Common use of ESTABLISHMENT OF PORTFOLIOS Clause in Contracts

ESTABLISHMENT OF PORTFOLIOS. The Trust shall consist of one or more separate and distinct Portfolios, each with an unlimited number of Interests unless otherwise specified. The Trustees hereby establish and designate the Portfolios listed on Schedule A attached hereto and made a part hereof ("Schedule A"). Each additional Portfolio shall be established by the adoption of a resolution by the Trustees and shall be effective upon the date stated therein (or, if no such date is stated, upon the date of such adoption). The Interests in each Portfolio shall have the relative rights and preferences provided for herein and such rights and preferences as may be designated by the Trustees. The Trust shall maintain separate and distinct records for each Portfolio and shall hold and account for the assets belonging thereto separately from the other Trust Property and the assets belonging to any other Portfolio. Each Interest in a Portfolio shall represent an equal beneficial interest in the net assets belonging to that Portfolio. A Portfolio may have exclusive voting rights with respect to matters affecting only that Portfolio.