Common use of Establishment and Designation of Shares Clause in Contracts

Establishment and Designation of Shares. 3.2.1. The Trust shall consist of one or more separate and distinct Series as may be established and designated by the Trustees, each with an unlimited number of Shares unless otherwise specified. The Trustees may establish and designate one or more Classes of Shares of any Series, each with an unlimited number of Shares unless otherwise specified. 3.2.2. Each Class so established and designated shall represent a proportionate undivided interest (as determined by or at the direction of, or pursuant to authority granted by, the Trustees, consistent with industry practice) (“Proportionate Interest”) in the net assets belonging to that Series and shall have identical voting, dividend, liquidation and other rights, preferences, powers, restrictions, limitations and designations and be subject to the same terms and conditions, except that (i) Class Expenses allocated to a Class for which such expenses were incurred shall be borne solely by that Class, (ii) other expenses, costs, charges and reserves allocated to a Class in accordance with Section 3.4.2. may be borne solely by that Class, provided that the allocation of such other expenses, costs, charges, and reserves is not specifically required to be set forth in a plan adopted by the Trust pursuant to Rule 18f-3 under the 1940 Act;