Common use of Classes of Shares Clause in Contracts

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the division of Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. Except as may otherwise be specifically set forth in this Declaration or in a Statement establishing and designating Classes of Shares, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the division of Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a greater or lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. Except as may otherwise be specifically set forth in this Declaration or in a Statement establishing and designating Classes of Shares, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the division of Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a greater or lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. Except as may otherwise be specifically set forth in this Declaration or in a Statement establishing and designating Classes of Shares, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the division of the Common Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class of Common Shares and any series or sub-sub- class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The With respect to the Common Shares, the Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-sub- classes thereof; change the name or other designation of a Class or series or sub-sub- class thereof; and take such other action with respect to the Classes or series or sub-sub- classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any ClassesClasses of Common Shares, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-sub- class thereof or apportion the same among two or more Classes or series or sub-sub- classes thereof. The Trust may also, from time to time, issue a class of an unlimited number of preferred shares, with or without par value. Except as may otherwise be specifically set forth in this Declaration Declaration, Designation (as defined below) or in a Statement establishing and designating Classes of Shares(as defined below) s, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the division of the Common Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class of Common Shares and any series or sub-sub- class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The With respect to the Common Shares, the Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-sub- class thereof; and take such other action with respect to the Classes or series or sub-sub- classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any ClassesClasses of Common Shares, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-sub- class thereof or apportion the same among two or more Classes or series or sub-classes thereof. The Trust may also, from time to time, issue a class of an unlimited number of preferred shares, with or without par value. Except as may otherwise be specifically set forth in this Declaration Declaration, Designation (as defined below) or in a Statement establishing and designating Classes of Shares(as defined below) s, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the division of Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a greater or lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. Except as may otherwise be specifically set forth in this Declaration or in a Statement establishing and designating Classes of Shares, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below: (a) Common Shares. (i) Subject to the rights of the holders of the Preferred Shares, if any, in the event of the termination of the Trust, the holders of the Common Shares shall be entitled to receive pro rata the net distributable assets of the Trust. (ii) The holders of the Common Shares shall not, as such holders, have any right to acquire, purchase or subscribe for any Common Shares or securities of the Trust which it may hereafter issue or sell, other than such right, if any, as the Trustees in their discretion may determine. (iii) Subject to the rights of the holders of the Preferred Shares, if any, dividends or other distributions, when, as and if declared by the Trustees, shall be shared equally by the holders of Common Shares on a share for share basis. Any dividends or other distributions or any portion thereof as declared and distributed may be paid in cash to the holder, or alternatively, be reinvested in full and fractional Shares of the Trust as directed by the Trustees, or, if so permitted by the Trustees, at the election of the Shareholder.

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the division of the Common Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class of Common Shares and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The With respect to the Common Shares, the Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any ClassesClasses of Common Shares, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. The Trust may also, from time to time, issue a class of an unlimited number of preferred shares, with or without par value. Except as may otherwise be specifically set forth in this Declaration Declaration, Designation (as defined below) or in a Statement establishing and designating Classes of Shares(as defined below) s, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the division of Shares of the Trust into additional Classes Classes, and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or Class, series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes, Classes or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. Except as may otherwise be specifically set forth in this Declaration or in a Statement establishing and designating Classes of Shares, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:.

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number two Classes of Common Shares: Class A and Class Y. The number of authorized Shares of each Class is unlimited. The Trustees may from time to time authorize the division of Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of a Class and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The Trustees may divide or combine Shares of any Class or any series or sub-class thereof into a lesser or greater number, including, without limitation, by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. Except as may otherwise be specifically set forth in this Declaration or in a Statement establishing and designating Classes of Shares, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below:

Classes of Shares. The Trust shall initially consist of one Class of an unlimited number of Common Shares. The Trustees may from time to time authorize the issuance of any additional Shares and the division of the Common Shares of the Trust into additional Classes and any such Classes may be further divided into series or sub-classes, and if so divided, all references to Classes herein shall include references to any series or sub-class thereof, except as the context may otherwise require, and all references to Shares shall refer to Shares of the Trust and of any Class or series, except as the context may otherwise require. The relative rights, preferences, privileges, limitations, restrictions and other relative terms of the Shares of the Trust and of a Class of Common Shares and any series or sub-class thereof shall be established and designated by the Trustees and may be modified by the Trustees from time to time. The With respect to the Common Shares, the Trustees may may, without Shareholder approval unless required under the 1940 Act take any or all of the following actions: divide or combine Shares of any Class or any series or sub-class thereof into a lesser or greater number, including, without limitation, including by a division or combination accomplished by means of a stock split or a reverse stock split, without thereby changing their proportionate beneficial interest in the Trust; classify or reclassify any issued or unissued Shares of the Trust or of any Class or any series or sub-class thereof into one or more Classes, series or sub-classes; combine two or more Classes or series or sub-classes thereof into a single Class or series or sub-class; terminate any one or more Classes or series or sub-classes thereof; change the name or other designation of a Class or series or sub-class thereof; and take such other action with respect to the Classes or series or sub-classes thereof as the Trustees may deem desirable. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any ClassesClasses of Common Shares, or series or sub-classes thereof, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or series or sub-class thereof or apportion the same among two or more Classes or series or sub-classes thereof. The Trust may also, from time to time, issue a class of an unlimited number of preferred shares, with or without par value. Except as may otherwise be specifically set forth in this Declaration Declaration, a Designation or in a Statement establishing and designating Classes of SharesStatement, the Shares shall have the powers, preferences, rights, qualifications, limitations and restrictions described below: (a) Common Shares. (i) Subject to the rights of the holders of the Preferred Shares, if any, in the event of the termination of the Trust, the holders of the Common Shares shall be entitled to receive pro rata the net distributable assets of the Trust. (ii) The holders of the Common Shares shall not, as such holders, have any right to acquire, purchase or subscribe for any Common Shares or securities of the Trust which it may hereafter issue or sell, other than such right, if any, as the Trustees in their discretion may determine. (iii) Subject to the rights of the holders of the Preferred Shares, if any, dividends or other distributions, when, as and if declared by the Trustees, shall be shared equally by the holders of Common Shares on a share for share basis, or, if the Fund has divided the Common Shares into one or more Classes in accordance with this Section 4.9, shall be shared equally by the holders of each such Class. Any dividends or other distributions or any portion thereof as declared and distributed may be paid in cash to the holder, or alternatively, be reinvested in full and fractional Shares of the Trust as directed by the Trustees, or, if so permitted by the Trustees, at the election of the Shareholder.