Common use of Shares of Beneficial Interest Clause in Contracts

Shares of Beneficial Interest. The interest of the beneficiaries of the Trust initially shall be divided into common shares of beneficial interest of $.01 par value per share. The number of common shares authorized hereunder is unlimited. All shares issued, including, without limitation, those issued in connection with a dividend or distribution or a share split, shall be fully paid and nonassessable. The Trustees may, without Shareholder approval, authorize one or more Classes of Shares (which Classes may without Shareholder approval be divided by the Trustees into two or more Series), Shares of each such Class or Series having such preferences, voting powers and special or relative rights or privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in a resolution adopted in accordance with the By-Laws. The number of Shares of each Class or Series authorized shall be unlimited except as the By-Laws may otherwise provide. The Trustees may from time to time divide or combine the Shares of any Class or Series into a greater or lesser number without thereby changing the proportionate beneficial interest in the Class or Series. The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates, the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each Class or Series and as to the number of Shares of each Class or Series held from time to time by each Shareholder. The Trustees may at any time discontinue the issuance of Share certificates and may, by written notice to each Shareholder, require the surrender of Share certificates to the Trust for cancellation. Such surrender and cancellation shall not affect the ownership of Shares in the Trust.

Shares of Beneficial Interest. The beneficial interest of the beneficiaries of in the Trust initially shall at all times be divided into common shares transferable Shares, $1.00 par value, each of beneficial which shall represent an equal proportionate interest of $.01 par value per share. The number of common shares authorized hereunder is unlimited. All shares issuedin the Trust with each other Share outstanding, includingnone having priority or preference over another, without limitation, those issued in connection with a dividend or distribution or a share split, shall be fully paid and nonassessable. The Trustees may, without Shareholder approval, authorize one or more Classes of Shares (which Classes may without Shareholder approval be divided except to the extent modified by the Trustees into two or more Series), Shares under the provisions of each such Class or Series having such preferences, voting powers and special or relative rights or privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in a resolution adopted in accordance with the By-Lawsthis Section. The number of Shares of each Class or Series authorized shall which may be unlimited except as the By-Laws may otherwise provideissued is unlimited. The Trustees may from time to time divide or combine the outstanding Shares of any Class or Series into a greater or lesser number without thereby changing the proportionate beneficial interests in the Trust. Contributions to the Trust may be accepted for, and Shares shall be redeemed as, whole Shares and/or fractions. From time to time, as they deem appropriate, the Trustees may create additional Series and/or Classes of Series of Shares, in addition to the Shares initially created under this instrument ("Original Series"). References in this Trust Agreement to Shares of the Trust shall apply, as appropriate, to each such Series of Shares and to each such Class of Shares. Any additional Series of Shares created hereunder shall represent the beneficial interest in the Class or assets (and related liabilities) allocated by the Trustees to such Series of Shares and acquired by the Trust only after creation of the respective Series of Shares and only on account of such Series. The ownership If the Trustees create any additional Series of Shares hereunder, then the Original Series shall be recorded on deemed a separate Series of Shares. Upon creation of each Series of Shares, the books Trustees may designate it appropriately and determine the investment policies with respect to the assets allocated to such Series of the Trust or a transfer or similar agent. No certificates certifying the ownership of Shares shall be issued except Shares, redemption rights, dividend policies, conversion rights, liquidation rights, voting rights, and such other rights and restrictions as the Trustees may otherwise determine from time deem appropriate, to timethe extent not inconsistent with the provisions of this Trust Agreement. The Trustees may make such rules as they consider appropriate for divide any Series (including the issuance Original Series) into more than one Class of Share certificates, the transfer Shares. Upon creation of each additional Class of Shares the Trustees may designate it appropriately and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agentdetermine its rights and restrictions (including without limitation such redemption rights, dividend rights, conversion rights, liquidation rights, voting rights, and other rights and restrictions as the case may be, shall be conclusive as to who are the Shareholders of each Class or Series and as to the number of Shares of each Class or Series held from time to time by each Shareholder. The Trustees may at any time discontinue the issuance of Share certificates and may, by written notice to each Shareholder, require the surrender of Share certificates to the Trust for cancellation. Such surrender and cancellation shall not affect the ownership of Shares in the Trustdeem appropriate).

Shares of Beneficial Interest. The interest of the beneficiaries of the Trust initially shall be divided into common shares of beneficial interest of $.01 without par value per sharevalue. The number of common shares authorized hereunder is unlimited. All common shares issued, including, without limitation, those issued in connection with a dividend or distribution or a share split, shall be fully paid and nonassessable. The Trustees may, without Shareholder approval, authorize one or more Classes of Shares (which Classes may without Shareholder approval be divided by the Trustees into two or more Series), Shares of each such Class or Series having such preferences, voting powers and special or relative rights or privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in a resolution adopted in accordance with the By-Laws. The number of Shares of each Class or Series authorized shall be unlimited except as the By-Laws may otherwise provide. The Trustees may from time to time divide or combine the Shares of any Class or Series into a greater or lesser number without thereby changing the proportionate beneficial interest in the Class or Series. The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates, the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each Class or Series and as to the number of Shares of each Class or Series held from time to time by each Shareholder. The Trustees may at any time discontinue the issuance of Share certificates and may, by written notice to each Shareholder, require the surrender of Share certificates to the Trust for cancellation. Such surrender and cancellation shall not affect the ownership of Shares in the Trust.

Shares of Beneficial Interest. The interest Shares shall be issued in one or more series as the Trustees may, without Shareholder approval, authorize. The Trust shall initially have one series, "SPARX Japan Fund." Each series shall be preferred over all other series in respect of the beneficiaries assets allocated to that series and shall represent a separate investment portfolio of the Trust initially Trust. The beneficial interest in each series at all times shall be divided into common shares of beneficial interest of $.01 Shares, with or without par value per share. The number as the Trustees may from time to time determine, each of common shares authorized hereunder is unlimited. All shares issuedwhich shall, includingexcept as provided in the following sentence, without limitationrepresent an equal proportionate interest in the series with each other Share of the same series, those issued in connection with a dividend none having priority or distribution or a share split, shall be fully paid and nonassessablepreference over another. The Trustees may, without Shareholder approval, authorize one or more Classes divide Shares of Shares (which Classes may without Shareholder approval be divided by the Trustees any series into two or more Series)classes, Shares of each such Class or Series class having such preferences, voting powers preferences and special or relative rights or and privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in a resolution adopted in accordance with the By-Lawsdetermine. The number of Shares of each Class or Series authorized shall be unlimited except as unlimited, and the By-Laws Shares so authorized may otherwise providebe represented in part by fractional shares. The From time to time, the Trustees may from time to time divide or combine the Shares of any Class series or Series class into a greater or lesser number without thereby changing the proportionate beneficial interest interests in the Class series or Series. The ownership class or in any way effecting the rights of Shares shall be recorded on the books of the Trust any other series or a transfer or similar agent. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to timeclass. The Trustees may make such rules as they consider appropriate for shall have the issuance of Share certificates, authority to provide that the transfer holders of Shares of any series or class shall have the right to exchange said Shares for Shares of one or more other series or classes of Shares in accordance with such requirements and similar mattersprocedures as may be established by the Trustees. The record books Trustees shall have the authority, without the approval of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each Class any series or Series class unless otherwise required by applicable law, to combine the assets and as liabilities belonging to the number of Shares of each Class any two or Series held from time more series or attributable to time by each Shareholder. The Trustees may at any time discontinue the issuance of Share certificates two or more classes into assets and may, by written notice liabilities belonging to each Shareholder, require the surrender of Share certificates a single series or attributable to the Trust for cancellation. Such surrender and cancellation shall not affect the ownership of Shares in the Trusta single class.

Shares of Beneficial Interest. The interest of the beneficiaries of the Trust initially shall be divided into common shares of beneficial interest of $.01 0.001 par value per sharevalue. The number of common shares authorized hereunder is unlimited. All shares issued, including, without limitation, those issued in connection with a dividend or distribution or a share split, shall be fully paid and nonassessable. The Trustees mayTrustees, without Shareholder approval, may authorize one or more Classes of Shares (which Classes may Classes, without Shareholder approval approval, may be divided by the Trustees into two or more Series), Shares of each such Class or Series having such preferences, voting powers and special or relative rights or privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in a resolution adopted in accordance with the By-Laws. The number of Shares of each Class or Series authorized shall be unlimited except as the By-Laws otherwise may otherwise provide. The Trustees may from time to time may divide or combine the Shares of any Class or Series into a greater or lesser number without thereby changing the proportionate beneficial interest in the Class or Series. The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agentthe Transfer Agent. No certificates certifying the ownership of Shares shall be issued except as the Trustees otherwise may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates, the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agentthe Transfer Agent, as the case may be, shall be conclusive as to who are the Shareholders of each Class or Series and as to the number of Shares of each Class or Series held from time to time by each Shareholder. The Trustees may at any time may discontinue the issuance of Share certificates and may, by written notice to each Shareholder, require the surrender of Share certificates to the Trust for cancellation. Such surrender and cancellation shall not affect the ownership of Shares in the Trust.

Shares of Beneficial Interest. The beneficial interest of the beneficiaries of in the Trust initially shall at all times be divided into common shares transferable Shares, $1.00 par value, each of beneficial which shall represent an equal proportionate interest of $.01 par value per share. The number of common shares authorized hereunder is unlimited. All shares issuedin the Trust with each other Share outstanding, includingnone having priority or preference over another, without limitation, those issued in connection with a dividend or distribution or a share split, shall be fully paid and nonassessable. The Trustees may, without Shareholder approval, authorize one or more Classes of Shares (which Classes may without Shareholder approval be divided except to the extent modified by the Trustees into two or more Series), Shares under the provisions of each such Class or Series having such preferences, voting powers and special or relative rights or privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in a resolution adopted in accordance with the By-Lawsthis Section. The number of Shares of each Class or Series authorized shall which may be unlimited except as the By-Laws may otherwise provideissued is unlimited. The Trustees may from time to time divide or combine the outstanding Shares of any Class or Series into a greater or lesser number without thereby changing the proportionate beneficial interests in the Trust. Contributions to the Trust may be accepted for, and Shares shall be redeemed as, whole Shares and/or fractions. From time to time, as they deem appropriate, the Trustees may create additional Series and/or Classes of Series of Shares, in addition to the Shares initially created under this instrument ("Original Series"). References in this Trust Agreement to Shares of the Trust shall apply, as appropriate, to each such Series of Shares and to each such Class of Shares. Any additional Series of Shares created hereunder shall represent the beneficial interest in the Class or assets (and related liabilities) allocated by the Trustees to such Series of Shares and acquired by the Trust only after creation of the respective Series of Shares and only on account of such Series. The ownership If the Trustees create any additional Series of Shares hereunder, then the Original Series shall be recorded on deemed a separate Series of Shares. Upon creation of each Series of Shares, the books Trustees may designate it appropriately and determine the investment policies with respect to the assets allocated to such Series of the Trust or a transfer or similar agent. No certificates certifying the ownership of Shares shall be issued except Shares, redemption rights, dividend policies, conversion rights, liquidation rights, voting rights, and such other rights and restrictions as the Trustees may otherwise determine from time deem appropriate, to timethe extent not in consistent with the provisions of this Trust Agreement. The Trustees may make such rules as they consider appropriate for divide any Series (including the issuance Original Series) into more than one Class of Share certificates, the transfer Shares. Upon creation of each additional Class of Shares the Trustees may designate it appropriately and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agentdetermine its rights and restrictions (including without limitation such redemption rights, dividend rights, conversion rights, liquidation rights, voting rights, and other rights and restrictions as the case may be, shall be conclusive as to who are the Shareholders of each Class or Series and as to the number of Shares of each Class or Series held from time to time by each Shareholder. The Trustees may at any time discontinue the issuance of Share certificates and may, by written notice to each Shareholder, require the surrender of Share certificates to the Trust for cancellation. Such surrender and cancellation shall not affect the ownership of Shares in the Trustdeem appropriate).