Common use of Redemptions and Repurchases Clause in Contracts

Redemptions and Repurchases. The Trustees shall have the power to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on the net asset value per Share next determined after the termination of such suspension. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind.

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a Person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time authorize; and the Trust will pay therefor the net asset value thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is made in proper form. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange (the “Exchange”) is closed for other than weekends or holidays, or if permitted by the Commission during periods when trading on the Exchange is restricted or during any emergency which 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 any such Series or Class. The number during any other period permitted by order of Shares comprising an aggregation the Commission for purposes the protection of issuance investors, such obligations may be suspended or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as postponed by the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation UnitTrustees. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on the net asset value per Share next determined after the termination of such suspension. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind.

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share thereof, as determined in accordance with the By-Laws, next determined determined. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which 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 belonging to such Series or attributable to any class thereof or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Payment for any redemption, purchase or repurchase may be made in cash or in other property, or any combination thereof. The composition of any such payment shall be determined by the Trust in its sole discretion, and the Trust shall have no obligation to effect a pro rata division of cash or other property in making any such payment. In no event shall the Trust be liable for any delay of any other person in transferring securities or other property selected for delivery as all or part of any such payment. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share next thereof, as determined in accordance with the By-Laws, the 1940 Act and the rules of the Commission. Payment for said Shares shall be made by the Trust to the Shareholders within seven days after the termination date on which the request is made or in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from to time authorize. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock 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 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 belonging to such Series (or net assets allocable to such Class) or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which or Class the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series (or allocable to the Class) the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share thereof, as determined in accordance with the By-Laws, next determined determined. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock 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 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 belonging to such Series (or net assets allocable to such Class) or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which or Class the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series (or allocable to the Class) the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind. For avoidance of doubt, nothing in this Section 3 shall preclude the Trust from purchasing Shares of any Series or Class offered for redemption at net asset value less any applicable redemption fee as the Board may approve from time to time.

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a Person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time authorize; and the Trust will pay therefor the net asset value thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is made in proper form. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays, or if permitted by the Commission during periods when trading on the Exchange is restricted or during any emergency which 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 any such Series or Class. The number during any other period permitted by order of Shares comprising an aggregation the Commission for purposes the protection of issuance investors, such obligations may be suspended or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as postponed by the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation UnitTrustees. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on the net asset value per Share next determined after the termination of such suspension. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind.

Redemptions and Repurchases. Section 1. Any holder of Shares of the Trust may by presentation of a request in proper form, together with his or her certificates, if any, for such Shares, in proper form, for transfer to the Trust or duly authorized agent of the Trust, request redemption of his or her shares for the net asset value thereof determined and computed in accordance with the provisions of this Section 1 and the provisions of Section 5 of this Article VI. Upon receipt by the Trust or its duly authorized agent, as the case may be, of such a request for redemption of Shares in proper form, such Shares shall be redeemed at the net asset value per share of the particular Series or Class next determined after such request is received or determined as of such other time fixed by the Trustees as may be permitted or required by the 0000 Xxx. The Trustees criteria for determining what constitutes a proper request for redemption and the time of receipt of such request shall have be fixed by the power Trustees, and such criteria may be established in the Trust's then current prospectus or established by the Trust's distributor or transfer agent, subject to authorize approval by the Trustees. This obligation of the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal redeem its Shares of each Series or Class as set forth above in Shares and in any options, warrants or other rights this Section 1 shall be subject to purchase Shares or any other interests in the condition that such obligation may be suspended by the Trust other than Shares. Notwithstanding anything by or under authority of the Trustees during any period or periods when and to the contrary hereinextent permissible under the 1940 Act. If there is such a suspension, any Shareholder may withdraw any request for redemption which has been received by the Trust during any such period and the applicable net asset value with respect to which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. The Trust may also purchase, repurchase or redeem Shares in accordance with such other methods, upon such other terms and subject to such other conditions as the Trustees may from time to time authorize at a price not exceeding the net asset value of such Shares in their sole discretion determine that effect when the purchase or repurchase or any contract to purchase or repurchase is made. Shares of any Series or Class redeemed or repurchased by the Trust hereunder shall be issued and redeemed only in aggregations of canceled upon such number of Shares and at such time as may be determined by,redemption or determined pursuant to procedures repurchase without further action by the Trust or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change and the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on the net asset value per Share next determined after the termination of such suspension. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection issued and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only outstanding Shares of such Series shall thereupon be reduced by such amount, or Class comprising a Creation Unit shall Shares redeemed or repurchased may be redeemable held by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kindresale.

Redemptions and Repurchases. The Trustees shall have the power to authorize Section 2. Any holder of Shares of the Trust may, by presentation of a request in proper form, together with his certificates, if any, for such Shares, in proper form for transfer to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in the Trust other than Sharesor duly authorized agent of the Trust, request redemption of his shares for the net asset value thereof determined and computed in accordance with the provisions of this Section 2 and the provisions of Section 6 of this Article VI. Notwithstanding anything to Upon receipt by the contrary hereinTrust or its duly authorized agent, as the Trustees case may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations be, of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on of Shares in proper form, such Shares shall be redeemed at the net asset value per Share share of the particular series or class next determined after the termination such request is received or determined as of such suspensionother time fixed by the Trustees as may be permitted or required by the 1940 Xxx. Xhe criteria for determining what constitutes a request for redemption in proper form and the time of receipt of such request shall be fixed by the Trustees. The redemption price may obligation of the Trust to redeem its Shares as set forth above in any case or cases this Section 2 shall be paid wholly or partly in kind if subject to the Trustees determine condition that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price obligation may be determined suspended by the Trust by or under authority of the TrusteesTrustees during any period or periods when and to the extent permissible under the 1940 Act. HoweverIf there is such a suspension, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable Shareholder may withdraw any request for redemption which has been received by the Trust during any such period and the applicable net asset value with respect to which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. The Trust may also purchase, repurchase or redeem Shares in accordance with such other methods, upon such other terms and subject to such other conditions as the Trustee may from time to time authorize at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any applicable Series contract to purchase or Classrepurchase is made. Unless Shares redeemed or repurchased by the Trust hereunder shall be cancelled upon such redemption or repurchase without further action by the Trust or the Trustees otherwise and the number of issued and outstanding Shares of the relevant series and class shall determine, there shall thereupon be no redemption of any partial or fractional Creation Unit. 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 payment in kindreduced by such amount.

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share thereof, as determined in accordance with the By-Laws, next determined determined. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which 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 belonging to such Series or attributable to any class thereof or during any other period permitted by order of the Commission for the protection of investors or applicable law, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares of which are being redeemed. Subject to the foregoing, the The fair value, selection and quantity of any securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Trustees Trust shall have purchase such ---------- --------------------------- Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share thereof, as determined in accordance with the By-Laws, next determined determined. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which 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 belonging to such Series or attributable to any class thereof or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Trustees shall have the power to authorize SECTION 2. Any holder of Shares of the Trust to issuemay, sellby presentation of a written request, repurchasetogether with his certificates, redeemif any, retirefor such Shares, cancel, acquire, hold, resell, reissue, dispose of, in proper form for transfer, and otherwise deal in Shares and in any optionsat the office of the Trust, warrants the adviser, the underwriter or other rights to purchase Shares the distributors, or any other interests in at a principal office of a transfer or Shareholder services agent appointed by the Trust other than Shares. Notwithstanding anything to the contrary herein, (as the Trustees may determine), redeem his Shares for the net asset value thereof determined and computed in their sole discretion determine that Shares accordance with the provisions of this Section 2, less any Series or Class shall be issued and redeemed only in aggregations redemption charge which the Trustees may establish. Upon receipt of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the written request for redemption of Shares by the Trust, the adviser, the underwriter or receive payment based on the distributor, or the Trust's transfer or Shareholder services agent, such Shares shall be redeemed at the net asset value per Share share of the particular series next determined after such Shares are tendered in proper form for transfer to the termination Trust or determined as of such suspensionother time fixed by the Trustees, as may be permitted or required by the 1940 Act, provided that no such tender shall be required in the case of Shares for which a certificate or certificates have not been issued, and in such case such Shares shall be redeemed at the net asset value per share of the particular series next determined after such demand has been received or determined at such other time fixed by the Trustees, as may be determined or required by the 0000 Xxx. The redemption price obligation of the Trust to redeem its Shares of each series as set forth above in this Section 2 shall be subject to the condition that, during any time of emergency, as hereinafter defined, such obligation may in any case be suspended by the Trust by or cases be paid wholly or partly in kind if under authority of the Trustees determine that for such payment is advisable in the interest period or periods during such time of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered emergency as all or part of the redemption price may shall be determined by or under authority of the Trustees. HoweverIf there is such a suspension, if the Trustees determine to issue any Shareholder may withdraw any demand for redemption and any tender of Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable which has been received by the Trust during any such period and any tender of Shares the applicable net asset value of which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. For the purposes of any such suspension "time of emergency" shall mean, either with respect to all Shares or any applicable Series or Class. Unless the Trustees otherwise shall determineseries of Shares, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind.period during which:

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share thereof, as determined in accordance with the By-Laws, next determined determined; provided, however, that with respect to shares of any Series of the Trust that is authorized after October 29, 1996, that the amount payable by the Trust upon redemption shall be reduced by such redemption fee, if any, as that Trustees may authorize. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which 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 belonging to such Series or attributable to any class thereof or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer and the certificate, if any, for such Shares together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share thereof, as determined in accordance with the By-Laws, next determined determined. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock 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 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 belonging to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Trustees shall have the power to authorize Section 2. Any holder of Shares of the Trust to issuemay, sellby presentation of a written request, repurchasetogether with his certificates, redeemif any, retirefor such Shares, cancel, acquire, hold, resell, reissue, dispose of, in proper form for transfer, and otherwise deal in Shares and in any optionsat the office of the Trust, warrants the adviser, the underwriter or other rights to purchase Shares the distributors, or any other interests in at a principal office of a transfer or Shareholder services agent appointed by the Trust other than Shares. Notwithstanding anything to the contrary herein, (as the Trustees may determine), redeem his Shares for the net asset value thereof determined and computed in their sole discretion determine that Shares accordance with the provisions of this Section 2, less any Series or Class shall be issued and redeemed only in aggregations redemption charge which the Trustees may establish. Upon receipt of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the written request for redemption of Shares by the Trust, the adviser, the underwriter or receive payment based on the distributor, or the Trust's transfer or Shareholder services agent, such Shares shall be redeemed at the net asset value per Share share of the particular series next determined after such Shares are tendered in proper form for transfer to the termination Trust or determined as of such suspensionother time fixed by the Trustees, as may be permitted or required by the 1940 Act, provided that no such tender shall be required in the case of Shares for which a certificate or certificates have not been issued, and in such case such Shares shall be redeemed at the net asset value per share of the particular series next determined after such demand has been received or determined at such other time fixed by the Trustees, as may be determined or required by the 1940 Act. The redemption price obligation of the Trust to redeem its Shares of each series as set forth above in this Section 2 shall be subject to the condition that, during any time of emergency, as hereinafter defined, such obligation may in any case be suspended by the Trust by or cases be paid wholly or partly in kind if under authority of the Trustees determine that for such payment is advisable in the interest period or periods during such time of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered emergency as all or part of the redemption price may shall be determined by or under authority of the Trustees. HoweverIf there is such a suspension, if the Trustees determine to issue any Shareholder may withdraw any demand for redemption and any tender of Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable which has been received by the Trust during any such period and any tender of Shares the applicable net asset value of which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, is any. For the purposes of any such suspension "time of emergency" shall mean, either with respect to all Shares or any applicable Series or Class. Unless the Trustees otherwise shall determineseries of Shares, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind.period during which:

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request in proper form directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a Person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share next determined thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made in proper form. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange (the “Exchange”) is closed for other than weekends or holidays, or if permitted by the Commission during periods when trading on the Exchange is restricted or during any emergency which 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 suspensionSeries or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. HoweverIn 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 payment in kind. Notwithstanding the foregoing, if the Trustees determine determine, pursuant to Article III, Section 1 hereof, to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind.

Redemptions and Repurchases. The Trustees shall have the power to authorize Section 2. Any holder of Shares of the Trust to issuemay, sellby presentation of a written request, repurchasetogether with his certificates, redeemif any, retirefor such Shares, cancel, acquire, hold, resell, reissue, dispose of, in proper form for transfer, and otherwise deal in Shares and in any optionsat the office of the Trust, warrants the adviser, the underwriter or other rights to purchase Shares the distributors, or any other interests in at a principal office of a transfer or Shareholder services agent appointed by the Trust other than Shares. Notwithstanding anything to the contrary herein, (as the Trustees may determine), redeem his Shares for the net asset value thereof determined and computed in their sole discretion determine that Shares accordance with the provisions of this Section 2, less any Series or Class shall be issued and redeemed only in aggregations redemption charge which the Trustees may establish. Upon receipt of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the written request for redemption of Shares by the Trust, the adviser, the underwriter or receive payment based on the distributor, or the Trust's transfer or Shareholder services agent, such Shares shall be redeemed at the net asset value per Share share of the particular series next determined after such Shares are tendered in proper form for transfer to the termination Trust or determined as of such suspensionother time fixed by the Trustees, as may be permitted or required by the 1940 Act, provided that no such tender shall be required in the case of Shares for which a certificate or certificates have not been issued, and in such case such Shares shall be redeemed at the net asset value per share of the particular series next determined after such demand has been received or determined at such other time fixed by the Trustees, as may be determined or required by the 0000 Xxx. The redemption price obligation of the Trust to redeem its Shares of each series as set forth above in this Section 2 shall be subject to the condition that, during any time of emergency, as hereinafter defined, such obligation may in any case be suspended by the Trust by or cases be paid wholly or partly in kind if under authority of the Trustees determine that for such payment is advisable in the interest period or periods during such time of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered emergency as all or part of the redemption price may shall be determined by or under authority of the Trustees. HoweverIf there is such a suspension, if the Trustees determine to issue any Shareholder may withdraw any demand for redemption and any tender of Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable which has been received by the Trust during any such period and any tender of Shares the applicable net asset value of which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. For the purposes of any such suspension "time of emergency" shall mean, either with respect to all Shares or any applicable Series or Class. Unless the Trustees otherwise shall determineseries of Shares, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind.period during which:

Redemptions and Repurchases. The Trustees shall have the power (a) From time to authorize time, the Trust to issuemay redeem or repurchase its Shares, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, all upon such terms and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time conditions as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the underwriter or to any other person designated by the Trustees upon redemption or repurchase of Shares in such amount as shall be determined from time to time by the Trustees. The Trust may also charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time by the Trustees. Payment for said Shares shall be made by the Trust to the Shareholder within seven (7) days of the repurchase pricing date (as defined in Rule 23c-3 under the 0000 Xxx) applicable to that repurchase offer or as otherwise permitted under the 1940 Act. The obligation set forth in this Section 6.2(a) is subject to the provision that in the event that any time the New York Stock Exchange (the “Exchange”) is closed, other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of the investments of the Trust or any applicable Series or to determine fairly the value of the net assets held with respect to the Trust or such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Trustees. The Trustees may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption or repurchase of Shares of the Trust or any Series or Class. The number , which may include establishing a maximum amount of Shares comprising an aggregation that may be repurchased and prorating Shares tendered for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as repurchase if the Trustees shall determinerepurchase is oversubscribed. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of may declare a suspension of the right of redemption repurchase or postpone the date of payment as provided herein, a Shareholder may either withdraw permitted under the request for redemption or receive payment based on the net asset value per Share next determined after the termination of 1940 Act. Such suspension shall take effect at such suspension. The redemption price may in any case or cases be paid wholly or partly in kind if time as the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection shall specify and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, thereafter there shall be no redemption right of any partial repurchase or fractional Creation Unit. In no case payment until the Trustees shall declare 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 payment in kindsuspension at an end.

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectivelyauthorize; and the Trust will pay therefor the net asset value thereof, as “Creation Units” determined in accordance with the Bylaws, next determined, less any redemption charge or such other term fee as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, may from time to time authorize. The obligation set forth in their sole discretionthis Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than weekends or holidays, determine to change or if permitted by the number of Shares constituting a Creation Unit. In the case of a suspension rules of the right Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of redemption as provided hereinthe investments of the applicable Series or to determine fairly the value of the net assets belonging to such Series or attributable to any class thereof or during any other period permitted by order of the Commission for the protection of investors or applicable law, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a Shareholder may either withdraw the request for redemption or receive payment based on price not exceeding the net asset value per Share next determined after the termination of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that kind. The composition of any such payment is advisable shall be determined by the Trust in its sole discretion, and the interest Trust shall have no obligation to effect a pro rata division of the remaining Shareholders of the Series for which the Shares are being redeemedcash or other property in making any such payment. Subject to the foregoing, the The fair value, selection and quantity of any securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Trustees shall have the power (a) From time to authorize time, the Trust to issuemay redeem or repurchase its Shares, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, all upon such terms and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time conditions as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the underwriter or to any other person designated by the Trustees upon redemption or repurchase of Shares in such amount as shall be determined from time to time by the Trustees. The Trust may also charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time by the Trustees. Payment for said Shares shall be made by the Trust to the Shareholder within seven (7) days of the repurchase pricing date (as defined in Rule 23c-3 under the 1000 Xxx) applicable to that repurchase offer or as otherwise permitted under the 1940 Act. The obligation set forth in this Section 6.2(a) is subject to the provision that in the event that any time the New York Stock Exchange (the “Exchange”) is closed, other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the Exchange is restricted or during any emergency which 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, such obligations may be suspended or postponed by the Board of Trustees. The Trustees may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption or repurchase of Shares of the Trust or any Series or Class. The number , which may include establishing a maximum amount of Shares comprising an aggregation that may be repurchased and prorating Shares tendered for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as repurchase if the Trustees shall determinerepurchase is oversubscribed. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of may declare a suspension of the right of redemption repurchase or postpone the date of payment as provided herein, a Shareholder may either withdraw permitted under the request for redemption or receive payment based on the net asset value per Share next determined after the termination of 1940 Act. Such suspension shall take effect at such suspension. The redemption price may in any case or cases be paid wholly or partly in kind if time as the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection shall specify and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, thereafter there shall be no redemption right of any partial repurchase or fractional Creation Unit. In no case payment until the Trustees shall declare 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 payment in kindsuspension at an end.

Redemptions and Repurchases. The Trustees Trust shall have purchase such --------- --------------------------- Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefore the net asset value per Share thereof, as determined in accordance with the By-Laws, next determined determined. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock 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 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 belonging to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be by paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Trustees shall have the power to authorize Section 2. Any holder of Shares of the Trust may, by presentation of a request in proper form, together with his certificates, if any, for such Shares, in proper form for transfer to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in the Trust other than Sharesor duly authorized agent of the Trust, request redemption of his shares for the net asset value thereof determined and computed in accordance with the provisions of this Section 2 and the provisions of Section 6 of this Article VI. Notwithstanding anything to Upon receipt by the contrary hereinTrust or its duly authorized agent, as the Trustees case may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations be, of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on of Shares in proper form, such Shares shall be redeemed at the net asset value per Share share of the particular series or class next determined after the termination such request is received or determined as of such suspensionother time fixed by the Trustees as may be permitted or required by the 1940 Act. The criteria for determining what constitutes a request for redemption price may in any case or cases proper form and the time of receipt of such request shall be paid wholly or partly fixed by the Trustees. The obligation of the Trust to redeem its Shares as set forth above in kind if this Section 2 shall be subject to the Trustees determine condition that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price obligation may be determined suspended by the Trust by or under authority of the TrusteesTrustees during any period or periods when and to the extent permissible under the 1940 Act. HoweverIf there is such a suspension, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable Shareholder may withdraw any request for redemption which has been received by the Trust during any such period and the applicable net asset value with respect to which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. The Trust may also purchase, repurchase or redeem Shares in accordance with such other methods, upon such other terms and subject to such other conditions as the Trustee may from time to time authorize at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any applicable Series contract to purchase or Classrepurchase is made. Unless Shares redeemed or repurchased by the Trust hereunder shall be canceled upon such redemption or repurchase without further action by the Trust or the Trustees otherwise and the number of issued and outstanding Shares of the relevant series and class shall determine, there shall thereupon be no redemption of any partial or fractional Creation Unit. 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 payment in kindreduced by such amount.

Redemptions and Repurchases. The Trustees shall have the power to authorize Section 2. Any holder of Shares of the Trust to issuemay, sellby presentation of a written request, repurchasetogether with his or her certificates, redeemif any, retirefor such Shares, cancel, acquire, hold, resell, reissue, dispose of, in proper form for transfer, and otherwise deal in Shares and in any optionsat the office of the Trust, warrants the adviser, the underwriter or other rights to purchase Shares the distributors, or any other interests in at a principal office of a transfer or shareholder services agent appointed by the Trust other than Shares. Notwithstanding anything to the contrary herein, (as the Trustees may determine), or in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of accordance with such number of Shares and at such time other procedures for redemption as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees may from time to time authorize, redeem his or her Shares in accordance with respect to the provisions of this Section 2 for the net asset value thereof determined and computed in accordance with the By-Laws, less any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as charge the Trustees shall determine. The Trustees shall have the powermay establish, in connection with the issuance or including any contingent deferred sales charge to which redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determineShares may be subject. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number Upon receipt of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the such written request for redemption of Shares by the Trust, the adviser, the underwriter or the distributor, or the Trust's transfer or shareholder services agent, the Trust shall purchase such Shares and shall pay therefor the net asset value thereof next determined after such receipt or the net asset value thereof determined as of such other time fixed by the Trustees, as may be permitted or required by the 1940 Act in each instance, less any applicable redemption charge. The obligation of the Trust to redeem its Shares as set forth in this Section 2 shall be subject to the condition that, such obligation may be suspended by the Trust by or under authority of the Trustees for such period or periods when and to the extent permissible under the 1940 Act. If there is such a suspension, any Shareholder may withdraw any demand for redemption and any tender of Shares which has been received by the Trust during any such period and any tender of Shares the applicable net asset value of which would but for such suspension be calculated as of a time during such period. Shareholders who do not so withdraw any such demand shall receive payment based on the net asset value per Share next determined after the termination of such suspension. The redemption price Trust may also purchase, repurchase or redeem Shares in any case or cases be paid wholly or partly in kind if accordance with such other methods, upon such other terms and subject to such other conditions as the Trustees determine that such payment is advisable in may from time to time authorize at a price not exceeding the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares net asset value of such Series Shares in effect when the purchase or Class comprising a Creation Unit shall be redeemable by the Trust with respect repurchase or any contract to any applicable Series purchase or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kindrepurchase is made.

Redemptions and Repurchases. The Trustees shall have the power to authorize Section 2. Any holder of Shares of the Trust to issuemay by presentation of a --------- written request, selltogether with his or her certificates, repurchaseif any, redeemfor such Shares, retire, cancel, acquire, hold, resell, reissue, dispose of, in proper form for transfer, and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in at the office of the Trust other than Sharesor at a principal office of a transfer agent appointed by the Trust, redeem his or her Shares for the net asset value thereof determined and computed in accordance with the provisions of this Section 2 and the provisions of Section 7 of this Article VI. Notwithstanding anything to Upon receipt by the contrary herein, the Trustees may in their sole discretion determine that Shares of any Series Trust or Class shall be issued and redeemed only in aggregations its transfer agent of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the written request for redemption or receive payment based on of Shares, such Shares shall be redeemed at the net asset value per Share share of the appropriate series or class next determined after such Shares are tendered in proper order for transfer to the termination Trust or determined as of such suspensionother time fixed by the Trustees as may be permitted or required by the 1940 Act, provided that no such tender shall be required in the case of Shares for which a certificate or certificates have not been issued, and in such case such Shares shall be redeemed at the net asset value per share of the appropriate series or class next determined after such request has been received in proper form or determined at such other time fixed by the Trustees as may be permitted or required by the 0000 Xxx. The redemption price obligation of the Trust to redeem its Shares of each series or class as set forth above in this Section 2 shall be subject to the conditions that during any time of emergency, as hereinafter defined, such obligation may in any case be suspended by the Trust by or cases be paid wholly or partly in kind if under authority of the Trustees determine that for such payment is advisable in the interest period or periods during such time of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered emergency as all or part of the redemption price may shall be determined by or under authority of the Trustees. HoweverIf there is such a suspension, if the Trustees determine to issue any Shareholder may withdraw any demand for redemption and any tender of Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable which has been received by the Trust during any such period and any tender of Shares, the applicable net asset value of which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. For the purposes of any such suspension, "time of emergency" shall mean, either with respect to all Shares or any applicable Series series or Class. Unless the Trustees otherwise shall determineclass of Shares, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind.period during which:

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time authorize; and the Trust will pay therefor the net asset value thereof, as determined in accordance with respect to any Series or Classthe By-Laws, the 1940 Act and the rules of the Commission. The number of Payment for said Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred made by the Trust to herein as a “Creation Unit” and, collectively, as “Creation Units” the Shareholders within seven days after the date on which the request is made or in accordance with such other term procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, may from time to time authorize. The obligation set forth in their sole discretionthis Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than weekends or holidays, determine to change or if permitted by the number of Shares constituting a Creation Unit. In the case of a suspension rules of the right Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of redemption as provided hereinthe investments of the applicable Series or to determine fairly the value of the net assets belonging to such Series (or net assets allocable to such Class) or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a Shareholder may either withdraw the request for redemption or receive payment based on price not exceeding the net asset value per Share next determined after the termination of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which or Class the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series (or allocable to the Class) the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a Person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in procedures for redemption as the Trust other than Shares. Notwithstanding anything to the contrary herein, the Trustees Directors may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time authorize; and the Trust will pay therefor the net asset value thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is made in proper form. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays, or if permitted by the Commission during periods when trading on the Exchange is restricted or during any emergency which 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 any such Series or Class. The number during any other period permitted by order of Shares comprising an aggregation the Commission for purposes the protection of issuance investors, such obligations may be suspended or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as postponed by the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation UnitDirectors. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on the net asset value per Share share next determined after the termination of such suspension. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees Directors determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation UnitDirectors. 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 payment in kind.

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share thereof next determined determined. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency that 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 belonging to such Series or attributable to any Class thereof or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may may, in any case or cases cases, be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Trust shall, so far as may be practicable, deliver assets that approximate the diversification of all of the assets belonging at the time to the Series the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Trustees shall have the power to authorize Section 2. Any holder of Shares of the Trust to issuemay, sellby presentation of a written request, repurchasetogether with his certificates, redeemif any, retirefor such Shares, cancel, acquire, hold, resell, reissue, dispose of, in proper form for transfer, and otherwise deal in Shares and in any optionsat the office of the Trust, warrants the adviser, the underwriter or other rights to purchase Shares the distributors, or any other interests in at a principal office of a transfer or Shareholder services agent appointed by the Trust other than Shares. Notwithstanding anything to the contrary herein, (as the Trustees may determine), redeem his Shares for the net asset value thereof determined and computed in their sole discretion determine that Shares accordance with the provisions of this Section 2, less any Series or Class shall be issued and redeemed only in aggregations redemption charge which the Trustees may establish. Upon receipt of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the written request for redemption of Shares by the Trust, the adviser, the underwriter or receive payment based on the distributor, or the Trust's transfer or Shareholder services agent, such Shares shall be redeemed at the net asset value per Share share of the particular series next determined after such Shares are tendered in proper form for transfer to the termination Trust or determined as of such suspensionother time fixed by the Trustees, as may be permitted or required by the 1940 Act, provided that no such tender shall be required in the case of Shares for which a certificate or certificates have not been issued, and in such case such Shares shall be redeemed at the net asset value per share of the particular series next determined after such demand has been received or determined at such other time fixed by the Trustees, as may be determined or required by the 1940 Act. The redemption price obligation xx xxx Trust to redeem its Shares of each series as set forth above in this Section 2 shall be subject to the condition that, during any time of emergency, as hereinafter defined, such obligation may in any case be suspended by the Trust by or cases be paid wholly or partly in kind if under authority of the Trustees determine that for such payment is advisable in the interest period or periods during such time of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered emergency as all or part of the redemption price may shall be determined by or under authority of the Trustees. HoweverIf there is such a suspension, if the Trustees determine to issue any Shareholder may withdraw any demand for redemption and any tender of Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable which has been received by the Trust during any such period and any tender of Shares the applicable net asset value of which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. For the purposes of any such suspension "time of emergency" shall mean, either with respect to all Shares or any applicable Series or Class. Unless the Trustees otherwise shall determineseries of Shares, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind.period during which:

Redemptions and Repurchases. The Trustees shall have the power to authorize SECTION 2. Any holder of Shares of the Trust to issuemay, sellby presentation of a written request, repurchasetogether with his or her certificates, redeemif any, retirefor such Shares, cancel, acquire, hold, resell, reissue, dispose of, in proper form for transfer, and otherwise deal in Shares and in any optionsat the office of the Trust, warrants the adviser, the underwriter or other rights to purchase Shares the distributors, or any other interests in at a principal office of a transfer or shareholder services agent appointed by the Trust other than Shares. Notwithstanding anything to the contrary herein, (as the Trustees may determine), or in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of accordance with such number of Shares and at such time other procedures for redemption as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees may from time to time with respect to any Series authorize, redeem his or Class. The number of her Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection accordance with the issuance or redemption provisions of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request this Section 2 for redemption or receive payment based on the net asset value per Share thereof determined and computed in accordance with the By-Laws, less any redemption charge the Trustees may establish, including any contingent deferred sales charge to which redemption of such Shares may be subject. Upon receipt of such written request for redemption of Shares by the Trust, the adviser, the underwriter or the distributor, or the Trust's transfer or shareholder services agent, the Trust shall purchase such Shares and shall pay therefor the net asset value thereof next determined after such receipt or the termination net asset value thereof determined as of such suspensionother time fixed by the Trustees, as may be permitted or required by the 1940 Act in each instance, less any applicable redemption charge. The redemption price obligation of the Trust to redeem its Shares as set forth in this Section 2 shall be subject to the condition that, during any time of emergency, as hereinafter defined, such obligation may in any case be suspended by the Trust by or cases be paid wholly or partly in kind if under authority of the Trustees determine that for such payment is advisable in the interest period or periods during such time of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered emergency as all or part of the redemption price may shall be determined by or under authority of the Trustees. HoweverIf there is such a suspension, if the Trustees determine to issue any Shareholder may withdraw any demand for redemption and any tender of Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable which has been received by the Trust during any such period and any tender of Shares the applicable net asset value of which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. Shareholders who do not so withdraw any such demand shall receive payment based on the net asset value next determined after the termination of such suspension. For the purposes of any such suspension "time of emergency" shall mean, either with respect to all Shares or any applicable Series or Class. Unless the Trustees otherwise shall determineseries of Shares, there shall be no redemption of as appropriate, any partial or fractional Creation Unit. 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 payment in kind.period during which:

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share next thereof, as determined in accordance with the Bylaws, less any redemption charge fixed by the Trustees. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than weekends or holidays, or if permitted by the rules of the Securities and Exchange Commission, during periods when trading on the Exchange is restricted or during any emergency which makes it impractical for the Trust to dispose of the investments of the applicable series or to determine fairly the value of the net assets belonging to such series or attributable to any class thereof or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind kind, except to the extent prohibited by the laws of any jurisdiction in which Shares are registered for sale, if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which series the Shares of which are being redeemed. Subject to the foregoing, the The fair value, selection and quantity of any securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case event shall the Trust be liable for any delay of any corporation or other Person person in transferring securities or other property selected for delivery as all or part of any payment in kind.. Exhibit (a)

Redemptions and Repurchases. (a) The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust, or a Person designated by the Trust, that the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time authorize; and the Trust will pay therefor the net asset value thereof as determined by the Trustees (or on their behalf), in accordance with any applicable provisions of the By-Laws, any registration statement of the Trust and applicable law. Unless extraordinary circumstances exist, payment for said Shares shall be made by the Trust to the Shareholder in accordance with the 1940 Act and any rules and regulations thereunder or as otherwise required by the Commission. The obligation set forth in this Section 2(a) is subject to the provision that, during any emergency which 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 any Series such Series, such obligation may be suspended or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as postponed by the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation UnitTrustees. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on the net asset value per Share share next determined after the termination of such suspension. (b) The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series or Class thereof for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation Adviser or other Person in transferring securities selected for delivery as all or part of any payment payment-in-kind. (c) If the Trustees shall, at any time and in kind.good faith, determine that direct or indirect ownership of Shares of any Series or Class thereof has or may become concentrated in any Person to an extent that would disqualify any Series as a regulated investment company under the Internal Revenue Code of 1986, as amended (or any successor statute thereof), then the Trustees shall have the power (but not the obligation) by such means as they deem equitable (i) to call for the redemption by any such Person of a number, or principal amount, of Shares sufficient to maintain or bring the direct or indirect ownership of Shares into conformity with the requirements for such qualification, (ii) to refuse to transfer or issue Shares of any Series or Class thereof to such Person whose acquisition of the Shares in question would result in such disqualification, or (iii) to take such other actions as they deem necessary and appropriate to avoid such disqualification. Any such redemption shall be effected at the redemption price and in the manner provided in this Article VI. (d) The holders of Shares shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares as the Trustees deem necessary to comply with the provisions of the Internal Revenue Code of 1986, as amended (or any successor statute thereto), or to comply with the requirements of any other taxing authority. ARTICLE VII

Redemptions and Repurchases. The Trustees Trust shall have the power to authorize ---------- --------------------------- purchase such Shares as are offered by any Shareholder for redemption, upon receipt by the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal or a Person designated by the Trust of a request in Shares and in any options, warrants or other rights to purchase proper form that the Trust redeem such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time authorize; and the Trust will pay therefor the net asset value thereof, in accordance with respect the Bylaws, the applicable provisions of the 1940 Act and any duly adopted resolution of the Trustees pursuant to any Series or ClassArticle VI, Section 1 hereof. The number of Payment for such Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred made by the Trust to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have Shareholder within seven days after the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw date on which the request for redemption is received in proper form. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange (the "Exchange") is closed for other than weekends, or receive payment based holidays, or if permitted by the Rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net asset value per Share next determined after assets held with respect to such Series or during any other period permitted by order of the termination Commission for the protection of investors, such suspensionobligations may be suspended or postponed by the Trustees. The redemption price may in any case or cases be paid in cash or wholly or partly in kind in accordance with Rule18f-1 under the 1940 Act if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for of which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may shall be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind.

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share thereof, as determined in accordance with the Bylaws, next determined determined. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which 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 belonging to such Series or attributable to any class thereof or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Payment for any redemption, purchase or repurchase may be made in cash or in other property, or any combination thereof. The composition of any such payment shall be determined by the Trust in its sole discretion, and the Trust shall have no obligation to effect a pro rata division of cash or other property in making any such payment. In no event shall the Trust be liable for any delay of any other person in transferring securities or other property selected for delivery as all or part of any such payment. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Trustees shall have the power to authorize Section 2. Any holder of Shares of the Trust may, by presentation of a request in proper form, together with his certificates, if any, for such Shares, in proper form for transfer to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in the Trust other than Sharesor duly authorized agent of the Trust, request 18 redemption of his shares for the net asset value thereof determined and computed in accordance with the provisions of this Section 2 and the provisions of Section 6 of this Article VI. Notwithstanding anything to Upon receipt by the contrary hereinTrust or its duly authorized agent, as the Trustees case may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations be, of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on of Shares in proper form, such Shares shall be redeemed at the net asset value per Share share of the particular series or class next determined after the termination such request is received or determined as of such suspensionother time fixed by the Trustees as may be permitted or required by the 1940 Xxx. Xxe criteria for determining what constitutes a request for redemption in proper form and the time of receipt of such request shall be fixed by the Trustees. The redemption price may obligation of the Trust to redeem its Shares as set forth above in any case or cases this Section 2 shall be paid wholly or partly in kind if subject to the Trustees determine condition that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price obligation may be determined suspended by the Trust by or under authority of the TrusteesTrustees during any period or periods when and to the extent permissible under the 1940 Act. HoweverIf there is such a suspension, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable Shareholder may withdraw any request for redemption which has been received by the Trust during any such period and the applicable net asset value with respect to which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. The Trust may also purchase, repurchase or redeem Shares in accordance with such other methods, upon such other terms and subject to such other conditions as the Trustee may from time to time authorize at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any applicable Series contract to purchase or Classrepurchase is made. Unless Shares redeemed or repurchased by the Trust hereunder shall be canceled upon such redemption or repurchase without further action by the Trust or the Trustees otherwise and the number of issued and outstanding Shares of the relevant series and class shall determine, there shall thereupon be no redemption of any partial or fractional Creation Unit. 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 payment in kindreduced by such amount.

Redemptions and Repurchases. The Trustees shall have the power to authorize Section 2. Any holder of Shares of the Trust may by presentation of a request in proper form, together with his certificates, if any, for such Shares, in proper form for transfer to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in the Trust other than Sharesor duly authorized agent of the Trust, request redemption of his shares for the net asset value thereof determined and computed in accordance with the provisions of this Section 2 and the provisions of Section 6 of this Article VI. Notwithstanding anything to Upon receipt by the contrary hereinTrust or its duly authorized agent, as the Trustees case may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations be, of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on of Shares in proper form, such Shares shall be redeemed at the net asset value per Share share of the particular series next determined after the termination such request is received or determined as of such suspensionother time fixed by the Trustees as may be permitted or required by the 1940 Xxx. The criteria for determining what constitutes a request for redemption price may in any case or cases proper form and the time of receipt of such request shall be paid wholly or partly fixed by the Trustees. The obligation of the Trust to redeem its Shares of each series as set forth above in kind if this Section 2 shall be subject to the Trustees determine condition that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price obligation may be determined suspended by the Trust by or under authority of the TrusteesTrustees during any period or periods when and to the extent permissible under the 1940 Act. HoweverIf there is such a suspension, any Shareholder may withdraw any request for redemption which has been received by the Trust during any such period and the applicable net asset value with respect to which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. The Trust may also purchase, repurchase or redeem Shares in accordance with such other methods, upon such other terms and subject to such other conditions as the Trustees determine Trustee may from time to issue time authorize at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Shares of any Series series redeemed or Class in Creation Units, then only repurchased by the Trust hereunder shall be cancelled upon such redemption or repurchase without further action by the Trust or the Trustees and the number of issued and outstanding Shares of such Series or Class comprising a Creation Unit series shall be redeemable thereupon by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kindreduced by such amount.

Redemptions and Repurchases. Section 2. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of any certificate for the Shares to authorize be purchased, a proper instrument of transfer and a request directed to the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in a person designated by the Trust that the Trust purchase such Shares, or in accordance with such other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectivelyauthorize; and the Trust will pay therefor the net asset value thereof, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the powernext determined in accordance herewith, in connection with the issuance or less any applicable redemption of any Creation Unit, to charge such transaction fees or other charges and/or fees fixed by the Trustees. Except as the Trustees shall determine. In addition, the Trustees may, otherwise provided from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension prospectus of the right Trust relating to the particular class or series of redemption Shares, or as provided hereinthe Trustees may otherwise determine, a payment for said Shares shall be made by the Trust to the Shareholder may either withdraw within seven days after the date on which the request for redemption is made. The obligations set forth in this Section 2 may be suspended or receive payment based on postponed from time to time or at any time in the discretion of the Trustees in accordance with applicable law and regulation, including determinations, exemptions, pronouncements, and regulatory relief issued or promulgated by appropriate governmental authorities. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value per Share next determined after the termination of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price redemption, purchase or repurchase may be made in cash or in other property, or any case or cases be paid wholly or partly in kind if the Trustees determine that combination thereof. The composition of any such payment is advisable shall be determined by the Trust in its sole discretion, and the interest Trust shall have no obligation to effect a pro rata division of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities cash or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of in making any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unitpayment. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities or other property selected for delivery as all or part of any such payment. In connection with the foregoing, the Trust shall be entitled to withhold from any distribution or payment in kind.of the redemption price appropriate reserves for expenses and liabilities of the Trust, including contingent and estimated future liabilities and tax withholdings, as the Trustees may determine, which shall be conclusively binding on the Shareholders. Redemption at the Option of the Trust

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share thereof, as determined in accordance with the By-Laws, next determined determined. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which 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 belonging to such Series or attributable to a particular class thereof or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which or class the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series (or attributable to the class) the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share thereof, as determined in accordance with the By-Laws, next determined determined. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made. The obligation set forth in this Section 3 is subject to the provision that in the event that any time the New York Stock 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 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 belonging to such Series (or net assets allocable to such Class) or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which or Class the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series (or allocable to the Class) the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind. For avoidance of doubt, nothing in this Section 3 shall preclude the Trust from purchasing Shares of any Series or Class offered for redemption at net asset value less any applicable redemption fee as the Board may approve from time to time.

Redemptions and Repurchases. The Trustees shall have the power to authorize SECTION 2. Any holder of Shares of the Trust to issuemay by presentation of a written request, selltogether with his certificates, repurchaseif any, redeemfor such Shares, retire, cancel, acquire, hold, resell, reissue, dispose of, in proper form for transfer, and otherwise deal in Shares and in any optionsat the office of the Trust, warrants the adviser, the underwriter or other rights to purchase Shares the distributors, or any other interests in at a principal office of a transfer or Shareholder services agent appointed by the Trust other than Shares. Notwithstanding anything to the contrary herein, (as the Trustees may determine), redeem his Shares for the net asset value thereof determined and computed in their sole discretion determine that Shares accordance with the provisions of this Section 2 and the provisions of Section 5 of Article VI of this Declaration of Trust, less any Series or Class shall be issued and redeemed only in aggregations redemption charge which the Trustees may establish. Upon receipt of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the written request for redemption of Shares by the Trust, the adviser, the underwriter or receive payment based on the distributor, or the Trust’s transfer or Shareholder services agent, such Shares shall be redeemed at the net asset value per Share share of the particular series next determined after such Shares are tendered in proper form for transfer to the termination Trust or determined as of such suspensionother time fixed by the Trustees, as may be permitted or required by the 1940 Act, provided that no such tender shall be required in the case of Shares for which a certificate or certificates have not been issued, and in such case such Shares shall be redeemed at the net asset value per share of the particular series next determined after such demand has been received or determined at such other time fixed by the Trustees, as may be permitted or required by the 0000 Xxx. The redemption price obligation of the Trust to redeem its Shares of each series as set forth above in this Section 2 shall be subject to the condition that, during any time of emergency, as hereinafter defined, such obligation may in any case be suspended by the Trust by or cases be paid wholly or partly in kind if under authority of the Trustees determine that for such payment is advisable in the interest period or periods during such time of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered emergency as all or part of the redemption price may shall be determined by or under authority of the Trustees. HoweverIf there is such a suspension, if the Trustees determine to issue any Shareholder may withdraw any demand for redemption and any tender of Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable which has been received by the Trust during any such period and any tender of Shares the applicable net asset value of which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the trust shall return to the Shareholder the certificates therefor, if any. For the purposes of any such suspension “time of emergency” shall mean, either with respect to all Shares or any applicable Series or Class. Unless the Trustees otherwise shall determineseries of Shares, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind.period during which:

Redemptions and Repurchases. Section 2. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of any certificate for the Shares to authorize be purchased, a proper instrument of transfer and a request directed to the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in a person designated by the Trust that the Trust purchase such Shares, or in accordance with such other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectivelyauthorize; and the Trust will pay therefor the net asset value thereof, as “Creation Units” or such other term next determined in accordance herewith, less any applicable redemption charge, charge and/or fee fixed by the Trustees. Except as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, otherwise provided from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension prospectus of the right Trust relating to the particular class or series of redemption Shares, or as provided hereinthe Trustees may otherwise determine, a payment for said Shares shall be made by the Trust to the Shareholder may either withdraw within seven days after the date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that at any time the New York Stock Exchange is closed for redemption other than customary weekends or receive payment based holidays, or, if permitted by rules of the Securities and Exchange Commission, during periods when trading on the Exchange is restricted or during any emergency which makes it impractical for the Trust to dispose of its investments or to determine fairly the value of its net assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value per Share next determined after the termination of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which series the Shares of which are being redeemed. Subject to the foregoing, the The fair value, selection and quantity of any securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Trustees Trust Fund shall have purchase such Shares as may be offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in Fund or any options, warrants or other rights to person designated by the Trust Fund that the Trust Fund re-purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” authorize; and, collectivelysubject to Article VI, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the powerSection 4, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In additionbelow, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust Fund will pay therefor the net asset value per Share next determined thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust Fund to the Shareholder within such time period after the termination date on which the request is made in proper form as may be required by applicable law or regulation. The obligation set forth in this Article VI, Section 2 is subject to the provision that in the event that any time 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 makes it impracticable for the Trust Fund to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such suspensionSeries or during any other period permitted by order of the Commission for the protection of Shareholders, such obligations may be suspended or postponed by the Trustee. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine determines that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust Fund be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a Person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in procedures for redemption as the Trust other than Shares. Notwithstanding anything to the contrary herein, the Trustees Directors may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time authorize; and the Trust will pay therefor the net asset value thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is made in proper form. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays, or if permitted by the Commission during periods when trading on the Exchange is restricted or during any emergency which 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 any such Series or Class. The number during any other period permitted by order of Shares comprising an aggregation the Commission for purposes the protection of issuance investors, such obligations may be suspended or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as postponed by the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation UnitDirectors. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on the net asset value per Share next determined after the termination of such suspension. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees Directors determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation UnitDirectors. 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 payment in kind.

Redemptions and Repurchases. Section 2. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of any certificate for the Shares to authorize be purchased, a proper instrument of transfer and a request directed to the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in a person designated by the Trust that the Trust purchase such Shares, or in accordance with such other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share thereof, as next determined in accordance herewith, less any redemption charge fixed by the Trustees. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock Exchange is closed for other than customary weekends or holidays, or, if permitted by rules of the Securities and Exchange Commission, during periods when trading on the Exchange is restricted or during any emergency which makes it impractical for the Trust to dispose of its investments or to determine fairly the value of its net assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be by paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares of which are being redeemed. Subject to the foregoing, the The fair value, selection and quantity of any securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.. Redemption at the Option of the Trust Section 3. Subject to the provisions of the 1940 Act, the Trustees, in their sole discretion, may at any time and from time to time cause the Trust to redeem some or all of the Shares of any Shareholder at the net asset value of such Shares, under terms set by the Trustees and for any reason, including, but not limited to: (i) if at such time such Shareholder owns fewer Shares than, or Shares having an aggregate net asset value of less than, an amount determined from time to time by the Trustees; or (ii) to the extent that such Shareholder owns Shares of a particular Series or Class of Shares equal to or in excess of a percentage of the outstanding Shares of that Series or Class determined from time to time by the Trustees; or (iii) to the extent that such Shareholder owns Shares of the Trust representing a percentage equal to or in excess of a percentage of the aggregate number of outstanding Shares of the Trust or the aggregate net asset value of the Trust determined from time to time by the Trustees; or (iv) if the Trustees determine that such Shareholder is engaging in conduct that is harmful to the Trust or any Series or Class; or (v) if the Trustees determine otherwise such redemption to be necessary or appropriate. Determination of Net Asset Value Section 4. The net asset value per Share, including of each Class (if any) and each Series (if any) of Shares, of the Trust shall be determined in accordance with the 1940 Act and any related procedures adopted by the Trustees from time to time. Determinations made under and pursuant to this Section 4 in good faith and in accordance with the provisions of the 1940 Act shall be binding on all parties concerned. ARTICLE VII

Redemptions and Repurchases. The Trustees shall have the power to authorize Section 2. Any holder of Shares of the Trust to issuemay, sellupon presentation at the office of the Trust or at a principal office of a transfer agent appointed by the Trust of a written request, repurchasetogether with his or her certificates, redeemif any, retire, cancel, acquire, hold, resell, reissue, dispose of, for such Shares in proper form for transfer, redeem his or her Shares for the net asset value thereof determined and otherwise deal computed in Shares accordance with the provisions of this Section 2 and in any options, warrants or other rights to purchase Shares or any other interests in the provisions of Section 7 of this Article VI. Upon receipt by the Trust other than Shares. Notwithstanding anything to the contrary herein, the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations its transfer agent of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the written request for redemption or receive payment based on of Shares, such Shares shall be redeemed at the net asset value per Share share of the appropriate series next determined after such Shares are tendered in proper order for transfer to the termination Trust or determined as of such suspensionother time fixed by the Trustees as may be permitted or required by the 1940 Act, provided that no such tender shall be required in the case of Shares for which a certificate or certificates have not been issued, and in such case such Shares shall be redeemed at the net asset value per share of the appropriate series next determined after such request has been received or determined at such other time fixed by the Trustees as may be permitted or required by the 0000 Xxx. The redemption price obligation of the Trust to redeem its Shares of each series or class as set forth above in this Section 2 shall be subject to the conditions that during any time of emergency, as hereinafter defined, such obligation may in any case be suspended by the Trust by or cases be paid wholly or partly in kind if under authority of the Trustees determine that for such payment is advisable in the interest period or periods during such time of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered emergency as all or part of the redemption price may shall be determined by or under authority of the Trustees. HoweverIf there is such a suspension, if the Trustees determine to issue any Shareholder may withdraw any demand for redemption and any tender of Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable which has been received by the Trust during any such period and any tender of Shares, the applicable net asset value of which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. For the purposes of any such suspension, "time of emergency" shall mean, either with respect to all Shares or any applicable Series or Class. Unless the Trustees otherwise shall determineseries of Shares, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind.period during which:

Redemptions and Repurchases. The Trustees shall have the power to authorize SECTION 2. Any holder of Shares of the Trust may by presentation of a request in proper form, together with his certificates, if any, for such Shares, in. proper form for transfer to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in the Trust other than Sharesor duly authorized agent of the Trust, request redemption of his shares for the net asset value thereof determined and computed in accordance with the provisions of this Section 2 and the provisions of Section 6 of this Article VI. Notwithstanding anything to Upon receipt by the contrary hereinTrust or its duly authorized agent, as the Trustees case may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations be, of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on of Shares in proper form, such Shares shall be redeemed at the net asset value per Share share of the particular series next determined after the termination such request is received or determined as of such suspensionother time fixed by the Trustees as may be permitted or required by the 0000 Xxx. The criteria for determining what constitutes a proper request for redemption price may and the time of receipt of such request shall be fixed by the Trustees. The obligation of the Trust to redeem its Shares of each series as set forth above in any case or cases this Section 2 shall be paid wholly or partly in kind if subject to the Trustees determine condition that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price obligation may be determined suspended by the Trust by or under authority of the TrusteesTrustees during any period or periods when and to the extent permissible under the 1940. HoweverAct If there is such a suspension, any Shareholder may withdraw any request for redemption which has been received by the Trust during any such period and the applicable net asset value with respect to which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. The Trust may also purchase, repurchase or redeem Shares in accordance with such other methods, upon such other terms and subject to such other conditions as the Trustees determine may from time to issue time authorize at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Shares of any Series series redeemed or Class in Creation Units, then only repurchased by the Trust hereunder shall be cancelled upon such redemption or repurchase without further action by the Trust or the Trustees and the number of issued and outstanding Shares of such Series or Class comprising a Creation Unit series shall thereupon be redeemable reduced by the Trust with respect to any applicable Series or Classsuch amount. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind.PAYMENT FOR SHARES REDEEMED

Redemptions and Repurchases. The Trustees shall have the power to authorize Any holder of Shares of the Trust may upon presentation of a request in proper form, together with his certificates, if any, for such Shares, in proper form for transfer to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in the Trust other than Sharesor duly authorized agent of the Trust, request redemption of his shares for the net asset value thereof determined and computed in accordance with the provisions of this Section 2 and the provisions of Section 6 of this Article VII (less any applicable sales charge and redemption fee). Notwithstanding anything to Upon receipt by the contrary hereinTrust or its duly authorized agent, as the Trustees case may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations be, of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on of Shares in proper form, such Shares shall be redeemed at the net asset value per Share share of the particular series or class thereof (less any applicable sales charge or redemption fee) next determined after the termination such request is received or determined as of such suspensionother time fixed by the Trustees as may be permitted or required by the 1940 Act. The criteria for determinxxx xxxx constitutes a proper request for redemption price may and the time of receipt of such request shall be fixed by the Trustees. The obligation of the Trust to redeem its Shares of each series or class thereof as set forth above in any case or cases this Section 2 shall be paid wholly or partly in kind if subject to the Trustees determine condition that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price obligation may be determined suspended by the Trust by or under authority of the TrusteesTrustees during any period or periods when and to the extent permissible under the 1940 Act. HoweverIf there is such a suspension, any Shareholder may withdraw any request for redemption which has been received by the Trust during any such period and the applicable net asset value with respect to which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. The Trust may also purchase, repurchase or redeem Shares in accordance with such other methods, upon such other terms and subject to such other conditions as the Trustees may from time to time authorize at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or the purchase is made. Shares of any series redeemed or repurchased by the Trust hereunder shall be cancelled upon such redemption or repurchase without further action by the Trust or the Trustees and the number of issued and outstanding Shares of such series shall thereupon be reduced by such amount, unless the Trustees determine to issue hold such required Shares in the treasury of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kindotherwise.

Redemptions and Repurchases. The Trustees shall have the power to authorize SECTION 2. Any holder of Shares of the Trust to issuemay, sellby presentation of a written request, repurchasetogether with his certificates, redeemif any, retirefor such Shares, cancel, acquire, hold, resell, reissue, dispose of, in proper form for transfer, and otherwise deal in Shares and in any optionsat the office of the Trust, warrants the adviser, the underwriter or other rights to purchase Shares the distributors, or any other interests in at a principal office of a transfer or Shareholder services agent appointed by the Trust other than Shares. Notwithstanding anything to the contrary herein, (as the Trustees may determine), redeem his Shares for the net asset value thereof determined and computed in their sole discretion determine that Shares accordance with the provisions of this Section 2, less any Series or Class shall be issued and redeemed only in aggregations redemption charge which the Trustees may establish. Upon receipt of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the written request for redemption of Shares by the Trust, the adviser, the underwriter or receive payment based on the distributor, or the Trust's transfer or Shareholder services agent, such Shares shall be redeemed at the net asset value per Share share of the particular series next determined after such Shares are tendered in proper form for transfer to the termination Trust or determined as of such suspensionother time fixed by the Trustees, as may be permitted or required by the 1940 Act, provided that no such tender shall be required in the case of Shares for which a certificate or certificates have not been issued, and in such case such Shares shall be redeemed at the net asset value per share of the particular series next determined after such demand has been received or determined at such other time fixed by the Trustees, as may be determined or required by the 0000 Xxx. The redemption price obligation of the Trust to redeem its Shares of each series as set forth above in this Section 2 shall be subject to the condition that, during any time of emergency, as hereinafter defined, such obligation may in any case be suspended by the Trust by or cases be paid wholly or partly in kind if under authority of the Trustees determine that for such payment is advisable in the interest period or periods during such time of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered emergency as all or part of the redemption price may shall be determined by or under authority of the Trustees. HoweverIf there is such a suspension, if the Trustees determine to issue any Shareholder may withdraw any demand for redemption and any tender of Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable which has been received by the Trust during any such period and any tender of Shares the applicable net asset value of which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, is any. For the purposes of any such suspension "time of emergency" shall mean, either with respect to all Shares or any applicable Series or Class. Unless the Trustees otherwise shall determineseries of Shares, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind.period during which:

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as authorize; and the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on Trust will pay therefor the net asset value per Share thereof, as determined in accordance with the By-Laws, next determined determined. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the termination date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that any time the New York Stock 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 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 belonging to such Series or attributable to a particular class thereof or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which or class the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series (or attributable to the class) the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. (a) The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust, or a Person designated by the Trust, that the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time authorize; and the Trust will pay therefor the net asset value thereof as determined by the Trustees (or on their behalf), in accordance with any applicable provisions of the By-Laws, any registration statement of the Trust and applicable law. Unless extraordinary circumstances exist, payment for said Shares shall be made by the Trust to the Shareholder in accordance with the 1940 Act and any rules and regulations thereunder or as otherwise required by the Commission. The obligation set forth in this Section 2(a) is subject to the provision that, during any emergency which 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 any Series such Series, such obligation may be suspended or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as postponed by the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation UnitTrustees. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on the net asset value per Share share next determined after the termination of such suspension. (b) The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series or Class thereof for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. In no case shall the Trust be liable for any delay of any corporation Adviser or other Person in transferring securities selected for delivery as all or part of any payment payment-in-kind. (c) If the Trustees shall, at any time and in kindgood faith, determine that direct or indirect ownership of Shares of any Series or Class thereof has or may become concentrated in any Person to an extent that would disqualify any Series as a regulated investment company under the Internal Revenue Code of 1986, as amended (or any successor statute thereof), then the Trustees shall have the power (but not the obligation) by such means as they deem equitable (i) to call for the redemption by any such Person of a number, or principal amount, of Shares sufficient to maintain or bring the direct or indirect ownership of Shares into conformity with the requirements for such qualification, (ii) to refuse to transfer or issue Shares of any Series or Class thereof to such Person whose acquisition of the Shares in question would result in such disqualification, or (iii) to take such other actions as they deem necessary and appropriate to avoid such disqualification. Any such redemption shall be effected at the redemption price and in the manner provided in this Article VI. (d) The holders of Shares shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares as the Trustees deem necessary to comply with the provisions of the Internal Revenue Code of 1986, as amended (or any successor statute thereto), or to comply with the requirements of any other taxing authority.

Redemptions and Repurchases. Section 2. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of any certificate for the Shares to authorize be purchased, a proper instrument of transfer and a request directed to the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in a person designated by the Trust that the Trust purchase such Shares, or in accordance with such other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. The number of Shares comprising an aggregation for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectivelyauthorize; and the Trust will pay therefor the net asset value thereof, as “Creation Units” or such other term as the Trustees shall determine. The Trustees shall have the powernext determined in accordance herewith, in connection with the issuance or less any applicable redemption of any Creation Unit, to charge such transaction fees or other charges and/or fees fixed by the Trustees. Except as the Trustees shall determine. In addition, the Trustees may, otherwise provided from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of a suspension prospectus of the right Trust relating to the particular class or series of redemption Shares, or as provided hereinthe Trustees may otherwise determine, a payment for said Shares shall be made by the Trust to the Shareholder may either withdraw within seven days after the date on which the request for redemption is made. The obligations set forth in this Section 2 may be suspended or receive payment based on postponed from time to time or at any time in the discretion of the Trustees in accordance with applicable law and regulation, including determinations, exemptions, pronouncements, and regulatory relief issued or promulgated by appropriate governmental authorities. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value per Share next determined after the termination of such suspensionShares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price redemption, purchase or repurchase may be made in cash or in other property, or any case or cases be paid wholly or partly in kind if the Trustees determine that combination thereof. The composition of any such payment is advisable shall be determined by the Trust in its sole discretion, and the interest Trust shall have no obligation to effect a pro rata division of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities cash or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of in making any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unitpayment. In no case shall the Trust be liable for any delay of any corporation or other Person person in transferring securities or other property selected for delivery as all or part of any such payment. In connection with the foregoing, the Trust shall be entitled to withhold from any distribution or payment in kindof the redemption price appropriate reserves for expenses and liabilities of the Trust, including contingent and estimated future liabilities and tax withholdings, as the Trustees may determine, which shall be conclusively binding on the Shareholders.

Redemptions and Repurchases. The Trustees shall have the power (a) From time to authorize time, the Trust to issuemay redeem or repurchase its Shares, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, all upon such terms and otherwise deal in Shares and in any options, warrants or other rights to purchase Shares or any other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time conditions as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the underwriter or to any other person designated by the Trustees upon redemption or repurchase of Shares in such amount as shall be determined from time to time by the Trustees. The Trust may also charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time by the Trustees. Payment for said Shares shall be made by the Trust to the Shareholder within seven (7) days of the repurchase pricing date (as defined in Rule 23c-3 under the 0000 Xxx) applicable to that repurchase offer or as otherwise permitted under the 1940 Act. The obligation set forth in this Section 6.2(a) is subject to the provision that in the event that any time the New York Stock Exchange (the “Exchange”) is closed, other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the Exchange is restricted or during any emergency which 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, such obligations may be suspended or postponed by the Board of Trustees. The Trustees may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption or repurchase of Shares of the Trust or any Series or Class. The number , which may include establishing a maximum amount of Shares comprising an aggregation that may be repurchased and prorating Shares tendered for purposes of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as repurchase if the Trustees shall determinerepurchase is oversubscribed. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unit. In the case of may declare a suspension of the right of redemption repurchase or postpone the date of payment as provided herein, a Shareholder may either withdraw permitted under the request for redemption or receive payment based on the net asset value per Share next determined after the termination of 1940 Act. Such suspension shall take effect at such suspension. The redemption price may in any case or cases be paid wholly or partly in kind if time as the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection shall specify and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, thereafter there shall be no redemption right of any partial repurchase or fractional Creation Unit. In no case payment until the Trustees shall declare 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 payment in kindsuspension at an end.

Redemptions and Repurchases. The Trustees shall have the power to authorize Any holder of Shares of the Trust to issuemay, sellby presentation of a written request, repurchasetogether with his or her certificates, redeemif any, retirefor such Shares, cancel, acquire, hold, resell, reissue, dispose of, in proper form for transfer, at the office of the Trust, the adviser, the underwriter or the distributors, or at a principal office of a transfer or shareholder services agent appointed by the Trust (as the Trustees may determine), or in accordance with such other procedures for redemption as the Trustees may from time to time authorize, redeem his or her Shares in accordance with the provisions of this Section 8.02 for the net asset value thereof determined and otherwise deal computed in accordance with the By-Laws, less any redemption charge the Trustees may establish or any contingent deferred sales charge to which redemption of such Shares may be subject. Upon receipt of such written request for redemption of Shares by the Trust, the adviser, the underwriter or the distributor, or the Trust’s transfer or shareholder services agent, the Trust shall purchase such Shares and shall pay therefore the net asset value thereof next determined after such receipt or the net asset value thereof determined as of such other time fixed by the Trustees, as may be permitted or required by the 1940 Act in each instance, less any options, warrants applicable redemption charge or other rights to purchase Shares or any other interests in the Trust other than Sharescontingent deferred sales charge. Notwithstanding anything to the contrary hereincontrary, the Trust, in the discretion of the Board of Trustees, may pay all or any portion of the repurchase price in securities or other property (or any combination of securities, other property and cash) of equivalent value. To the extent permitted by law, the Trustees may in their sole discretion determine that retain the proceeds of any redemption of Shares required by them for payment of amounts due and owing by a Shareholder to the Trust or any Series or Class shall be issued class or any governmental authority. The Trustees may also postpone payment of the redemption price and redeemed only in aggregations may suspend the right of such number of Shares and at such time as may be determined by,or determined pursuant the Shareholders to procedures or methods prescribed or approved by, the Trustees from time to time with respect to require any Series or Classclass to redeem Shares during any period of time when and to the extent permissible under the 0000 Xxx. The number obligation of the Trust to redeem its Shares as set forth in this Section 8.02 shall be subject to the condition that, during any time of emergency, as hereinafter defined, such obligation may be suspended by the Trust by or under authority of the Trustees for such period or periods during such time of emergency as shall be determined by or under authority of the Trustees as provided by Section 8.04. If there is such a suspension, any Shareholder may withdraw any demand for redemption and any tender of Shares comprising an aggregation which has been received by the Trust during any such period and any tender of Shares the applicable net asset value of which would but for purposes such suspension be calculated as of issuance or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or time during such other term as the Trustees shall determineperiod. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge Upon such transaction fees or other fees as the Trustees shall determine. In additionwithdrawal, the Trustees mayTrust shall return to the Shareholder the certificates therefore, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation Unitif any. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either Shareholders who do not so withdraw the request for redemption or any such demand shall receive payment based on the net asset value per Share next determined after the termination of such suspension. The redemption price may in any case or cases be paid wholly or partly in kind if For the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares purposes of any Series or Class in Creation Unitssuch suspension “time of emergency” shall mean, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust either with respect to all Shares or any applicable Series or Class. Unless the Trustees otherwise shall determineseries of Shares, there shall be no redemption of as appropriate, any partial or fractional Creation Unit. 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 payment in kind.period during which:

Redemptions and Repurchases. The Trustees Trust shall have purchase such Shares as are offered by any Shareholder for redemption, upon the power presentation of a proper instrument of transfer together with a request directed to authorize the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and in any options, warrants or other rights to a Person designated by the Trust that the Trust purchase such Shares or any in accordance with such other interests in the Trust other than Shares. Notwithstanding anything to the contrary herein, procedures for redemption as the Trustees may in their sole discretion determine that Shares of any Series or Class shall be issued and redeemed only in aggregations of such number of Shares and at such time as may be determined by,or determined pursuant to procedures or methods prescribed or approved by, the Trustees from time to time authorize; and the Trust will pay therefor the net asset value thereof as determined by the Trustees (or on their behalf), in accordance with any applicable provisions of the By-Laws and applicable law, less any fees imposed on such redemption. Unless extraordinary circumstances exist, payment for said Shares shall be made by the Trust to the Shareholder within seven (7) days after the date on which the request is made in proper form. The obligation set forth in this Section 3 is subject to the provision that in the event that any time the New York Stock Exchange (the "Exchange") is closed for other than weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the Exchange is restricted or during any emergency which 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 any such Series or Class. The number during any other period permitted by order of Shares comprising an aggregation the Commission for purposes the protection of issuance investors, such obligations may be suspended or redemption with respect to any Series or Class shall be referred to herein as a “Creation Unit” and, collectively, as “Creation Units” or such other term as postponed by the Trustees shall determine. The Trustees shall have the power, in connection with the issuance or redemption of any Creation Unit, to charge such transaction fees or other fees as the Trustees shall determine. In addition, the Trustees may, from time to time in their sole discretion, determine to change the number of Shares constituting a Creation UnitTrustees. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on the net asset value per Share share next determined after the termination of such suspension, less any fees imposed on such redemption. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. However, if the Trustees determine to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class comprising a Creation Unit shall be redeemable by the Trust with respect to any applicable Series or Class. Unless the Trustees otherwise shall determine, there shall be no redemption of any partial or fractional Creation Unit. 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 payment in kind. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, (i) the determination of the Trustees that direct or indirect ownership of Shares of any Series has or may become concentrated in such Shareholder to an extent that would disqualify any Series as a regulated investment company under the Internal Revenue Code of 1986, as amended (or any successor statute thereto), (ii) the failure of a Shareholder to supply a tax identification number if required to do so, or to have the minimum investment required (which may vary by Series), or (iii) the failure of a Shareholder to pay when due for the purchase of Shares issued to him. Any such redemption shall be effected at the redemption price and in the manner provided in this Article VI. The holders of Shares shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares as the Trustees deem necessary to comply with the provisions of the Internal Revenue Code of 1986, as amended (or any successor statute thereto), or to comply with the requirements of any other taxing authority.