Common use of Repurchases at the Option of the Trust Clause in Contracts

Repurchases at the Option of the Trust. No holder of Shares of any class, other than in accordance with the provisions of the 1940 Act, shall have any right to require the Trust or any Person controlled by the Trust to purchase any of such holder’s Shares. The Trust shall have the right at its option and at any time to redeem Shares from any Shareholder at the net asset value thereof as described in Section 10.1 if at such time, and as a result of one or more redemptions of one or more Shares by such Shareholder or the transfer of one or more Shares by such Shareholder, the aggregate net asset value of the Shares in such Shareholder’s account with the Trust or any class of Shares is, as a result (in whole or part) of a redemption or transfer of Shares, less than the minimum initial investment amount then applicable for investments in the Trust or the applicable class of Shares, or such lesser amount, as the Trustees may from time to time determine. In addition, the Board of Trustees may authorize the repurchase of Shares, or any portion of them, of a Shareholder or any Person acquiring Shares from or through a Shareholder, without consent or other action by the Shareholder or other Person, for any reason, including, without limitation, if the Board of Trustees in its sole discretion determines that (a) Shares have been transferred in violation of this Declaration or the By-Laws; (b) ownership of the Shares by a Shareholder or other Person is likely to cause the Trust to be in violation of, or subject the Trust to new or additional registration or regulation under the securities, commodities or other laws of the United States or any other relevant jurisdiction; (c) continued ownership of the Shares by a Shareholder may be harmful or injurious to the business or reputation of the Trust, or may subject the Trust or any Shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences; or (d) any of the representations and warranties made by a Shareholder or other Person in connection with the acquisition of Shares was not true when made or has ceased to be true.

Repurchases at the Option of the Trust. No holder of Shares of any class, other than in accordance with the provisions of the 1940 Act, shall have any right to require the Trust or any Person controlled by the Trust to purchase any of such holder’s Shares. The Trust shall have the right at its option and at any time to redeem Shares from any Shareholder at the net asset value thereof as described in Section 10.1 9.1 if at such time, and as a result of one or more redemptions of one or more Shares by such Shareholder or the transfer of one or more Shares by such Shareholder, the aggregate net asset value of the Shares in such Shareholder’s account with the Trust or any class of Shares is, as a result (in whole or part) of a redemption or transfer of Shares, less than the minimum initial investment amount then applicable for investments in the Trust or the applicable class of Shares, or such lesser amount, as the Trustees may from time to time determine. In addition, the Board of Trustees may authorize the repurchase of Shares, or any portion of them, of a Shareholder or any Person acquiring Shares from or through a Shareholder, without consent or other action by the Shareholder or other Person, for any reason, including, without limitation, if the Board of Trustees in its sole discretion determines that (a) Shares have been transferred in violation of this Declaration or the By-Laws; (b) ownership of the Shares by a Shareholder or other Person is likely to cause the Trust to be in violation of, or subject the Trust to new or additional registration or regulation under the securities, commodities or other laws of the United States or any other relevant jurisdiction; (c) continued ownership of the Shares by a Shareholder may be harmful or injurious to the business or reputation of the Trust, or may subject the Trust or any Shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences; or (d) any of the representations and warranties made by a Shareholder or other Person in connection with the acquisition of Shares was not true when made or has ceased to be true.

Repurchases at the Option of the Trust. No holder of Shares of any class, other than in accordance with the provisions of the 1940 Act, shall have any right to require the Trust or any Person controlled by the Trust to purchase any of such holder’s Shares. The Trust shall have the right at its option and at any time to redeem Shares from any Shareholder at the net asset value thereof as described in Section 10.1 9.1 if at such time, and as a result of one or more redemptions of one or more Shares by such Shareholder or the transfer of one or more Shares by such Shareholder, the aggregate net asset value of the Shares in such Shareholder’s account with the Trust or any class of Shares is, as a result (in whole or part) of a redemption or transfer of Shares, less than the minimum initial investment amount then applicable for investments in the Trust or the applicable class of Shares, or such lesser amount, as the Trustees may from time to time determine. In addition, the Board of Trustees may authorize the repurchase of Shares, or any portion of them, of a Shareholder or any Person acquiring Shares from or through a Shareholder, without consent or other action by the Shareholder or other Person, for any reason, including, without limitation, if the Board of Trustees in its sole discretion determines that (a) Shares have been transferred in violation of this Declaration or the By-Laws; (b) ownership of the Shares by a Shareholder or other Person is likely to cause the Trust to be in violation of, or subject the Trust to new or additional registration or regulation under the securities, commodities or other laws of the United States or any other relevant jurisdiction; (c) continued ownership of the Shares by a Shareholder may be harmful or injurious to the business or reputation of the Trust, or may subject the Trust or any Shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences; or (d) any of the representations and warranties made by a Shareholder or other Person in connection with the acquisition of Shares was not true when made or has ceased to be true.

Repurchases at the Option of the Trust. No holder of Shares of any class, other than in accordance with the provisions of the 1940 Act, shall have any right to require the Trust or any Person controlled by the Trust to purchase any of such holder’s Shares. The Trust shall have the right at its option and at any time to redeem Shares from any Shareholder at the net asset value thereof as described in Section 10.1 9.1 if at such time, and as a result of one or more redemptions of one or more Shares by such Shareholder or the transfer of one or more Shares by such Shareholder, the aggregate net asset value of the Shares in such Shareholder’s account with the Trust or any class of Shares is, as a result (in whole or part) of a redemption or transfer of Shares, less than the minimum initial investment amount then applicable for investments in the Trust or the applicable class of Shares, or such lesser amount, as the Trustees may from time to time determine. In addition, the Board of Trustees may authorize the repurchase of Shares, or any portion of them, of a Shareholder or any Person acquiring Shares from or through a Shareholder, without consent or other action by the Shareholder or other Person, for any reason, including, without limitation, if the Board of Trustees in its sole discretion determines that (a) Shares have been transferred in violation of this Declaration or the By-Laws; (b) ownership of the Shares by a Shareholder or other Person is likely to cause the Trust to be in violation of, or subject the Trust to new or additional registration or regulation under the securities, commodities or other laws of the United States or any other relevant jurisdiction; (c) continued ownership of the Shares by a Shareholder may be harmful or injurious to the business or reputation of the Trust, or may subject the Trust or any Shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences; or; (d) any of the representations and warranties made by a Shareholder or other Person in connection with the acquisition of Shares was not true when made or has ceased to be true; (e) ownership of the Shares by the Shareholder would cause the Trust to be subject to additional regulatory or compliance requirements imposed by laws other than the Securities Act of 1933, the Securities Exchange Act of 1934 or the 1940 Act; or (f) if such repurchase would be in the best interest of the Trust, including without limitation in connection with the liquidation or termination of the Trust.