Common use of Redemptions and Repurchases Clause in Contracts

Redemptions and Repurchases. (a) No Shareholder shall have any right to redeem Shares. Except as otherwise provided in this Declaration of Trust, no Shareholder or other Person holding Shares shall have any ability to withdraw from the Trust or to tender Shares to the Trust for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trustees upon redemption or repurchase of Shares in such amount as shall be determined from time to time by the Trustees. The Trust may also charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time by the Trustees. Payment for said Shares shall be made by the Trust as permitted under the 1940 Act. The provisions set forth in this Section 7.2(a) may be suspended or postponed by the Board of Trustees in the event that the New York Stock Exchange is closed, other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of investments or to determine fairly the value of the net assets held or during any other period permitted by order of the Commission for the protection of investors. The Trustees may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption or repurchase of Shares of the Trust, which may include establishing a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if the net asset value of the Shareholder’s Shares, as a result of repurchase or transfer requests by the Shareholder, is less than any minimum amount established by the Trustees from time to time in their sole discretion. In the event that a Shareholder shall submit a request for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension of any repurchases or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an end.

Redemptions and Repurchases. (a) No Shareholder shall have any right to redeem Shares. Except as otherwise provided in this Declaration of Trust, no Shareholder or other Person holding Shares shall have any ability to withdraw from the Trust or to tender Shares to the Trust for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter Distributor or to any other person designated by the Trustees upon redemption or repurchase of Shares in such amount as shall be determined from time to time by the Trustees. The Trust may also charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time by the Trustees. Payment for said Shares shall be made by the Trust as permitted under the 1940 Act. The provisions set forth in this Section 7.2(a6.3(a) may be suspended or postponed by the Board of Trustees in the event that the New York Stock Exchange is closed, other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of investments or to determine fairly the value of the net assets held or during any other period permitted by order of the Commission for the protection of investors. The Trustees may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption or repurchase of Shares of the Trust, which may include establishing a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if the net asset value of the Shareholder’s Shares, as a result of repurchase or transfer requests by the Shareholder, is less than any minimum amount established by the Trustees from time to time in their sole discretion. In the event that a Shareholder shall submit a request for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension of any repurchases or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an end.

Redemptions and Repurchases. (a) No The Trust shall purchase such Shares as are offered by any Shareholder shall have any right to redeem Shares. Except as otherwise provided in this Declaration of Trustfor redemption, no Shareholder or other Person holding Shares shall have any ability to withdraw from upon receipt by the Trust or to tender Shares to a Person designated by the Trust of a request in proper form that the Trust redeem such Shares or in accordance with such other procedures for repurchase or otherwise to request repurchase redemption, including without limitation, prescribed numbers of such Shares. From Shares which must be presented together for redemption, as the Trustees may from time to time, time authorize; and the Trust may redeem or repurchase its Shareswill pay therefor the net asset value thereof, all upon such terms in accordance with the Bylaws and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trustees upon redemption or repurchase of Shares in such amount as shall be determined from time to time by the Trustees. The Trust may also charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time by the Trustees. Payment for said Shares shall be made by the Trust as permitted under to the 1940 ActShareholder within seven days after the date on which the request for redemption is received in proper form. The provisions obligation set forth in this Section 7.2(a) may be suspended or postponed by 3 is subject to the Board of Trustees provision that in the event that the New York Stock Exchange (the “Exchange”) is closed, closed for other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets 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 Trustees. 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 Trustees may from time determine that such payment is advisable in the interest of the remaining Shareholders of the Series for which the Shares are being redeemed. Subject to time specify conditionsthe foregoing, not inconsistent with the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price shall be determined by or under authority of the Trustees. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind. Subject to the requirements of the 1940 Act, as it may be amended the Trustees are empowered to authorize the repurchase by the Trust, from time to time, of all or any exemption therefrom portion of the Shares, whether now or interpretation thereofhereafter authorized, regarding the redemption or repurchase of securities convertible into Shares of the Trustany class or classes, whether now or hereafter authorized, upon such time, at such prices (which may be determined by formula) and subject to such conditions (which may include establishing a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if the net asset value of the Shareholder’s Shares, as a result of repurchase or transfer requests by the Shareholder, is less than any minimum amount established by the Trustees from time to time in their sole discretion. In the event that a Shareholder shall submit a request for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension of any repurchases or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time repurchase) as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an endmay determine.

Redemptions and Repurchases. (a) No The Trust shall purchase such Shares as are offered by any Shareholder shall have any right for redemption, upon the presentation of a proper instrument of transfer together with a request directed to redeem Shares. Except as otherwise provided in this Declaration of Trust, no Shareholder or other Person holding Shares shall have any ability to withdraw from the Trust or to tender Shares to the Trust for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees upon redemption or repurchase of Shares in such amount as shall be determined may from time to time by authorize; and the Trustees. The Trust may also will pay therefor the net asset value thereof, as next determined in accordance with the Bylaws, less any redemption charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time fixed by the Trustees. Payment for said Shares shall be made by the Trust as permitted under to the 1940 ActShareholder within seven days after the date on which the request is made. The provisions obligation set forth in this Section 7.2(a) may be suspended or postponed by 2 is subject to the Board of Trustees provision that in the event that at any time the New York Stock Exchange is closed, closed for other than on weekends or holidays, or or, if permitted by the rules and regulations or an order of the Commission Securities and Exchange Commission, during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable impractical for the Trust to dispose of the investments of the applicable series or to determine fairly the value of the net assets held belonging to such series or attributable to any class thereof, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trustees Trust may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption also purchase or repurchase of Shares of the Trust, which may include establishing at a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if price not exceeding the net asset value of such Shares in effect when the Shareholder’s Shares, as a result of purchase or repurchase or transfer requests any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind, except to the extent prohibited by the Shareholderlaws of any jurisdiction in which Shares are registered for sale, is less than any minimum amount established by if the Trustees from time to time determine that such payment is advisable in their sole discretionthe interest of the remaining Shareholders of the series the Shares of which are being redeemed. The fair value, selection and quantity of any securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. In no event shall the event that a Shareholder shall submit a request Trust be liable for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension any delay of any repurchases corporation or postpone the date other person in transferring securities or other property selected for delivery as all or part of any payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an endin kind.

Redemptions and Repurchases. (a) No The Trust shall purchase such Shares as are offered by any Shareholder shall have any right for redemption, upon the presentation of a proper instrument of transfer and the certificate, if any, for such Shares together with a request directed to redeem Shares. Except as otherwise provided in this Declaration of Trust, no Shareholder or other Person holding Shares shall have any ability to withdraw from the Trust or to tender Shares to the Trust for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Trustees upon redemption or repurchase of Shares in such amount as shall be determined may from time to time by authorize; and the Trustees. The Trust may also charge a redemption or repurchase feewill pay therefor the net asset value thereof, payable to as determined in accordance with the TrustBy-Laws, in such amount as may be determined from time to time by the Trusteesnext determined. Payment for said Shares shall be made by the Trust as permitted under to the 1940 ActShareholder within seven days after the date on which the request is made. The provisions obligation set forth in this Section 7.2(a) may be suspended or postponed by 2 is subject to the Board of Trustees provision that in the event that any time the New York Stock Exchange is closed, closed for other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held belonging to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trustees Trust may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption also purchase or repurchase of Shares of the Trust, which may include establishing at a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if price not exceeding the net asset value of such Shares in effect when the Shareholder’s Shares, as a result of purchase or repurchase or transfer requests by the Shareholder, any contract to purchase or repurchase is less than made. The redemption price may in any minimum amount established by case or cases be paid wholly or partly in kind if the Trustees from determine that such payment is advisable in the interest of the remaining Shareholders of the Series the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to time in their sole discretionthe Series the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. In no case shall the event that a Shareholder shall submit a request Trust be liable for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension any delay of any repurchases corporation or postpone the date other person in transferring securities selected for delivery as all or part of any payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an endin kind.

Redemptions and Repurchases. (a) No The Trust shall purchase such Shares as are offered by any Shareholder shall have any right for redemption, upon the presentation of a proper instrument of transfer together with a request directed to redeem Shares. Except as otherwise provided in this Declaration of Trust, no Shareholder or other Person holding Shares shall have any ability to withdraw from the Trust or to tender Shares to the Trust for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Trustees upon redemption or repurchase of Shares in such amount as shall be determined may from time to time authorize; and the Trust will pay therefor the net asset value thereof, as determined in accordance with the By-Laws, next determined; provided, however, that with respect to shares of any Series of the Trust that is authorized after October 29, 1996, that the amount payable by the Trustees. The Trust may also charge a upon redemption or repurchase shall be reduced by such redemption fee, payable to the Trustif any, in such amount as that Trustees may be determined from time to time by the Trusteesauthorize. Payment for said Shares shall be made by the Trust as permitted under to the 1940 ActShareholder within seven days after the date on which the request is made. The provisions obligation set forth in this Section 7.2(a) may be suspended or postponed by 2 is subject to the Board of Trustees provision that in the event that any time the New York Stock Exchange is closed, closed for other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held belonging to such Series or attributable to any class thereof or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trustees Trust may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption also purchase or repurchase of Shares of the Trust, which may include establishing at a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if price not exceeding the net asset value of such Shares in effect when the Shareholder’s Shares, as a result of purchase or repurchase or transfer requests by the Shareholder, any contract to purchase or repurchase is less than made. The redemption price may in any minimum amount established by case or cases be paid wholly or partly in kind if the Trustees from determine that such payment is advisable in the interest of the remaining Shareholders of the Series the Shares of which are being redeemed. In making any such payment wholly or partly in kind, the Trust shall, so far as may be practicable, deliver assets which approximate the diversification of all of the assets belonging at the time to time in their sole discretionthe Series the Shares of which are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. In no case shall the event that a Shareholder shall submit a request Trust be liable for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension any delay of any repurchases corporation or postpone the date other person in transferring securities selected for delivery as all or part of any payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an endin kind.

Redemptions and Repurchases. (a) No The Trust shall purchase such Shares as are offered by any Shareholder shall have any right for redemption, upon the presentation of a proper instrument of transfer together with a request directed to redeem Shares. Except as otherwise provided in this Declaration of Trust, no Shareholder or other Person holding Shares shall have any ability to withdraw from the Trust or to tender Shares to a person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for repurchase or otherwise to request repurchase redemption, including without limitation, prescribed numbers of such Shares. From Shares which must be presented together for redemption, as the Trustees may from time to time, time authorize; and the Trust may redeem or repurchase its Shareswill pay therefor the net asset value thereof, all upon such terms as determined in accordance with the By-Laws and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trustees upon redemption or repurchase of Shares in such amount as shall be determined from time to time by the Trustees. The Trust may also charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time by the Trustees. Payment for said Shares shall be made by the Trust as permitted under to the 1940 ActShareholder within seven days after the date on which the request is received in proper form. The provisions obligation set forth in this Section 7.2(a) may be suspended or postponed by 2 is subject to the Board of Trustees provision that in the event that any time the New York Stock Exchange is closed, closed for other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held belonging to such Series or attributable to any class thereof or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trustees Trust may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption also purchase or repurchase of Shares of the Trust, which may include establishing at a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if price not exceeding the net asset value of such Shares in effect when the Shareholder’s Shares, as a result of purchase or repurchase or transfer requests by the Shareholder, any contract to purchase or repurchase is less than made. The redemption price may in any minimum amount established by case or cases be paid wholly or partly in kind if the Trustees from time to time determine that such payment is advisable in their sole discretionthe interest of the remaining Shareholders of the Series the Shares of which are being redeemed. The fair value, selection and quantity of any securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. In no case shall the event that a Shareholder shall submit a request Trust be liable for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension any delay of any repurchases corporation or postpone the date other person in transferring securities selected for delivery as all or part of any payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an endin kind.

Redemptions and Repurchases. (a) No Section 2. The Trust shall purchase such Shares as are offered by any Shareholder shall have for redemption, upon the presentation of any right certificate for the Shares to redeem Shares. Except as otherwise provided in this Declaration be purchased, a proper instrument of Trust, no Shareholder or other Person holding Shares shall have any ability transfer and a request directed to withdraw from the Trust or to tender Shares to the Trust for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees upon redemption or repurchase of Shares in such amount as shall be determined may from time to time by authorize; and the Trustees. The Trust will pay therefor the net asset value thereof, as next determined in accordance with the Bylaws, less any redemption charge or fee as the Trustees may also charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time authorize. Except as provided in the next sentence or otherwise permitted by the Trustees. Payment applicable law, payment for said Shares shall be made by the Trust as permitted under to the 1940 ActShareholder within seven calendar days after the date on which the request is made. The provisions obligation set forth in this Section 7.2(a) may be suspended or postponed by 2 is subject to the Board of Trustees provision that in the event that any time the New York Stock Exchange is closed, closed for other than on customary weekends or holidays, or or, if permitted by the rules and regulations or an order of the Commission Securities and Exchange Commission, during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of its investments or to determine fairly the value of the its net assets held assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trustees Trust may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption also purchase or repurchase of Shares of the Trust, which may include establishing at a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if price not exceeding the net asset value of such Shares in effect when the Shareholder’s Shares, as a result of purchase or repurchase or transfer requests any contract to purchase or repurchase is made. Payment for any redemption, purchase or repurchase may be made in cash or, except to the extent prohibited by the Shareholderlaws of any jurisdiction in which Shares are registered for sale, is less than in other property, or any minimum amount established combination thereof. The composition of any such payment shall be determined by the Trustees from time to time Trust in their its sole discretion, and the Trust shall have no obligation to effect a pro rata division of cash or other property in making any such payment. In no event shall the event that a Shareholder shall submit a request Trust be liable for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension any delay of any repurchases other person in transferring securities or postpone other property selected for delivery as all or part of any such payment. Redemption at the date Option of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an end.Trust

Redemptions and Repurchases. (a) No Shareholder shall have any right Any holder of Shares of the Trust may upon presentation of a request in proper form, together with his certificates, if any, for such Shares, in proper form for transfer to redeem Shares. Except as otherwise provided in this Declaration of Trust, no Shareholder or other Person holding Shares shall have any ability to withdraw from the Trust or to tender Shares to duly authorized agent of the Trust, request redemption of his shares for the net asset value thereof determined and computed in accordance with the provisions of this Section 2 and the provisions of Section 6 of this Article VII (less any applicable sales charge and redemption fee). Upon receipt by the Trust for repurchase or otherwise to request repurchase its duly authorized agent, as the case may be, of such Shares. From a request for redemption of Shares in proper form, such Shares shall be redeemed at the net asset value per share of the particular series or class thereof (less any applicable sales charge or redemption fee) next determined after such request is received or determined as of such other time to time, fixed by the Trust may redeem or repurchase its Shares, all upon such terms and conditions Trustees as may be determined permitted or required by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay criteria for determinxxx xxxx constitutes a withdrawal charge, a sales charge, or any other form proper request for redemption and the time of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trustees upon redemption or repurchase receipt of Shares in such amount as request shall be determined from time to time fixed by the Trustees. The obligation of the Trust may also charge a redemption to redeem its Shares of each series or repurchase fee, payable class thereof as set forth above in this Section 2 shall be subject to the Trust, in condition that such amount as obligation may be determined from time to time by the Trustees. Payment for said Shares shall be made suspended by the Trust as permitted by or under authority of the Trustees during any period or periods when and to the extent permissible under the 1940 Act. The provisions set forth in this Section 7.2(a) If there is such a suspension, any Shareholder may be suspended or postponed withdraw any request for redemption which has been received by the Board of Trustees in the event that the New York Stock Exchange is closed, other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the New York Stock Exchange is restricted or Trust during any emergency such period and the applicable net asset value with respect to which makes it impracticable would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to dispose of investments or to determine fairly the value of Shareholder the net assets held or during any other period permitted by order of the Commission for the protection of investorscertificates therefor, if any. The Trust may also purchase, repurchase or redeem Shares in accordance with such other methods, upon such other terms and subject to such other conditions as the Trustees may from time to time specify conditions, authorize at a price not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption or repurchase of Shares of the Trust, which may include establishing a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if exceeding the net asset value of such Shares in effect when the Shareholder’s Shares, as a result of purchase or repurchase or transfer requests any contract to purchase or the purchase is made. Shares of any series redeemed or repurchased by the Shareholder, is less than any minimum amount established Trust hereunder shall be cancelled upon such redemption or repurchase without further action by the Trust or the Trustees from time to time in their sole discretion. In and the event that a Shareholder shall submit a request for the repurchase of a greater number of issued and outstanding Shares than are allocated to of such Shareholderseries shall thereupon be reduced by such amount, such request shall not be honored. The Trustees may declare a suspension of any repurchases or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as unless the Trustees shall specify and thereafter there shall be no right determine to hold such required Shares in the treasury of repurchase the Trust or payment until the Trustees shall declare the suspension at an endotherwise.

Redemptions and Repurchases. (a) No The Trust shall purchase such Shares as are offered by any Shareholder shall have any right for redemption, upon the presentation of a proper instrument of transfer together with a request directed to redeem Shares. Except as otherwise provided in this Declaration of Trust, no Shareholder or other Person holding Shares shall have any ability to withdraw from the Trust or to tender Shares to a Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for repurchase or otherwise to request repurchase of such Shares. From redemption as the Trustees may from time to timetime authorize, and the Trust may redeem or repurchase its Shares, all upon such terms and conditions will pay therefor the net asset value thereof as may be determined by the Trustees and subject (or by such Person or Persons to whom such determination has been delegated), in accordance with any applicable provisions of the 1940 Actthis Declaration of Trust and applicable law, as it may be amended from time to time, or less any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge fees imposed on such redemption (including with respect to the Trustredemption of Creation Units, to the Principal Underwriter or to any other person designated by the Trustees upon redemption or repurchase of Shares transaction fees charged in connection with such amount as shall be determined from time to time by the Trusteesa redemption). The Trust may also charge a redemption or repurchase feeUnless extraordinary circumstances exist, payable to the Trust, in such amount as may be determined from time to time by the Trustees. Payment payment for said Shares shall be made by the Trust as permitted under to the 1940 ActShareholder within seven (7) days after the date on which the request is made in proper form. The provisions obligation set forth in this Section 7.2(a) may be suspended or postponed by 6.2 is subject to the Board of Trustees provision that in the event that any time the New York Stock Exchange (the “Exchange”) is closed, closed for other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of the investments of the Trust or any applicable Series or to determine fairly the value of the net assets held with respect to the Trust or such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. In the case of a suspension of the right of redemption as provided herein, a Shareholder may either withdraw the request for redemption or receive payment based on the net asset value per Share next determined after the termination of such suspension, less any fees imposed on such redemption. Notwithstanding the foregoing, if the Board of Trustees determines, pursuant to Article III, Section 3.1 hereof, to issue Shares of any Series or Class that is an ETF in Creation Units, then such Shares shall be redeemable only in accordance with such procedures or methods prescribed or approved by the Board of Trustees from time to time. Further, such Series or Class or the principal underwriter of such Series or Class shall be obligated to purchase said Shares only where the number of Shares subject to the purchase request aggregates to one or more Creation Units, and unless the Board of Trustees otherwise determines, there shall be no redemption of partial or fractional Creation Units hereunder. The Board of Trustees may from time to time specify additional conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption or repurchase of Shares of in the Trust’s then effective prospectus under the Securities Act of 1933, as amended. If payment for ETF Shares shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly as practicable, which may include establishing a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if not necessarily occur within the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if the net asset value of the Shareholder’s Shares, as a result of repurchase or transfer requests by the Shareholder, is less than any minimum amount established by the Trustees from time to time in their sole discretion. In the event that a Shareholder shall submit a request for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension of any repurchases or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an endabovementioned seven-day period.

Redemptions and Repurchases. (a) No The Trust shall purchase such Shares as are offered by any Shareholder shall have any right for redemption, upon the presentation of a proper instrument of transfer together with a request directed to redeem Shares. Except as otherwise provided in this Declaration of Trust, no Shareholder or other Person holding Shares shall have any ability to withdraw from the Trust or to tender Shares to the Trust for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Trustees upon redemption or repurchase of Shares in such amount as shall be determined may from time to time by authorize; and the Trustees. The Trust may also will pay therefor the net asset value thereof, as determined in accordance with the Bylaws, less any redemption charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time fixed by the Trustees. Payment for said Shares shall be made by the Trust as permitted under to the 1940 ActShareholder within seven days after the date on which the request is made. The provisions obligation set forth in this Section 7.2(a) may be suspended or postponed by 2 is subject to the Board of Trustees provision that in the event that any time the New York Stock Exchange is closed, closed for other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission Securities and Exchange Commission, during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable impractical for the Trust to dispose of the investments of the applicable series or to determine fairly the value of the net assets held belonging to such series or attributable to any class thereof or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. The Trustees Trust may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption also purchase or repurchase of Shares of the Trust, which may include establishing at a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if price not exceeding the net asset value of such Shares in effect when the Shareholder’s Shares, as a result of purchase or repurchase or transfer requests any contract to purchase or repurchase is made. The redemption price may in any case or cases be paid wholly or partly in kind, except to the extent prohibited by the Shareholderlaws of any jurisdiction in which Shares are registered for sale, is less than any minimum amount established by if the Trustees from time to time determine that such payment is advisable in their sole discretionthe interest of the remaining Shareholders of the series the Shares of which are being redeemed. The fair value, selection and quantity of any securities or other property so paid or delivered as all or part of the redemption price may be determined by or under authority of the Trustees. In no event shall the event that a Shareholder shall submit a request Trust be liable for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension any delay of any repurchases corporation or postpone the date other person in transferring securities or other property selected for delivery as all or part of any payment as permitted under the 1940 Actin kind. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an end.Exhibit (a)

Redemptions and Repurchases. (a) No SECTION 2. The Trust shall purchase such Shares as are offered by any Shareholder shall have for redemption, upon the presentation of any right certificate for the Shares to redeem Shares. Except as otherwise provided in this Declaration be purchased, a proper instrument of Trust, no Shareholder or other Person holding Shares shall have any ability transfer and a request directed to withdraw from the Trust or to tender Shares to the Trust for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees upon redemption or repurchase of Shares in such amount as shall be determined may from time to time by authorize; and the Trustees. The Trust will pay therefor the net asset value thereof as next determined in accordance with the Bylaws, less any redemption charge or fee as the Trustees may also charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time by the Trusteesauthorize. Payment for said Shares shall be made by the Trust as permitted under to the 1940 ActShareholder within seven days after the date on which the request is made. The provisions obligation set forth in this Section 7.2(a) may be suspended or postponed by 2 is subject to the Board of Trustees provision that in the event that any time the New York Stock Exchange is closed, closed for other than on customary weekends or holidays, or or, if permitted by the rules and regulations or an order of the Commission Securities and Exchange Commission, during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable impractical for the Trust to dispose of its investments or to determine fairly the value of the its net assets held assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trustees Trust may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption also purchase or repurchase of Shares of the Trust, which may include establishing at a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if 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 of his Shares for a specified time after such Shareholder’s 's purchase of such Shares, as a result of repurchase or transfer requests by such specified time, if any, to be set forth in the Shareholder, is less than any minimum amount established by the Trustees from time to time in their sole discretionBylaws. In the event that a Shareholder shall submit a request for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension of any repurchases or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an end.REDEMPTION AT THE OPTION OF THE TRUST

Redemptions and Repurchases. (a) No Section 2.The Trust shall purchase such Shares as are offered by any Shareholder shall have for redemption, upon the presentation of any right certificate for the Shares to redeem Shares. Except as otherwise provided in this Declaration be purchased, a proper instrument of Trust, no Shareholder or other Person holding Shares shall have any ability transfer and a request directed to withdraw from the Trust or to tender Shares to the Trust for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees upon redemption or repurchase of Shares in such amount as shall be determined may from time to time by authorize; and the Trustees. The Trust will pay therefor the net asset value thereof as next determined in accordance with the Bylaws, less any redemption charge or fee as the Trustees may also charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time by the Trusteesauthorize. Payment for said Shares shall be made by the Trust as permitted under to the 1940 ActShareholder within seven days after the date on which the request is made. The provisions obligation set forth in this Section 7.2(a) may be suspended or postponed by 2 is subject to the Board of Trustees provision that in the event that any time the New York Stock Exchange is closed, closed for other than on customary weekends or holidays, or or, if permitted by the rules and regulations or an order of the Commission Securities and Exchange Commission, during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable impractical for the Trust to dispose of its investments or to determine fairly the value of the its net assets held assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trustees Trust may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption also purchase or repurchase of Shares of the Trust, which may include establishing at a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if 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 of his Shares for a specified time after such Shareholder’s 's purchase of such Shares, as a result such specified time, if any, to be set forth in the Bylaws. Redemption at the Option of repurchase or transfer requests by the Shareholder, is less than any minimum amount established by the Trustees from time to time in their sole discretion. In the event that a Shareholder shall submit a request for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension of any repurchases or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an end.Trust

Redemptions and Repurchases. (a) No Section 2. The Trust shall purchase such Shares as are offered by any Shareholder shall have for redemption, upon the presentation of any right certificate for the Shares to redeem Shares. Except as otherwise provided in this Declaration be purchased, a proper instrument of Trust, no Shareholder or other Person holding Shares shall have any ability transfer and a request directed to withdraw from the Trust or to tender Shares to the Trust for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees upon redemption or repurchase of Shares in such amount as shall be determined may from time to time by authorize; and the Trustees. The Trust will pay therefor the net asset value thereof as next determined in accordance with the Bylaws, less any redemption charge or fee as the Trustees may also charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time by the Trusteesauthorize. Payment for said Shares shall be made by the Trust as permitted under to the 1940 ActShareholder within seven days after the date on which the request is made. The provisions obligation set forth in this Section 7.2(a) may be suspended or postponed by 2 is subject to the Board of Trustees provision that in the event that any time the New York Stock Exchange is closed, closed for other than on customary weekends or holidays, or or, if permitted by the rules and regulations or an order of the Commission Securities and Exchange Commission, during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable impractical for the Trust to dispose of its investments or to determine fairly the value of the its net assets held assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trustees Trust may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption also purchase or repurchase of Shares of the Trust, which may include establishing at a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if 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 of his Shares for a specified time after such Shareholder’s purchase of such Shares, as a result such specified time, if any, to be set forth in the Bylaws. Redemption at the Option of repurchase or transfer requests by the Shareholder, is less than any minimum amount established by the Trustees from time to time in their sole discretion. In the event that a Shareholder shall submit a request for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension of any repurchases or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an end.Trust

Redemptions and Repurchases. (a) No The Trust shall purchase such --------- --------------------------- Shares as are offered by any Shareholder shall have any right for redemption, upon the presentation of a proper instrument of transfer together with a request directed to redeem Shares. Except as otherwise provided in this Declaration of Trust, no Shareholder or other Person holding Shares shall have any ability to withdraw from the Trust or to tender Shares to the Trust for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees upon redemption or repurchase of Shares in such amount as shall be determined may from time to time by authorize; and the Trustees. The Trust may also charge a redemption or repurchase feewill pay therefor the net asset value thereof, payable to as determined in accordance with the TrustBylaws, in such amount as may be determined from time to time by the Trusteesnext determined. Payment for said Shares shall be made by the Trust as permitted under to the 1940 ActShareholder within seven days after the date on which the request is made. The provisions obligation set forth in this Section 7.2(a) may be suspended or postponed by 2 is subject to the Board of Trustees provision that in the event that any time the New York Stock Exchange is closed, other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held belonging to such Series or during any other period permitted by order of the Commission for the protection of investors, such obligations may be suspended or postponed by the Trustees. If there is such a suspension, any Shareholder may withdraw any demand for redemption and any tender of Shares which has been received by the Trust during any such period and any tender of Shares the applicable net asset value of which would but for such suspension be calculated as of a time during such period. Upon such withdrawal, the Trust shall return to the Shareholder the certificates therefor, if any. Shareholders who do not so withdraw any such demand shall receive payment based on the net asset value next determined after the termination of such suspension. The Trustees Trust may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption also purchase or repurchase of Shares of the Trust, which may include establishing at a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if price not exceeding the net asset value of such Shares in effect when the Shareholder’s Shares, as a result of purchase or repurchase or transfer requests by the Shareholder, any contract to purchase or repurchase is less than any minimum amount established by the Trustees from time to time in their sole discretion. In the event that a Shareholder shall submit a request for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension of any repurchases or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an endmade.

Redemptions and Repurchases. (a) No Section 2. The Trust shall purchase such Shares as are offered by any Shareholder shall have for redemption, upon the presentation of any right certificate for the Shares to redeem Shares. Except as otherwise provided in this Declaration be purchased, a proper instrument of Trust, no Shareholder or other Person holding Shares shall have any ability transfer and a request directed to withdraw from the Trust or to tender Shares to the Trust for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees upon redemption or repurchase of Shares in such amount as shall be determined may from time to time by authorize; and the Trustees. The Trust will pay therefor the net asset value thereof as next determined in accordance with the Bylaws, less any redemption charge or fee as the Trustees may also charge a redemption or repurchase fee, payable to the Trust, in such amount as may be determined from time to time by the Trusteesauthorize. Payment for said Shares shall be made by the Trust as permitted under to the 1940 ActShareholder within seven days after the date on which the request is made. The provisions obligation set forth in this Section 7.2(a) may be suspended or postponed by 2 is subject to the Board of Trustees provision that in the event that any time the New York Stock Exchange is closed, closed for other than on customary weekends or holidays, or or, if permitted by the rules and regulations or an order of the Commission Securities and Exchange Commission, during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable impractical for the Trust to dispose of its investments or to determine fairly the value of the its net assets held assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trustees Trust may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption also purchase or repurchase of Shares of the Trust, which may include establishing at a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if 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 of his Shares for a specified time after such Shareholder’s purchase of such Shares, as a result of repurchase or transfer requests by such specified time, if any, to be set forth in the Shareholder, is less than any minimum amount established by the Trustees from time to time in their sole discretion. In the event that a Shareholder shall submit a request for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension of any repurchases or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an endBylaws.

Redemptions and Repurchases. (a) No Shareholder shall have any right to redeem Shares. Except as otherwise may be provided by the Trustees in this Declaration resolutions establishing a Series under Article III, Section 7, the Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of Trust, no Shareholder or other Person holding Shares shall have any ability a proper instrument of transfer together with a request directed to withdraw from the Trust or to tender Shares to the Trust for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the Principal Underwriter or to any other person Person designated by the Trust that the Trust purchase such Shares or in accordance with such other procedures for redemption as the Trustees upon redemption or repurchase of Shares in such amount as shall be determined may from time to time by authorize; and the Trustees. The Trust may also charge a redemption or repurchase fee, payable to will pay therefor the Trustnet asset value thereof, in such amount as may be determined from time to time by accordance with the TrusteesBy-Laws and applicable law. Payment for said Shares shall be made by the Trust as permitted under to the 1940 ActShareholder within seven days after the date on which the request is made in proper form. The provisions obligation set forth in this Section 7.2(a) may be suspended or postponed by 2 is subject to the Board of Trustees provision that in the event that any time the New York Stock Exchange (the "Exchange") is closed, closed for other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust to dispose of the investments of the applicable Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order of the Commission for the protection of investors. The Trustees may from time to time specify conditions, not inconsistent with the 1940 Act, as it such obligations may be amended from time to timesuspended or postponed by the Trustees. In the case of a suspension of the right of redemption as provided herein, or any exemption therefrom or interpretation thereof, regarding a Shareholder may either withdraw the request for redemption or repurchase of Shares of the Trust, which may include establishing a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust to repurchase all of a Shareholder’s Shares, if receive payment based on the net asset value per Share next determined after the termination of such suspension. The redemption price may in any case or cases be paid wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the Shareholder’s Sharesremaining Shareholders of the Series for which the Shares are being redeemed. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as a result all or part of repurchase the redemption price may be determined by or transfer requests by under authority of the Shareholder, is less than any minimum amount established by the Trustees from time to time in their sole discretionTrustees. In no case shall the event that a Shareholder shall submit a request Trust be liable for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension any delay of any repurchases corporation or postpone the date other Person in transferring securities selected for delivery as all or part of any payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an endin kind.

Redemptions and Repurchases. (a) No Shareholder shall have any right to redeem Shares. Except as otherwise provided in this Declaration of Trust, no Shareholder or other Person holding Shares shall have any ability to withdraw from the Trust Fund or to tender Shares to the Trust Fund for repurchase or otherwise to request repurchase of such Shares. From time to time, the Trust Fund may redeem or repurchase its Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof. The Trust Fund may require Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the TrustFund, to the Principal Underwriter or to any other person designated by the Trustees upon redemption or repurchase of Shares in such amount as shall be determined from time to time by the Trustees. The Trust Fund may also charge a redemption or repurchase fee, payable to the TrustFund, in such amount as may be determined from time to time by the Trustees. Payment for said Shares shall be made by the Trust Fund as permitted under the 1940 Act. The provisions set forth in this Section 7.2(a) may be suspended or postponed by the Board of Trustees in the event that the New York Stock Exchange is closed, other than on weekends or holidays, or if permitted by the rules and regulations or an order of the Commission during periods when trading on the New York Stock Exchange is restricted or during any emergency which makes it impracticable for the Trust Fund to dispose of investments or to determine fairly the value of the net assets held or during any other period permitted by order of the Commission for the protection of investors. The Trustees may from time to time specify conditions, not inconsistent with the 1940 Act, as it may be amended from time to time, or any exemption therefrom or interpretation thereof, regarding the redemption or repurchase of Shares of the TrustFund, which may include establishing a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The Trustees may, in their sole discretion, cause the Trust Fund to repurchase all of a Shareholder’s Shares, if the net asset value of the Shareholder’s Shares, as a result of repurchase or transfer requests by the Shareholder, is less than any minimum amount established by the Trustees from time to time in their sole discretion. In the event that a Shareholder shall submit a request for the repurchase of a greater number of Shares than are allocated to such Shareholder, such request shall not be honored. The Trustees may declare a suspension of any repurchases or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an end.