Common use of Redemption of Shares Clause in Contracts

Redemption of Shares. PNC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC reasonably may deem necessary. (ii) PNC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC BNYM shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC BNYM reasonably may deem necessary. (ii) PNC BNYM reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich BNYM, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC BNYM and the Fund. (v) When a broker-dealer notifies PNC BNYM of a redemption desired by a customer, and the Fund Custodian provides PNC BNYM with funds, PNC BNYM shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC BNYM shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC BNYM reasonably may deem necessary. (ii) PNC BNYM reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNCwhich BNYM, in its reasonable judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC BNYM and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC BNYM shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC BNYM reasonably may deem necessary. (ii) PNC BNYM reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNCwhich BNYM, in its reasonable judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC BNYM and the Fund. (v) When a broker-dealer notifies PNC BNYM of a redemption desired by a customer, and the Fund Custodian provides PNC BNYM with funds, PNC BNYM shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC BNYM shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC BNYM reasonably may deem necessary. (ii) PNC BNYM reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich BNYM, in its reasonable judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the written procedures established from time to time between PNC BNYM and the Fund. (v) When a broker-dealer notifies PNC BNYM of a redemption desired by a customer, and the Fund Custodian provides PNC BNYM with funds, PNC BNYM shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectusSeries’ prospectuses, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s custodian (the “Custodian”) Custodian and the Fund relevant Series or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund Series and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC by PFPC and the FundGE Fund Products. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund a Series after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fundthat Series.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer only if that function is properly authorized by the Declaration of Trust or redeem resolution of the Fund's Board of Trustees. If the Fund is a money-market fund, PFPC shall arrange, in accordance with the Fund's prospectus, for a shareholder's redemption of shares from a shareholder's account with a checkwriting privilege. Shares shall be redeemed and payment therefor shall be made in accordance with the Fund’s 's prospectus, including provisions set forth therein for automatic redemption, telephone redemption requests and check-writing privileges, when the shareholder recordholder tenders Shares in proper form and amount and properly directs the method of redemption. If Shares are received in proper form, accompanied Shares shall be redeemed before the funds are provided to PFPC from the Fund's custodian. If the recordholder has not directed that redemption proceeds be wired, when the custodian provides PFPC with funds, a redemption check shall be sent to and made payable to the recordholder, unless: (i) the surrendered certificate is drawn to the order of an assignee or holder and transfer authorization is signed by such documents as PNC reasonably may deem necessary.the recordholder; (ii) PNC reserves Transfer authorizations are signed by the right to refuse to transfer or redeem recordholder when Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, are held in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption.book-entry form; (iii) When Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts.redemption is through money market fund check-writing capabilities; or (iv) PNC shallsuch redemption is in settlement of dealer confirmed redemptions via Fund/Serv. Consistent with provisions set forth in the prospectus, redemption proceeds shall be wired upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC and the Fund. (v) request. When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian Fund's custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer, made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing . PFPC shall establish procedures reasonably designed to ensure that redemption requirements established by PFPC and agreed to by the broker-dealer. (vi) PNC Fund have been met, including the receipt and examination of stock certificates and related endorsements, signature guarantees and obtaining any needed papers or documents, including a properly completed application, where required. No redemptions in accounts represented in whole or in part by certificates shall not process be effected without cancellation of an adequate number of certificate Shares, if necessary. No signature guarantees shall be acceptable if received by facsimile and signature guarantees must reasonably appear to have been provided by an eligible guarantor institution of a type described as such in the prospectus which is a participant in a medallion program recognized by the Securities Transfer Association or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of in instructions received from the Fund; provided, however, that PFPC may accept a signature guarantee received by facsimile if so instructed by Oral or Written Instructions.

Redemption of Shares. PNC BNYM shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor therefore shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC BNYM reasonably may deem necessary. (ii) PNC BNYM reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNCwhich BNYM, in its reasonable judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC BNYM and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC USBFS shall process requests to redeem Shares as follows: (i) a. All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectusSeries’ prospectuses, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC USBFS reasonably may deem necessary. (ii) PNC b. USBFS reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich USBFS, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) c. When Shares are redeemed, PNC USBFS shall deliver to the Fund’s custodian (the “Custodian”) Custodian and the Fund relevant Series or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shares shall be reflected on appropriate accounts maintained by PNC USBFS reflecting outstanding Shares shares of the Fund Series and Shares attributed to individual accounts. Process cash sweep redemptions emailed/faxed daily from custodian bank. (iv) PNC d. USBFS shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC by USBFS and the FundGE Products. (v) e. When a broker-dealer notifies PNC USBFS of a redemption desired by a customer, and the Custodian provides PNC USBFS with funds, PNC USBFS shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC f. USBFS shall not process or effect affect any redemption requests with respect to Shares of the Fund a Series after receipt by PNC USBFS or its agent of notification of the suspension of the determination of the net asset value of that Series. g. USBFS shall have procedures in place to properly withhold from gross proceeds and report to the FundIRS on behalf of GE Products as required under FATCA (Foreign Account Tax Compliance Act).

Redemption of Shares. PNC BNY Mellon shall process requests to redeem Shares as follows: (i) All requests to transfer only if that function is properly authorized by the Declaration of Trust or redeem resolution of the Fund's Board of Trustees. If the Fund is a money-market fund, BNY Mellon shall arrange, in accordance with the Fund's prospectus, for a shareholder's redemption of shares from a shareholder's account with a checkwriting privilege. Shares shall be redeemed and payment therefor shall be made in accordance with the Fund’s 's prospectus, including provisions set forth therein for automatic redemption, telephone redemption requests and check-writing privileges, when the shareholder recordholder tenders Shares in proper form and amount and properly directs the method of redemption. If Shares are received in proper form, accompanied Shares shall be redeemed before the funds are provided to BNY Mellon from the Fund's custodian. If the recordholder has not directed that redemption proceeds be wired, when the custodian provides BNY Mellon with funds, a redemption check shall be sent to and made payable to the recordholder, unless: (i) the surrendered certificate is drawn to the order of an assignee or holder and transfer authorization is signed by such documents as PNC reasonably may deem necessary.the recordholder; (ii) PNC reserves Transfer authorizations are signed by the right to refuse to transfer or redeem recordholder when Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, are held in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption.book-entry form; (iii) When Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts.redemption is through money market fund check-writing capabilities; or (iv) PNC shallsuch redemption is in settlement of dealer confirmed redemptions via Fund/Serv. Consistent with provisions set forth in the prospectus, redemption proceeds shall be wired upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC and the Fund. (v) request. When a broker-dealer notifies PNC BNY Mellon of a redemption desired by a customer, and the Custodian Fund's custodian provides PNC BNY Mellon with funds, PNC BNY Mellon shall prepare and send the redemption proceeds check to the broker-dealer, made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing . BNY Mellon shall establish procedures reasonably designed to ensure that redemption requirements established by BNY Mellon and agreed to by the broker-dealer. (vi) PNC Fund have been met, including the receipt and examination of stock certificates and related endorsements, signature guarantees and obtaining any needed papers or documents, including a properly completed application, where required. No redemptions in accounts represented in whole or in part by certificates shall not process be effected without cancellation of an adequate number of certificate Shares, if necessary. No signature guarantees shall be acceptable if received by facsimile and signature guarantees must reasonably appear to have been provided by an eligible guarantor institution of a type described as such in the prospectus which is a participant in a medallion program recognized by the Securities Transfer Association or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of in instructions received from the Fund; provided, however, that BNY Mellon may accept a signature guarantee received by facsimile if so instructed by Oral or Written Instructions.

Redemption of Shares. PNC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC reasonably may deem necessary. (ii) PNC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that which PNC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC Redemption of Shares of a specified Trust shall process requests take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem Shares one or more Baskets shall place a Redemption Order with the Trustee no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as followstheir Order Date such next Business Day. b. For purposes of Section 3.01a. above, a Redemption Order shall be deemed “received” by the Trustee only when either of the following has occurred no later than 3:59:59 p.m. (New York time): (i) Telephone/fax Order — An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line and has received an Order Number from the Trustee for insertion in the Redemption Order, or (ii) Web-based Order — An Authorized Representative shall have accessed the Trustee’s online services (xxx.xxxxxxxxxxx.xxxxxxxx.xxx) in either case informing the Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets and, in the case of a telephone order, within 15 minutes following such telephone call the Trustee shall have received a duly completed, irrevocable Redemption Order in the form set out in Annex I to these Procedures executed by an Authorized Representative of such Authorized Participant, via facsimile at the number specified in such Annex I. c. Upon receipt of a properly completed Redemption Order, the Trustee shall send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the Order Date for such Redemption Order a copy of the corresponding Redemption Order endorsed “Accepted” by the Trustee and indicating the Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being redeemed. d. The Trustee shall, by 11:00 a.m. (New York time) on the second Business Day following the Order Date of a Redemption Order, confirm in writing to the Custodian whether each of the following has occurred by 10:00 a.m. (New York time) on the second Business Day following the Order Date of a Redemption Order: (i) All requests the Authorized Participant has Delivered to transfer or redeem the Trustee’s account at DTC the total number of Shares and payment therefor shall to be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied redeemed by such documents as PNC reasonably may deem necessary.Authorized Participant pursuant to such Redemption Order; and (ii) PNC reserves the right Authorized Participant has paid or agreed to refuse pay the Trustee a per order transaction fee of US$500, if applicable. Provided that the Custodian has received written confirmation from the Trustee that the conditions set forth in clauses (i) and (ii) of Section 3.01d. above have been satisfied, the Custodian shall:  (1) on the same Business Day, Deliver: ● unallocated Silver loco London; ● unallocated Gold loco London (for the ETFS Precious Metals Basket Trust only); ● unallocated Gold loco Zurich (for the ETFS Gold Trust only); ● unallocated Platinum loco Zurich; ● unallocated Platinum loco London; ● unallocated Palladium loco Zurich; and/or ● unallocated Palladium loco London (as applicable to transfer the specific Redemption Order); and (2) within the next following two Business Days, Deliver: ● unallocated Gold loco London (for the ETFS Gold Trust only) (as applicable to the specific Redemption Order)  in the amounts specified in the communication sent in compliance with Section 3.01c. above, to the account indicated by the redeeming Authorized Participant in its Redemption Order (which shall be an appropriate bullion account with an LBMA member or redeem LPPM member, as applicable for the type of Bullion involved). With respect to Gold from the ETFS Gold Trust and where the Authorized Participant elects loco London delivery, the Authorized Participant must first agree to the cost of the loco swap with the Custodian and reimburse the Custodian for any amount owed under such swap. Having made such Delivery, the Custodian shall send written confirmation thereof to the Trustee who shall then cancel the Shares until so redeemed. x. Xx all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is satisfied practicable following receipt of written confirmation from the Trustee that the endorsement conditions set forth in clauses (i) and (ii) of Section 3.01d. above have been satisfied. f. The foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making Delivery of Bullion in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods, extreme weather conditions, market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting a Trust, the Trustee, the Custodian or sub-custodian, metal clearing bank delays and similar extraordinary events beyond the Trustee’s control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. x. Xx the event that, by 10:00 a.m. (New York time) on the instructions is valid and genuine and that second Business Day following the requested transfer or redemption is legally authorizedOrder Date of a Redemption Order, and it Trustee’s account at DTC shall incur no liability for not have been credited with the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the total number of Shares redeemed. Such corresponding to the total number of Baskets to be redeemed Shares pursuant to such Redemption Order, the Trustee shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares send to the Authorized Participant and the Custodian via fax or electronic mail message notice of such fact and the Fund and Shares attributed to individual accounts. Authorized Participant shall have two (iv2) PNC shall, upon Business Days following receipt of such notice to correct such failure. If such failure is not cured within such two (2) Business Day period, the monies provided Trustee (in consultation with the Sponsor) will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to it by the Custodian for the redemption of Shares, pay such monies as are received from Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all in accordance with costs incurred by the procedures established Trust, the Trustee or the Custodian related to the cancelled Order. The Trustee is authorized to Deliver the Basket Amount for a Redemption Order notwithstanding that the Basket(s) to be redeemed are not credited to the Trustee’s DTC account by 10:00 a.m. (New York time) on the second Business Day following the Order Date of a Redemption Order if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such terms as the Sponsor and the Trustee may from time to time between PNC and the Fundagree upon. (v) When a broker-dealer notifies PNC h. The redemption of a redemption desired by a customer, and Shares may be suspended or rejected under the Custodian provides PNC with funds, PNC shall prepare and send circumstances specified in the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the Fund.applicable Prospectus. 

Redemption of Shares. PNC BNYM shall process requests instructions to redeem or transfer Shares as followsin accordance with the following: (i) All requests instructions given to BNYM regarding the transfer of Shares, the redemption of Shares or redeem Shares and payment therefor shall be made in accordance with the disposition of redemption proceeds must conform to the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, be accompanied by such documents as PNC BNYM reasonably may deem necessarydetermines to be appropriate to the particular transaction and to the extent the Shares are certificated the Shares must be tendered in proper form. (ii) PNC reserves the right BNYM is authorized to refuse to delay or reject a transfer or redeem redemption of Shares until it is satisfied determines that the endorsement on the instructions is valid and genuine and genuine, that the requested transfer or redemption is legally authorizedauthorized and otherwise complies with all applicable requirements in the Written Procedures, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any adverse claims adverse to such that may have been made regarding the Shares or the particular transfer or redemption, and BNYM shall incur no liability for delaying or rejecting transfers or redemptions in accordance with the foregoing authorization. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC and the FundWritten Procedures. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC BNYM shall process requests instructions to redeem or transfer Shares as followsin accordance with the following: (i) All requests instructions given to BNYM regarding the transfer of Shares, the redemption of Shares or redeem Shares and payment therefor shall be made in accordance with the disposition of redemption proceeds must conform to the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, be accompanied by such documents as PNC BNYM reasonably may deem necessarydetermines to be appropriate to the particular transaction and to the extent the Shares are certificated the Shares must be tendered in proper form. (ii) PNC reserves the right BNYM is authorized to refuse to delay or reject a transfer or redeem redemption of Shares until it is satisfied determines that the endorsement on the instructions is valid and genuine and genuine, that the requested transfer or redemption is legally authorizedauthorized and otherwise complies with all applicable requirements in the Written Procedures, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any adverse claims adverse to such that may have been made regarding the Shares or the particular transfer or redemption, and BNYM shall incur no liability for reasonably delaying or rejecting transfers or redemptions in accordance with the Written Procedures. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC and the FundWritten Procedures. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC BNYM shall process requests instructions to redeem or transfer Shares as followsin accordance with the following: (i) All requests instructions given to BNYM regarding the transfer of Shares, the redemption of Shares or redeem Shares and payment therefor shall be made in accordance with the disposition of redemption proceeds must conform to the Fund’s prospectus, when the shareholder tenders Shares in proper form, be accompanied by such documents as PNC BNYM reasonably may deem necessarydetermines to be appropriate to the particular transaction and to the extent the Shares are certificated the Shares must be tendered in proper form. (ii) PNC reserves the right BNYM is authorized to refuse to delay or reject a transfer or redeem redemption of Shares until it is satisfied determines that the endorsement on the instructions is valid and genuine and genuine, that the requested transfer or redemption is legally authorizedauthorized and otherwise complies with all applicable requirements in the Written Procedures, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any adverse claims adverse to such that may have been made regarding the Shares or the particular transfer or redemption, and, absent Liable Conduct, BNYM shall incur no liability for delaying or rejecting transfers or redemptions in accordance with the foregoing authorization. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC and the FundWritten Procedures. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the FundPortfolio’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is reasonably satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal reasonable refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the FundPortfolio’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fundapplicable Portfolio.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC Redemption of Shares of a specified Trust shall process requests take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem Shares one or more Baskets shall place a Redemption Order with the Trustee no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as followstheir Order Date such next Business Day. b. For purposes of Section 3.01a. above, a Redemption Order shall be deemed “received” by the Trustee only when either of the following has occurred no later than 3:59:59 p.m. (New York time): (i) Telephone/fax Order – An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line and has received an Order Number from the Trustee for insertion in the Redemption Order, or (ii) Web-based Order – An Authorized Representative shall have accessed the Trustee’s online services (wxx.xxxxxxxxxxx.xxxxxxxx.xxx) in either case informing the Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets and, in the case of a telephone order, within 15 minutes following such telephone call the Trustee shall have received a duly completed, irrevocable Redemption Order in the form set out in Annex I to these Procedures executed by an Authorized Representative of such Authorized Participant, via facsimile at the number specified in such Annex I. c. Upon receipt of a properly completed Redemption Order, the Trustee shall send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the Order Date for such Redemption Order a copy of the corresponding Redemption Order endorsed “Accepted” by the Trustee and indicating the Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being redeemed d. The Trustee shall, by 11:00 a.m. (New York time) on the second Business Day following the Order Date of a Redemption Order, confirm in writing to the Custodian whether each of the following has occurred by 10:00 a.m. (New York time) on the second Business Day following the Order Date of a Redemption Order: (i) All requests the Authorized Participant has Delivered to transfer or redeem the Trustee’s account at DTC the total number of Shares and payment therefor shall to be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied redeemed by such documents as PNC reasonably may deem necessary.Authorized Participant pursuant to such Redemption Order; and (ii) PNC reserves the right Authorized Participant has paid or agreed to refuse pay the Trustee a per order transaction fee of US$500, if applicable. Provided that the Custodian has received written confirmation from the Trustee that the conditions set forth in clauses (i) and (ii) of Section 3.01d. above have been satisfied, the Custodian shall: (1) on the same Business Day, Deliver: ● unallocated Silver loco London; ● unallocated Gold loco London; ● unallocated Gold loco Zurich (for the abrdn Gold ETF Trust only); ● unallocated Platinum loco Zurich; ● unallocated Platinum loco London; ● unallocated Palladium loco Zurich; and/or ● unallocated Palladium loco London (as applicable to transfer the specific Redemption Order) in the amounts specified in the communication sent in compliance with Section 3.01c. above, to the account indicated by the redeeming Authorized Participant in its Redemption Order (which shall be an appropriate bullion account with an LBMA member or redeem LPPM member, as applicable for the type of Bullion involved). Having made such Delivery, the Custodian shall send written confirmation thereof to the Trustee who shall then cancel the Shares until so redeemed. e. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is satisfied practicable following receipt of written confirmation from the Trustee that the endorsement conditions set forth in clauses (i) and (ii) of Section 3.01d. above have been satisfied. f. The foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making Delivery of Bullion in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods, extreme weather conditions, market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting a Trust, the Trustee, the Custodian or sub-custodian, metal clearing bank delays and similar extraordinary events beyond the Trustee’s control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. g. In the event that, by 10:00 a.m. (New York time) on the instructions is valid and genuine and that second Business Day following the requested transfer or redemption is legally authorizedOrder Date of a Redemption Order, and it Trustee’s account at DTC shall incur no liability for not have been credited with the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the total number of Shares redeemed. Such corresponding to the total number of Baskets to be redeemed Shares pursuant to such Redemption Order, the Trustee shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares send to the Authorized Participant and the Custodian via fax or electronic mail message notice of such fact and the Fund and Shares attributed to individual accounts. Authorized Participant shall have two (iv2) PNC shall, upon Business Days following receipt of such notice to correct such failure. If such failure is not cured within such two (2) Business Day period, the monies provided Trustee (in consultation with the Sponsor) will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to it by the Custodian for the redemption of Shares, pay such monies as are received from Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all in accordance with costs incurred by the procedures established Trust, the Trustee or the Custodian related to the cancelled Order. The Trustee is authorized to Deliver the Basket Amount for a Redemption Order notwithstanding that the Basket(s) to be redeemed are not credited to the Trustee’s DTC account by 10:00 a.m. (New York time) on the second Business Day following the Order Date of a Redemption Order if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such terms as the Sponsor and the Trustee may from time to time between PNC and the Fundagree upon. (v) When a broker-dealer notifies PNC h. The redemption of a redemption desired by a customer, and Shares may be suspended or rejected under the Custodian provides PNC with funds, PNC shall prepare and send circumstances specified in the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealerapplicable Prospectus. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the a Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the a Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the such Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fundsuch Trust. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the a Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the that Fund.

Redemption of Shares. PNC Redemption of Shares of a specified Trust shall process requests take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem Shares one or more Baskets shall place a Redemption Order with the Trustee no later than 3:59:59 p.m. (New York time) on any Business Day on which the Benchmark Price is announced. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day, or on a Business Day on which the Benchmark Price is not announced, will not be accepted. b. For purposes of Section 3.01a. above, a Redemption Order shall be deemed “received” by the Trustee only when either of the following has occurred no later than 3:59:59 p.m. (New York time): (i) Telephone/fax Order — An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line and has received an Order Number from the Trustee for insertion in the Redemption Order, or (ii) Web-based Order — An Authorized Representative shall have accessed the Trustee’s online services (hxxxx://xxxxxx.xxxxxxxxx.xxxx), the use of which is subject to the terms and conditions of the Order Entry System Terms and Conditions set forth on Annex II to these Procedures, in either case informing the Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets and, in the case of a telephone order, within 15 minutes following such telephone call, the Trustee shall have received a duly completed, irrevocable Redemption Order in the form set out in Annex I to these Procedures executed by an Authorized Representative of such Authorized Participant, via facsimile at the number specified in such Annex I. c. The Trustee shall provide a written summary to the Sponsor and the Custodian of all accepted Redemption Orders for such Order Date no later than 5:30 p.m. (New York time). d. Upon receipt of a properly completed Redemption Order, the Trustee shall send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as followssoon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the Order Date for such Redemption Order a copy of the corresponding Redemption Order endorsed “Accepted” by the Trustee and indicating the Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being redeemed. Prior to the transmission of the Trustee’s acceptance as specified above, a Redemption Order will only represent the Authorized Participant’s unilateral offer to deposit Baskets in exchange for a Delivery of Bullion and will have no binding effect upon the relevant Trust or any other party. Following the transmission of the Trustee’s acceptance as specified above, a Redemption Order will be a binding agreement among the relevant Trust and the Authorized Participant for the redemption of Baskets and the Delivery of Bullion pursuant to the terms of the Redemption Order and these Procedures. If a Redemption Order is rejected, the Trustee shalt send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the Order Date for such Redemption Order, a copy of the corresponding Redemption Order endorsed “Declined” by the Trustee and indicating the reason. The preceding sentence notwithstanding, Redemption Orders not accepted by 5:30 p.m. (New York time) on the Order Date shall be deemed cancelled. A Redemption Order which is not properly completed will be deemed invalid and rejected by the Trustee; the Authorized Participant may submit a corrected Redemption Order within the time period specified in Section 1.09 of the Standard Terms, currently within fifteen (15) minutes of such contact with the Authorized Participant, provided that the corrected Redemption Order is received by the Trustee prior to the Order Cutoff Time. e. The Trustee shall, by 10:00 a.m. (New York Time) on the third Business Day following the Order Date of a Redemption Order, confirm in writing to the Custodian whether each of the following has occurred: (i) All requests the Authorized Participant has Delivered by 10:00 a.m. on the third Business Day following the Order Date to transfer or redeem the Trustee’s account at DTC the total number of Shares and payment therefor shall to be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied redeemed by such documents as PNC reasonably may deem necessary.Authorized Participant pursuant to such Redemption Order; (ii) PNC reserves the right to refuse to transfer or redeem Shares until it is satisfied that Trustee shall have received from the endorsement on Authorized Participant the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption.applicable Transaction Fee; (iii) When the Authorized Participant shall have paid or agreed to pay, or reimbursed or agreed to reimburse the Custodian, the Trustee or the relevant Trust for, the amount of any applicable taxes (including, without limitation, any VAT), governmental charges and fees which are or become due in connection with the Delivery of Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) Trustee and the Fund or its designee Delivery of Bullion to the Authorized Participant, as well as any expense associated with the Delivery of Bullion to the Authorized Participant other than by a notification setting forth credit to an account of the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts Authorized Participant maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts.Custodian on an Unallocated Basis; and (iv) PNC any other conditions to the redemption of Shares under the Trust Agreement shall have been satisfied. Provided that the Custodian has received written confirmation from the Trustee that the conditions set forth in clauses (i), (ii), (iii) and (iv) of Section 3.01e. above have been satisfied, the Custodian shall, upon receipt on such day, Deliver, as applicable to the specific Redemption Order: - unallocated Gold loco London; - unallocated Silver loco London; - unallocated Platinum loco London; or - unallocated Palladium loco London in the amounts specified in the communication sent in compliance with Section 3.01d. above to the account indicated by the redeeming Authorized Participant in its Redemption Order (which shall be an appropriate Bullion account in London with the Custodian or another LPMCL clearing bank. Having made such Delivery, the Custodian shall send written confirmation thereof to the Trustee who shall then cancel the Shares so redeemed. The Authorized Participant shall bear all risk of any loss from the time the Bullion is transferred from the relevant Trust Unallocated Account to the account of the monies provided to it Authorized Participant maintained on an Unallocated Basis. f. In all other cases, Delivery must be completed by the Custodian for as soon as, in the redemption reasonable judgment of Shares, pay such monies as are received from the Custodian, all it is practicable following receipt of written confirmation from the Trustee that the conditions set forth in accordance clauses (i), (ii), (iii) and (iv) of Section 3.01e. above have been satisfied. g. The foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making Delivery of Bullion in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods or extreme weather conditions, market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting a Trust, the Trustee, the Custodian or sub-custodian and similar extraordinary events beyond the Custodian’s and the Trustee’s reasonable control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues as determined by the Trustee in its sole discretion. h. In the event that, by 10:00 a.m. (New York time) on the third Business Day following the Order Date of a Redemption Order, the Trustee’s account at DTC shall not have been credited with the procedures established from time total number of Shares corresponding to time between PNC and the Fund. (v) When a broker-dealer notifies PNC total number of a redemption desired by a customerBaskets to be redeemed pursuant to such Redemption Order, the Trustee shall send to the Authorized Participant and the Custodian provides PNC via fax or electronic mail message notice of such fact and the Authorized Participant shall have one (1) Business Day following receipt of such notice to correct such failure. If such failure is not cured within such one (1) Business Day period, the Trustee (in consultation with funds, PNC shall prepare the Sponsor) will cancel such Redemption Order and will send the redemption proceeds via electronic mail message notice of such cancellation to the broker-dealer on behalf of its customerAuthorized Participant and the Custodian. The Authorized Participant will be solely responsible for all damages, unless otherwise instructed in writing losses, costs and expenses incurred by the broker-dealerrelevant Trust, the Sponsor, the Trustee or the Custodian related to the cancelled Redemption Order. (vi) PNC i. The redemption of Shares may be suspended or rejected under the circumstances specified in the relevant Trust Agreement, these Procedures or the Standard Terms. j. Except as provided in Sections 3.02d., 3.02h. and the Standard Terms, none of the Trustee, the Sponsor or the Custodian are under any duty to give notification of any defects or irregularities in any Redemption Order or the Delivery of the Shares, and shall not process or effect incur any redemption requests with respect liability for the failure to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the Fundgive any such notification.

Redemption of Shares. PNC BNYM shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC BNYM reasonably may deem necessary. (ii) PNC BNYM reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNCwhich BNYM, in its reasonable judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC BNYM and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall Redemption orders must be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC reasonably may deem necessary. (ii) PNC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC shall, upon receipt of the monies provided to it received by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time dealer prior to time between PNC 4:00 p.m. (EST) on that business day and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of will be priced at the net asset value computed as of 4:00 p.m. (EST) on such day, less any applicable contingent deferred sales charge and frequent trading/redemption fees, provided that orders so received by a dealer shall have been transmitted to us prior to the close of our business day. Orders received by dealers after each day’s market close will be confirmed, subject to our acceptance, on the same basis as previously stated with respect to the next day on which the Fund’s net asset value will be determined. It should be noted that any record holder of the FundFunds may surrender all or any part of their holdings to the Funds and the Funds are required to redeem such shares at a price equal to net asset value, less any applicable contingent deferred sales charge and frequent trading/redemption fees, determined in the manner and on the terms described in the prospectus. If any shares confirmed to you hereunder are repurchased or are tendered for liquidation to the Funds within seven (7) days after such confirmation of your original order, then you shall forthwith repay to the Funds, the full concession allowed to you on such sale and we shall forthwith repay to the Funds, our share of the sales charge thereon. We shall notify you of such repurchase or liquidation within ten (10) days from the day on which the instructions to liquidate are delivered to us or to the Funds. You shall make no purchases except for the purpose of covering orders received by you and then such purchases must be made only at the offering price (less your concession) at which such orders were taken, provided, however, that the foregoing does not prevent the purchase of shares by you for your own bona fide investment. In no event shall you withhold placing orders so as to profit yourself, as a result of such withholding, by a change in the net asset value from that used in determining the price to your customer, or otherwise. Neither you nor any other person has been authorized to give any information or to make representations in connection with the sale of shares hereunder other than as contained in the prospectus.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s 's custodian (the “"Custodian”") and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC Redemption of Shares of a specified Trust shall process requests take place only in integral numbers of Baskets in compliance with the following rules: a. Authorized Participants wishing to redeem Shares one or more Baskets shall place a Redemption Order with the Trustee no later than 3:59:59 p.m. (New York time) on any Business Day. Redemption Orders received by the Trustee on or after the Order Cutoff Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as followstheir Order Date such next Business Day. b. For purposes of Section 3.01a. above, a Redemption Order shall be deemed “received” by the Trustee only when either of the following has occurred no later than 3:59:59 p.m. (New York time): (i) Telephone/fax Order – An Authorized Representative shall have placed a telephone call to the Trustee’s Creation and Redemption Line and has received an Order Number from the Trustee for insertion in the Redemption Order, or (ii) Web-based Order – An Authorized Representative shall have accessed the Trustee’s online services (xxx.xxxxxxxxxxx.xxxxxxxx.xxx) in either case informing the Trustee that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets and, in the case of a telephone order, within 15 minutes following such telephone call the Trustee shall have received a duly completed, irrevocable Redemption Order in the form set out in Annex I to these Procedures executed by an Authorized Representative of such Authorized Participant, via facsimile at the number specified in such Annex I. c. Upon receipt of a properly completed Redemption Order, the Trustee shall send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 5:30 p.m. (New York time) on the Order Date for such Redemption Order a copy of the corresponding Redemption Order endorsed “Accepted” by the Trustee and indicating the Basket Amount that the Custodian shall Deliver to the Authorized Participant in respect of each Basket being redeemed. d. The Trustee shall, by the Trustee’s close of business on the second Business Day following the Order Date of a Redemption Order, confirm in writing to the Custodian whether each of the following has occurred: (i) All requests the Authorized Participant has Delivered to transfer or redeem the Trustee’s account at DTC the total number of Shares and payment therefor shall to be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied redeemed by such documents as PNC reasonably may deem necessary.Authorized Participant pursuant to such Redemption Order; and (ii) PNC reserves the right Authorized Participant has paid or agreed to refuse pay the Trustee a per order transaction fee of US$500, if applicable. Provided that the Custodian has received written confirmation from the Trustee that the conditions set forth in clauses (i) and (ii) of Section 3.01d. above have been satisfied, the Custodian shall: (1) on the next following Business Day, Deliver: • unallocated Silver loco London; • unallocated Gold loco London (for the ETFS Precious Metals Basket Trust only); • unallocated Gold loco Zurich (for the ETFS Gold Trust only); • unallocated Gold loco Singapore (for the ETFS Asian Gold Trust only); • unallocated Platinum loco Zurich; • unallocated Platinum loco London; • unallocated Palladium loco Zurich; and/or • unallocated Palladium loco London (as applicable to transfer the specific Redemption Order); and (2) within the next following three Business Days, Deliver: • unallocated Gold loco London (for the ETFS Gold Trust and ETFS Asian Gold Trust only) (as applicable to the specific Redemption Order) in the amounts specified in the communication sent in compliance with Section 3.01c. above, to the account indicated by the redeeming Authorized Participant in its Redemption Order (which shall be an appropriate bullion account with an LBMA member or redeem LPPM member, as applicable for the type of Bullion involved). With respect to Gold from the ETFS Gold Trust and ETFS Asian Gold Trust and where the Authorized Participant elects loco London delivery, the Authorized Participant must first agree to the cost of the loco swap with the Custodian and reimburse the Custodian for any amount owed under such swap. Having made such Delivery, the Custodian shall send written confirmation thereof to the Trustee who shall then cancel the Shares until so redeemed. e. In all other cases, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is satisfied practicable following receipt of written confirmation from the Trustee that the endorsement conditions set forth in clauses (i) and (ii) of Section 3.01d. above have been satisfied. f. The foregoing provisions notwithstanding, neither the Trustee nor the Custodian shall be liable for any failure or delay in making Delivery of Bullion in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods, extreme weather conditions, market conditions or activities causing trading halts, systems failures involving computer or other information systems affecting a Trust, the Trustee, the Custodian or sub-custodian, metal clearing bank delays and similar extraordinary events beyond the Trustee’s control. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues. g. In the event that, by 4:00 p.m. (New York time) on the instructions is valid and genuine and that second Business Day following the requested transfer or redemption is legally authorizedOrder Date of a Redemption Order, and it Trustee’s account at DTC shall incur no liability for not have been credited with the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the total number of Shares redeemed. Such corresponding to the total number of Baskets to be redeemed Shares pursuant to such Redemption Order, the Trustee shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares send to the Authorized Participant and the Custodian via fax or electronic mail message notice of such fact and the Fund and Shares attributed to individual accounts. Authorized Participant shall have two (iv2) PNC shall, upon Business Days following receipt of such notice to correct such failure. If such failure is not cured within such two (2) Business Day period, the monies provided Trustee (in consultation with the Sponsor) will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to it by the Custodian for the redemption of Shares, pay such monies as are received from Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all in accordance with costs incurred by the procedures established Trust, the Trustee or the Custodian related to the cancelled Order. The Trustee is authorized to Deliver the Basket Amount for a Redemption Order notwithstanding that the Basket(s) to be redeemed are not credited to the Trustee’s DTC account by 9:00 a.m. (New York time) on the third Business Day following the Order Date of a Redemption Order if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such terms as the Sponsor and the Trustee may from time to time between PNC and the Fundagree upon. (v) When a broker-dealer notifies PNC h. The redemption of a redemption desired by a customer, and Shares may be suspended or rejected under the Custodian provides PNC with funds, PNC shall prepare and send circumstances specified in the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealerapplicable Prospectus. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC BNYM shall process requests to redeem Shares as follows: (i) All requests to exchange, transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC BNYM reasonably may deem necessary. (ii) PNC BNYM reserves the right to refuse to exchange, transfer or redeem Shares until it is reasonably satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNCwhich BNYM, in its reasonable judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. In the event BNYM determines an exchange, transfer or redemption request is not in good order it will contact the originator of the request in accordance with its Written Procedures. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC BNYM and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC reasonably may deem necessary. (ii) PNC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that which PNC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC shall not process or effect affect any redemption requests with respect to Shares of the Fund a Portfolio after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the Fundthat Portfolio.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s Trust's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s Trust's custodian (the “"Custodian”") and the Fund Trust or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund Trust and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the FundTrust. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund Trust after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the FundTrust.

Redemption of Shares. PNC Whenever the Company shall process requests elect to redeem Shares, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary not less than 40 nor more than 70 days’ notice of the date of such proposed redemption of Shares. On the date of such redemption, provided that the Company shall then have paid in full to the Depositary the redemption price of the Shares to be redeemed, the Depositary shall redeem the Depositary Shares relating to such Shares. The Depositary shall mail notice of such redemption and the proposed simultaneous redemption of the number of Depositary Shares representing the Shares to be redeemed, first-class postage prepaid, not less than 30 and not more than 60 days prior to the date fixed for redemption of such Shares and Depositary Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of such holders as follows: they appear on the records of the Depositary; but neither failure to mail any such notice to one or more such holders nor any defect in any notice to one or more such holders shall affect the sufficiency of the proceedings for redemption as to other holders. Each such notice shall state: (i) All requests the Redemption Date; (ii) the number of Depositary Shares to transfer be redeemed and, if less than all the Depositary Shares held by any such holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (iii) the redemption price; (iv) the place or redeem places where Receipts evidencing Depositary Shares are to be surrendered for payment of the redemption price; and payment therefor (v) that dividends in respect of the Shares underlying the Depositary Shares to be redeemed will cease to accumulate at the close of business on the business day next preceding such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be made selected by lot or pro rata (subject to rounding to avoid fractions of the Depositary Shares) as may be determined by the Depositary. Notice having been mailed by the Depositary as aforesaid, from and after the Redemption Date (unless the Company shall have failed to redeem the Shares to be redeemed by it as set forth in the Company’s notice provided for in the preceding paragraph), all dividends in respect of the Shares so called for redemption shall cease to accumulate, the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the redemption price), to the extent of such Depositary Shares, shall cease and terminate and, upon surrender in accordance with such notice of the Fund’s prospectusReceipts evidencing any such Depositary Shares (properly endorsed or assigned for transfer, when if the shareholder tenders Depositary shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to [specify fraction] of the redemption price per share paid in proper formrespect of the Shares plus all money and other property, accompanied if any, underlying such Depositary Shares, including all amounts paid by such documents as PNC reasonably may deem necessary. (ii) PNC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement Company in respect of dividends which on the instructions is valid Redemption Date have accumulated on the Shares to be so redeemed and genuine and that have not therefore been paid. If less than all the requested transfer or redemption is legally authorizedDepositary Shares evidenced by a Receipt are called for redemption, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall Depositary will deliver to the Fund’s custodian (holder of such Receipt upon its surrender to the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC shallDepositary, upon receipt of the monies provided to it by the Custodian for together with the redemption of Sharespayment, pay a new Receipt evidencing the Depositary Shares evidenced by such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC prior Receipt and the Fundnot called for redemption. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC BNYM shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC BNYM reasonably may deem necessary. (ii) PNC BNYM reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich BNYM, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC BNYM and the Fund. (v) When a broker-dealer notifies PNC BNYM of a redemption desired by a customer, and the Fund Custodian provides PNC BNYM with funds, PNC BNYM shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC BNYM shall process requests to redeem Shares as follows: (iA) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC BNYM reasonably may deem necessary. (iiB) PNC BNYM reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNCwhich BNYM, in its reasonable judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iiiC) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (ivD) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC BNYM and the Fund. (vE) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the each Fund’s prospectus's private placement memorandum, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the a Fund’s 's custodian (the “"Custodian”") and the a Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the a Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the a Fund. (v) When a broker-dealer shareholder desires to redeem and notifies PNC PFPC of a redemption desired by a customersuch request, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer on behalf of its customershareholder and made payable to the shareholder, unless otherwise instructed in writing by the broker-dealershareholder. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the a Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the a Fund.

Redemption of Shares. PNC BNYM shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder Shareholder tenders Shares in proper form, accompanied by such documents as PNC BNYM reasonably may deem necessary. (ii) PNC BNYM reserves the right to refuse to transfer or redeem Shares until it is reasonably satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal reasonable refusal, in good faith, to process transfers or redemptions that PNCwhich BNYM, in its reasonable judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC BNYM and the Fund. Without limiting the generality of the foregoing, with respect to broker-dealers who transmit transaction instructions to BNYM through the NSCC, BNYM will each Business Day pay such broker-dealers amounts equal to net redemption positions for that Business Day through the process established by the NSCC, and with respect to broker-dealers who transmit transaction instructions to BNYM by other means approved by BNYM, BNYM will each Business Day pay such broker-dealers by wire transfer amounts equal to net redemption positions for that Business Day; provided, however, in each case the Fund Custodian has provided BNYM with appropriate funds. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC Subject to Schedule E with respect to the Fund if it is an I-Fund, BNYM shall process requests instructions to redeem or transfer Shares as followsin accordance with the following: (i) All requests instructions given to BNYM regarding the transfer of Shares, the redemption of Shares or redeem Shares and payment therefor shall be made in accordance with the disposition of redemption proceeds must conform to the Fund’s prospectus, when the shareholder tenders Shares in proper form, be accompanied by such documents as PNC BNYM reasonably may deem necessarydetermines to be appropriate to the particular transaction and to the extent the Shares are certificated the Shares must be tendered in proper form. (ii) PNC reserves the right BNYM is authorized to refuse to delay or reject a transfer or redeem redemption of Shares until it is satisfied determines that the endorsement on the instructions is valid and genuine and genuine, that the requested transfer or redemption is legally authorizedauthorized and otherwise complies with all applicable requirements in the Written Procedures, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any adverse claims adverse to such that may have been made regarding the Shares or the particular transfer or redemption, and BNYM shall incur no liability for delaying or rejecting transfers or redemptions in accordance with the foregoing authorization. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC and the FundWritten Procedures. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the relevant Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the relevant Fund’s custodian (the “Custodian”) 's Custodian and the Fund or its designee a notification setting forth the number dollar amount of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the relevant Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund Funds after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the FundFunds.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus's prospectuses, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s custodian (the “Custodian”) Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund Portfolio and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the FundPortfolio.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s Trust's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s Trust's custodian and fund accountant (the “"Custodian”") and the Fund Trust or its designee a notification setting forth the number of Shares and cash redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund Trust and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the FundTrust. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund Trust after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the FundTrust.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the FundTrust’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the FundTrust’s custodian and fund accountant (the “Custodian”) and the Fund Trust or its designee a notification setting forth the number of Shares and cash redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund Trust and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the FundTrust. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund Trust after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the FundTrust.

Redemption of Shares. PNC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC reasonably may deem necessary. (ii) PNC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that which PNC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect affect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s Portfolio's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is reasonably satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal reasonable refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s Portfolio's custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fundapplicable Portfolio.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. PFPC shall process all Share transfers, exchanges and redemptions. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its commercially reasonable judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and such redemption check shall be made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fund. (vii) PFPC shall calculate redemption fees, as appropriate.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s 's custodian (the “"Custodian”") and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect affect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s 's custodian (the “"Custodian”") and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. PFPC will also calculate and withhold any required federal taxes for the individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s Trust's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the FundTrust’s custodian (the “Custodian”) and the Trust’s Fund or its designee Accounting Agent a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund Trust and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the FundTrust. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any purchase or redemption requests with respect to Shares of the Fund Trust after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the FundTrust.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is reasonably satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal reasonable refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s custodian (the “Custodian”) Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the applicable Portfolio of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with a check or the Service Account Custodian with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of any Portfolio of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fundsuch Portfolio.

Redemption of Shares. PNC Subject to Schedule E, BNYM shall process requests instructions to redeem or transfer Shares as followsin accordance with the following: (i) All requests instructions given to BNYM regarding the transfer of Shares, the redemption of Shares or redeem Shares and payment therefor shall be made in accordance with the disposition of redemption proceeds (excluding instructions from broker-controlled accounts) must conform to the Fund’s prospectus, when the shareholder tenders Shares in proper form, Prospectus be accompanied by such documents as PNC BNYM reasonably may deem necessarydetermines to be appropriate to the particular transaction and to the extent the Shares are certificated the Shares must be tendered in proper form. (ii) PNC reserves the right BNYM is authorized to refuse to delay or reject a transfer or redeem redemption of Shares until it is satisfied determines that the endorsement on the instructions is valid and genuine and genuine, that the requested transfer or redemption is legally authorizedauthorized and otherwise complies with all applicable requirements in the Written Procedures, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any adverse claims adverse to such that may have been made regarding the Shares or the particular transfer or redemption, and BNYM shall incur no liability for delaying or rejecting transfers or redemptions in accordance with the foregoing authorization. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC and the FundWritten Procedures. (v) When a Except with respect to redemption requests received from broker-dealer notifies PNC of a redemption desired by a customercontrolled accounts, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares of a Portfolio as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s Portfolio's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s Portfolio's custodian (the “"Custodian”") and the Fund Portfolio or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund Portfolio and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund Portfolio after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fundsuch Portfolio.

Redemption of Shares. PNC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the FundPortfolio’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC reasonably may deem necessary. (ii) PNC reserves the right to refuse to transfer or redeem Shares until it is reasonably satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal reasonable refusal, in good faith, to process transfers or redemptions that which PNC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the FundPortfolio’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by by. PNC or its agent of notification of the suspension of the determination of the net asset value of the Fundapplicable Portfolio.

Redemption of Shares. PNC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC reasonably may deem necessaryhas described in its policies and procedures provided to the Fund. (ii) PNC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that which PNC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the FundFund or a Portfolio.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) 5.3.1 All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the FundTrust’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary.; (ii) PNC 5.3.2 PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption.; (iii) 5.3.3 When Shares are redeemed, PNC PFPC shall deliver to the Fund’s custodian (the “Custodian”) Custodian and the Fund Trust or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund Trust and Shares attributed to individual accounts.; (iv) PNC 5.3.4 PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund.Trust; (v) 5.3.5 When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer.; and (vi) PNC 5.3.6 PFPC shall not process or effect any redemption requests with respect to Shares of the a Fund after receipt by PNC or its agent PFPC of notification of the suspension of the determination of the net asset value of the Fund; provided that PFPC shall be afforded a reasonable time to act after receipt of any such notification.

Redemption of Shares. PNC To the extent of the assets of the Trust legally available for such redemptions, a Shareholder of the Trust shall process requests have the right to require the Trust to redeem his full and fractional Shares of any class out of assets belonging to the classes with the same alphabetical designation as follows: (i) All requests such class at a redemption price equal to transfer the net asset value per Share next determined after receipt of a request to redeem in proper form as determined by the Trustees, subject to the right of the Trustees to suspend the right of redemption of Shares or redeem Shares and postpone the date of payment therefor shall be made of such redemption price in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by provisions of applicable law. The Trustees shall establish such documents rules and procedures as PNC reasonably may they deem necessary. (ii) PNC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, provided that all redemptions shall be in accordance with the procedures established Act. Without limiting the generality of the foregoing, the Trust shall, to the extent permitted by applicable law, have the right at any time to redeem the Shares owned by any holder thereof: (a) in connection with the termination of any class of Shares as provided hereunder; (b) if the value of such Shares in the account or accounts maintained by the Trust or its transfer agent for any class or classes of Shares is less than the value determined from time to time between PNC and by the Fund. Trustees as the minimum required for an account or accounts of such class or classes, PROVIDED that the Trust shall provide a Shareholder with written notice at least fifteen (v15) When a broker-dealer notifies PNC of days prior to effecting a redemption desired of Shares as a result of not satisfying such requirement; (c) to reimburse the Trust for any loss it has sustained by reason of the failure of such Shareholder to make full payment for Shares purchased by such Shareholder; (d) to collect any charge relating to a customer, and transaction effected for the Custodian provides PNC with funds, PNC shall prepare and send benefit of such Shareholder which is applicable to Shares as provided in the redemption proceeds prospectus relating to such Shares; or (e) if the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC shall not process or effect any redemption requests net income with respect to any particular class of Shares should be negative or it should otherwise be appropriate to carry out the Trust's responsibilities under the Act, in each case subject to such further terms and conditions as the Trustees may from time to time establish. The redemption price of Shares in the Fund after receipt by PNC or its agent of notification of the suspension of the determination of Trust shall, except as otherwise provided in this subsection, be the net asset value thereof as determined by the Trustees from time to time in accordance with the provisions of applicable law, less such redemption fee or other charge, if any, as may be fixed by the Trustees. When the net income of any class with respect to which the Trustees have, in their discretion, established a policy of maintaining a constant net asset value per Share is negative or whenever deemed appropriate by the Trustees in order to carry out the Trust's responsibilities under the Act, the Trust may, without payment of compensation but in consideration of the Fundinterests of the Trust and the holders of Shares of such class in maintaining a constant net asset value per Share of such class, redeem pro rata from each holder of record on such day, such number of full and fractional Shares of such class as may be necessary to reduce the aggregate number of outstanding Shares in order to permit the net asset value thereof to remain constant. Payment of the redemption price, if any, shall be made in cash by the Trust at such time and in such manner as may be determined from time to time by the Trustees unless, in the opinion of the Trustees, which shall be conclusive, conditions exist which make payment wholly in cash unwise or undesirable; in such event the Trust may make payment in the assets belonging or allocable to the classes of Shares having the same alphabetical designation as the class of the Shares redemption of which is being sought, the value of which shall be determined as provided herein.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s Portfolio's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is reasonably satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal reasonable refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s Portfolio's custodian (the “"Custodian”") and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fundapplicable Portfolio.

Redemption of Shares. PNC BNYM shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor therefore shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC BNYM reasonably may deem necessary. (ii) PNC BNYM reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich BNYM, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption, in each case provided that it notifies the requestor of any defect in the redemption request in a timely manner. (iii) When Shares are redeemed, PNC BNYM shall deliver to the Fund’s custodian (the “Custodian”) Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay such monies as are received from the Fund Custodian, all in accordance with the procedures established from time to time between PNC and the Fund. (v) When a broker-dealer notifies PNC BNYM of a redemption desired by a customer, and the Fund Custodian provides PNC BNYM with funds, PNC BNYM shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC BNYM shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s custodian (the “Custodian”) Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customershareholder, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as ____________________ follows: (i) All requests to transfer or redeem Shares and payment therefor therefore shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s 's custodian (the “"Custodian”") and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC, the Fund and the FundTIA. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC reasonably may deem necessary. (ii) PNC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that which PNC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the Fund. (vii) PNC shall calculate and collect, but solely with respect to direct shareholder accounts, any redemption fees applicable to a Portfolio in accordance with the Portfolio’s then current prospectus and shall remit such fees to the appropriate Portfolio as soon as practicable after collection. For purposes of clarification, PNC shall have no duty whatsoever under this Section 12(c)(vii) to calculate or collect redemption fees with respect to transactions in any account for which PNC has received notification in writing that the Fund has waived this duty for PNC.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) 5.3.1 All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the FundTrust’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC 5.3.2 PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) 5.3.3 When Shares are redeemed, PNC PFPC shall deliver to the Fund’s custodian (the “Custodian”) Custodian and the Fund Trust or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund Trust and Shares attributed to individual accounts. (iv) PNC 5.3.4 PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the FundTrust. (v) 5.3.5 When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC 5.3.6 PFPC shall not process or effect any redemption requests with respect to Shares of the a Fund after receipt by PNC or its agent PFPC of notification of the suspension of the determination of the net asset value of the Fund; provided that PFPC shall be afforded a reasonable time to act after receipt of any such notification.

Redemption of Shares. PNC shall process requests to transfer or redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor remittance of proceeds of redemption shall be made processed in accordance with the Fund’s prospectusprospectus and Statement of Additional Information, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC reasonably may deem necessary. (ii) PNC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that which PNC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC reasonably may deem necessaryrequired by PFPC and Fund procedures. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer on behalf shareholder of its customerrecord or send the proceeds electronically per standing bank instructions of the shareholder, unless otherwise instructed in writing by the broker-dealershareholder. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) 1. All requests to transfer or redeem Shares and payment therefor therefore shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC 2. PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) 3. When Shares are redeemed, PNC PFPC shall deliver to the Fund’s 's custodian (the “"Custodian”") and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC 4. PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) 5. When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC 6. PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC reasonably may deem necessary. (ii) PNC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that which PNC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the Fund’s 's custodian (the “"Custodian”") and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC (a) Except as otherwise provided in this Agreement, no Shareholder shall process requests have the right to redeem tender to the Fund for repurchase all or any portion of that Person's Shares. The Trustees from time to time, in their sole and absolute discretion and on such terms and conditions as they may determine, may cause the Trust to repurchase Shares pursuant to written tenders, provided that no such repurchases cause the Trust to be treated under the Code as followsa "publicly traded partnership" taxable as a corporation. However, the Trust shall not offer to repurchase Shares on more than two occasions during any one fiscal year of the Trust unless it has been advised by counsel to the Trust to the effect that such more frequent offers would not cause any adverse tax consequences to the Trust or the Shareholders, including causing the Trust to be treated under the Code as a "publicly traded partnership." In determining whether to cause the Trust to repurchase pursuant to written tenders, the Trustees shall consider the recommendation of the Investment Adviser, and shall also consider the following factors, among others: (i1) All requests whether any Shareholders have requested to transfer or redeem tender Shares to the Trust; (2) the liquidity of the Trust's assets; (3) the investment plans and payment therefor shall be made working capital requirements of the Trust; (4) the relative economies of scale with respect to the size of the Trust; (5) the history of the Trust in accordance with repurchasing Shares; (6) the Fund’s prospectus, when economic condition of the shareholder tenders Shares in proper form, accompanied by such documents as PNC reasonably may deem necessarysecurities markets; and (7) the anticipated tax consequences of any proposed repurchases Shares. (iib) PNC reserves the right to refuse to transfer or redeem The Investment Adviser may tender Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemptionas a Shareholder under this Section 8. (iiic) When Shares are redeemedThe Trustees, PNC shall deliver in their sole and absolute discretion, may require the Trust to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customerrepurchase, and any Shareholder to sell, a Share or Shares for any reason whatsoever, provided that no such repurchases cause the Custodian provides PNC with funds, PNC shall prepare and send Trust to be treated under the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealerCode as a "publicly traded partnership" taxable as a corporation. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as ____________________ follows: (i) All requests to transfer or redeem Shares and payment therefor therefore shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s 's custodian (the “"Custodian”") and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC, the Fund and the FundTAMIC. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s custodian (the “Custodian”) Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customershareholder, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s prospectus's prospectuses, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNCwhich PFPC, in its good judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s 's custodian (the “"Custodian”") and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the Fund. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the Fund.

Redemption of Shares. PNC In the absence of Written Instructions to the contrary, FPS is authorized to take the following actions: (a) FPS shall process each day all purchase orders received from the Corporation, the Distributor and prospective shareholders for the purchase Shares (provided FPS has received sufficient information to enable FPS to establish a shareholder account or to issue Shares to an existing shareholder account) prior to the daily determination of net asset value by the Corporation or its pricing agent and in accordance with each Fund's then-effective prospectus and statement of additional information. (i) FPS shall calculate daily as of the time when the net asset value for such Shares is determined, the amount available for investment in Shares, the number of Shares and fractional Shares to be purchased and the net asset value to be deposited with the Corporation's custodian bank (the "Custodian"). FPS shall confirm such number to the Corporation in writing. --------- (ii) FPS, having made the calculations provided for above, shall thereupon pay over the net asset value of Shares purchased to the Custodian. The proper number of Shares and fractional Shares shall then be issued daily and credited by FPS to the Stockholder's registration records. The Shares and fractional Shares purchased for each Stockholder will be credited by FPS to that Stockholder's separate account. FPS shall mail to each Stockholder a confirmation of each purchase, with copies to the Corporation, if requested. Such confirmations will show the prior Share balance, the new Share balance, the amount invested and the price paid for the newly purchased Shares. (iii) At or prior to the Term Date, the Corporation will provide FPS with a certificate signed by an authorized Person identifying the number of authorized Shares and the number of Shares registered under the Securities Act of 1933, as amended (the "Securities Act"), or whether the Corporation -------------- has made a declaration under Rule 24f-2 under the 1940 Act. The Corporation covenants that it will notify FPS promptly of any change in the number of authorized or registered Shares or termination in the Corporation's declaration under Rule 24f-2. (b) FPS shall process each day all instructions from Stockholders or the Corporation for the redemption or transfer of Shares held by such Stockholders prior to the daily determination of net asset value in accordance with each Fund's then-effective prospectus and statement of additional information, and FPS shall determine the number of Shares required to be redeemed or transferred to make monthly payments, automatic payments as well as any other specialized services. (i) Upon receipt by FPS of the applicable net asset value from the Corporation's pricing agent, FPS shall advise the Corporation of the total number of Shares available for redemption and the number of Shares and fractional Shares requested to be redeemed. FPS shall furnish the Corporation with an appropriate written confirmation of all redemptions and transfers, and process all redemptions and transfers, by filing with the Custodian an appropriate statement and making the proper distribution and application of the redemption proceeds in accordance with the Corporation's charter, by-laws and prospectus relating to such Shares then in effect. The Corporation's stock registry books recording outstanding Shares, the Stockholders' registration records and the individual accounts of the Stockholders shall be properly debited. (ii) The proceeds of any redemption shall be remitted by FPS by check mailed to the Stockholder at the Stockholder's registered address or wired to an authorized bank account in accordance with the Corporation's charter, by-laws and prospectus relating to such Shares then in effect. (iii) For the purposes of redemption of Shares that have been purchased within 15 days of a redemption request, FPS shall comply with such requests only as provided in the then-effective prospectus and statement of additional information pertaining to such Shares or pursuant to Written Instructions which the Corporation may from time to time provide. (c) Where a Stockholder does not hold a Share Certificate in its account but provides FPS with instructions for the transfer of such Shares, which include a signature guarantee pursuant to Rule 17Ad-15 under the Exchange Act and such other documentation to permit a transfer, FPS shall register such Shares and shall deliver them pursuant to instructions received from the transferor, pursuant to the Securities Act, the Exchange Act, the 1940 Act and the rules and regulations promulgated thereunder, and the laws of the State of Maryland relating to the transfer of shares of common stock. (d) FPS will issue Share Certificates for Shares of any Fund only upon receipt of a written request from a Stockholder of record. In all other cases, FPS shall issue such Shares in uncertificated form and shall note on the Corporation's stock registry that such Shares and any fraction thereof have been issued in uncertificated form. In the event a Stockholder of uncertificated Shares instructs FPS to transfer or redeem Shares as followssome or all of such Shares, FPS is not required to issue Share Certificates for transfer or redemption purposes, and FPS may process such transfers and redemptions by appropriate entries in its Stockholder records. (e) If FPS has been properly requested to issue Share Certificates, the following provisions will apply: (i) All requests The Corporation shall furnish to transfer or redeem Shares and payment therefor FPS blank Share Certificates as FPS may reasonably request. Such blank Share Certificates shall be made in accordance with executed manually or by facsimile signature of the Fund’s prospectusofficer or officers of the Corporation authorized by law or the charter or by-laws of the Corporation to execute Share Certificates and, when if required, shall bear the shareholder tenders Shares in proper form, accompanied by such documents as PNC reasonably may deem necessarycorporate seal or a facsimile thereof. (ii) PNC reserves In the right event any officer of the Corporation who shall have signed manually or whose facsimile signature shall have been affixed to refuse blank Share Certificates shall die, resign or be removed prior to transfer the issuance of such Share Certificates, FPS may issue or redeem Shares until it is satisfied that register such Share Certificates as the endorsement on Share Certificates of the instructions is valid Corporation notwithstanding such death, registration or removal; and genuine and that the requested transfer Corporation shall file promptly with FPS such approval, adoption or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemptionratification as may be required by law. (iii) When Shares are redeemedIn the case of the loss or destruction of any Share Certificate, PNC shall deliver to the Fund’s custodian (the “Custodian”) and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares no new certificate shall be reflected on issued in lieu thereof unless there shall first have been furnished an appropriate accounts maintained bond of indemnity issued by PNC reflecting outstanding Shares of a surety company approved by the Fund and Shares attributed to individual accountsCorporation. (iv) PNC shall, upon Upon receipt of the monies provided to it by the Custodian for the redemption Share Certificates, which shall be in proper form of Sharestransfer, pay such monies as are received from the Custodian, all in accordance together with the procedures established from time Stockholder's instructions to time between PNC and hold such Share Certificates for safekeeping, FPS shall reduce such Shares to uncertificated status while retaining the Fundappropriate registration in the name of the Stockholder on the Corporation's stock registry. (v) When a brokerthe U.S. Postal Service is used for delivery of Share Certificates, FPS shall forward Share Certificates in "non-dealer notifies PNC of a redemption desired negotiable" form by a customerfirst-class mail, and the Custodian provides PNC with fundsShare Certificates in "negotiable" form by registered mail, PNC shall prepare and send the redemption proceeds all mail deliveries to be covered while in transit to the broker-dealer on behalf of its customer, unless otherwise instructed in writing addressee by the broker-dealerinsurance arranged for by FPS. (vif) PNC shall not process or effect any redemption requests with With respect to Shares confirmed trades received by FPS from a registered representative of an NASD member, FPS shall periodically notify the Corporation of the Fund after receipt by PNC or its current status of outstanding confirmed trades. FPS is authorized to cancel confirmed trades which have been outstanding for at least thirty (30) days. Upon such cancellation, FPS shall instruct the Corporation's accounting agent of notification to adjust the books of the suspension of the determination of the net asset value of the FundCorporation accordingly.

Redemption of Shares. PNC PFPC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the FundTrust’s prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC PFPC reasonably may deem necessary. (ii) PNC PFPC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal refusal, in good faith, to process transfers or redemptions that PNC, in its judgment, which PFPC reasonably deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC PFPC shall deliver to the Fund’s custodian (the “Custodian”) Custodian and the Fund Trust or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC PFPC reflecting outstanding Shares of the Fund Trust and Shares attributed to individual accounts. (iv) PNC PFPC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC PFPC and the FundTrust. (v) When a broker-dealer notifies PNC PFPC of a redemption desired by a customer, and the Custodian provides PNC PFPC with funds, PNC PFPC shall prepare and send the redemption proceeds check to the broker-dealer and made payable to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC PFPC shall not process or effect any redemption requests with respect to Shares of the Fund Trust after receipt by PNC PFPC or its agent of notification of the suspension of the determination of the net asset value of the FundTrust.

Redemption of Shares. PNC shall process requests to redeem Shares as follows: (i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the Fund’s 's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as PNC reasonably may deem necessary. (ii) PNC reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions that PNC, in its judgment, deems improper or unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption. (iii) When Shares are redeemed, PNC shall deliver to the Fund’s 's custodian (the “"Custodian”") and the Fund or its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by PNC reflecting outstanding Shares of the Fund and Shares attributed to individual accounts. (iv) PNC shall, upon receipt of the monies provided to it by the Custodian for the redemption of Shares, pay such monies as are received from the Custodian, all in accordance with the procedures established from time to time between PNC and the Fund. (v) When a broker-dealer notifies PNC of a redemption desired by a customer, and the Custodian provides PNC with funds, PNC shall prepare and send the redemption proceeds to the broker-dealer on behalf of its customer, unless otherwise instructed in writing by the broker-dealer. (vi) PNC shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by PNC or its agent of notification of the suspension of the determination of the net asset value of the Fund.