Common use of Redemption by Shareholder Clause in Contracts

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined in accordance with Section 7.4 after the Shares are properly tendered for redemption, less such redemption fee or other charge, if any, as may be fixed by the Trustees. Except as otherwise provided in this Trust Instrument, payment of the redemption price shall be in cash; provided, however, that to the extent permitted by applicable law, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series at the value of such securities or assets used in such determination of Net Asset Value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined in accordance with Section 7.4 after the Shares are properly tendered for redemption, less such redemption fee or other charge, if any, as may be fixed by the Trustees. Except as otherwise provided in this Trust Instrument, payment of the redemption price shall be in cash; provided, however, that to the extent permitted by applicable law, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series at the value of such securities or assets used in such determination of Net Asset Value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

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

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

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

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

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his or her Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined in accordance with Section 7.4 after the Shares are properly tendered for redemption, less such redemption fee or other charge, if any, as may be fixed by the Trustees; provided, however, that, if the Trustees determine, pursuant to Section 2.3 hereof, to issue Shares of any Series or Class in Creation Units, then Shares of such Series or Class constituting a Creation Unit shall be redeemable hereunder. Except as otherwise provided in this Trust Instrument, payment of the redemption price shall be in cash; provided, however, that to the extent permitted by applicable law, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series or in any combination thereof, out of the assets of the Trust or, as applicable, the assets held with respect to such Series, and the composition of any such payment may be different among Shareholders (including differences among Shareholders in the same Series or Class), at such time and in the value manner as may be specified from time to time in the applicable registration statement of such securities or assets used in such determination of Net Asset Valuethe Trust. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares Each Shareholder of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust on any business day to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined Class, upon and subject to the terms and conditions provided in this Section 4.5(e), in accordance with Section 7.4 after and pursuant to procedures or methods prescribed or approved by the Shares are properly tendered for redemptionTrustees and, less such redemption fee in the case of any Series or other chargeClass now or hereafter authorized, if anyso determined by the Trustees, shall be redeemable only in aggregations of such number of Shares and at such times as may be fixed determined by, or determined pursuant to procedures or methods prescribed by the Trustees. Except as otherwise provided in this Trust Instrument, payment of the redemption price shall be in cash; provided, however, that to the extent permitted by applicable lawor approved by, the Trustees may authorize from time to time with respect to such Series or Class. The number of Shares comprising an aggregation for purposes of redemption or repurchase so determined from time to time with respect to any Series or Class shall be referred to herein as a "CREATION UNIT" and collectively, as "CREATION UNITS". The Trustees shall have the Trust unrestricted power to make payment wholly determine from time to time the number of Shares constituting a Creation Unit by resolutions adopted at any regular or partly in securities or other assets belonging to the applicable Series at the value of such securities or assets used in such determination of Net Asset Value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority special meeting of the Trustees. In no case shall Each holder of a Creation Unit aggregation of a Series or Class, upon request to the Trust accompanied by surrender of the appropriate stock certificate or certificates in proper form for transfer if certificates have been issued to such holder, or in accordance with such other procedures as may from time to time be in effect if certificates have not been issued, shall be entitled to require the Trustees be liable for any delay of any Person in transferring securities selected for delivery as Trust to redeem all or part any number of such holder's Shares standing in the name of such holder on the books of the redemption price. (b) Notwithstanding Trust, but in the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders case of Shares of any Series or Class as to require which the Trust to redeem Trustees have determined that such Shares shall be redeemable in Creation Unit aggregations, only in such Creation Unit aggregations of that shares of such Series or Class during as the Trustees may determine from time to time in accordance with this Section 4.5(e). The Trust shall, upon application of any period Shareholder or pursuant to authorization from any Shareholder, redeem or repurchase from such Shareholder outstanding Shares for an amount per share determined by the Trustees in accordance with any applicable laws and regulations; provided that (i) such amount per share shall not exceed the cash equivalent of the proportionate interest of each Share or of any Class or Series of Shares in the assets of the Trust at the time of the redemption or repurchase and (ii) if so authorized by the Trustees, the Trust may, at any time when and from time to time, charge fees for effecting such redemption or repurchase, at such rates as the Trustees may establish, as and to the extent permissible permitted under the 1940 Act. (c) If a Shareholder shall submit a request for Act and the redemption of a greater number of Shares than are then allocated rules and regulations promulgated thereunder, and may, at any time and from time to time, pursuant to such ShareholderAct and such rules and regulations, suspend such request right of redemption. The procedures for effecting and suspending redemption shall not be honoredas set forth in the Prospectus from time to time. Payment may be in cash, securities or a combination thereof, as determined by or pursuant to the direction of the Trustees from time to time, less any applicable sales charges and/or fees.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than required by the 1940 Act, to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) to redeem all or any part of his Shares at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class next determined in accordance with subsection (n) of this Section 7.4 6.1 after the Shares are properly tendered for redemption; provided, less however, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption fee and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of a particular Series shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, as may be fixed by payable on such redemption of Shares of such Class (to the Trusteesextent consistent with the 1940 Act or regulations or exemptions thereunder). Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that to if the extent permitted by applicable lawTrustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities Securities or other assets belonging to the applicable such Series at the value of such securities Securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, selection and quantity of securities Securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series Sub-Trust or Class any class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his such holder's Shares of that Sub-Trust or class thereof at a redemption price equal to the Net Asset Value net asset value per Share of that Series Sub-Trust or Class class thereof next determined in accordance with subsection (h) of this Section 7.4 4.2 after the Shares are properly tendered for redemption, less such subject to any contingent deferred sales charge or redemption fee or other charge, if any, as may be fixed by charge in effect at the Trusteestime of redemption. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may, subject to the extent permitted by applicable lawrequirements of the 1940 Act, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series Sub-Trust of which the Shares being redeemed are part at the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series Sub-Trust or Class class thereof to require the Trust to redeem Shares of that Series or Class Sub-Trust during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares Each Shareholder of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust on any business day to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined Class, upon and subject to the terms and conditions provided in this Section 4.5(e), in accordance with Section 7.4 after and pursuant to procedures or methods prescribed or approved by the Shares are properly tendered for redemptionTrustees and, less such redemption fee in the case of any Series or other chargeClass now or hereafter authorized, if anyso determined by the Trustees, shall be redeemable only in aggregations of such number of Shares and at such times as may be fixed determined by, or determined pursuant to procedures or methods prescribed by the Trustees. Except as otherwise provided in this Trust Instrument, payment of the redemption price shall be in cash; provided, however, that to the extent permitted by applicable lawor approved by, the Trustees may authorize from time to time with respect to such Series or Class. The number of Shares comprising an aggregation for purposes of redemption or repurchase so determined from time to time with respect to any Series or Class shall be referred to herein as a “Creation Unit” and collectively, as “Creation Units”. The Trustees shall have the Trust unrestricted power to make payment wholly determine from time to time the number of Shares constituting a Creation Unit by resolutions adopted at any regular or partly in securities or other assets belonging to the applicable Series at the value of such securities or assets used in such determination of Net Asset Value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority special meeting of the Trustees. In no case shall Each holder of a Creation Unit aggregation of a Series or Class, upon request to the Trust accompanied by surrender of the appropriate stock certificate or certificates in proper form for transfer if certificates have been issued to such holder, or in accordance with such other procedures as may from time to time be in effect if certificates have not been issued, shall be entitled to require the Trustees be liable for any delay of any Person in transferring securities selected for delivery as Trust to redeem all or part any number of such holder’s Shares standing in the name of such holder on the books of the redemption price. (b) Notwithstanding Trust, but in the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders case of Shares of any Series or Class as to require which the Trust to redeem Trustees have determined that such Shares shall be redeemable in Creation Unit aggregations, only in such Creation Unit aggregations of that shares of such Series or Class during as the Trustees may determine from time to time in accordance with this Section 4.5(e). The Trust shall, upon application of any period Shareholder or pursuant to authorization from any Shareholder, redeem or repurchase from such Shareholder outstanding Shares for an amount per share determined by the Trustees in accordance with any applicable laws and regulations; provided that (i) such amount per share shall not exceed the cash equivalent of the proportionate interest of each Share or of any Class or Series of Shares in the assets of the Trust at the time of the redemption or repurchase and (ii) if so authorized by the Trustees, the Trust may, at any time when and from time to time, charge fees for effecting such redemption or repurchase, at such rates as the Trustees may establish, as and to the extent permissible permitted under the 1940 Act. (c) If a Shareholder shall submit a request for Act and the redemption of a greater number of Shares than are then allocated rules and regulations promulgated thereunder, and may, at any time and from time to time, pursuant to such ShareholderAct and such rules and regulations, suspend such request right of redemption. The procedures for effecting and suspending redemption shall not be honoredas set forth in the Prospectus from time to time. Payment may be in cash, securities or a combination thereof, as determined by or pursuant to the direction of the Trustees from time to time, less any applicable sales charges and/or fees.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or of Class at the time of establishing and designating the same and subject to the 1940 Act1940Act, each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust Trust, to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) to redeem all or any part of his Shares at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class next determined in accordance with subsection (l) of this Section 7.4 6.1 after the Shares are properly tendered for redemption; provided, less however, that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption fee and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of a particular Series shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, as may be fixed by payable on such redemption of Shares of such Class (to the Trusteesextent consistent with the 1940 Act or regulations or exemptions thereunder). Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that to if the extent permitted by applicable lawTrustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities Securities or other assets belonging to the applicable such Series at the value of such securities Securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, selection and quantity of securities Securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series Sub-Trust or Class any class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his such holder's Shares of that Sub-Trust or class thereof at a redemption price equal to the Net Asset Value net asset value per Share of that Series Sub-Trust or Class class thereof next determined in accordance with subsection (h) of this Section 7.4 4.2 after the Shares are properly tendered for redemption, less such subject to any contingent deferred sales charge or redemption fee or other charge, if any, as may be fixed by charge in effect at the Trusteestime of redemption. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist that make payment wholly in cash unwise or undesirable, the Trust may, subject to the extent permitted by applicable lawrequirements of the 1940 Act, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series Sub-Trust of which the Shares being redeemed are part at the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series Sub-Trust or Class class thereof to require the Trust to redeem Shares of that Series or Class Sub-Trust during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than once each week, to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his such Shares at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class next determined in accordance with subsection (g) of this Section 7.4 6.2 after the Shares are properly tendered for redemption; provided, less that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption fee or other chargeredemption, if any, as may be fixed by and the Trustees. Except as otherwise provided in this Trust Instrument, payment proceeds of the redemption price of Shares (including a fractional Share) of any Series or Class shall be reduced by the amount of any applicable contingent deferred sales charge payable on such redemption pursuant to the terms of the initial issuance of the Shares of such Series or Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder). The redemption price of Shares redeemed under this subsection (e) shall be paid in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to the extent permitted by applicable lawany Portfolio, or one or more Classes of any Portfolio, which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities Securities or other assets belonging to such Portfolio, or to the applicable Series Portfolio of which such Class or Classes are a part, at the value of such securities Securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series or Class thereof of Shares shall have the right at such times time as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined of Shares, subject to the terms and conditions set forth in accordance with Section 7.4 after the Shares are properly tendered for redemption, less this Declaration of Trust and to such redemption fee or other charge, if any, as additional terms and conditions that may be fixed adopted by the Trustees. Except as otherwise provided in this Trust Instrument, payment Shares of any particular Series of Shares may be redeemed solely out of the assets belonging to that Series of Shares. Payment of the redemption price shall be in cash; provided, however, that to if the extent permitted by applicable lawTrustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series of Shares of which the Shares being redeemed are part at the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject to The amount per Share at which the foregoing, the fair value, selection, and quantity of securities Trust redeems or other assets so paid or delivered as all or part of the redemption price may repurchases Shares shall be determined by or under the authority application of a formula adopted for such purpose by resolution of the Trustees provided that (i) such amount per Share shall not exceed the cash equivalent of the proportionate interest of each Share in the assets of the particular Series of Shares at the time of the purchase or redemption and (ii) if so authorized by the Trustees. In no case shall , the Trust or may, at any time and from time to time, charge fees for effecting such redemption, at such rates as the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) may establish. Notwithstanding the foregoing, the Trust Trust, at the discretion of the Trustees, may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class of Shares to require the Trust to redeem Shares of that Series or Class of Shares during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series Sub- Trust or Class any class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares of that Sub-Trust or class thereof at a redemption price equal to the Net Asset Value net asset value per Share of that Series Sub-Trust or Class class thereof next determined in accordance with subsection (h) of this Section 7.4 4.2 after the Shares are properly tendered for redemption, less subject to any contingent deferred sales charge or redemption charge in effect at the time of redemption; provided, however, that the Trustees may determine that the Shares of any Sub-Trust or class hereafter established shall be redeemable only in aggregations of Shares of such redemption fee number established by the Trustees or other charge, if any, as may be fixed pursuant to procedures established by the Trustees. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may, subject to the extent permitted by applicable lawrequirements of the 1940 Act, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series Sub-Trust of which the Shares being redeemed are part at the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series Sub-Trust or Class class thereof to require the Trust to redeem Shares of that Series or Class Sub-Trust during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than once each week, to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his such Shares at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class next determined in accordance with subsection (h) of this Section 7.4 6.2. after the Shares are properly tendered for redemption; provided, less that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption fee or other chargeredemption, if any, as may be fixed by and the Trustees. Except as otherwise provided in this Trust Instrument, payment proceeds of the redemption price of Shares (including a fractional Share) of any Series or Class shall be reduced by the amount of any applicable contingent deferred sales charge payable on such redemption pursuant to the terms of the initial issuance of the Shares of-such Series or Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder). The redemption price of Shares redeemed under this subsection (f) shall be paid in cash; provided, howeverthat if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to the extent permitted by applicable lawany Series or Shares, or one or more Classes of any Series, which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities Securities or other assets belonging to the applicable Fund to which such Series or Class pertains, at the value of such securities Securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem such Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares Each Shareholder of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust on any business day to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined Class, upon and subject to the terms and conditions provided in this Section 4.5(e), in accordance with Section 7.4 after and pursuant to procedures or methods prescribed or approved by the Shares are properly tendered for redemptionTrustees and, less such redemption fee in the case of any Series or other chargeClass now or hereafter authorized, if anyso determined by the Trustees, shall be redeemable only in aggregations of such number of Shares and at such times as may be fixed determined by, or determined pursuant to procedures or methods prescribed by the Trustees. Except as otherwise provided in this Trust Instrument, payment of the redemption price shall be in cash; provided, however, that to the extent permitted by applicable lawor approved by, the Trustees may authorize from time to time with respect to such Series or Class. The number of Shares comprising an aggregation for purposes of redemption or repurchase so determined from time to time with respect to any Series or Class shall be referred to herein as a "Creation Unit" and collectively, as "Creation Units". The Trustees shall have the Trust unrestricted power to make payment wholly determine from time to time the number of Shares constituting a Creation Unit by resolutions adopted at any regular or partly in securities or other assets belonging to the applicable Series at the value of such securities or assets used in such determination of Net Asset Value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority special meeting of the Trustees. In no case shall Each holder of a Creation Unit aggregation of a Series or Class, upon request to the Trust accompanied by surrender of the appropriate stock certificate or certificates in proper form for transfer if certificates have been issued to such holder, or in accordance with such other procedures as may from time to time be in effect if certificates have not been issued, shall be entitled to require the Trustees be liable for any delay of any Person in transferring securities selected for delivery as Trust to redeem all or part any number of such holder's Shares standing in the name of such holder on the books of the redemption price. (b) Notwithstanding Trust, but in the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders case of Shares of any Series or Class as to require which the Trust to redeem Trustees have determined that such Shares shall be redeemable in Creation Unit aggregations, only in such Creation Unit aggregations of that shares of such Series or Class during as the Trustees may determine from time to time in accordance with this Section 4.5(e). The Trust shall, upon application of any period Shareholder or pursuant to authorization from any Shareholder, redeem or repurchase from such Shareholder outstanding Shares for an amount per share determined by the Trustees in accordance with any applicable laws and regulations; provided that (i) such amount per share shall not exceed the cash equivalent of the proportionate interest of each Share or of any Class or Series of Shares in the assets of the Trust at the time of the redemption or repurchase and (ii) if so authorized by the Trustees, the Trust may, at any time when and from time to time, charge fees for effecting such redemption or repurchase, at such rates as the Trustees may establish, as and to the extent permissible permitted under the 1940 Act. (c) If a Shareholder shall submit a request for Act and the redemption of a greater number of Shares than are then allocated rules and regulations promulgated thereunder, and may, at any time and from time to time, pursuant to such ShareholderAct and such rules and regulations, suspend such request right of redemption. The procedures for effecting and suspending redemption shall not be honoredas set forth in the Prospectus from time to time. Payment may be in cash, securities or a combination thereof, as determined by or pursuant to the direction of the Trustees from time to time, less any applicable sales charges and/or fees.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular any Series or Class thereof shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than once each week, to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his such Shares at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class next determined in accordance with subsection (g) of this Section 7.4 6.2 after the Shares are properly tendered for redemption; provided, less that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption fee or other chargeredemption, if any, as may be fixed by and the Trustees. Except as otherwise provided in this Trust Instrument, payment proceeds of the redemption price of Shares (including a fractional Share) of any Series or Class shall be reduced by the amount of any applicable contingent deferred sales charge payable on such redemption pursuant to the terms of the initial issuance of such Shares (to the extent consistent with the 1940 Act or regulations or exemptions thereunder). The redemption price of Shares redeemed under this subsection (e) shall be paid in cash; provided, howeverthat if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to the extent permitted by applicable lawany Series of Shares, or one or more Classes of any Series, which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities Securities or other assets belonging to the applicable Portfolio to which such Series or Class pertains, at the value of such securities Securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem such Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series Sub- ------------------------- Trust or Class any class thereof shall have the right at such times time as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares at a redemption price equal of that Sub-Trust or class, subject to the Net Asset Value per Share terms and conditions set forth in this Declaration of Trust and to such additional terms and conditions that Series or Class next determined in accordance with Section 7.4 after the Shares are properly tendered for redemption, less such redemption fee or other charge, if any, as may be fixed adopted by the Trustees. Except as otherwise provided in this Shares of any particular Sub-Trust Instrument, payment or class may be redeemed solely out of the assets belonging to that Sub-Trust or class. Payment of the redemption price shall be in cash; provided, however, that to if the extent permitted by applicable lawTrustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series Sub-Trust or class of which the Shares being redeemed are part at the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject to The amount per Share at which the foregoing, the fair value, selection, and quantity of securities Trust redeems or other assets so paid or delivered as all or part of the redemption price may repurchases Shares shall be determined by the application of a formula adopted for such purpose by resolution of the Trustees (which formula shall be consistent with the 1940 Act) provided that (i) such amount per Share shall not exceed the cash equivalent of the proportionate interest of each Share in the assets of the particular Sub- Trust or class at the time of the purchase or redemption and (ii) if so authorized by the Trustees, the Trust may, at any time and from time to time, charge fees for effecting such redemption, at such rates as the Trustees may establish, as and to the extent permitted under the authority of 1940 Act. The procedures for effecting redemption with respect to a particular Sub-Trust shall be set forth from time to time in the Trustees. In no case shall the Prospectus for that Sub-Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) class. Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series Sub-Trust or Class class to require the Trust to redeem Shares of that Series Sub-Trust or Class class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series Sub-Trust or Class any class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his such holder's Shares of that Sub-Trust or class thereof at a redemption price equal to the Net Asset Value net asset value per Share of that Series Sub-Trust or Class class thereof next determined in accordance with subsection (h) of this Section 7.4 4.2 after the Shares are properly tendered for redemption, less such subject to any contingent deferred sales charge, redemption fee charge or other charge, if any, as may be fixed by charge in effect at the Trusteestime of redemption. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may, subject to the extent permitted by applicable lawrequirements of the 1940 Act, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series Sub-Trust of which the Shares being redeemed are part at the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series Sub-Trust or Class class thereof to require the Trust to redeem Shares of that Series or Class Sub-Trust during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series Portfolio or Class at the time of establishing and designating the same and subject to the 1940 Actsame, each holder of Shares of a particular Series Portfolio or Class thereof shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than once each week, to require the Trust to redeem (out of the assets belonging to the applicable Series Portfolio or Class) all or any part of his or her Shares at a redemption price equal to the Net Asset Value per Share of that Series Portfolio or Class next determined in accordance with Section 7.4 after the Shares are properly tendered for redemption, less such redemption fee or other charge, if any, as may be fixed by the Trustees. Except as otherwise provided in this Trust InstrumentDeclaration of Trust, payment of the redemption price shall be in cash; provided, however, that to the extent permitted by applicable law, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series Portfolio at the value of such securities or assets used in such determination of Net Asset Value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series Portfolio or Class to require the Trust to redeem Shares of that Series Portfolio or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If In the event that a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares of a particular Series or Class thereof shall have the right at such times as may may (b) be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined in accordance with Section 7.4 after the Shares are properly tendered for redemption, less such redemption fee or other charge, if any, as may be fixed by the Trustees. Except as otherwise provided in this Trust Instrument, payment of the redemption price shall be in cash; provided, however, that to the extent permitted by applicable law, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series at the value of such securities or assets used in such determination of Net Asset Value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (bc) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (cd) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series Sub- Trust or Class any class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part a of his Shares of that Sub-Trust or class thereof at a redemption price equal to the Net Asset Value net asset value per Share of that Series Sub-Trust or Class class thereof next determined in accordance with subsection (h) of this Section 7.4 4.2 after the Shares are properly tendered for redemption, less such subject to any contingent deferred sales charge or redemption fee or other charge, if any, as may be fixed by charge in effect at the Trusteestime of redemption. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may, subject to the extent permitted by applicable lawrequirements of the 1940 Act, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series Sub-Trust of which the Shares being redeemed are part at the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series Sub- Trust or Class class thereof to require the Trust to redeem Shares of that Series or Class Sub-Trust during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than once each week, to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his such Shares at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class next determined in accordance with subsection (g) of this Section 7.4 6.2 after the Shares are properly tendered for redemption; provided, less that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption fee or other chargeredemption, if any, as may be fixed by and the Trustees. Except as otherwise provided in this Trust Instrument, payment proceeds of the redemption price of Shares (including a fractional Share) of any Series or Class shall be reduced by the amount of any applicable contingent deferred sales charge payable on such redemption to the distributor of Shares of each Series or Class pursuant to the terms of the initial issuance of the Shares of such Series or Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. The redemption price of Shares redeemed under this subsection (e) shall be paid in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to the extent permitted by applicable lawany Fund, or one or more Classes of any Fund, which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities Securities or other assets belonging to such Fund, or to the applicable Series Fund of which such Class or Classes are a part, at the value of such securities Securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series or Class thereof Portfolio shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than once each week, to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares of that Portfolio at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class Portfolio next determined in accordance with subsection (j) of this Section 7.4 6.2 after the Shares are properly tendered for redemption; provided, less that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption fee or other charge, if any, as may and that the proceeds of the redemption of a Class B Share (including a fractional Share) of a particular Portfolio shall be fixed reduced by the Trusteesamount of any applicable contingent deferred sales charge payable on such redemption to the distributor of the Class B Shares pursuant to the terms of the initial issuance of the Shares (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that to if the extent permitted by applicable lawTrustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities Securities or other assets belonging to the applicable Series such Portfolio at the value of such securities Securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class Portfolio to require the Trust to redeem Shares of that Series or Class Portfolio during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series Sub-Trust or Class any class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part a of his Shares of that Sub-Trust or class thereof at a redemption price equal to the Net Asset Value net asset value per Share of that Series Sub- Trust or Class class thereof next determined in accordance with subsection (h) of this Section 7.4 4.2 after the Shares are properly tendered for redemption, less such subject to any contingent deferred sales charge or redemption fee or other charge, if any, as may be fixed by charge in effect at the Trusteestime of redemption. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may, subject to the extent permitted by applicable lawrequirements of the 1940 Act, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series Sub-Trust of which the Shares being redeemed are part at the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series Sub-Trust or Class class thereof to require the Trust to redeem Shares of that Series or Class Sub-Trust during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless Except as otherwise provided or permitted pursuant to an exemptive order issued by the Commission or a rule or interpretation that may be adopted or issued by the Commission, and unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined in accordance with Section 7.4 after the Shares are properly tendered for redemption, less such redemption fee or other charge, if any, as may be fixed by the Trustees. Except as otherwise provided in this Trust Instrument, payment of the redemption price shall be in cash; provided, however, that to the extent permitted by applicable lawlaw and subject to the 1940 Act and any exemption therefrom issued by the Commission upon which the Trust or the applicable Series relies, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series at the value of such securities or assets used in such determination of Net Asset Value. Subject to Notwithstanding the foregoing, if the fair valueTrustees determine, selectionpursuant to Section 2.2(a) hereof, to issue shares of any Series or Class in Creation Units, then such Shares shall be redeemable only in accordance with such procedures or methods prescribed or approved by the Trustees from time to time. Further, such Series or Class or the Principal Underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregate one or more Creation Units, and quantity unless the Trustees otherwise determine, there shall be no redemption of securities 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 so paid of that Series at the value of such securities or delivered assets used in such determination of Net Asset Value. Payment for such Shares less any applicable deferred sales charges, transaction fees (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption) or any other such fees as all the Trustees shall determine shall be made by the Series or part the Principal Underwriter of the Series to the Shareholder of record within seven (7) days after the date upon which the request is effective. The Trustees may from time to time specify additional conditions, not inconsistent with the 1940 Act, regarding redemption price may be determined by or of Shares in the Trust’s then effective prospectus under the authority Securities Act of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery 1933, as all or part of the redemption priceamended. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 ActAct and any exemption therefrom issued by the Commission upon which the Trust or the applicable Series relies. (c) If In the event that a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined in accordance with Section 7.4 after the Shares are properly tendered for redemption, less such redemption fee or other charge, if any, as may be fixed by the Trustees. Except as otherwise provided in this Trust Instrument, payment of the redemption price shall be in cash; provided, however, that to the extent permitted by applicable law, the Trustees may authorize the Trust to make payment wholly or partly in in (b) securities or other assets belonging to the applicable Series at the value of such securities or assets used in such determination of Net Asset Value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (bc) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (cd) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his or her Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined in accordance with Section 7.4 after the Shares are properly tendered for redemption, less such redemption fee or other charge, if any, as may be fixed by the Trustees. Except as otherwise provided in this Trust Instrument, payment of the redemption price shall be in cash; provided, however, that to the extent permitted by applicable law, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series at the value of such securities or assets used in such determination of Net Asset Value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees Except as otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Actprovided herein, each holder of Shares of a particular Series Sub-Trust or Class any class thereof shall have the right at such times as may be permitted by the Trust Trustees in their sole discretion to require the Trust or such Sub-Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares of that Sub-Trust or class thereof at a redemption price equal to the Net Asset Value net asset value per Share of that Series Sub-Trust or Class class thereof next determined in accordance with subsection (h) of this Section 7.4 4.2 after the Shares are properly tendered for redemption, less such subject to any contingent deferred sales charge, redemption fee charge or other chargefees in effect at the time of redemption. Payments for Shares so redeemed by the Trust or such Sub-Trust shall be made in cash, except payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as it may duly authorize in its sole discretion, be made in kind or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or its authorized officers, shall have sole and absolute discretion, subject to the 1940 Act and any exemption therefrom issued by the Commission upon which the Trust or the applicable Sub-Trust relies, as to what security or securities of the Trust or the applicable Sub-Trust shall be distributed in kind and the amount of the same; and the securities shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares. Notwithstanding the foregoing, if anythe Trustees determine to issue shares of any Sub-Trust or class in Creation Units (as defined in Section 4.4), then such Shares shall be redeemable only in accordance with such procedures or methods prescribed or approved by the Trustees from time to time. Further, such Sub-Trust or class or the principal underwriter of such Sub-Trust or class shall be obligated to redeem said Shares only where the number of Shares tendered aggregate one or more Creation Units, and unless the Trustees otherwise determine, there shall be no redemption of partial or fractional Creation Units hereunder. The Sub-Trust shall make payment for any such Shares to be redeemed, as may be fixed by the Trustees. Except as otherwise provided in this Trust Instrumentaforesaid, payment of the redemption price shall be in cash; provided, however, that to the extent permitted by applicable law, the Trustees may authorize the Trust to make payment wholly or partly in securities securities, cash or other assets belonging to the applicable Series of that Sub-Trust at the value of such securities or assets used in such determination of Net Asset Value. Payment for such Shares shall be made less any applicable deferred sales charges, transaction fees (including, with respect to the redemption of Creation Units, any transaction fees charged in connection with such a redemption) or any other fees as the Trustees shall determine. The Trustees may from time to time specify additional conditions, not inconsistent with the 1940 Act, regarding redemption of Shares. Subject to the foregoing1940 Act and any exemptive, the fair valueinterpretive, selection, and quantity of securities no-action or other assets so paid relief therefrom issued by the Commission or delivered as all its staff upon which the Trust or part the applicable Sub-Trust and the Trustees may rely, payment by the Trust or the applicable Sub-Trust for such redemption of Shares shall be made by the Trust or such Sub-Trust to the Shareholder within seven days after the date on which the redemption price may be determined request is received in proper form and/or such other procedures authorized by or under the authority Board of the TrusteesTrustees are complied with. In no case shall the Trust or the Trustees any Sub-Trust be liable for any delay of any Person corporation or other person in transferring securities selected for delivery as all or part of any payment in kind. The right of any Shareholder of the redemption price. (b) Trust or any Sub-Trust or class thereof to receive dividends or other distributions on Shares redeemed and all other rights of such Shareholder with respect to the Shares so redeemed, except the right of such Shareholder to receive payment for such Shares, shall cease at the time the purchase price of such Shares shall have been fixed, as provided above. Notwithstanding the foregoing, the Trust and/or the applicable Sub-Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series Sub-Trust or Class class thereof to require the Trust or such Sub-Trust to redeem Shares of that Series or Class Sub-Trust during any period or at any time when and to the extent permissible under the 1940 ActAct including during any time the New York Stock Exchange is closed for other than weekends or holidays or during periods when trading on the New York Stock Exchange is restricted. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series Sub-Trust or Class any class thereof shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than once each week, to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares of that Sub-Trust or class thereof at a redemption price equal to the Net Asset Value net asset value per Share of that Series Sub-Trust or Class class thereof next determined in accordance with subsection (h) of this Section 7.4 4.2 after the Shares are properly tendered for redemption, less such redemption fee or other charge, if any, as may be fixed by subject to any contingent deferred sales charge in effect at the Trusteestime of redemption. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may, subject to the extent permitted by applicable lawrequirements of the 1940 Act, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series Sub-Trust of which the Shares being redeemed are part at the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series Sub-Trust or Class class thereof to require the Trust to redeem Shares of that Series or Class Sub-Trust during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of the Trust (or a particular Series or Class thereof thereof) shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than required by the 1940 Act, to require the Trust (or such Series) to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares of the Trust (or such Series) at a redemption price equal to the Net Asset Value net asset value per Share of that Series the Trust (or Class Series) next determined in accordance with subsection (1) of this Section 7.4 6.1 after the Shares are properly tendered for redemption; provided, less that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption fee and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, as may be fixed by payable on such redemption to the Trusteesdistributor of Shares of such Class pursuant to the terms of the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that to if the extent permitted by applicable lawTrustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities Securities or other assets belonging to the applicable such Series at the value of such securities Securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series or Class thereof) to require the Trust to redeem Shares of that Series the Trust (or Class such Series) during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series or Class thereof of Shares shall have the right at such times time as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined of Shares, subject to the terms and conditions set forth in accordance with Section 7.4 after the Shares are properly tendered for redemption, less this Declaration of Trust and to such redemption fee or other charge, if any, as additional terms and conditions that may be fixed adopted by the Trustees. Except as otherwise provided in this Trust Instrument, payment Shares of any particular Series of Shares may be redeemed solely out of the assets belonging to that Series of Shares. Payment of the redemption price shall be in cash; provided, however, that to if the extent permitted by applicable lawTrustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series at of Shares of which the Shares being redeemed are part of the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject to The amount per Share at which the foregoing, the fair value, selection, and quantity of securities Trust redeems or other assets so paid or delivered as all or part of the redemption price may repurchases Shares shall be determined by or under the authority application of a formula adopted for such purpose by resolution of the Trustees provided that (i) such amount per Share shall not exceed the cash equivalent of the proportionate interest of each Share in the assets of the particular Series of Shares at the time of the purchase or redemption and (ii) if so authorized by the Trustees. In no case shall , the Trust or may, at any time and from time to time, charge fees for effecting such redemption, at such rates as the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) may establish. Notwithstanding the foregoing, the Trust Trust, at the discretion of the Trustees, may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class of Shares to require the Trust to redeem Shares of that Series or Class of Shares during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless The Trust shall purchase such Shares as are offered for redemption in accordance with the Trustees otherwise determine conditions regarding the redemption of Shares as may be described in the applicable prospectus and in a manner consistent with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares the rules and regulations thereunder or by the SEC through exemptive, no-action, or other relief, upon receipt of a particular Series request in proper form, directed to the Trust or Class thereof shall have the right at such times as may be permitted a Person designated by the Trust to require Trust, that the Trust to redeem (out of the assets belonging to the applicable Series purchase such Shares or Class) all or any part of his Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined in accordance with Section 7.4 after such other procedures for redemption as the Shares are properly tendered for redemptionTrustees may from time to time authorize. The Trust will pay therefor the net asset value thereof, less such redemption fee or other charge, if any, as may be fixed by in accordance with the Trustees. Except as otherwise provided in this Trust Instrument, payment applicable provisions of the redemption price shall be in cash; 1940 Act, provided, however, that to the extent permitted there may be imposed a deferred sales load or transaction or other fee upon redemption. Payment for said Shares shall be made by applicable law, the Trustees may authorize the Trust to make payment the Shareholder within seven days after the date on which the request for redemption is received in proper form or such later date as permitted by the 1940 Act, the rules and regulations thereunder or by the SEC through exemptive, no-action, or other relief. The obligation set forth in this subsection (l) of Section 6.1 is subject to the provision that in the event the New York Stock Exchange (the “Exchange”) is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, or as may otherwise be permitted by the 1940 Act, such obligations may be suspended or postponed by the Trustees. The redemption price may in any case or cases be paid in cash or wholly or partly in securities or other assets belonging to the applicable Series at the value of such securities or assets used in such determination of Net Asset Valuekind. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets property so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of the redemption priceany payment in kind. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular any Series or Class thereof shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than once each week, to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his such Shares at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class next determined in accordance with subsection (g) of this Section 7.4 6.2. after the Shares are properly tendered for redemption; provided, less that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption fee or other chargeredemption, if any, as may be fixed by and the Trustees. Except as otherwise provided in this Trust Instrument, payment proceeds of the redemption price of Shares (including a fractional Share) of any Series or Class shall be reduced by the amount of any applicable contingent deferred sales charge payable on such redemption pursuant to the terms of the initial issuance of such Shares (to the extent consistent with the 1940 Act or regulations or exemptions thereunder). The redemption price of Shares redeemed under this subsection (e) shall be paid in cash; provided, howeverthat if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to the extent permitted by applicable lawany Series of Shares, or one or more Classes of any Series, which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities Securities or other assets belonging to the applicable Portfolio to which such Series or Class pertains, at the value of such securities Securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem such Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series Sub- Trust or Class any class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares of that Sub-Trust or class thereof at a redemption price equal to the Net Asset Value net asset value per Share of that Series Sub-Trust or Class class thereof next determined in accordance with subsection (h) of this Section 7.4 4.2 after the Shares are properly tendered for redemption, less such subject to any contingent deferred sales charge or redemption fee or other charge, if any, as may be fixed by charge in effect at the Trusteestime of redemption. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may, subject to the extent permitted by applicable lawrequirements of the 1940 Act, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series Sub-Trust of which the Shares being redeemed are part at the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series Sub- Trust or Class class thereof to require the Trust to redeem Shares of that Series or Class Sub-Trust during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than required by the 1940 Act, to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares of that Series or Class (including Creation Units) at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class next determined in accordance with subsection (h) of this Section 7.4 4.2, less any applicable redemption fee or sales charge, after the Shares are properly tendered for redemption, less such redemption fee or other charge, if any, as may be fixed by the Trustees. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be made from the assets of the applicable Series in cash; provided, however, that to if the extent permitted by applicable lawTrustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable (including, without limitation, where a Series operates as an exchange-traded fund (“ETF”)), the Trustees Trust may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series of which the Shares being redeemed are part at the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act, and such redemption is conditioned upon the Trust having funds or property legally available therefor. The Trustees shall have exclusive power, without the requirement of Shareholder approval, to operate one or more Series (or class) as an ETF and to list the Shares of any such ETF on one or more securities exchanges and to cease such operation or listing at any time. Further, notwithstanding anything to the contrary herein, the Trustees may in their sole discretion determine that Shares of any Series or Class issued after July 12, 2021 shall be issued and redeemed only in Creation Units, pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series Sub- Trust or any Class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares of that Sub-Trust or Class thereof at a redemption price equal to the Net Asset Value net asset value per Share of that Series Sub-Trust or Class thereof next determined in accordance with subsection (h) of this Section 7.4 4.2 after the Shares are properly tendered for redemption, less subject to any contingent deferred sales charge or redemption charge in effect at the time of redemption; provided, however, that the Trustees may determine that the Shares of any Sub-Trust or Class hereafter established shall be redeemable only in aggregations of Shares of such redemption fee number established by the Trustees or other charge, if any, as may be fixed pursuant to procedures established by the Trustees. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may, subject to the extent permitted by applicable lawrequirements of the 1940 Act, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series Sub-Trust of which the Shares being redeemed are part at the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series Sub-Trust or Class thereof to require the Trust to redeem Shares of that Series or Class Sub-Trust during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than once each week, to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his such Shares at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class next determined in accordance with subsection (h) of this Section 7.4 6.2 after the Shares are properly tendered for redemption; PROVIDED, less that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption fee or other chargeredemption, if any, as may be fixed by and the Trustees. Except as otherwise provided in this Trust Instrument, payment proceeds of the redemption price of Shares (including a fractional Share) of any Series or Class shall be reduced by the amount of any applicable contingent deferred sales charge payable on such redemption pursuant to the terms of the initial issuance of the Shares of such Series or Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder). The redemption price of Shares redeemed under this subsection (e) shall be paid in cash; providedPROVIDED, howeverHOWEVER, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to the extent permitted by applicable lawany Series or Shares, or one or more Classes of any Series, which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities Securities or other assets belonging to the applicable Portfolio to which such Series or Class pertains, at the value of such securities Securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem such Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular any Series or Class thereof shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than once each week, to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his such Shares at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class next determined in accordance with subsection (h) of this Section 7.4 6.2 after the Shares are properly tendered for redemption; provided, less that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption fee or other chargeredemption, if any, as may be fixed by and the Trustees. Except as otherwise provided in this Trust Instrument, payment proceeds of the redemption price of Shares (including a fractional Share) of any Series or Class shall be reduced by the amount of any applicable contingent deferred sales charge payable on such redemption pursuant to the terms of the initial issuance of such Shares (to the extent consistent with the 1940 Act or regulations or exemptions thereunder). The redemption price of Shares redeemed under this subsection (f) shall be paid in cash; provided, howeverthat if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to the extent permitted by applicable lawany Series of Shares, or one or more Classes of any Series, which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities Securities or other assets belonging to the applicable Fund to which such Series or Class pertains, at the value of such securities Securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem such Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act1000 Xxx. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than once each week, to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his such Shares at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class next determined in accordance with subsection (q) of this Section 7.4 6.2 after the Shares are properly tendered for redemption; provided, less that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption fee or other chargeredemption, if any, as may be fixed by and the Trustees. Except as otherwise provided in this Trust Instrument, payment proceeds of the redemption price of Shares (including a fractional Share) of any Series or Class shall be reduced by the amount of any applicable contingent deferred sales charge payable on such redemption to the distributor of Shares of each Series or Class pursuant to the terms of the initial issuance of the Shares of such Series or Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. The redemption price of Shares redeemed under this subsection (e) shall be paid in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist with respect to the extent permitted by applicable lawany Fund, or one or more Classes of any Fund, which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities Securities or other assets belonging to such Fund, or to the applicable Series Fund of which such Class or Classes are a part, at the value of such securities Securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his such Shareholder’s Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined in accordance with Section 7.4 after the Shares are properly tendered for redemption, less such redemption fee or other charge, if any, as may be fixed by the Trustees. Except as otherwise provided in this Trust Instrument, payment of the redemption price shall be in cash; provided, however, that to the extent permitted by applicable law, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series at the value of such securities or assets used in such determination of Net Asset Value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless All shares of the Trust shall be redeemable, at the redemption price determined in the manner set out in this Trust Instrument, provided however that if the Trustees determine, pursuant to Section 2.2 hereof, to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class aggregating a Creation Unit shall be redeemable hereunder, and unless the Trustees otherwise determine with respect to a particular determine, there shall be no redemption of partial or fractional Creation Units. The Trust shall redeem the Shares of the Trust or any Series or Class thereof at the time of establishing price determined as hereinafter set forth, at such offices or agencies and designating the same and subject to in accordance with such conditions, not inconsistent with the 1940 Act, each holder regarding the redemption of Shares as may be described in the applicable Prospectus. (b) Shares of a particular the Trust, or of any Series or Class thereof shall have the right be redeemed at their net asset value determined as set forth in Section 7.4 hereof as of such time or times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined in accordance with Section 7.4 after the Shares are properly tendered for redemptionTrustees shall have theretofore prescribed, less such redemption fee or other chargefees and/or charges, if any, as may be fixed established by the Trustees. Except as otherwise provided in this Trust Instrument, payment of the redemption price shall be in cash; provided, however, that Trustees from time to the extent permitted by applicable law, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series at the value of such securities or assets used in such determination of Net Asset Value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption pricetime. (bc) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (cd) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares (including Creation Units) of that Series or Class at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class next determined in accordance with subsection (h) of this Section 7.4 4.2 after the Shares are properly tendered for redemption, less such redemption fee (minus any applicable contingent deferred sales charges or other charge, if any, as may redemption fees or expenses). Payment for said Shares shall be fixed made by the TrusteesSeries or Class to the Shareholder in accordance with the 1940 Act. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that to if the extent permitted by applicable lawTrustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable (including, without limitation, where a Series operates as an Capitol Series TrustAmended and Restated Agreement and Declaration of TrustNovember 18, 2021Page 16 ETF), the Trustees Trust may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series or Class, of which the Shares being redeemed are part, at the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act, or rules and regulations thereunder, and such redemption is conditioned upon the Trust having funds or property legally available therefor. The Trustees shall have exclusive power, without the requirement of Shareholder approval, to operate one or more Series (or Class) as an ETF and to list the Shares of any such ETF on one or more securities exchanges and to cease such operation or listing at any time. Further, notwithstanding anything to the contrary herein, the Trustees may in their sole discretion determine that Shares of any Series or Class issued after October 21, 2021 shall be issued and redeemed only in Creation Units, pursuant to procedures or methods prescribed or approved by, the Trustees from time to time with respect to any Series or Class. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares Each Shareholder of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares at a redemption price equal of that Series, upon and subject to the Net Asset Value per Share of that Series or Class next determined terms and conditions provided in this Article 6, in accordance with Section 7.4 after and pursuant to procedures or methods prescribed or approved by the Shares are properly tendered for redemptionTrustees and, less such redemption fee in the case of any Series now or other chargehereafter authorized, if any, as may be fixed so determined by the Trustees. Except as otherwise provided in this Trust Instrument, payment of the redemption price shall be redeemable only in cash; provided, however, that to the extent permitted by applicable law, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series at the value Creation Unit aggregations of Shares of such securities or assets used in Series and at such determination of Net Asset Value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered times as all or part of the redemption price may be determined by or under the authority officers of the TrusteesTrust with respect to such Series. In no case shall Each Shareholder of a Creation Unit aggregation of a Series, upon request to the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part accompanied by surrender of the redemption price. (b) Notwithstanding the foregoingappropriate stock certificate or certificates in proper form for transfer if certificates have been issued to such Shareholder, the Trust or in accordance with such other procedures as may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class from time to time be in effect if certificates have not been issued, shall be entitled to require the Trust to redeem all or any number of such Shareholder’s Shares standing in the name of such Shareholder on the books of the Trust, but in the case of Shares of any Series as to which the Trustees have determined that such Shares shall be redeemable only in Creation Unit aggregations, only in such Creation Unit aggregations of Shares of such Series as the officers of the Trust may determine from time to time. The Trust shall, upon application of any Shareholder or pursuant to authorization from any Shareholder, redeem or repurchase from such Shareholder outstanding Shares for an amount per Share determined by the Trustees in accordance with any applicable laws and regulations; provided, that (i) such amount per Share shall not exceed the cash equivalent of the proportionate share of each Share or of any Series or Class during any period of Shares of the assets of the Trust at the time of the redemption or repurchase and (ii) if so authorized by the Trustees, the Trust may, at any time when and from time to time, charge fees for effecting such redemption or repurchase, at such rates as the Trustees may establish, as and to the extent permissible permitted under the 1940 Act. (c) If a Shareholder shall submit a request for , and may, at any time and from time to time, pursuant to such Act and such rules and regulations, suspend such right of redemption or postpone payment of the redemption price. The procedures for effecting and suspending redemption shall be as set forth from time to time in the Registration Statement of the Trust under the Securities Act of 1933. Payment may be in cash, securities or a greater number combination thereof, as determined by or pursuant to the direction of Shares than are then allocated the Trustees from time to such Shareholder, such request shall not be honoredtime.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than required by the 1940 Act, to require the Trust Series to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares of that Series at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class next determined in accordance with subsection (l) of this Section 7.4 6.1 after the Shares are properly tendered for redemption; provided, less that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption fee and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of a particular Series shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, as may payable on such redemption to the distributor of Shares of such Class pursuant to the terms of the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Notwithstanding the foregoing, if the Trustees determine, pursuant to Section 3.1(m) hereof, to issue Shares of any Series or Class in Creation Units, then only Shares of such Series or Class aggregating a Creation Unit shall be fixed by redeemable hereunder, and unless the TrusteesTrustees otherwise determine, there shall be no redemption of partial or fractional Creation Units. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that to if the extent permitted by applicable lawTrustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities Securities or other assets belonging to the applicable such Series at the value of such securities Securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares at a redemption price equal to the Net Asset Value per Share of that Series or Class next determined in accordance with Section 7.4 after the Shares are properly tendered for redemption, less such redemption fee or other charge, if any, as may be fixed by the Trustees. Except as otherwise provided in this Trust Instrument, , (b) payment of the redemption price shall be in cash; provided, however, that to the extent permitted by applicable law, the Trustees may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series at the value of such securities or assets used in such determination of Net Asset Value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (bc) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series or Class to require the Trust to redeem Shares of that Series or Class during any period or at any time when and to the extent permissible under the 1940 Act. (cd) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of the Trust (or a particular Series or Class thereof thereof) shall have the right at such times as may be permitted by the Trust Trust, but no less frequently than required by the 1940 Act, to require the Trust (or such Series) to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares of the Trust (or such Series) at a redemption price equal to the Net Asset Value net asset value per Share of that Series the Trust (or Class Series) next determined in accordance with subsection (1) of this Section 7.4 6.1 after the Shares are properly tendered for redemption; provided, less that the Trustees may from time to time, in their discretion, determine and impose a fee for such redemption fee and that the proceeds of the redemption of Shares (including a fractional Share) of any Class of the Trust (or any Series thereof) shall be reduced by the amount of any applicable contingent deferred sales charge or other sales charge, if any, as may be fixed by payable on such redemption to the Trusteesdistributor of Shares of such Class pursuant to the terms of the initial issuance of the Shares of such Class (to the extent consistent with the 1940 Act or regulations or exemptions thereunder) and the Trust shall promptly pay to such distributor the amount of such deferred sales charge. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that to if the extent permitted by applicable lawTrustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities Securities or other assets belonging to the applicable such Series at the value of such securities Securities or assets used in such determination of Net Asset Valuenet asset value. Subject to the foregoing, the fair value, selection, and quantity of securities or other assets so paid or delivered as all or part of the redemption price may be determined by or under the authority of the Trustees. In no case shall the Trust or the Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of the Trust (or any Series or Class thereof) to require the Trust to redeem Shares of that Series the Trust (or Class such ‘Series) during any period or at any time when and to the extent permissible under the 1940 Act. (c) If a Shareholder shall submit a request for the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honored.

Redemption by Shareholder. (a) Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same and subject to the 1940 Act, each Each holder of Shares of a particular Series or Class thereof shall have the right at such times as may be permitted by the Trust to require the Trust to redeem (out of the assets belonging to the applicable Series or Class) all or any part of his Shares of that Series at a redemption price equal to the Net Asset Value net asset value per Share of that Series or Class next determined in accordance with subsection (H) of this Section 7.4 5.2 after the Shares are properly tendered for redemption, less such redemption fee or other charge, if any, as may be fixed by the Trustees. Except as otherwise provided in this Trust Instrument, payment Payment of the redemption price shall be in cash; provided, however, that to if the extent permitted by applicable lawTrustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trustees Trust may authorize the Trust to make payment wholly or partly in securities or other assets belonging to the applicable Series of which the Shares being redeemed are part at the value of such securities or assets used in such determination of Net Asset Valuenet asset value. Subject Notwithstanding the foregoing and except as hereinafter set forth, payment for Shares so redeemed by the Trust shall be made to the foregoing, Shareholder within seven (7) days after the fair value, selection, and quantity of securities date on which the application for redemption thereof is received. Such payment shall be made in cash or other assets so paid or delivered as all or part of the redemption price may Trust, or both, as the Trustees shall prescribe. For such purpose, the value of any assets other than cash delivered in payment for shares redeemed shall be determined by or under the authority as set forth in Subsection (H) hereof as of the Trusteessame time that the current net asset value applicable to such shares is determined. In no case shall the Trust or the The Trustees be liable for any delay of any Person in transferring securities selected for delivery as all or part of the redemption price. (b) Notwithstanding the foregoingmay, the Trust may postpone payment of the redemption price and may by resolution, suspend the right of redemption conferred upon the Shareholders and postpone the date of payment for Shares redeemed from Shareholders pursuant to this provision for the whole or any part of any period: (1) during which the New York Stock Exchange is closed other than customary week-end and holiday closings; or (2) during which trading on the New York Stock Exchange is restricted; or (3) during which an emergency exists as a result of which (i) disposal by the Trust of securities owned by it is not reasonably practicable, or (ii) it is not reasonably practicable for the Trust fairly to determine the value of its net assets; or (4) for which the Securities and Exchange Commission may by order permit for the protection of security holders of the Trust. Any such suspension and postponement shall become effective at such time as the Trustees shall specify in such resolution, but not later than the close of business on the business day next succeeding the adoption of such resolution, and shall terminate at such times as the Trustees shall, by resolution, declare such suspension and postponement to be terminated, but not later than the close of business on the first business day on which none of the conditions specified above shall exist. If the right of redemption is suspended with respect to any Shares for which a proper application has been made but in respect of any Series or Class to require which the Trust to redeem Shares redemption price has not been determined, then: (1) The holder of that Series or Class such shares may, during any the period or at any time when and of such suspension, by written notice to the extent permissible under the 1940 Act.Trust’s office or agency where such application was made, revoke such application and withdraw any share certificate or certificates that accompanied it; and (c2) If such application is not revoked, such shares shall be redeemed at their net asset value next determined, as set forth in Subsection (H) hereof, after the termination of such suspension, and payment therefor shall be made within a Shareholder shall submit a request for period determined by adding to seven (7) days after the date such application was made the number of days that the redemption of a greater number of Shares than are then allocated to such Shareholder, such request shall not be honoredshares was suspended.