Common use of Establishment of Series and Classes Clause in Contracts

Establishment of Series and Classes. (a) The Trust shall consist of one or more separate and distinct Series, each with an unlimited number of Shares unless otherwise specified. The Shares of each Series shall have the relative rights and preferences provided for herein and such rights and preferences as may be designated by the Trustees. The establishment and designation of any Series shall be effective upon the adoption of a resolution by a majority of the Trustees setting forth such establishment and designation and the relative rights and preferences of the Shares of each such Series, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of the Shares of such Series including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. The Trust shall maintain separate and distinct records for each Series and shall hold and account for the assets belonging thereto separately from the other Trust Property and the assets belonging to any other Series. Each Share of a Series shall represent an equal beneficial interest in the net assets belonging to that Series, except to the extent of expenses separately allocated to Classes thereof as permitted herein. A Series may have exclusive voting rights with respect to matters affecting only that Series.