Common use of Redemption by Shareholder Clause in Contracts

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (or Series) next determined in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, to require the Trust (or such Series) Series to redeem all or any part of his Shares of the Trust (or such Series) that Series at a redemption price equal to the net asset value per Share of the Trust (or Series) that Series next determined in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any a particular Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) that Series during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (or Series) next determined in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (or Series) next determined in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares of the Trust (or a particular Series thereof) or Class thereof shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his or her Shares of the Trust (or such Series) at a redemption price equal to the net asset value Net Asset Value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (l) of this Section 6.1 7.4 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for less such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge fee or other sales charge, if any, payable on such redemption as may be fixed by the Trustees; provided, however, that, if the Trustees determine, pursuant to the distributor Section 2.3 hereof, to issue Shares of any Series or Class in Creation Units, then Shares of such Series or Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the constituting a Creation Unit shall be redeemable hereunder. Except as otherwise provided in this Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment Instrument, payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities securities or other assets belonging to the applicable Series or in any combination thereof, out of the assets of the Trust or, as applicable, the assets held with respect to such Series, and the composition of any such payment may be different among Shareholders (including differences among Shareholders in the same Series or Class), at such time and in the value manner as may be specified from time to time in the applicable registration statement of such Securities or assets used in such determination of net asset valuethe Trust. Notwithstanding Subject to the foregoing, the Trust may postpone payment fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price and may suspend be determined by or under the right authority of the holders Trustees. In no case shall the Trust or the Trustees be liable for any delay of Shares any Person in transferring securities selected for delivery as all or part of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Actredemption price.

Redemption by Shareholder. Each holder Shareholder of Shares of the Trust (or a particular Series thereof) or Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, on any business day to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust (that Series or such Series) at a redemption price equal Class, upon and subject to the net asset value per Share of the Trust (or Series) next determined terms and conditions provided in this Section 4.5(e), in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; provided, that and pursuant to procedures or methods prescribed or approved by the Trustees and, in the case of any Series or Class now or hereafter authorized, if so determined by the Trustees, shall be redeemable only in aggregations of such number of Shares and at such times as may be determined by, or determined pursuant to procedures or methods prescribed by or approved by, the Trustees from time to time with respect to such Series or Class. The number of Shares comprising an aggregation for purposes of redemption or repurchase so determined from time to time with respect to any Series or Class shall be referred to herein as a "CREATION UNIT" and collectively, as "CREATION UNITS". The Trustees shall have the unrestricted power to determine from time to time the number of Shares constituting a Creation Unit by resolutions adopted at any regular or special meeting of the Trustees. Each holder of a Creation Unit aggregation of a Series or Class, upon request to the Trust accompanied by surrender of the appropriate stock certificate or certificates in proper form for transfer if certificates have been issued to such holder, or in accordance with such other procedures as may from time to timetime be in effect if certificates have not been issued, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) entitled to require the Trust to redeem all or any number of such holder's Shares standing in the name of such holder on the books of the Trust, but in the case of Shares of any Series or Class as to which the Trustees have determined that such Shares shall be redeemable in Creation Unit aggregations, only in such Creation Unit aggregations of shares of such Series or Class as the Trustees may determine from time to time in accordance with this Section 4.5(e). The Trust shall, upon application of any Shareholder or pursuant to authorization from any Shareholder, redeem or repurchase from such Shareholder outstanding Shares for an amount per share determined by the Trustees in accordance with any applicable laws and regulations; provided that (i) such amount per share shall not exceed the cash equivalent of the proportionate interest of each Share or of any Class or Series of Shares in the assets of the Trust at the time of the redemption or repurchase and (or such Seriesii) during any period or if so authorized by the Trustees, the Trust may, at any time when and from time to time, charge fees for effecting such redemption or repurchase, at such rates as the Trustees may establish, as and to the extent permissible permitted under the 1940 ActAct and the rules and regulations promulgated thereunder, and may, at any time and from time to time, pursuant to such Act and such rules and regulations, suspend such right of redemption. The procedures for effecting and suspending redemption shall be as set forth in the Prospectus from time to time. Payment may be in cash, securities or a combination thereof, as determined by or pursuant to the direction of the Trustees from time to time, less any applicable sales charges and/or fees.

Redemption by Shareholder. Each Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, to require the Trust (out of the assets belonging to the applicable Series or such SeriesClass) to redeem all or any part of his Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (ln) of this Section 6.1 after the Shares are properly tendered for redemption; provided, however, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any a particular Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge). Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Subject to the foregoing, the fair value, selection and quantity of Securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) that Series during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder Shareholder of Shares of the Trust (or a particular Series thereof) or Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, on any business day to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust (that Series or such Series) at a redemption price equal Class, upon and subject to the net asset value per Share of the Trust (or Series) next determined terms and conditions provided in this Section 4.5(e), in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; provided, that and pursuant to procedures or methods prescribed or approved by the Trustees and, in the case of any Series or Class now or hereafter authorized, if so determined by the Trustees, shall be redeemable only in aggregations of such number of Shares and at such times as may be determined by, or determined pursuant to procedures or methods prescribed by or approved by, the Trustees from time to time with respect to such Series or Class. The number of Shares comprising an aggregation for purposes of redemption or repurchase so determined from time to time with respect to any Series or Class shall be referred to herein as a “Creation Unit” and collectively, as “Creation Units”. The Trustees shall have the unrestricted power to determine from time to time the number of Shares constituting a Creation Unit by resolutions adopted at any regular or special meeting of the Trustees. Each holder of a Creation Unit aggregation of a Series or Class, upon request to the Trust accompanied by surrender of the appropriate stock certificate or certificates in proper form for transfer if certificates have been issued to such holder, or in accordance with such other procedures as may from time to timetime be in effect if certificates have not been issued, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) entitled to require the Trust to redeem all or any number of such holder’s Shares standing in the name of such holder on the books of the Trust, but in the case of Shares of any Series or Class as to which the Trustees have determined that such Shares shall be redeemable in Creation Unit aggregations, only in such Creation Unit aggregations of shares of such Series or Class as the Trustees may determine from time to time in accordance with this Section 4.5(e). The Trust shall, upon application of any Shareholder or pursuant to authorization from any Shareholder, redeem or repurchase from such Shareholder outstanding Shares for an amount per share determined by the Trustees in accordance with any applicable laws and regulations; provided that (i) such amount per share shall not exceed the cash equivalent of the proportionate interest of each Share or of any Class or Series of Shares in the assets of the Trust at the time of the redemption or repurchase and (or such Seriesii) during any period or if so authorized by the Trustees, the Trust may, at any time when and from time to time, charge fees for effecting such redemption or repurchase, at such rates as the Trustees may establish, as and to the extent permissible permitted under the 1940 ActAct and the rules and regulations promulgated thereunder, and may, at any time and from time to time, pursuant to such Act and such rules and regulations, suspend such right of redemption. The procedures for effecting and suspending redemption shall be as set forth in the Prospectus from time to time. Payment may be in cash, securities or a combination thereof, as determined by or pursuant to the direction of the Trustees from time to time, less any applicable sales charges and/or fees.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) Sub-Trust or any class thereof shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem all or any part of his such holder's Shares of the that Sub-Trust (or such Series) class thereof at a redemption price equal to the net asset value per Share of the that Sub-Trust (or Series) class thereof next determined in accordance with subsection (lh) of this Section 6.1 4.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time subject to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to charge in effect at the distributor time of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales chargeredemption. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may may, subject to the requirements of the 1940 Act, make payment wholly or partly in Securities securities or other assets belonging to such Series the Sub-Trust of which the Shares being redeemed are part at the value of such Securities securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the any Sub-Trust (or any Series thereof) class thereof to require the Trust to redeem Shares of the that Sub-Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each Unless the Trustees otherwise determine with respect to a particular Series of Class at the time of establishing and designating the same and subject to the 1940Act, each holder of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, to require the Trust (out of the assets belonging to the applicable Series or such SeriesClass) to redeem all or any part of his Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; provided, however, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any a particular Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge). Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Subject to the foregoing, the fair value, selection and quantity of Securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) that Series during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) Sub-Trust or any class thereof shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem all or any part of his such holder's Shares of the that Sub-Trust (or such Series) class thereof at a redemption price equal to the net asset value per Share of the that Sub-Trust (or Series) class thereof next determined in accordance with subsection (lh) of this Section 6.1 4.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time subject to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to charge in effect at the distributor time of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales chargeredemption. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which that make payment wholly in cash unwise or undesirable, the Trust may may, subject to the requirements of the 1940 Act, make payment wholly or partly in Securities securities or other assets belonging to such Series the Sub-Trust of which the Shares being redeemed are part at the value of such Securities securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the any Sub-Trust (or any Series thereof) class thereof to require the Trust to redeem Shares of the that Sub-Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (any Series or a particular Series thereof) Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem all or any part of his such Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (lg) of this Section 6.1 6.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption redemption, and that the proceeds of the redemption of Shares (including a fractional Share) of any Series or Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the such Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge). Payment of the The redemption price of Shares redeemed under this subsection (e) shall be paid in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to any Series of Shares, or one or more Classes of any Series, which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to the Portfolio to which such Series or Class pertains, at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) or Class to require the Trust to redeem such Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) of Shares shall have the right at such times time as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share that Series of the Trust (or Series) next determined in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; providedShares, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant subject to the terms and conditions set forth in this Declaration of 20 27 Trust and to such additional terms and conditions that may be adopted by the initial issuance Trustees. Shares of any particular Series of Shares may be redeemed solely out of the Shares assets belonging to that Series of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales chargeShares. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities securities or other assets belonging to such the Series of Shares of which the Shares being redeemed are part at the value of such Securities securities or assets used in such determination of net asset value. The amount per Share at which the Trust redeems or repurchases Shares shall be determined by the application of a formula adopted for such purpose by resolution of the Trustees provided that (i) such amount per Share shall not exceed the cash equivalent of the proportionate interest of each Share in the assets of the particular Series of Shares at the time of the purchase or redemption and (ii) if so authorized by the Trustees, the Trust may, at any time and from time to time, charge fees for effecting such redemption, at such rates as the Trustees may establish. Notwithstanding the foregoing, the Trust Trust, at the discretion of the Trustees, may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) of Shares to require the Trust to redeem Shares of the Trust (or such Series) that Series of Shares during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) Sub-Trust or any class thereof shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem all or any part of his such holder's Shares of the that Sub-Trust (or such Series) class thereof at a redemption price equal to the net asset value per Share of the that Sub-Trust (or Series) class thereof next determined in accordance with subsection (lh) of this Section 6.1 4.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time subject to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge, redemption charge or other sales charge, if any, payable on such redemption to charge in effect at the distributor time of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales chargeredemption. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may may, subject to the requirements of the 1940 Act, make payment wholly or partly in Securities securities or other assets belonging to such Series the Sub-Trust of which the Shares being redeemed are part at the value of such Securities securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the any Sub-Trust (or any Series thereof) class thereof to require the Trust to redeem Shares of the that Sub-Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) Sub- ------------------------- Trust or any class thereof shall have the right at such times time as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem all or any part of his Shares of the that Sub-Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (or Series) next determined in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; providedclass, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant subject to the terms and conditions set forth in this Declaration of 20 27 Trust and to such additional terms and conditions that may be adopted by the initial issuance Trustees. Shares of any particular Sub-Trust or class may be redeemed solely out of the Shares of such Class (assets belonging to the extent consistent with the 1940 Act that Sub-Trust or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales chargeclass. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities securities or other assets belonging to such Series the Sub-Trust or class of which the Shares being redeemed are part at the value of such Securities securities or assets used in such determination of net asset value. The amount per Share at which the Trust redeems or repurchases Shares shall be determined by the application of a formula adopted for such purpose by resolution of the Trustees (which formula shall be consistent with the 1940 Act) provided that (i) such amount per Share shall not exceed the cash equivalent of the proportionate interest of each Share in the assets of the particular Sub- Trust or class at the time of the purchase or redemption and (ii) if so authorized by the Trustees, the Trust may, at any time and from time to time, charge fees for effecting such redemption, at such rates as the Trustees may establish, as and to the extent permitted under the 1940 Act. The procedures for effecting redemption with respect to a particular Sub-Trust shall be set forth from time to time in the Prospectus for that Sub-Trust or class. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the any Sub-Trust (or any Series thereof) class to require the Trust to redeem Shares of the that Sub-Trust (or such Series) class during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder Shareholder of Shares of the Trust (or a particular Series thereof) or Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, on any business day to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust (that Series or such Series) at a redemption price equal Class, upon and subject to the net asset value per Share of the Trust (or Series) next determined terms and conditions provided in this Section 4.5(e), in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; provided, that and pursuant to procedures or methods prescribed or approved by the Trustees and, in the case of any Series or Class now or hereafter authorized, if so determined by the Trustees, shall be redeemable only in aggregations of such number of Shares and at such times as may be determined by, or determined pursuant to procedures or methods prescribed by or approved by, the Trustees from time to time with respect to such Series or Class. The number of Shares comprising an aggregation for purposes of redemption or repurchase so determined from time to time with respect to any Series or Class shall be referred to herein as a "Creation Unit" and collectively, as "Creation Units". The Trustees shall have the unrestricted power to determine from time to time the number of Shares constituting a Creation Unit by resolutions adopted at any regular or special meeting of the Trustees. Each holder of a Creation Unit aggregation of a Series or Class, upon request to the Trust accompanied by surrender of the appropriate stock certificate or certificates in proper form for transfer if certificates have been issued to such holder, or in accordance with such other procedures as may from time to timetime be in effect if certificates have not been issued, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) entitled to require the Trust to redeem all or any number of such holder's Shares standing in the name of such holder on the books of the Trust, but in the case of Shares of any Series or Class as to which the Trustees have determined that such Shares shall be redeemable in Creation Unit aggregations, only in such Creation Unit aggregations of shares of such Series or Class as the Trustees may determine from time to time in accordance with this Section 4.5(e). The Trust shall, upon application of any Shareholder or pursuant to authorization from any Shareholder, redeem or repurchase from such Shareholder outstanding Shares for an amount per share determined by the Trustees in accordance with any applicable laws and regulations; provided that (i) such amount per share shall not exceed the cash equivalent of the proportionate interest of each Share or of any Class or Series of Shares in the assets of the Trust at the time of the redemption or repurchase and (or such Seriesii) during any period or if so authorized by the Trustees, the Trust may, at any time when and from time to time, charge fees for effecting such redemption or repurchase, at such rates as the Trustees may establish, as and to the extent permissible permitted under the 1940 ActAct and the rules and regulations promulgated thereunder, and may, at any time and from time to time, pursuant to such Act and such rules and regulations, suspend such right of redemption. The procedures for effecting and suspending redemption shall be as set forth in the Prospectus from time to time. Payment may be in cash, securities or a combination thereof, as determined by or pursuant to the direction of the Trustees from time to time, less any applicable sales charges and/or fees.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) Sub- Trust or any class thereof shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem all or any part of his Shares of the that Sub-Trust (or such Series) class thereof at a redemption price equal to the net asset value per Share of the that Sub-Trust (or Series) class thereof next determined in accordance with subsection (lh) of this Section 6.1 4.2 after the Shares are properly tendered for redemption, subject to any contingent deferred sales charge or redemption charge in effect at the time of redemption; provided, however, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Sub-Trust (or any Series thereof) class hereafter established shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor redeemable only in aggregations of Shares of such Class number established by the Trustees or pursuant to procedures established by the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales chargeTrustees. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may may, subject to the requirements of the 1940 Act, make payment wholly or partly in Securities securities or other assets belonging to such Series the Sub-Trust of which the Shares being redeemed are part at the value of such Securities securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the any Sub-Trust (or any Series thereof) class thereof to require the Trust to redeem Shares of the that Sub-Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, to require the Trust (or such Series) Series to redeem all or any part of his Shares of the Trust (or such Series) that Series at a redemption price equal to the net asset value per Share of the Trust (or Series) that Series next determined in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any a particular Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge). Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) that Series during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) or Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem all or any part of his such Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (lg) of this Section 6.1 6.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption redemption, and that the proceeds of the redemption of Shares (including a fractional Share) of any Series or Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Series or Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge). Payment of the The redemption price of Shares redeemed under this subsection (e) shall be paid in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to any Portfolio, or one or more Classes of any Portfolio, which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series Portfolio, or to the Portfolio of which such Class or Classes are a part, at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) or Class to require the Trust to redeem Shares of the Trust (that Series or such Series) Class during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) or Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem all or any part of his such Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (lh) of this Section 6.1 6.2. after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption redemption, and that the proceeds of the redemption of Shares (including a fractional Share) of any Series or Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of of-such Series or Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge). Payment of the The redemption price of Shares redeemed under this subsection (f) shall be paid in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to any Series or Shares, or one or more Classes of any Series, which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to the Fund to which such Series or Class pertains, at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) or Class to require the Trust to redeem such Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) or Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem all or any part of his such Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (lh) of this Section 6.1 6.2. after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption redemption, and that the proceeds of the redemption of Shares (including a fractional Share) of any Series or Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Series or Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge). Payment of the The redemption price of Shares redeemed under this subsection (e) shall be paid in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to any Series or Shares, or one or more Classes of any Series, which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to the Portfolio to which such Series or Class pertains, at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) or Class to require the Trust to redeem such Shares of the Trust (or such Series) during any period period, or at any time when and to the extent permissible under the 1940 Act0000 Xxx.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (or Series) next determined in accordance with subsection (l1) of this Section 6.1 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such ‘Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder The Trust shall purchase such Shares as are offered for redemption in accordance with the conditions regarding the redemption of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted described in the applicable prospectus and in a manner consistent with the 1940 Act, the rules and regulations thereunder or by the SEC through exemptive, no-action, or other relief, upon receipt of a request in proper form, directed to the Trust or a Person designated by the Trust, but no less frequently than required by the 1940 Act, to require that the Trust (purchase such Shares or such Series) to redeem all or any part of his Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (or Series) next determined in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered such other procedures for redemption; provided, that redemption as the Trustees may from time to timetime authorize. The Trust will pay therefor the net asset value thereof, in their discretion, determine and impose a fee for such redemption and that accordance with the proceeds applicable provisions of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge1940 Act, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination there may be imposed a deferred sales load or transaction or other fee upon redemption. Payment for said Shares shall be conclusivemade by the Trust to the Shareholder within seven days after the date on which the request for redemption is received in proper form or such later date as permitted by the 1940 Act, the rules and regulations thereunder or by the SEC through exemptive, no-action, or other relief. The obligation set forth in this subsection (l) of Section 6.1 is subject to the provision that conditions exist in the event the New York Stock Exchange (the “Exchange”) is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which make payment wholly makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, or as may otherwise be permitted by the 1940 Act, such obligations may be suspended or postponed by the Trustees. The redemption price may in any case or cases be paid in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging kind. Subject to such Series at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment fair value, selection, and quantity of securities or other property so paid or delivered as all or part of the redemption price and may suspend the right be determined by or under authority of the holders of Shares of Trustees. In no case shall the Trust (be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Actpayment in kind.

Redemption by Shareholder. Each holder of Shares of the Trust (any Series or a particular Series thereof) Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem all or any part of his such Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (lg) of this Section 6.1 6.2. after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption redemption, and that the proceeds of the redemption of Shares (including a fractional Share) of any Series or Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the such Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge). Payment of the The redemption price of Shares redeemed under this subsection (e) shall be paid in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to any Series of Shares, or one or more Classes of any Series, which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to the Portfolio to which such Series or Class pertains, at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) or Class to require the Trust to redeem such Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each Except as otherwise provided herein, each holder of Shares of the Trust (or a particular Series thereof) Sub-Trust or any class thereof shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trustees in their sole discretion to require the Trust (or such Series) Sub-Trust to redeem all or any part of his Shares of the that Sub-Trust (or such Series) class thereof at a redemption price equal to the net asset value per Share of the that Sub-Trust (or Series) class thereof next determined in accordance with subsection (lh) of this Section 6.1 4.2 after the Shares are properly tendered for redemption, subject to any contingent deferred sales charge, redemption charge or other fees in effect at the time of redemption. Payments for Shares so redeemed by the Trust or such Sub-Trust shall be made in cash, except payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as it may duly authorize in its sole discretion, be made in kind or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or its authorized officers, shall have sole and absolute discretion, subject to the 1940 Act and any exemption therefrom issued by the Commission upon which the Trust or the applicable Sub-Trust relies, as to what security or securities of the Trust or the applicable Sub-Trust shall be distributed in kind and the amount of the same; providedand the securities shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares. Notwithstanding the foregoing, that if the Trustees may determine to issue shares of any Sub-Trust or class in Creation Units (as defined in Section 4.4), then such Shares shall be redeemable only in accordance with such procedures or methods prescribed or approved by the Trustees from time to time. Further, in their discretionsuch Sub-Trust or class or the principal underwriter of such Sub-Trust or class shall be obligated to redeem said Shares only where the number of Shares tendered aggregate one or more Creation Units, determine and impose a fee for such redemption and that unless the proceeds of the Trustees otherwise determine, there shall be no redemption of Shares (including a partial or fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Creation Units hereunder. The Sub-Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirablefor any such Shares to be redeemed, the Trust may make payment as aforesaid, wholly or partly in Securities securities, cash or other assets belonging to such Series of that Sub-Trust at the value of such Securities securities or assets used in such determination of net asset valueNet Asset Value. Payment for such Shares shall be made less any applicable deferred sales charges, transaction fees (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption) or any other fees as the Trustees shall determine. The Trustees may from time to time specify additional conditions, not inconsistent with the 1940 Act, regarding redemption of Shares. Subject to the 1940 Act and any exemptive, interpretive, no-action or other relief therefrom issued by the Commission or its staff upon which the Trust or the applicable Sub-Trust and the Trustees may rely, payment by the Trust or the applicable Sub-Trust for such redemption of Shares shall be made by the Trust or such Sub-Trust to the Shareholder within seven days after the date on which the redemption request is received in proper form and/or such other procedures authorized by the Board of Trustees are complied with. In no case shall the Trust or any Sub-Trust be liable for any delay of any corporation or other person in transferring securities selected for delivery as all or part of any payment in kind. The right of any Shareholder of the Trust or any Sub-Trust or class thereof to receive dividends or other distributions on Shares redeemed and all other rights of such Shareholder with respect to the Shares so redeemed, except the right of such Shareholder to receive payment for such Shares, shall cease at the time the purchase price of such Shares shall have been fixed, as provided above. Notwithstanding the foregoing, the Trust and/or the applicable Sub-Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the any Sub-Trust (or any Series thereof) class thereof to require the Trust or such Sub-Trust to redeem Shares of the that Sub-Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 ActAct including during any time the New York Stock Exchange is closed for other than weekends or holidays or during periods when trading on the New York Stock Exchange is restricted.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (or Series) next determined in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.at

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust that Series or Class (or such Seriesincluding Creation Units) at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (lh) of this Section 6.1 4.2, less any applicable redemption fee or sales charge, after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be made from the assets of the applicable Series in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirableundesirable (including, without limitation, where a Series operates as an exchange-traded fund (“ETF”)), the Trust may make payment wholly or partly in Securities securities or other assets belonging to such the Series of which the Shares being redeemed are part at the value of such Securities securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) or Class to require the Trust to redeem Shares of the Trust (that Series or such Series) Class during any period or at any time when and to the extent permissible under the 1940 Act, and such redemption is conditioned upon the Trust having funds or property legally available therefor. The Trustees shall have exclusive power, without the requirement of Shareholder approval, to operate one or more Series (or class) as an ETF and to list the Shares of any such ETF on one or more securities exchanges and to cease such operation or listing at any time. Further, notwithstanding anything to the contrary herein, the Trustees may in their sole discretion determine that Shares of any Series or Class issued after July 12, 2021 shall be issued and redeemed only in Creation Units, pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) shall have the right on a daily basis, at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, to require the Trust (or such Series) to redeem all or any part of his or her Shares of the Trust (or such Series) that Series at a redemption price equal to the net asset value per Share of the Trust (or Series) that Series next determined in accordance with subsection (lh) of this Section 6.1 4.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities securities or other assets belonging to such the Series of which the Shares being redeemed are part at the value of such Securities securities or assets used in such determination of net asset value. If so authorized by the Trustees, the Trust may, at any time and from time to time, charge fees for effecting redemptions, at such rates as the Trustees may establish, as and to the extent permitted under the 1940 Act and may, from time to time, pursuant to the 1940 Act, suspend such right of redemption. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) that Series during any period or at any time when and to the extent permissible under the 1940 Act, and such redemption is conditioned upon the Trust having funds or property legally available therefor.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) Sub-Trust or any class thereof shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem all or any part a of his Shares of the that Sub-Trust (or such Series) class thereof at a redemption price equal to the net asset value per Share of the that Sub- Trust (or Series) class thereof next determined in accordance with subsection (lh) of this Section 6.1 4.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time subject to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to charge in effect at the distributor time of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales chargeredemption. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may may, subject to the requirements of the 1940 Act, make payment wholly or partly in Securities securities or other assets belonging to such Series the Sub-Trust of which the Shares being redeemed are part at the value of such Securities securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the any Sub-Trust (or any Series thereof) class thereof to require the Trust to redeem Shares of the that Sub-Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust (or such Series) that Series at a redemption price equal to the net asset value per Share of the Trust (or Series) that Series next determined in accordance with subsection (lH) of this Section 6.1 5.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities securities or other assets belonging to such the Series of which the Shares being redeemed are part at the value of such Securities securities or assets used in such determination of net asset value. Notwithstanding the foregoingforegoing and except as hereinafter set forth, payment for Shares so redeemed by the Trust shall be made to the Shareholder within seven (7) days after the date on which the application for redemption thereof is received. Such payment shall be made in cash or other assets of the Trust, or both, as the Trustees shall prescribe. For such purpose, the Trust may postpone value of any assets other than cash delivered in payment for shares redeemed shall be determined as set forth in Subsection (H) hereof as of the redemption price and may same time that the current net asset value applicable to such shares is determined. The Trustees may, by resolution, suspend the right of redemption conferred upon the holders Shareholders and postpone the date of payment for Shares of redeemed from Shareholders pursuant to this provision for the Trust (whole or any Series thereof) to require the Trust to redeem Shares part of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.period:

Redemption by Shareholder. Each (a) Except as otherwise provided or permitted pursuant to an exemptive order issued by the Commission or a rule or interpretation that may be adopted or issued by the Commission, and unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares of the Trust (or a particular Series thereof) or Class thereof shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares of the Trust (or such Series) at a redemption price equal to the net asset value Net Asset Value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (l) of this Section 6.1 7.4 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for less such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge fee or other sales charge, if any, payable on such redemption to as may be fixed by the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trustees. Except as otherwise provided in this Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment Instrument, payment of the redemption price shall be in cash; provided, however, that if to the extent permitted by applicable law and subject to the 1940 Act and any exemption therefrom issued by the Commission upon which the Trust or the applicable Series relies, the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, may authorize the Trust may to make payment wholly or partly in Securities securities or other assets belonging to such the applicable Series at the value of such Securities securities or assets used in such determination of net asset valueNet Asset Value. Notwithstanding the foregoing, if the Trust may postpone Trustees determine, pursuant to Section 2.2(a) hereof, to issue shares of any Series or Class in Creation Units, then such Shares shall be redeemable only in accordance with such procedures or methods prescribed or approved by the Trustees from time to time. Further, such Series or Class or the Principal Underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series at the value of such securities or assets used in such determination of Net Asset Value. Payment for such Shares less any applicable deferred sales charges, transaction fees (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption) or any other such fees as the Trustees shall determine shall be made by the Series or the Principal Underwriter of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under Shareholder of record within seven (7) days after the date upon which the request is effective. The Trustees may from time to time specify additional conditions, not inconsistent with the 1940 Act, regarding redemption of Shares in the Trust’s then effective prospectus under the Securities Act of 1933, as amended.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) or Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem all or any part of his Shares (including Creation Units) of the Trust (that Series or such Series) Class at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (lh) of this Section 6.1 4.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of minus any applicable contingent deferred sales charge charges or other sales charge, if any, payable on such redemption fees or expenses). Payment for said Shares shall be made by the Series or Class to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent Shareholder in accordance with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales chargeAct. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirableundesirable (including, without limitation, where a Series operates as an Capitol Series TrustAmended and Restated Agreement and Declaration of TrustNovember 18, 2021Page 16 ETF), the Trust may make payment wholly or partly in Securities securities or other assets belonging to such the Series or Class, of which the Shares being redeemed are part, at the value of such Securities securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) that Series during any period or at any time when and to the extent permissible under the 1940 Act, or rules and regulations thereunder, and such redemption is conditioned upon the Trust having funds or property legally available therefor. The Trustees shall have exclusive power, without the requirement of Shareholder approval, to operate one or more Series (or Class) as an ETF and to list the Shares of any such ETF on one or more securities exchanges and to cease such operation or listing at any time. Further, notwithstanding anything to the contrary herein, the Trustees may in their sole discretion determine that Shares of any Series or Class issued after October 21, 2021 shall be issued and redeemed only in Creation Units, pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class.

Redemption by Shareholder. Each holder Shareholder of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust (or such that Series) at a redemption price equal , upon and subject to the net asset value per Share terms and conditions provided in this Article 6, in accordance with and pursuant to procedures or methods prescribed or approved by the Trustees and, in the case of any Series now or hereafter authorized, if so determined by the Trustees, shall be redeemable only in Creation Unit aggregations of Shares of such Series and at such times as may be determined by the officers of the Trust (with respect to such Series. Each Shareholder of a Creation Unit aggregation of a Series, upon request to the Trust accompanied by surrender of the appropriate stock certificate or Series) next determined certificates in proper form for transfer if certificates have been issued to such Shareholder, or in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; provided, that the Trustees such other procedures as may from time to timetime be in effect if certificates have not been issued, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) entitled to require the Trust to redeem all or any number of such Shareholder’s Shares standing in the name of such Shareholder on the books of the Trust, but in the case of Shares of any Series as to which the Trustees have determined that such Shares shall be redeemable only in Creation Unit aggregations, only in such Creation Unit aggregations of Shares of such Series as the officers of the Trust may determine from time to time. The Trust shall, upon application of any Shareholder or pursuant to authorization from any Shareholder, redeem or repurchase from such Shareholder outstanding Shares for an amount per Share determined by the Trustees in accordance with any applicable laws and regulations; provided, that (i) such amount per Share shall not exceed the cash equivalent of the proportionate share of each Share or of any Series or Class of Shares of the assets of the Trust at the time of the redemption or repurchase and (or such Seriesii) during any period or if so authorized by the Trustees, the Trust may, at any time when and from time to time, charge fees for effecting such redemption or repurchase, at such rates as the Trustees may establish, as and to the extent permissible permitted under the 1940 Act, and may, at any time and from time to time, pursuant to such Act and such rules and regulations, suspend such right of redemption or postpone payment of the redemption price. The procedures for effecting and suspending redemption shall be as set forth from time to time in the Registration Statement of the Trust under the Securities Act of 1933. Payment may be in cash, securities or a combination thereof, as determined by or pursuant to the direction of the Trustees from time to time.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) of Shares shall have the right at such times time as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share that Series of the Trust (or Series) next determined in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; providedShares, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant subject to the terms and conditions set forth in this Declaration of 20 27 Trust and to such additional terms and conditions that may be adopted by the initial issuance Trustees. Shares of any particular Series of Shares may be redeemed solely out of the Shares assets belonging to that Series of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales chargeShares. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities securities or other assets belonging to such the Series at of Shares of which the Shares being redeemed are part of the value of such Securities securities or assets used in such determination of net asset value. The amount per Share at which the Trust redeems or repurchases Shares shall be determined by the application of a formula adopted for such purpose by resolution of the Trustees provided that (i) such amount per Share shall not exceed the cash equivalent of the proportionate interest of each Share in the assets of the particular Series of Shares at the time of the purchase or redemption and (ii) if so authorized by the Trustees, the Trust may, at any time and from time to time, charge fees for effecting such redemption, at such rates as the Trustees may establish. Notwithstanding the foregoing, the Trust Trust, at the discretion of the Trustees, may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) of Shares to require the Trust to redeem Shares of the Trust (or such Series) that Series of Shares during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) or Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem all or any part of his such Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (lg) of this Section 6.1 6.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption redemption, and that the proceeds of the redemption of Shares (including a fractional Share) of any Series or Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such each Series or Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Series or Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the The redemption price of Shares redeemed under this subsection (e) shall be paid in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to any Fund, or one or more Classes of any Fund, which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series Fund, or to the Fund of which such Class or Classes are a part, at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) or Class to require the Trust to redeem Shares of the Trust (that Series or such Series) Class during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, to require the Trust (or such Series) Series to redeem all or any part of his Shares of the Trust (or such Series) that Series at a redemption price equal to the net asset value per Share of the Trust (or Series) that Series next determined in accordance with subsection (l) of this Section 6.1 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any a particular Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Notwithstanding the foregoing, if the Trustees determine, pursuant to Section 3.1(m) hereof, to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) that Series during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (any Series or a particular Series thereof) Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem all or any part of his such Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (lh) of this Section 6.1 6.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption redemption, and that the proceeds of the redemption of Shares (including a fractional Share) of any Series or Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the such Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge). Payment of the The redemption price of Shares redeemed under this subsection (f) shall be paid in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to any Series of Shares, or one or more Classes of any Series, which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to the Fund to which such Series or Class pertains, at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) or Class to require the Trust to redeem such Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act1000 Xxx.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular any Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem all or any part of his such Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (or Series) that Series next determined in accordance with subsection SUBSECTION (lg) of this Section 6.1 SECTION 6.2 after the Shares are properly tendered for redemption; providedPROVIDED, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption. The redemption and that the proceeds of the redemption price of Shares redeemed under this SUBSECTION (including a fractional Share) of any Class of the Trust (or any Series thereofe) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be paid in cash; providedPROVIDED, howeverHOWEVER, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to any Series of Shares which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to the Portfolio to which such Series pertains, at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem such Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) or Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem all or any part of his such Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (lq) of this Section 6.1 6.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption redemption, and that the proceeds of the redemption of Shares (including a fractional Share) of any Series or Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such each Series or Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Series or Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the The redemption price of Shares redeemed under this subsection (e) shall be paid in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to any Fund, or one or more Classes of any Fund, which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series Fund, or to the Fund of which such Class or Classes are a part, at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) or Class to require the Trust to redeem Shares of the Trust (that Series or such Series) Class during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) or Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem all or any part of his such Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (lh) of this Section 6.1 6.2. after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption redemption, and that the proceeds of the redemption of Shares (including a fractional Share) of any Series or Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of of-such Series or Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge). Payment of the The redemption price of Shares redeemed under this subsection (f) shall be paid in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to any Series or Shares, or one or more Classes of any Series, which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to the Fund to which such Series or Class pertains, at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) or Class to require the Trust to redeem such Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act0000 Xxx.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) Sub- Trust or any Class thereof shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem all or any part of his Shares of the that Sub-Trust (or such Series) Class thereof at a redemption price equal to the net asset value per Share of the that Sub-Trust (or Series) Class thereof next determined in accordance with subsection (lh) of this Section 6.1 4.2 after the Shares are properly tendered for redemption, subject to any contingent deferred sales charge or redemption charge in effect at the time of redemption; provided, however, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Sub-Trust or Class of the Trust (or any Series thereof) hereafter established shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor redeemable only in aggregations of Shares of such Class number established by the Trustees or pursuant to procedures established by the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales chargeTrustees. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may may, subject to the requirements of the 1940 Act, make payment wholly or partly in Securities securities or other assets belonging to such Series the Sub-Trust of which the Shares being redeemed are part at the value of such Securities securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the any Sub-Trust (or any Series thereof) Class thereof to require the Trust to redeem Shares of the that Sub-Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) or Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem all or any part of his such Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection (lh) of this Section 6.1 6.2 after the Shares are properly tendered for redemption; providedPROVIDED, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption redemption, and that the proceeds of the redemption of Shares (including a fractional Share) of any Series or Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Series or Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge). Payment of the The redemption price of Shares redeemed under this subsection (e) shall be paid in cash; providedPROVIDED, howeverHOWEVER, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to any Series or Shares, or one or more Classes of any Series, which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to the Portfolio to which such Series or Class pertains, at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) or Class to require the Trust to redeem such Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) or Class shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem all or any part of his such Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (that Series or Series) Class next determined in accordance with subsection SUBSECTION (lH) of this Section 6.1 SECTION 6.2 after the Shares are properly tendered for redemption; providedPROVIDED, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption redemption, and that the proceeds of the redemption of Shares (including a fractional Share) of any Series or Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Series or Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge). Payment of the The redemption price of Shares redeemed under this SUBSECTION (F) shall be paid in cash; provided, howeverPROVIDED, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to any Series or Shares, or one or more Classes of any Series, which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to the Fund to which such Series or Class pertains, at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) or Class to require the Trust to redeem such Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) Sub- Trust or any class thereof shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, Trust to require the Trust (or such Series) to redeem all or any part of his Shares of the that Sub-Trust (or such Series) class thereof at a redemption price equal to the net asset value per Share of the that Sub-Trust (or Series) class thereof next determined in accordance with subsection (lh) of this Section 6.1 4.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time subject to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to charge in effect at the distributor time of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales chargeredemption. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may may, subject to the requirements of the 1940 Act, make payment wholly or partly in Securities securities or other assets belonging to such Series the Sub-Trust of which the Shares being redeemed are part at the value of such Securities securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the any Sub- Trust (or any Series thereof) class thereof to require the Trust to redeem Shares of the that Sub-Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) Sub-Trust or any class thereof shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem all or any part of his Shares of the that Sub-Trust (or such Series) class thereof at a redemption price equal to the net asset value per Share of the that Sub-Trust (or Series) class thereof next determined in accordance with subsection (lh) of this Section 6.1 4.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time subject to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to in effect at the distributor time of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales chargeredemption. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may may, subject to the requirements of the 1940 Act, make payment wholly or partly in Securities securities or other assets belonging to such Series the Sub-Trust of which the Shares being redeemed are part at the value of such Securities securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the any Sub-Trust (or any Series thereof) class thereof to require the Trust to redeem Shares of the that Sub-Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Act, to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust (or such Series) at a redemption price equal to the net asset value per Share of the Trust (or Series) next determined in accordance with subsection (l1) of this Section 6.1 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) to require the Trust to redeem Shares of the Trust (or such Series) during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each holder of Shares of the Trust (or a particular Series thereof) Portfolio shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem all or any part of his Shares of the Trust (or such Series) that Portfolio at a redemption price equal to the net asset value per Share of the Trust (or Series) that Portfolio next determined in accordance with subsection (lj) of this Section 6.1 6.2 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption and that the proceeds of the redemption of Shares a Class B Share (including a fractional Share) of any Class of the Trust (or any Series thereof) a particular Portfolio shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, payable on such redemption to the distributor of the Class B Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in Securities or other assets belonging to such Series Portfolio at the value of such Securities or assets used in such determination of net asset value. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series thereof) Portfolio to require the Trust to redeem Shares of the Trust (or such Series) that Portfolio during any period or at any time when and to the extent permissible under the 1940 Act.

Redemption by Shareholder. Each (a) Unless the Trustees otherwise determine with respect to a particular Portfolio or Class at the time of establishing and designating the same, each holder of Shares of the Trust (or a particular Series thereof) Portfolio or Class thereof shall have the right at such times as may be permitted by the Trust, but no less frequently than required by the 1940 Actonce each week, to require the Trust (or such Series) to redeem (out of the assets belonging to the applicable Portfolio or Class) all or any part of his or her Shares of the Trust (or such Series) at a redemption price equal to the net asset value Net Asset Value per Share of the Trust (that Portfolio or Series) Class next determined in accordance with subsection (l) of this Section 6.1 7.4 after the Shares are properly tendered for redemption; provided, that the Trustees may from time to time, in their discretion, determine and impose a fee for less such redemption and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge fee or other sales charge, if any, payable on such redemption to as may be fixed by the distributor Trustees. Except as otherwise provided in this Declaration of Shares of such Class pursuant to the terms of 20 27 the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Payment Trust, payment of the redemption price shall be in cash; provided, however, that if to the extent permitted by applicable law, the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, may authorize the Trust may to make payment wholly or partly in Securities securities or other assets belonging to such Series the applicable Portfolio at the value of such Securities securities or assets used in such determination of net asset valueNet Asset Value. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (any Portfolio or any Series thereof) Class to require the Trust to redeem Shares of the Trust (that Portfolio or such Series) Class during any period or at any time when and to the extent permissible under the 1940 Act.. (c) In the event that a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored. Section 7.3