Common use of Redemptions and Repurchases Clause in Contracts

Redemptions and Repurchases. The Fund shall purchase such Shares as may be offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Fund or a person designated by the Fund that the Fund purchase such Shares or in accordance with such other procedures for redemption as the Board of Directors may from time to time authorize; and the Fund will pay therefor the net asset value thereof, as determined in accordance with the 1940 Act and the rules of the Commission. Payment for said Shares shall be made by the Fund to the Shareholder within (7) seven days after the date on which the request is made or in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorize. The obligation set forth in this Section 4 is subject to the provision that in the event that at any time the New York Stock Exchange (the “Exchange”) is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund to dispose of the investments or to determine fairly the value of the net assets or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board. The Fund may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Board of Directors determine that such payment is advisable in the interests of the remaining Shareholders of the Class of the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Board. In no case shall the Fund be liable for any delay of any corporation or other person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Fund To the extent the assets of the Trust are legally available for such redemption, the Trust shall purchase such Shares as may be are offered by any Shareholder for redemption, upon the presentation of any certificate for the Shares to be purchased, a proper instrument of transfer together with and a request directed to the Fund Trust or a person designated by the Fund Trust that the Fund Trust purchase such Shares Shares, or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor therefore the net asset value thereof, as next determined in accordance with the 1940 Act and Bylaws, less such redemption charge or fee as the rules of the CommissionTrustees may determine from time to time. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request is made or in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorizemade. The obligation set forth in this Section 4 6.2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “Exchange”) is closed for other than customary weekends or holidays, or or, if permitted by the rules of the Commission Commission, during periods when trading training on the Exchange is restricted or during any emergency which makes it impracticable impractical for the Fund Trust to dispose of the its investments or to determine fairly the value of the its net assets assets, or during any other period permitted by order of the Commission for the protection of investors, such obligations obligation may be suspended or postponed by the BoardTrustees. The Fund Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The Trust may refuse to honor a request by a Shareholder for redemption price may in any case or cases of his Shares for a specified time after such Shareholder’s purchase of such Shares, such specified time, if any, to be paid wholly or partly in kind if the Board of Directors determine that such payment is advisable set forth in the interests of the remaining Shareholders of the Class of the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Board. In no case shall the Fund be liable for any delay of any corporation or other person in transferring securities selected for delivery as all or part of any payment in kindBylaws.

Redemptions and Repurchases. The Fund Trust shall purchase such Shares as may be offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person designated by the Fund Trust that the Fund Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined in accordance with the Bylaws, the 1940 Act and the rules of the Commission. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request is made or in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorize. The obligation set forth in this Section 4 2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “Exchange”) is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets belonging to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the BoardTrustees. The Fund Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Board of Directors Trustees determine that such payment is advisable in the interests of the remaining Shareholders of the Series or Class of the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series (or allocable to the Class) the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Fund Trust shall purchase such Shares as may be are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person designated by the Fund Trust that the Fund Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined in accordance with the By-Laws, the 1940 Act and the rules of the Commission. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request is made or in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorize. The obligation set forth in this Section 4 2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “Exchange”) is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the such Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets belonging to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the BoardTrustees. The Fund Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Board of Directors Trustees determine that such payment is advisable in the interests interest of the remaining Shareholders of the Class of Series the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Fund Trust shall purchase such Shares as may be offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person designated by the Fund Trust that the Fund Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined in accordance with the Bylaws, the 1940 Act and the rules of the Commission. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request is made or in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorize. The obligation set forth in this Section 4 2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “"Exchange”") is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets belonging to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the BoardTrustees. The Fund Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Board of Directors Trustees determine that such payment is advisable in the interests of the remaining Shareholders of the Series or Class of the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series or Class the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Fund Trust shall purchase such Shares as may be offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person designated by the Fund Trust that the Fund Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined in accordance with the Bylaws, the 1940 Act and the rules of the Commission. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request is made or in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorize. The obligation set forth in this Section 4 2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “Exchange”) is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets belonging to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the BoardTrustees. The Fund Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Board of Directors Trustees determine that such payment is advisable in the interests of the remaining Shareholders of the Series or Class of the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series or Class the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Fund Trust shall purchase such Shares as may be are offered by any Shareholder for redemption, upon receipt by the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person Person designated by the Fund Trust of a request in proper form that the Fund purchase Trust redeem such Shares or in accordance with such other procedures for redemption redemption, including without limitation, prescribed numbers of Shares which must be presented together for redemption, as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined in accordance with the 1940 Act Bylaws and the rules applicable provisions of the Commission1940 Act. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request for redemption is made or received in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorizeproper form. The obligation set forth in this Section 4 3 is subject to the provision that in the event that at any time the New York Stock Exchange (the “Exchange”) is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board. The Fund may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is madeTrustees. The redemption price may in any case or cases be paid in cash or wholly or partly in kind in accordance with Rule 18f-1 under the 1940 Act if the Board of Directors Trustees determine that such payment is advisable in the interests interest of the remaining Shareholders of the Class of Series for which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may shall be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person Person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. 8.2.1. The Fund Trust shall purchase such Shares as may be are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person Person designated by the Fund Trust that the Fund purchase Trust redeem such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined in accordance with the By-Laws, the applicable provisions of the 1940 Act and the rules or as further provided by resolution of the CommissionTrustees. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request for redemption is made or received in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorizeproper form. The obligation set forth in this Section 4 8.2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “"Exchange”") is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Portfolio or to determine fairly the value of the net assets held with respect to such Portfolio or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board. The Fund may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is madeTrustees. 8.2.2. The redemption price may in any case or cases be paid in cash or wholly or partly in kind in accordance with Rule l8f-1 under the 1940 Act if the Board of Directors Trustees determine that such payment is advisable in the interests interest of the remaining Shareholders of the Class Portfolio of which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may shall be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person Person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. 8.2.1. The Fund Trust shall purchase such Shares as may be are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person Person designated by the Fund Trust that the Fund purchase Trust redeem such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined in accordance with the By-Laws, the applicable provisions of the 1940 Act and the rules or as further provided by resolution of the CommissionTrustees. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request for redemption is made or received in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorizeproper form. The obligation set forth in this Section 4 8.2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “Exchange”) is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Portfolio or to determine fairly the value of the net assets held with respect to such Portfolio or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board. The Fund may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is madeTrustees. 8.2.2. The redemption price may in any case or cases be paid in cash or wholly or partly in kind in accordance with Rule l8f-1 under the 1940 Act if the Board of Directors Trustees determine that such payment is advisable in the interests interest of the remaining Shareholders of the Class Portfolio of which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may shall be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person Person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Fund Trust shall purchase such Shares as may be are offered by any Shareholder for redemption, upon the presentation of any certificate for the Shares to be purchased, a proper instrument of transfer together with and a request directed to the Fund Trust or a person designated by the Fund Trust that the Fund Trust purchase such Shares Shares, or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as next determined in accordance with the 1940 Act and Bylaws, less such redemption charge or fee as the rules of the CommissionTrustees may determine from time to time. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request is made or in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorizemade. The obligation set forth in this Section 4 2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “Exchange”) is closed for other than customary weekends or holidays, or or, if permitted by the rules of the Commission Commission, during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable impractical for the Fund Trust to dispose of the its investments or to determine fairly the value of the its net assets assets, or during any other period permitted by order of the Commission for the protection of investors, such obligations obligation may be suspended or postponed by the BoardTrustees. The Fund Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The Trust may refuse to honor a request by a Shareholder for redemption price may in any case of his or cases her Shares for a specified time after such Shareholder's purchase of such Shares, such specified time, if any, to be paid wholly or partly in kind if the Board of Directors determine that such payment is advisable set forth in the interests of the remaining Shareholders of the Class of the Shares of which are being redeemedBylaws. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Board. In no case shall the Fund be liable for any delay of any corporation or other person in transferring securities selected for delivery as all or part of any payment in kind.REDEMPTIONS AT THE OPTION OF THE TRUST --------------------------------------

Redemptions and Repurchases. The Fund Company shall purchase such Shares as may be offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Fund Company or a person designated by the Fund Company that the Fund Company purchase such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Company will pay therefor the net asset value thereof, as determined in accordance with the Bylaws, the 1940 Act and the rules of the Commission. Payment for said Shares shall be made by the Fund Company to the Shareholder within (7) seven days after the date on which the request is made or in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorize. The obligation set forth in this Section 4 2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “"Exchange”") is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Company to dispose of the investments of the applicable Series or to determine fairly the value of the net assets belonging to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the BoardTrustees. The Fund Company may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Board of Directors Trustees determine that such payment is advisable in the interests of the remaining Shareholders of the Series and Class of the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund Company shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Board. In no case shall the Fund be liable for any delay of any corporation or other person in transferring securities selected for delivery as all or part of any payment in kind.the

Redemptions and Repurchases. The Fund Trust shall purchase such Shares as may be are offered by any Shareholder for redemption, upon the presentation of any certificate for the Shares to be purchased, a proper instrument of transfer together with and a request directed to the Fund Trust or a person designated by the Fund Trust that the Fund Trust purchase such Shares Shares, or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as next determined in accordance with the 1940 Act and Bylaws, less such redemption charge or fee as the rules of the CommissionTrustees may determine from time to time. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request is made or in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorizemade. The obligation set forth in this Section 4 2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “Exchange”) is closed for other than customary weekends or holidays, or or, if permitted by the rules of the Commission Commission, during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable impractical for the Fund Trust to dispose of the its investments or to determine fairly the value of the its net assets assets, or during any other period permitted by order of the Commission for the protection of investors, such obligations obligation may be suspended or postponed by the BoardTrustees. The Fund Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The Trust may refuse to honor a request by a Shareholder for redemption price may in any case or cases of his Shares for a specified time after such Shareholder's purchase of such Shares, such specified time, if any, to be paid wholly or partly in kind if the Board of Directors determine that such payment is advisable set forth in the interests Bylaws. Redemptions at the Option of the remaining Shareholders of the Class of the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Board. In no case shall the Fund be liable for any delay of any corporation or other person in transferring securities selected for delivery as all or part of any payment in kind.Trust

Redemptions and Repurchases. The Fund Trust shall purchase such Shares as may be are offered by any Shareholder Holder for redemption, upon receipt by the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person Person designated by the Fund Trust that the Fund purchase Trust redeem such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined in accordance with the By-Laws, the applicable provisions of the 1940 Act and the rules or as further provided by resolution of the CommissionTrustees. Payment for said Shares shall be made by the Fund Trust to the Shareholder Holder within (7) seven days after the date on which the request for redemption is made or received in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorizeproper form. The obligation set forth in this Section 4 2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “"Exchange”") is closed for other than weekends or holidays, or if permitted by the rules Rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board. The Fund may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is madeTrustees. The redemption price may in any case or cases be paid in cash or wholly or partly in kind in accordance with Rule 18f-1 under the 1940 Act if the Board of Directors Trustees determine that such payment is advisable in the interests interest of the remaining Shareholders Holders of the Class Series of which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may shall be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person Person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. 8.3.1. The Fund Trust shall purchase such Shares as may be are offered by any Shareholder for redemption, redemption upon the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person Person designated by the Fund Trust that the Fund purchase Trust redeem such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined subject to any applicable contingent deferred sales charge, redemption fee or other fee, in accordance with the applicable provisions of the 1940 Act and the rules or as further provided by resolution of the CommissionTrustees. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request for redemption is made or received in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorizeproper form. The obligation set forth in this Section 4 is subject to the provision that in the event that at any time the New York Stock Exchange (the “Exchange”) is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board. The Fund may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is madeTrustees. 8.3.2. The redemption price may in any case or cases be paid in cash or wholly or partly in kind in accordance with Rule l8f-1 under the 1940 Act if the Board of Directors Trustees determine that such payment is advisable in the interests interest of the remaining Shareholders of the Class Series of which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may shall be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person Person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Fund Trust shall purchase such Shares as may be are offered by any Shareholder Holder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person Person designated by the Fund Trust that the Fund purchase Trust redeem such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined in accordance with the By-Laws, the applicable provisions of the 1940 Act and the rules or as further provided by resolution of the CommissionTrustees. Payment for said Shares shall be made by the Fund Trust to the Shareholder Holder within (7) seven days after the date on which the request for redemption is made or received in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorizeproper form. The obligation set forth in this Section 4 2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “"Exchange”") is closed for other than weekends or holidays, or if permitted by the rules Rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board. The Fund may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is madeTrustees. The redemption price may in any case or cases be paid in cash or wholly or partly in kind in accordance with Rule 18f-1 under the 1940 Act if the Board of Directors Trustees determine that such payment is advisable in the interests interest of the remaining Shareholders Holders of the Class Series of which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may shall be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person Person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. 8.2.1 The Fund Trust shall purchase such Shares as may be are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person Person designated by the Fund Trust that the Fund purchase Trust redeem such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined less any applicable redemption fee and sales charge, in accordance with the By-Laws, the applicable provisions of the 1940 Act and the rules or as further provided by resolution of the CommissionTrustees. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request for redemption is made or received in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorizeproper form. The obligation set forth in this Section 4 8.2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “ExchangeEXCHANGE”) is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Portfolio or to determine fairly the value of the net assets held with respect to such Portfolio or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board. The Fund may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Trustees. 8.2.2 The redemption price may in any case or cases be paid in cash or wholly or partly in kind in accordance with the 1940 Act if the Board of Directors Trustees determine that such payment is advisable in the interests interest of the remaining Shareholders of the Class Portfolio of which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may shall be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person Person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Fund Trust shall purchase such Shares as may be are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person Person designated by the Fund Trust that the Fund purchase Trust redeem such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined in accordance with the By-Laws, the applicable provisions of the 1940 Act and the rules or as further provided by resolution of the CommissionTrustees. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request for redemption is made or received in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorizeproper form. The obligation set forth in this Section 4 8.2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “"Exchange”") is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Portfolio or to determine fairly the value of the net assets held with respect to such Portfolio or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board. The Fund may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is madeTrustees. The redemption price may in any case or cases be paid in cash or wholly or partly in kind in accordance with Rule l8f-1 under the 1940 Act if the Board of Directors Trustees determine that such payment is advisable in the interests interest of the remaining Shareholders of the Class Portfolio of which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may shall be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person Person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Fund Trust shall purchase such Shares as may be are offered by any Shareholder for redemption, upon the presentation of any certificate for the Shares to be purchased, a proper instrument of transfer together with and a request directed to the Fund Trust or a person designated by the Fund Trust that the Fund Trust purchase such Shares Shares, or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as next determined in accordance with the 1940 Act and By-Laws, less any redemption charge fixed by the rules of the CommissionTrustees. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request is made or in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorizemade. The obligation set forth in this Section 4 2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “Exchange”) is closed for other than customary weekends or holidays, or or, if permitted by the rules of the Commission Securities and Exchange Commission, during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable impractical for the Fund Trust to dispose of the its investments or to determine fairly the value of the its net assets assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligations obligation may be suspended or postponed by the BoardTrustees. The Fund Trust may also purchase or repurchase Shares Shares, in accordance with such other methods, upon such other terms and subject to such other conditions as the Trustees may from time to time authorize, at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Board of Directors determine that such payment is advisable in the interests of the remaining Shareholders of the Class of the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Board. In no case shall the Fund be liable for any delay of any corporation or other person in transferring securities selected for delivery as all or part of any payment in kind.**********

Redemptions and Repurchases. 8.2.1. The Fund Trust shall purchase such Shares as may be are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person Person designated by the Fund Trust that the Fund purchase Trust redeem such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined in accordance with the By-Laws, the applicable provisions of the 1940 Act and the rules or as further provided by resolution of the CommissionTrustees. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request for redemption is made or received in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorizeproper form. The obligation set forth in this Section 4 8.2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “"Exchange”") is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board. The Fund may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is madeTrustees. 8.2.2. The redemption price may in any case or cases be paid in cash or wholly or partly in kind if the Board of Directors Trustees determine that such payment is advisable in the interests interest of the remaining Shareholders of the Class Series of which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may shall be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person Person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. 8.2.1 The Fund Trust shall purchase such Shares as may be are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person Person designated by the Fund Trust that the Fund purchase Trust redeem such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined less any applicable redemption fee and sales charge, in accordance with the By-Laws, the applicable provisions of the 1940 Act and the rules or as further provided by resolution of the CommissionTrustees. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request for redemption is made or received in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorizeproper form. The obligation set forth in this Section 4 8.2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “Exchange”"EXCHANGE") is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Portfolio or to determine fairly the value of the net assets held with respect to such Portfolio or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board. The Fund may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Trustees. 8.2.2 The redemption price may in any case or cases be paid in cash or wholly or partly in kind in accordance with the 1940 Act if the Board of Directors Trustees determine that such payment is advisable in the interests interest of the remaining Shareholders of the Class Portfolio of which the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may shall be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person Person in transferring securities selected for delivery as all or part of any payment in kind.

Redemptions and Repurchases. The Fund Trust shall purchase such Shares as may be are offered by any Shareholder for redemption, upon the presentation of a proper instrument of transfer together with a request directed to the Fund Trust or a person designated by the Fund Trust that the Fund Trust purchase such Shares or in accordance with such other procedures for redemption as the Board of Directors Trustees may from time to time authorize; and the Fund Trust will pay therefor the net asset value thereof, as determined in accordance with the By-Laws, the 1940 Act and the rules of the Commission. Payment for said Shares shall be made by the Fund Trust to the Shareholder within (7) seven days after the date on which the request is made or in accordance with such other procedures, consistent with the 1940 Act and the rules of the Commission, as the Trustees may from time to time authorize. The obligation set forth in this Section 4 2 is subject to the provision that in the event that at any time the New York Stock Exchange (the “"Exchange”") is closed for other than weekends or holidays, or if permitted by the rules of the Commission during periods when trading on the Exchange is restricted or during any emergency which makes it impracticable for the Fund Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets belonging to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the BoardTrustees. The Fund Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind if the Board of Directors Trustees determine that such payment is advisable in the interests of the remaining Shareholders of the Series or Class of the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Fund Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to the Series or Class the Shares of the Class which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the BoardTrustees. In no case shall the Fund Trust be liable for any delay of any corporation or other person in transferring securities selected for delivery as all or part of any payment in kind.