Series Roll Up Sample Clauses

Series Roll Up. At the discretion of the Trustee in respect of each Fund, a new sub-series may be issued on each date that Units of a Series are purchased. Accordingly, each sub- series may have a different Series Net Asset Value per Unit. If applicable, at the end of each fiscal year of a Fund, the Trustee, may in its sole discretion, re-designate and convert each sub-series within a Fund, other than the sub-series of the Fund issued upon the initial offering of Units (the “Initial Series”), into the Initial Series (a “Series Roll Up”). This will be accomplished by amending the Series Net Asset Value per Unit of all such sub-series so that they are the same, and consolidating or subdividing the number of Units of each such sub- series so that the aggregate Series Net Asset Value of the Series subject to such Series Roll Up held by a Unitholder does not change. The Series Roll Up will be effected at the prevailing Series Net Asset Value per Unit of the Series of the applicable sub-series.