Common use of Redemptions Clause in Contracts

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption). The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1933. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption). The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge or fee to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities securities, cash or other assets (or any combination thereof) at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the TrusteesTrustees in their sole discretion, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding All authorized Shares shall be subject to redemption and redeemable in accordance with and pursuant to procedures or methods prescribed or approved by the foregoingTrustees. If the Trustees determine to issue Shares in Creation Units pursuant to Section 2.2, if then such Shares shall be redeemable only in the manner and on such days as may be determined by or determined pursuant to procedures or methods prescribed by or approved by the Trustees from time to time with respect to such Series or Class. Each holder of a Creation Unit of a Series or Class, upon request to the Trust issues in accordance with procedures established by the Trustees, shall be entitled to require the Trust to redeem all or any number of such holder’s Shares standing in the name of such holder on the books of the Trust, but in the case of the Shares of any Series or Class as to which the Trustees have determined that such Shares shall be redeemable only in Creation UnitsUnit aggregations, pursuant to Article IV, Section 2 hereof, then only in such Creation Unit aggregations of Shares of such Series or Class aggregating as the Trustees may determine from time to time in accordance with this Article IX, at a Creation Unit redemption price per share equal to an amount determined by the Trustees in accordance with applicable laws. Subject to applicable federal law including the 1940 Act, and except as otherwise determined by the Trustees, upon redemption, Shares shall no longer be deemed outstanding or carry any voting rights irrespective of whether a record date for any matter on which such Shares were entitled to vote had been set on a date prior to the date on which such Shares were redeemed. In making a determination as to whether redeemed Shares shall be redeemable hereunder. Furtherdeemed outstanding and carry any voting rights with respect to any matter on which such Shares were entitled to vote prior to redemption, subject to applicable federal law including the 1940 Act, the Trustees may, among other things, determine that Shares redeemed either before or after a date specified by the Trustees between the record date for such Series or Class or matter and the principal underwriter of meeting date for such Series or Class matter shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Unitsdeemed outstanding and retain voting rights, and unless the Trustees otherwise determine, there shall which determination may be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment made for any reason including that it would not be reasonably practicable to obtain a quorum if all of the Shares redeemed after the record date for such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that matter and before the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemptionvoting date no longer were deemed outstanding and carried any voting rights.

Redemptions. Each Shareholder of a Series shall have the right at such times as The Trustees may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to specify conditions, prices (based on the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemptionorder therefor). The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption redemption, and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly made in cash and/or securities or other assets at the their value of such securities or assets used in such determination of determining the Net Asset Value, or may be in cashValue per Share on which such redemption price is based. Upon After redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the TrusteesTrustees set, including, but not limited to, including the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may retain the proceeds of any redemption of Shares required by them they require for payment of amounts due and owing by a Shareholder to the Trust or any Series or Class or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoingThe Shares of any Series, if the Trustees so determine, shall be redeemable only in such Creation Unit aggregations and on such days as the Trustees determine or as determined pursuant to procedures or methods the Trustees prescribe or approve from time to time with respect to such Series. Each holder of a Creation Unit, on request to the Trust issues in accordance with procedures the Trustees establish, shall be entitled to require the Trust to redeem all or any number of such holder's Shares standing in the holder's name on the Trust's books (but only in full Creation Units in the case of any Series or Class in Creation Units, pursuant as to Article IV, Section 2 hereof, then only which the Trustees have determined that its Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more in full Creation Units), and unless at a redemption price per share equal to an amount determined by the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemptionaccordance with applicable laws.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1933. The Trustees may specify conditions, prices, and places of redemption, and may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceedsredemption. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, including the failure of a Shareholder to supply a taxpayer personal identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authorityClass. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution, or, to the extent permitted by the 1940 Act, at such other redemption price and at such times as the Trustees shall prescribe by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less (1) such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series under the Securities Act of 1933 and (including2) any required withholding taxes, which shall be deposited by the Trust in accordance with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)applicable law. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge or redemption fee to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if or other information or certification required to do soby federal or state tax laws, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Without limitation of the foregoing, the Trust may mandatorily redeem shares and the Trust or its agent may transfer the proceeds of such a redemption to a governmental unit, agency, authority, or authorized depository without prior notice to a Shareholder and without liability to such shareholder, to the extent such action is taken (1) in response to a notice of levy, lien, or similar action from the Internal Revenue Service or a state tax authority, (2) in compliance with state laws governing escheat or abandonment of property, (3) in satisfaction of withholding tax requirements (including any applicable interest and penalties) applicable to any prior distribution or distributions (including a redemption or redemptions) to the Shareholder that were not satisfied at the time of such distribution or distributions or (4) otherwise in compliance with any applicable legal obligation. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder holder of a Series shall have Shares in the right at such times as may be permitted by form of Creation Unit(s) , on request to the Trust in accordance with procedures the Trustees establish, shall be entitled to require the Series Trust to redeem all or any part number of his such holder’s Shares standing in the holder’s name on the Trust’s books (but only in full Creation Units in the case of any Series as to which the Trustees have determined that its Shares shall be redeemable only in full Creation Units), at a redemption price per Share share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are an amount determined by the Trustees and described in the Trust’s Registration Statement for that Series under the Securities Act of 1933 (including, accordance with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)applicable laws. The Trustees may specify conditions, pricesprices (based on the Net Asset Value per Share next determined after receipt of a proper order therefore), and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption redemption, and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly made in cash and/or securities or other assets at the their value of such securities or assets used in such determination of determining the Net Asset Value, or may be in cashValue per Share on which such redemption price is based. Upon After redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the TrusteesTrustees set, including, but not limited to, to (a) the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment requiredrequired (which may vary by Series or Class), or to pay when due for the purchase of Shares issued to him, or to pay any charge relating to a transaction effected for the benefit of such Shareholder as provided in the prospectus relating to such Shares; or (b) the determination by the Trustees in their sole discretion that failure to so redeem may have materially adverse consequences to the Shareholders of any Series or Class of the Trust. To the extent permitted by law, the Trustees may retain the proceeds of any redemption of Shares required by them they require for payment of amounts due and owing by a Shareholder to the Trust or any Series or Class or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues The Shares of any Series or Class shall be redeemable only in such Creation Units, Unit aggregations and on such days as the Trustees determine or as determined pursuant to Article IV, Section 2 hereof, then only Shares of procedures or methods the Trustees prescribe or approve from time to time with respect to such Series or Class aggregating a Creation Unit shall be redeemable hereunder. FurtherClass; provided, such however, that the Trustees may, in their sole discretion, specify that Shares of any Series or Class or the principal underwriter of such Series or Class shall may be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, redeemable individually and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly not in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemptionaggregations.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution, or, to the extent permitted by the 1940 Act, at such other redemption price and at such times as the Trustees shall prescribe by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form form, less (1) such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series under the Securities Act of 1933 1933, as amended from time to time, and (including2) any required withholding taxes, which shall be deposited by the Trust in accordance with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)applicable law. The Trustees may specify conditions, prices, prices and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge or redemption fee to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may shall be reissued from time to timecancelled. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if or other information or certification required to do soby federal or state tax laws, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Without limitation of the foregoing, the Trust may mandatorily redeem shares and the Trust or its agent may transfer the proceeds of such a redemption to a governmental unit, agency, authority or authorized depository without prior notice to a Shareholder and without liability to such shareholder, to the extent such action is taken (1) in response to a notice of xxxx, xxxx or similar action from the Internal Revenue Service or a state tax authority, (2) in compliance with state laws governing escheat or abandonment of property, (3) in satisfaction of withholding tax requirements (including any applicable interest and penalties) applicable to any prior distribution or distributions (including a redemption or redemptions) to the Shareholder that were not satisfied at the time of such distribution or distributions or (4) otherwise in compliance with any applicable legal obligation. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption). The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.. Eff 01/26/2022

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1933. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution, or, to the extent permitted by the 1940 Act, at such other redemption price and at such times as the Trustees shall prescribe by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less (1) such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series under the Securities Act of 1933 and (including2) any required withholding taxes, which shall be deposited by the Trust in accordance with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)applicable law. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge or redemption fee to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if or other information or certification required to do soby federal or state tax laws, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding Without limitation of the foregoing, the Trustees Trust may postpone payment mandatorily redeem shares and the Trust or its agent may transfer the proceeds of the such a redemption price to a governmental unit, agency, authority, or authorized depository without prior notice to a Shareholder and may suspend the right of the Shareholders without liability to require any Series or Class to redeem Shares during any period of time when and such shareholder, to the extent permissible under such action is taken (1) in response to a notice of levy, lien, or similar action from the 1940 Act. Notwithstanding the foregoingInternal Revenue Service or a state tax authority, if the Trust issues Shares (2) in compliance with state laws governing escheat or abandonment of property, (3) in satisfaction of withholding tax requirements (including any Series applicable interest and penalties) applicable to any prior distribution or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series distributions (including a redemption or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject redemptions) to the purchase request aggregate one or more Creation Units, and unless Shareholder that were not satisfied at the Trustees otherwise determine, there shall be no redemption time of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.such

Redemptions. Each Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same, each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a such redemption price per Share equal to the Net Asset Value per Share and at such time times as the Trustees shall have prescribed prescribe by resolutionresolution to the extent permitted by the 1940 Act. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series Series, as from time to time in effect, under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1933. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash, as determined in the sole discretion of the Trustees or their delegate. Upon redemption, Shares may be reissued from time to time. The Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same, the Trustees may require Shareholders to redeem Shares for any reason at the redemption price which would be applicable if such Shares were then being redeemed by the Shareholder pursuant to this Section 2 under terms set by the Trustees, including, but not limited to, : (a) the failure of a Shareholder to supply a taxpayer identification number if required to do sonumber, or to have the minimum investment requiredrequired (which may vary by Series or Class), or to pay when due for the purchase of Shares issued to himhim or to pay any charge relating to a transaction effected for the benefit of such Shareholder as provided in the prospectus relating to such Shares; or (b) the determination by the Trustees in their sole discretion that failure to so redeem may have materially adverse consequences to the Shareholders of any Series or Class of the Trust. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees trustees shall have prescribed by resolution, or, to the extent permitted by the 1940 Act, at such other redemption price and at such times as the Trustees shall prescribe by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1933. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption). The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 class or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding All authorized Shares shall be subject to redemption and redeemable in accordance with and pursuant to procedures or methods prescribed by or approved by the foregoingTrustees. The Shares of any Series, if so determined by the Trustees, shall be redeemable only in aggregations of such number of Shares and on such days as may be determined by or determined pursuant to procedures or methods prescribed by or approved by the Trustees from time to time with respect to such Series. The number of Shares comprising an aggregation for purposes of redemption or repurchase shall be referred to as a "Creation Unit." The Trustees shall have the unrestricted power to alter the number of shares constituting a Creation Unit by resolution adopted by the Trustees, at any time including prior to the time the Trust issues commences operations. Each holder of a Creation Unit aggregation of shares of a Series, upon request to the Trust in accordance with procedures established by the Trustees, shall be entitled to require the Trust to redeem all or any number of such holder's Shares standing in the name of such holder on the books of the Trust, but in the case of the Shares of any Series or Class as to which the Trustees have determined that such Shares shall be redeemable only in Creation UnitsUnit aggregations, pursuant to Article IV, Section 2 hereof, then only Shares in such Creation Unit aggregations of shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless as the Trustees otherwise determinemay determine from time to time in accordance with this Article IX, there shall be no at a redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares price per share equal to be redeemed, as aforesaid, wholly or partly an amount determined by the Trustees in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemptionaccordance with applicable laws.

Redemptions. Each As required under the 1940 Act, each Shareholder of a Series shall have the right at such times as may be permitted determined by the Trustees to require the Series to redeem all or any part of his Shares or her Interests at a redemption price per Share Interest equal to the Net Asset Value per Share at determined as of such time as the Trustees shall have prescribed by resolution, less any applicable charges or sales loads. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Class or Series under the Securities Act of 1933 (including, with respect to and/or the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1940 Act. The Trustees may specify conditions, prices, and places of redemption, and may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceedsredemption. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares Interests shall not be cancelled and may be reissued from time to time. The Trustees may require Shareholders Interestholders to redeem Shares Interests for any reason under terms set by the Trustees, including, but not limited to, including the failure of a Shareholder Interestholder to supply a taxpayer personal identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares Interests issued to him. To the extent permitted by law, the Trustees may retain the proceeds of any redemption of Shares Interests required by them for payment of amounts due and owing by a Shareholder Interestholder to the Trust or any Series or Class or any governmental authorityClass. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders Interestholders to require any Series or Class to redeem Shares Interests during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption4.

Redemptions. Each As required under the 1940 Act, each Shareholder of a Series shall have the right at such times as may be permitted determined by the Trustees to require the Series to redeem all or any part of his or her Shares at a redemption price per Share equal to the Net Asset Value per Share at determined as of such time as the Trustees shall have prescribed by resolution, less any applicable charges or sales loads. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Class or Series under the Securities Act of 1933 (including, with respect to and/or the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1940 Act. The Trustees may specify conditions, prices, and places of redemption, and may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceedsredemption. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares shall not be cancelled and may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, including the failure of a Shareholder to supply a taxpayer personal identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authorityClass. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption3.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees trustees shall have prescribed by resolution, or, to the extent permitted by the 1940 Act, at such other redemption price and at such times as the Trustees shall prescribe by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1933. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the TrusteestheTrustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder holder of a Series shall have Shares in the right at such times as may be permitted by form of Creation Unit(s) , on request to the Trust in accordance with procedures the Trustees establish, shall be entitled to require the Series Trust to redeem all or any part number of his such holder’s Shares standing in the holder’s name on the Trust’s books (but only in full Creation Units in the case of any Series as to which the Trustees have determined that its Shares shall be redeemable only in full Creation Units), at a redemption price per Share share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are an amount determined by the Trustees and described in the Trust’s Registration Statement for that Series under the Securities Act of 1933 (including, accordance with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)applicable laws. The Trustees may specify conditions, pricesprices (based on the Net Asset Value per Share next determined after receipt of a proper order therefore), and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption redemption, and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly made in cash and/or securities or other assets at the their value of such securities or assets used in such determination of determining the Net Asset Value, or may be in cashValue per Share on which such redemption price is based. Upon After redemption, Shares may be reissued from time to time. The Trustees may require Shareholders cause the Trust to redeem Shares at the option of the Trust for any reason under terms set by the TrusteesTrustees set, including, but not limited to, to (a) the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment requiredrequired (which may vary by Series or Class), or to pay when due for the purchase of Shares issued to him, or to pay any charge relating to a transaction effected for the benefit of such Shareholder as provided in the prospectus relating to such Shares; or (b) the determination by the Trustees in their sole discretion that failure to so redeem may have materially adverse consequences to the Shareholders of any Series or Class of the Trust. To the extent permitted by law, the Trustees may retain the proceeds of any redemption of Shares required by them they require for payment of amounts due and owing by a Shareholder to the Trust or any Series or Class or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues The Shares of any Series or Class shall be redeemable only in such Creation Units, Unit aggregations and on such days as the Trustees determine or as determined pursuant to Article IV, Section 2 hereof, then only Shares of procedures or methods the Trustees prescribe or approve from time to time with respect to such Series or Class aggregating a Creation Unit shall be redeemable hereunder. FurtherClass; provided, such however, that the Trustees may, in their sole discretion, specify that Shares of any Series or Class or the principal underwriter of such Series or Class shall may be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, redeemable individually and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly not in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemptionaggregations.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution, or, to the extent permitted by the 1940 Act, at such other redemption price and at such times as the Trustees shall prescribe by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less (1) such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series under the Securities Act of 1933 1933, as amended from time to time, and (including2) any required withholding taxes, which shall be deposited by the Trust in accordance with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)applicable law. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge or redemption fee to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may shall be reissued from time to timecancelled. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if or other information or certification required to do soby federal or state tax laws, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Without limitation of the foregoing, the Trust may mandatorily redeem shares and the Trust or its agent may transfer the proceeds of such a redemption to a governmental unit, agency, authority, or authorized depository without prior notice to a Shareholder and without liability to such shareholder, to the extent such action is taken (1) in response to a notice of levy, lien, or similar action from the Internal Revenue Service or a state tax authority, (2) in compliance with state laws governing escheat or abandonment of property, (3) in satisfaction of withholding tax requirements (including any applicable interest and penalties) applicable to any prior distribution or distributions (including a redemption or redemptions) to the Shareholder that were not satisfied at the time of such distribution or distributions or (4) otherwise in compliance with any applicable legal obligation. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.or

Redemptions. Each Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same, each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a such redemption price per Share equal to the Net Asset Value per Share and at such time times as the Trustees shall have prescribed prescribe by resolutionresolution to the extent permitted by the 1940 Act. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series Series, as from time to time in effect, under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1933. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Valueassets, or may be in cash, as determined in the sole discretion of the Trustees or their delegate. Upon redemption, Shares may be reissued from time to time. The Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same, the Trustees may require Shareholders to redeem Shares for any reason at the redemption price which would be applicable if such Shares were then being redeemed by the Shareholder pursuant to this Section 2 under terms set by the Trustees, including, but not limited to, : (a) the failure of a Shareholder to supply a taxpayer identification number if required to do sonumber, or to have the minimum investment requiredrequired (which may vary by Series or Class), or to pay when due for the purchase of Shares issued to himhim or to pay any charge relating to a transaction effected for the benefit of such Shareholder as provided in the prospectus relating to such Shares; or (b) the determination by the Trustees in their sole discretion that failure to so redeem may have materially adverse consequences to the Shareholders of any Series or Class of the Trust. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series As required under the 1940 Act, each Holder shall have the right at such times as may be permitted determined by the Trustees to require the Series to redeem all or any part of his Shares or her Interests at a redemption price per Share Interest equal to the Net Asset Value per Share Interest at such time as the Trustees shall have prescribed by resolution, less any applicable charges or sales loads. In the absence of such resolution, the redemption price per Share Interest shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the TrustCompany’s Registration Statement for that Series under the Securities Act of 1933 (including, with respect to and/or the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1940 Act. The Trustees may specify conditions, prices, and places of redemption, and may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceedsredemption. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares Interests shall not be cancelled and may be reissued from time to time. The Trustees may require Shareholders Holders to redeem Shares Interests for any reason under terms set by the Trustees, including, but not limited to, including the failure of a Shareholder Holder to supply a taxpayer personal identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares Interests issued to him. To the extent permitted by law, the Trustees may retain the proceeds of any redemption of Shares Interests required by them for payment of amounts due and owing by a Shareholder Holder to the Trust Company or any Series or Class or any governmental authorityClass. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders Holders to require any Series or Class to redeem Shares Interests during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Unless the Trustees otherwise determine with ----------- respect to a particular Series or Class at the time of establishing and designating the same, each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a such redemption price per Share equal to the Net Asset Value per Share and at such time times as the Trustees shall have prescribed prescribe by resolutionresolution to the extent permitted by the 1940 Act. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series Series, as from time to time in effect, under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1933. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash, as determined in the sole discretion of the Trustees or their delegate. Upon redemption, Shares may be reissued from time to time. The Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same, the Trustees may require Shareholders to redeem Shares for any reason at the redemption price which would be applicable if such Shares were then being redeemed by the Shareholder pursuant to this Section 2 under terms set by the Trustees, including, but not limited to, : (a) the failure of a Shareholder to supply a taxpayer identification number if required to do sonumber, or to have the minimum investment requiredrequired (which may vary by Series or Class), or to pay when due for the purchase of Shares issued to himhim or to pay any charge relating to a transaction effected for the benefit of such Shareholder as provided in the prospectus relating to such Shares; or (b) the determination by the Trustees in their sole discretion that failure to so redeem may have materially adverse consequences to the Shareholders of any Series or Class of the Trust. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the ----------- right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution, or, to the extent permitted by the 1940 Act, at such other redemption price and at such times as the Trustees shall prescribe by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1933. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution, or, to the extent permitted by the 1940 Act, at such other redemption price and at such times as the Trustees shall prescribe by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1933. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Redeemed Shares may be reissued by the Trust from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption). The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such the determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, to pay an applicable minimum investment account fee or to have the minimum investment amount required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding All authorized Shares shall be subject to redemption and redeemable in accordance with and pursuant to procedures or methods prescribed or approved by the foregoing, the Trustees may postpone payment Trustees. The Shares of the redemption price and may suspend the right of the Shareholders to require any Series or Class Class, if so determined by the Trustees, shall be redeemable only in aggregations of such number of Shares and on such days as may be determined by or determined pursuant to procedures or methods prescribed by or approved by the Trustees from time to time with respect to such Series or Class. The number of Shares comprising an aggregation for purposes of redemption or repurchase shall be referred to as a "Creation Unit." The Trustees shall at any time have the unrestricted power to alter the number of Shares constituting a Creation Unit by resolution adopted by the Trustees. Each holder of a Creation Unit of Shares of a Series or Class, upon request to the Trust in accordance with procedures established by the Trustees, shall be entitled to require the Trust to redeem all or any number of such holder's Shares during any period standing in the name of time when and to such holder on the extent permissible under books of the 1940 Act. Notwithstanding Trust, but in the foregoing, if case of the Trust issues Shares of any Series or Class as to which the Trustees have determined that such Shares shall be redeemable only in Creation UnitsUnit aggregations, pursuant to Article IV, Section 2 hereof, then only in such Creation Unit aggregations of Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless as the Trustees otherwise determinemay determine from time to time in accordance with this Article VIII, there shall be no at a redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares price per share equal to be redeemed, as aforesaid, wholly or partly an amount determined by the Trustees in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemptionaccordance with applicable laws and regulations.

Redemptions. Each Shareholder of a Series As required under the 1940 Act, each Holder shall have the right at such times as may be permitted determined by the Trustees to require the Series to redeem all or any part of his Shares or her Interests at a redemption price per Share Interest equal to the Net Asset Value per Share Interest at such time as the Trustees shall have prescribed by resolution, less any applicable charges or sales loads. In the absence of such resolution, the redemption price per Share Interest shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s Company's Registration Statement for that Series under the Securities Act of 1933 (including, with respect to and/or the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1940 Act. The Trustees may specify conditions, prices, and places of redemption, and may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceedsredemption. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares Interests shall not be cancelled and may be reissued from time to time. The Trustees may require Shareholders Holders to redeem Shares Interests for any reason under terms set by the Trustees, including, but not limited to, including the failure of a Shareholder Holder to supply a taxpayer personal identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares Interests issued to him. To the extent permitted by law, the Trustees may retain the proceeds of any redemption of Shares Interests required by them for payment of amounts due and owing by a Shareholder Holder to the Trust Company or any Series or Class or any governmental authorityClass. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders Holders to require any Series or Class to redeem Shares Interests during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees Directors to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees Directors shall have prescribed by resolution, or, to the extent permitted by the 1940 Act, at such other redemption price and at such times as the Directors shall prescribe by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees Directors and described in the Trust’s Focus Funds Series's Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1933. The Trustees Directors may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees Directors may require Shareholders to redeem Shares for any reason under terms set by the TrusteesDirectors, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees Directors may retain the proceeds of any redemption of Shares required by them for payment of amounts due and owing by a Shareholder to the Trust Focus Funds Series or any Series or Class or any governmental authority. Notwithstanding the foregoing, the Trustees Directors may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series Fund or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each A Shareholder may redeem some or all of a Series shall have its Shares of the right Fund, as of the close of business on the first business day of each month following the immediately preceding Valuation Date or at such other times as the Directors may be permitted by the Trustees to require the Series determine (each such day, a “Redemption Date”). A Shareholder wishing to redeem some or all of its Shares from the Fund must provide written notice to the Administrator at least twenty days prior to a Redemption Date or at such other times and upon such terms and conditions as the Directors, in their discretion, will determine with respect to any part of his Redemption Date. Shares will be redeemed at a redemption price per Share the Redemption Price on the Redemption Date, less any applicable fees or charges. The Redemption Price will be an amount equal to the Net Asset Value per Share at such time as of the Trustees shall relevant Class and/or Series calculated on the Valuation Date immediately preceding the Redemption Date. The Directors may establish reserves or holdbacks for estimated accrued expenses, liabilities and contingencies which could reduce the amount of a distribution upon redemption. Where Shares have prescribed by resolutionbeen acquired on more than one date, they will be redeemed on a "first in, first out" basis. In Payment of redemption proceeds may be withheld or delayed if information required to satisfy verification of identity checks is not provided in a timely manner. Redemption requests are irrevocable unless the absence Directors otherwise determine, or if there is a suspension of such resolution, the redemption price per Share shall be calculation of the Net Asset Value next determined after receipt or the redemption of Shares of the relevant Class and/or Series. In the event of a suspension of the calculation of the Net Asset Value or the redemption of Shares of the relevant Class and/or Series, the right of a Shareholder to have its Shares redeemed shall be suspended and during the period of suspension the Shareholder may withdraw its redemption request. Any withdrawal of the redemption request shall be made in writing and shall only be effective if actually received by the Fund before the termination of the suspension. If the redemption request is not withdrawn, any Shares the redemption of which has been suspended shall be redeemed once the suspension has ended at the Redemption Price for Shares of the relevant Class and/or Series applicable on the next Redemption Date following the end of the suspension. Shares will be treated as having been redeemed with effect from the relevant Redemption Date irrespective of whether or not a request for redemption Shareholder has been removed from the register of members or the Redemption Price has been determined or remitted. Accordingly, on and from the relevant Redemption Date, Shareholders in proper form less their capacity as such charges as are determined by the Trustees and described in the Trust’s Registration Statement for that Series will not be entitled to or be capable of exercising any rights arising under the Securities Act of 1933 Articles with respect to Shares being redeemed (includingincluding any right to receive notice of, attend or vote at any separate Class meeting) save the right to receive the Redemption Price and any dividend which has been declared prior to the relevant Redemption Date but not yet paid (in each case with respect to the Shares being redeemed). Such Shareholders will be treated as creditors of the Fund with respect to the Redemption Price and will rank accordingly in the priority of the Fund's creditors. Redemption proceeds will generally be made within thirty (30) business days after the Redemption Date, except that under special circumstances, including but not limited to the Trading Advisor’s inability to liquidate commodity positions as of the Redemption Date, or default or delay in payments due to the Fund’s account with the Prime Broker from commodity brokers, banks, commodity pools or other persons, the Fund may in turn delay payment to Shareholders requesting redemption of Creation Units, any transaction fees charged in connection with Shares of the proportionate part of the Net Asset Value of the Shares equal to that proportionate part of the Fund’s Net Asset Value represented by the sums which are the subject of such a redemption)default or delay. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from Fund will not pay interest on redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited toIn certain circumstances, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees Fund may retain the proceeds suspend payments of any redemption of Shares required by them proceeds until as soon as it is practicable for payment of amounts due and owing by a Shareholder the Fund to the Trust or any Series or Class or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of make such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemptionpayments.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series under the Securities Act of 1933 (including1933, with respect as amended from time to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)time. The Trustees may specify conditions, prices, and places of redemption, and may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceedsredemption. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, including the failure of a Shareholder to supply a taxpayer personal identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authorityClass. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution, or, to the extent permitted by the 1940 Act, at such other redemption price and at such times as the Trustees shall prescribe by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less (1) such charges as are determined by the Trustees and described in the Trust’s Registration Statement for that Series under the Securities Act of 1933 1933, as amended, and (including2) any required withholding taxes, which shall be deposited by the Trust in accordance with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)applicable law. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge or redemption fee to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if or other information or certification required to do soby federal or state tax laws, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Without limitation of the foregoing, the Trust may mandatorily redeem shares and the Trust or its agent may transfer the proceeds of such a redemption to a governmental unit, agency, authority, or authorized depository without prior notice to a Shareholder and without liability to such shareholder, to the extent such action is taken (1) in response to a notice of levy, lien, or similar action from the Internal Revenue Service or a state tax authority, (2) in compliance with state laws governing escheat or abandonment of property, (3) in satisfaction of withholding tax requirements (including any applicable interest and penalties) applicable to any prior distribution or distributions (including a redemption or redemptions) to the Shareholder not satisfied at the time of such distribution or distributions or (4) otherwise in compliance with any applicable legal obligation. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s Registration Statement registration statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1933. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right ----------- at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution, or, to the extent permitted by the 1940 Act, at such other redemption price and at such times as the Trustees shall prescribe by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s 's Registration Statement for that Series Series, as from time to time in effect, under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1933. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment requiredrequired (which may vary by Series), or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution, or, to the extent permitted by the 1940 Act, at such other redemption price and at such times as the Trustees shall prescribe by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption)1933. The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding the foregoing, if the Trust issues Shares of any Series or Class in Creation Units, pursuant to Article IV, Section 2 hereof, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares to be redeemed, as aforesaid, wholly or partly in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemption.

Redemptions. Each Shareholder of a Series shall have the right at such times as may be permitted by the Trustees to require the Series to redeem all or any part of his Shares at a redemption price per Share equal to the Net Asset Value per Share at such time as the Trustees shall have prescribed by resolution. In the absence of such resolution, the redemption price per Share shall be the Net Asset Value next determined after receipt by the Series of a request for redemption in proper form less such charges as are determined by the Trustees and described in the Trust’s Registration Statement for that Series under the Securities Act of 1933 (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption). The Trustees may specify conditions, prices, and places of redemption, may specify binding requirements for the proper form or forms of requests for redemption and may specify the amount of any deferred sales charge to be withheld from redemption proceeds. Payment of the redemption price may be wholly or partly in securities or other assets at the value of such securities or assets used in such determination of Net Asset Value, or may be in cash. Upon redemption, Shares may be reissued from time to time. The Trustees may require Shareholders to redeem Shares for any reason under terms set by the Trustees, including, but not limited to, the failure of a Shareholder to supply a taxpayer identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Shares issued to him. To the extent permitted by law, the Trustees may 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 class or any governmental authority. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Series or Class class to redeem Shares during any period of time when and to the extent permissible under the 1940 Act. Notwithstanding All authorized Shares shall be subject to redemption and redeemable in accordance with and pursuant to procedures or methods prescribed by or approved by the foregoingTrustees. The Shares of any Series, if so determined by the Trustees, shall be redeemable only in Creation Unit aggregations and on such days as may be determined by or determined pursuant to procedures or methods prescribed by or approved by the Trustees from time to time with respect to such Series. The Trustees shall have the unrestricted power to alter the number of shares constituting a Creation Unit by resolution adopted by the Trustees, at any time including prior to the time the Trust issues commences operations. Each holder of a Creation Unit aggregation of shares of a Series, upon request to the Trust in accordance with procedures established by the Trustees, shall be entitled to require the Trust to redeem all or any number of such holder’s Shares standing in the name of such holder on the books of the Trust, but in the case of the Shares of any Series or Class as to which the Trustees have determined that such Shares shall be redeemable only in Creation UnitsUnit aggregations, pursuant to Article IV, Section 2 hereof, then only Shares in such Creation Unit aggregations of shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and unless as the Trustees otherwise determinemay determine from time to time in accordance with this Article VIII, there shall be no at a redemption of partial or fractional Creation Units hereunder. The Series shall make payment for any such Shares price per share equal to be redeemed, as aforesaid, wholly or partly an amount determined by the Trustees in securities, cash or other assets of that Series, provided that the value of its redemption payments on a Creation Unit basis equals the net asset value times the appropriate number of Shares of such Series tendered for redemptionaccordance with applicable laws.