Common use of Establishment of Classes Clause in Contracts

Establishment of Classes. The Trustees may from time to time authorize the division of Shares of the Trust into one or more Classes. Separate and distinct records shall be maintained by the Trust for each Class. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of Shareholders of any Class, to establish and designate and to change in any manner any initial or additional Classes and to fix such preferences, voting powers, rights and privileges of such Classes as the Trustees may from time to time determine, to divide or combine the Shares or any Classes into a greater or lesser number, to classify or reclassify any issued Shares or any Classes into one or more Classes, and to take such other action with respect to the Shares as the Trustees may deem desirable. Unless another time is specified by the Trustees, the establishment and designation of any Class shall be effective upon the adoption of a resolution by the Trustees setting forth such establishment and designation and the preferences, powers, rights and privileges of the Shares of such Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of such Class including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. The Trust may issue any number of Shares of each Class and need not issue certificates for any Shares. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Classes as the context may require. All provisions herein relating to the Trust shall apply equally to each Class of the Trust except as the context otherwise requires. All Shares of each Class shall represent an equal proportionate interest in the assets belonging to the Trust (subject to the liabilities belonging to that Class), and each Share of any Class shall be equal to each other Share of that Class; but the provisions of this sentence shall not restrict any distinctions permissible under this Section 2.6.

Establishment of Classes. The Trustees may from time to time authorize the division of Shares of the Trust into establish one or more Classes. Separate and distinct records shall be maintained by the Trust for Classes of Shares, each Classwith an unlimited number of Shares unless otherwise specified. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of Shareholders of any Class, to hereby establish and designate the Classes listed on Schedule A attached hereto and to change in any manner any initial or made a part hereof (“Schedule A”). Each additional Classes and to fix such preferences, voting powers, rights and privileges Class shall be established by the adoption of such Classes as the Trustees may from time to time determine, to divide or combine the Shares or any Classes into a greater or lesser number, to classify or reclassify any issued Shares or any Classes into one or more Classes, and to take such other action with respect to the Shares as the Trustees may deem desirable. Unless another time is specified by the Trustees, the establishment and designation of any Class shall be effective upon the adoption of a resolution resolutions by the Trustees setting that set(s) forth such establishment and the designation and the preferencesof, powersor otherwise identifies, rights and privileges of the Shares of such Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such relative rights and preferences of such Class includingClass, without limitationincluding any Registration Statement, any registration statement amendment of the Trust, this Agreement and/or Schedule A or as otherwise provided in such resolution. The Trust may issue Upon the establishment of any number Class of Shares or the termination of each any existing Class of Shares, Schedule A shall be amended to reflect the addition or termination of such Class and need not issue certificates for any Shares. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Classes as the context may require. All provisions herein relating to the Trust shall apply equally to each Class officer of the Trust except as is hereby authorized to make such amendment; provided that the context otherwise requiresamendment of Schedule A shall not be a condition precedent to the establishment or termination of any Class in accordance with this Agreement. All The Shares of each Class shall have the relative rights and preferences provided for herein and such rights and preferences as may be designated by the Trustees in any amendment or modification to the Trust’s Governing Instrument, unless the establishing resolution or any other resolution adopted pursuant to Section 2.3 or the Registration Statement otherwise provides. Each Class so established and designated shall represent an equal proportionate interest a Proportionate Interest in the net assets belonging to of the Trust (and shall have identical voting, dividend, liquidation, and other rights and be subject to the liabilities belonging same terms and conditions, except that (1) Class Expenses allocated to a Class for which such expenses were incurred shall be borne solely by that Class), (2) other expenses, costs, charges, and each Share of any reserves allocated to a Class shall in accordance with Section 2.5(d) may be equal to each other Share of borne solely by that Class; but , provided that the provisions allocation of this sentence 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, (3) dividends declared and payable to a Class pursuant to Section 7.2 shall not restrict any distinctions permissible under this Section 2.6reflect the items separately allocated thereto pursuant to the preceding clauses, (4) each Class may have separate rights to convert to another Class, exchange rights, and similar rights, each as determined by the Trustees, and (5) each Class may have exclusive voting rights with respect to matters affecting only that Class.

Establishment of Classes. The Trustees may from time to time authorize the division of Shares of the Trust into one or more Classes. Separate and distinct records shall be maintained by the Trust for each Class. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of Shareholders of any Class, to establish and designate and to change in any manner any initial or additional Classes and to fix such preferences, voting powers, rights and privileges of such Classes as the Trustees may from time to time determine, to divide or combine the Shares or any Classes into a greater or lesser number, to classify or reclassify any issued Shares or any Classes into one or more Classes, and to take such other action with respect to the Shares as the Trustees may deem desirable. Unless another time is specified by the Trustees, the establishment and designation of any Class shall be effective upon the adoption of a resolution by the Trustees setting forth such establishment and designation and the preferences, powers, rights and privileges of the Shares of such Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of such Class including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. The Trust may issue any number of Shares of each Class and need not issue certificates for any Shares. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Classes Classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each Class of the Trust Trust, except as the context otherwise requires. All Shares of each Class shall represent an equal proportionate interest in the assets belonging to the Trust (subject to the liabilities belonging to that Class), and each Share of any Class shall be equal to each other Share of that Class; but the provisions of this sentence shall not restrict any distinctions permissible under this Section 2.6.

Establishment of Classes. The Trustees may from time to time authorize the division of Shares of the Trust into one or more Classes. Separate and distinct records shall be maintained by the Trust for each Class. 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 Classthe Trust, to establish and designate and to change in any manner any initial or additional Classes and to fix such preferences, voting powers, rights and privileges of such Classes as the Trustees may from time to time determine, to divide or combine the Shares or of any Classes into a greater or lesser number, to classify or reclassify any issued Shares or any Classes into one or more Classes, and to take such other action with respect to the Shares as the Trustees may deem desirable; provided, however, that the Trustees may not change the outstanding Shares of any Class in a manner materially adverse to Shareholders of such Shares without the vote of a majority of such outstanding Shares. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or apportion the same among two or more Classes. All references to Shares in this Declaration shall be deemed to include references to Shares of any or all Classes as the context may require. Unless another time is specified by the Trustees, the establishment and designation of any Class shall be effective upon the adoption of a resolution by the Trustees setting forth such establishment and designation and the preferences, powers, rights and privileges of the Shares of such Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of such Class including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. The Trust may issue any number of Shares of each Class and need not issue certificates for any Shares. All references to Shares in this Trust Instrument Declaration shall be deemed to be Shares of any or all Classes as the context may require. All provisions herein relating to the Trust shall apply equally to each Class of the Trust except as the context otherwise requires. All Shares of each Class shall represent an equal proportionate interest in the assets belonging to the Trust (subject to the liabilities belonging to that Class), and each Share of any Class shall be equal to each other Share of that Class; but the provisions of this sentence shall not restrict any distinctions permissible under this Section 2.6.

Establishment of Classes. The Trustees may from time to time authorize the division of Shares of the Trust into one or more Classes. Separate and distinct records shall be maintained by the Trust for each Class. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of Shareholders of any Class, to establish and designate and to change in any manner any initial or additional Classes and to fix such preferences, voting powers, rights and privileges of such Classes as the Trustees may from time to time determine, to divide or combine the Shares or any Classes into a greater or lesser number, to classify or reclassify any issued Shares or any Classes into one or more Classes, and to take such other action with respect to the Shares as the Trustees may deem desirable. Unless another time is specified by the Trustees, the establishment and designation of any Class shall be effective upon the adoption of a resolution by the Trustees setting forth such establishment and designation and the preferences, powers, rights and privileges of the Shares of such Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of such Class including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. The Trust may issue any number of Shares of each Class and need not issue certificates for any Shares. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Classes as the context may require. All provisions herein relating to the Trust shall apply equally to each Class of the Trust except as the context otherwise requires. All Shares of each Class shall represent an equal proportionate interest in the assets belonging to the Trust (subject to the liabilities belonging to that Class), and each Share of any Class shall be equal to each other Share of that Class; but the provisions of this sentence shall not restrict any distinctions permissible under this Section 2.66.6.

Establishment of Classes. The Trustees may from time to time authorize the division of Shares of the Trust into establish one or more Classes. Separate and distinct records shall be maintained by the Trust for Classes of Shares, each Classwith an unlimited number of Shares unless otherwise specified. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of Shareholders of any Class, to hereby establish and designate the Classes listed on Schedule A attached hereto and to change in any manner any initial or made a part hereof (“Schedule A”). Each additional Classes and to fix such preferences, voting powers, rights and privileges Class shall be established by the adoption of such Classes as the Trustees may from time to time determine, to divide or combine the Shares or any Classes into a greater or lesser number, to classify or reclassify any issued Shares or any Classes into one or more Classes, and to take such other action with respect to the Shares as the Trustees may deem desirable. Unless another time is specified by the Trustees, the establishment and designation of any Class shall be effective upon the adoption of a resolution resolutions by the Trustees setting that set(s) forth such establishment and the designation and the preferencesof, powersor otherwise identifies, rights and privileges of the Shares of such Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such relative rights and preferences of such Class includingClass, without limitationincluding any Registration Statement, any registration statement amendment of the Trust, this Agreement and/or Schedule A or as otherwise provided in such resolution. The Trust may issue Upon the establishment of any number Class of Shares or the termination of each any existing Class of Shares, Schedule A shall be amended to reflect the addition or termination of such Class and need not issue certificates for any Shares. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Classes as the context may require. All provisions herein relating to the Trust shall apply equally to each Class officer of the Trust except as is hereby authorized to make such amendment; provided that the context otherwise requiresamendment of Schedule A shall not be a condition precedent to the establishment or termination of any Class in accordance with this Agreement. All The Shares of each Class shall have the relative rights and preferences provided for herein and such rights and preferences as may be designated by the Trustees in any amendment or modification to the Trust’s Governing Instrument, unless the establishing resolution or any other resolution adopted pursuant to Section 2.3 or the Registration Statement otherwise provides. Each Class so established and designated shall represent an equal proportionate interest a Proportionate Interest in the net assets belonging to of the Trust (and shall have identical voting, dividend, liquidation, and other rights and be subject to the liabilities belonging same terms and conditions, except that (1) Class Expenses allocated to a Class for which such expenses were incurred shall be borne solely by that Class), (2) other expenses, costs, charges, and each Share of any reserves allocated to a Class shall in accordance with Section 2.5(d) may be equal to each other Share of borne solely by that Class; but , 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 an order of the Securities and Exchange Commission granting exemptive relief from certain provisions of this sentence Section 18 of the 1940 Act or as otherwise permitted by the 1940 Act, (3) dividends declared and payable to a Class pursuant to Section 7.2 shall not restrict any distinctions permissible under this Section 2.6reflect the items separately allocated thereto pursuant to the preceding clauses, (4) each Class may have separate rights to convert to another Class, exchange rights, and similar rights, each as determined by the Trustees, and (5) each Class may have exclusive voting rights with respect to matters affecting only that Class.

Establishment of Classes. The Trustees may from time to time authorize the division Trust shall consist of Shares of the Trust into one or more Classes. Separate , and separate and distinct records shall be maintained by the Trust for each Class. 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 ClassClass of the Trust, to establish and designate and to change in any manner any initial or additional Classes and to fix such preferences, voting powers, rights conversion and privileges other rights, privileges, restrictions, limitations as to dividends, qualifications, and conditions of redemption of such Classes as the Trustees may from time to time determine, to divide or combine the Shares or of any Classes Class into a greater or lesser number, to classify or reclassify any issued Shares or of any Classes Class into one or more ClassesClasses of Shares, and to take such other action with respect to the Shares as the Trustees may deem desirable. Unless another time is specified by the Trustees, the establishment and designation of any Class shall be effective upon the adoption of a resolution by the Trustees setting forth such establishment and designation and the preferences, powers, rights and privileges of the Shares of such Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of such Class includingClass, including without limitation, limitation any registration statement of the TrustTrust filed with the Commission, or as otherwise provided in such resolution. The Trust may issue any number of Shares of each Class and need not issue certificates for any Shares. All references to Shares in this Declaration of Trust Instrument shall be deemed to be Shares of any or all Classes as the context may require. All provisions herein relating to the Trust shall apply equally to each Class of the Trust except as the context otherwise requires. All Shares of each Class shall represent an equal proportionate interest in the assets belonging to the Trust (subject to the liabilities belonging to that Class), and each Each Share of any Class shall be equal to each other Share of that Class; but the provisions of this sentence shall not restrict any distinctions permissible under this Section 2.6.

Establishment of Classes. The Trustees may from time to time authorize the division of Shares of the Trust into one or more Classes. Separate and distinct records shall be maintained by the Trust for each Class. 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 Class, to establish and designate and to change in any manner any initial or additional Classes and to fix such preferences, voting powers, rights and privileges of such Classes as the Trustees may from time to time determine, to divide or combine the Shares or any Classes into a greater or lesser number, to classify or reclassify any issued Shares or any Classes Class into one or more Classes, and to take such other action with respect to the Shares as the Trustees may deem desirable. Unless another time is specified by the Trustees, the The establishment and designation of any Class shall be effective upon the adoption of a resolution by the Trustees setting forth such establishment and designation and the preferences, powers, rights and privileges of the Shares of such Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of t such Class including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolutionClass. The Trust may issue any number of Shares of each Class and need not issue certificates certificate for any Shares. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Classes Classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each Class of the Trust Trust, except as the context otherwise requires. All Shares of each Class shall represent an equal proportionate interest in the assets belonging to the Trust (subject to the liabilities belonging to that Class), and each Share of any Class shall be equal to each other Share of that Class; but the provisions of this sentence shall not restrict any distinctions permissible under this Section 2.6.

Establishment of Classes. The Trustees may from time to time authorize the division of Shares of the Trust into one or more Classes. Separate and distinct records shall be maintained by the Trust for each Class. 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 Classthe Trust, to establish and designate and to change in any manner any initial or additional Classes and to fix such preferences, voting powers, rights and privileges of such Classes as the Trustees may from time to time determine, to divide or combine the Shares or of any Classes into a greater or lesser number, to classify or reclassify any issued Shares or any Classes into one or more Classes, and to take such other action with respect to the Shares as the Trustees may deem desirable; provided, however, that the Trustees may not change the outstanding Shares of any Class in a manner materially adverse to Shareholders of such Shares without the vote of a majority of such outstanding Shares. To the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any Classes, the Trustees may allocate assets, liabilities, income and expenses to a particular Class or apportion the same among two or more Classes. All references to Shares in this Declaration shall be deemed to include references to Shares of any or all Classes as the context may require. Unless another time is specified by the Trustees, the establishment and designation of any Class shall be effective upon the adoption of a resolution by the Trustees setting forth such establishment and designation and the preferences, powers, rights and privileges of the Shares of such Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of such Class including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. The Trust may issue any number of Shares of each Class and need not issue certificates for any Shares. All references to Shares in this Trust Instrument Declaration shall be deemed to be Shares of any or all Classes as the context may require. All provisions herein relating to the Trust shall apply equally to each Class of the Trust except as the context otherwise requires. All Shares of each Class shall represent an equal proportionate interest in the assets belonging to the Trust (subject to the liabilities belonging to that Class), and each Share of any Class shall be equal to each other Share of that Class; but the provisions of this sentence shall not restrict any distinctions permissible under this Section 2.6.. 4 | P a g e

Establishment of Classes. The Trustees may from time to time authorize the division of Shares of the Trust into establish one or more Classes. Separate and distinct records shall be maintained by the Trust for Classes of Shares, each Classwith an unlimited number of Shares unless otherwise specified. The Trustees shall have full power and authority, in their sole discretion, and without obtaining any prior authorization or vote of Shareholders of any Class, to hereby establish and designate the Classes listed on Schedule A attached hereto and to change in any manner any initial or made a part hereof ("Schedule A"). Each additional Classes and to fix such preferences, voting powers, rights and privileges Class shall be established by the adoption of such Classes as the Trustees may from time to time determine, to divide or combine the Shares or any Classes into a greater or lesser number, to classify or reclassify any issued Shares or any Classes into one or more Classes, and to take such other action with respect to the Shares as the Trustees may deem desirable. Unless another time is specified by the Trustees, the establishment and designation of any Class shall be effective upon the adoption of a resolution resolutions by the Trustees setting that set(s) forth such establishment and the designation and the preferencesof, powersor otherwise identifies, rights and privileges of the Shares of such Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such relative rights and preferences of such Class includingClass, without limitationincluding any Registration Statement, any registration statement amendment of the Trust, this Agreement and/or Schedule A or as otherwise provided in such resolution. The Trust may issue Upon the establishment of any number Class of Shares or the termination of each any existing Class of Shares, Schedule A shall be amended to reflect the addition or termination of such Class and need not issue certificates for any Shares. All references to Shares in this Trust Instrument shall be deemed to be Shares of any or all Classes as the context may require. All provisions herein relating to the Trust shall apply equally to each Class officer of the Trust except as is hereby authorized to make such amendment; provided that the context otherwise requiresamendment of Schedule A shall not be a condition precedent to the establishment or termination of any Class in accordance with this Agreement. All The Shares of each Class shall have the relative rights and preferences provided for herein and such rights and preferences as may be designated by the Trustees in any amendment or modification to the Trust's Governing Instrument, unless the establishing resolution or any other resolution adopted pursuant to Section 2.3 or the Registration Statement otherwise provides. Each Class so established and designated shall represent an equal proportionate interest a Proportionate Interest in the net assets belonging to of the Trust (and shall have identical voting, dividend, liquidation, and other rights and be subject to the liabilities belonging same terms and conditions, except that (1) Class Expenses allocated to a Class for which such expenses were incurred shall be borne solely by that Class), (2) other expenses, costs, charges, and each Share of any reserves allocated to a Class shall in accordance with Section 2.5(d) may be equal to each other Share of borne solely by that Class; but , provided that the provisions allocation of this sentence 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, (3) dividends declared and payable to a Class pursuant to Section 7.2 shall not restrict any distinctions permissible under this Section 2.6reflect the items separately allocated thereto pursuant to the preceding clauses, (4) each Class may have separate rights to convert to another Class, exchange rights, and similar rights, each as determined by the Trustees, and (5) each Class may have exclusive voting rights with respect to matters affecting only that Class.