trustees may, without Shareholder approval, may from time to time divide or combine the Shares 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. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class.