Common use of Additional Series; Classes Clause in Contracts

Additional Series; Classes. The Trustees may, without Shareholder approval, from time to time authorize multiple Series with separate investment objectives and policies and distinct investment purposes and one or more separate classes of any Series. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of the Shareholders of any Series of the Trust, to establish and designate and to change in any manner any such Series, or any classes thereof, to fix such preferences, voting powers, rights and privileges of such Series, or classes thereof, as the Trustees may from time to time determine, to classify or reclassify any issued Shares of any Series, or classes thereof, into one or more Series or classes, and to take such other action with respect to the Shares as the Trustees may deem desirable. Prior to the first classification of unissued Shares into additional Series, all outstanding Shares shall be of a single Series, and prior to the first classification of a Series into additional classes, all outstanding Shares of such Series shall be of a single class. Notwithstanding any other provision of this Declaration of Trust, upon the first classification of unissued Shares into additional Series, the Trustees shall specify a legal name for the outstanding Series, as well as for the new Series, and upon the first classification of a Series into additional classes, the Trustees shall specify a legal name for the outstanding class, as well as for the new class or classes. The establishment and designation of any Series additional to the initial Series of Shares or the establishment and designation of any class of a Series additional to the initial class shall be effective upon the execution by a majority of the Trustees of an instrument setting forth the establishment and designation of such Series or classes thereof (which instrument shall have the status of an amendment to this Declaration). All Shares of any Series or any classes thereof shall have equal voting, distribution, redemption, liquidation and other rights and shall be entitled to a preference over Shares of other Series or any classes thereof with respect to the assets of or allocated (pursuant to subsection V.4.1) to such Series or any classes thereof. Notwithstanding the foregoing, the Trustees may establish variations between different Series, and classes of any Series, as to purchase price, determination of net asset value, the price, terms and manner of redemption and special and relative rights as to dividends on liquidation, conditions under which the several Series (and classes of any Series) shall have separate voting rights and such other matters as the Trustees may determine. The number of Shares of each Series and each class that may be issued shall be unlimited.

Additional Series; Classes. The Trustees may, without Shareholder approval, from time to time authorize multiple additional Series with separate investment objectives and policies and distinct investment purposes and one or more separate classes of any Series. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of the Shareholders of any Series of the Trust, to establish and designate and to change in any manner any such Series, or any classes thereof, to fix such preferences, voting powers, rights and privileges of such Series, or classes thereof, as the Trustees may from time to time determine, to classify or reclassify any issued Shares of any Series, or classes thereof, into one or more Series or classes, and to take such other action with respect to the Shares as the Trustees may deem desirable. Prior to the first classification of unissued Shares into additional Series, all outstanding Shares shall be of a single Series, and prior to the first classification of a Series into additional classes, all outstanding Shares of such Series shall be of a single class. Notwithstanding any other provision of this Declaration of Trust, upon the first classification of unissued Shares into additional Series, the Trustees shall specify a legal name for the outstanding Series, as well as for the new Series, and upon the first classification of a Series into additional classes, the Trustees shall specify a legal name for the outstanding class, as well as for the new class or classes. The establishment and designation of any Series additional to the initial Series of Shares or the establishment and designation of any class of a Series additional to the initial class shall be effective upon the execution by a majority of the Trustees of an instrument setting forth the establishment and designation of such Series or classes thereof (which instrument shall have the status of an amendment to this Declaration). All Shares of any Series or any classes thereof shall have equal voting, distribution, redemption, liquidation and other rights and shall be entitled to a preference over Shares of other Series or any classes thereof with respect to the assets of or allocated (pursuant to subsection V.4.15.4.1) to such Series or any classes thereof. Notwithstanding the foregoing, the Trustees may establish variations between different Series, and classes of any Seriesseries, as to purchase price, determination of net asset value, the price, terms and manner of redemption and special and relative rights as to dividends on liquidation, conditions under which the several Series (and classes of any Series) shall have separate voting rights and such other matters as the Trustees may determine. The number of Shares of each Series and each class that may be issued shall be unlimited.