Common use of STANDING REDEMPTION INSTRUCTIONS Clause in Contracts

STANDING REDEMPTION INSTRUCTIONS. Annex V hereto contains the AP's Standing Redemption Instructions, which includes information identifying the account(s) into which Deposit Securities of each Fund and any other redemption proceeds should be delivered by Company pursuant to a Redemption Order. Exhibit (e)(2) ANNEX II -- PART C TO AUTHORIZED PARTICIPANT AGREEMENT FOR REALTY FUNDS , INC. REALTY FUNDS FLOW PROCESS -------------------------------------------------------------------------------- This Annex II-Part C supplements the Fund's Prospectus with respect to the procedures to be used by the Distributor and Transfer Agent in processing an order for the creation or redemption of Shares of any Fund of the Company. A. The AP is required to have (i) signed an Authorized Participant Agreement for Fund and (ii) assigned a personal identification number to each Authorized Person that the AP has authorized to act for such AP. This will allow an AP through its Authorized Person(s) to place a creation or redemption order with respect to Shares of any Fund of the Company. B. The AP and Distributor shall implement the "Funds Flow Process" as agreed to by the parties from time to time. C. Note that trades placed through the NSCC/DTC may only occur on any day that NSCC/DTC is open for business ("NSCC/DTC Business Day") . FUNDS FLOW PROCESS 1. The AP calls on BNY's ETF Administrator recorded 1. The BNY - ETF Administrator greets caller. number to place a Share Creation and/or Redemption order. These trades are to be placed by 4:00 PM EST on any Listing Exchange Business Day. ----------------------------------------------------------------------------------------------------------------- 2. AP identifies his/her name, the Institution he/she 2 BNY - ETF Administrator will confirm the AP's PIN #. represents, and PIN #. The BNY - ETF Administrator records the PIN # and the The AP states the Fund name(s) and relevant ticker order, and provides the AP with an order confirmation symbol(s). number. AP will identify and list any securities that will not The order confirmation constitutes a binding order, be delivered or received in kind. which may only be reversed by the ETF Administrator, the Distributor or the Fund. AP will make alternate arrangements with the ETF Administrator to deliver or receive the value for those AP will make alternate arrangements securities that cannot be delivered. AP and ETF Administrator will exchange delivery or receive instructions for any security being delivered outside of the CNS system. ----------------------------------------------------------------------------------------------------------------- Exhibit (e)(2) ----------------------------------------------------------------------------------------------------------------- It is anticipated that all creation and redemption with the ETF Administrator to deliver or receive the units will settle outside of the CNS process. Detailed value for those securities that cannot be delivered. AP delivery instructions will be supplied by BNY for each and ETF Administrator will exchange delivery or receive portfolio. Separate delivery instructions may be instructions for any security being delivered outside warranted when delivering fixed income securities. of the CNS system. ----------------------------------------------------------------------------------------------------------------- 3.AP will Fax a copy of the order form to the BNY ETF 3. The BNY - ETF Administrator will receive a copy of Administrator within 15 minutes from the time the call the completed order form from the AP Faxed within is made. within 15 minutes from the time the order is placed. The AP will provide, as a part of the order form, a All orders received from the AP's are time stamped by statement confirming that the AP will not be placing the BNY - ETF Administrator at the time the order is trades that would raise the AP's total holdings to 80% placed or more of any Fund The Distributor will verify that the appropriate The signed Order Form will be sent as the physical disclaimers have been made by the AP and validate the receipt for the AP that the order is confirmed. disclaimer by calculating the AP's position, including the subscriptions requested, to the total fund shares The above procedures will be repeated until all orders outstanding have been placed by the AP. The Distributor will sign the Order Form and the signed Order Form will be sent as the physical receipt for the AP that the order is confirmed.

STANDING REDEMPTION INSTRUCTIONS. Annex V hereto contains the AP's Standing Redemption Instructions, which includes information identifying the account(s) into which Deposit Securities of each Fund and any other redemption proceeds should be delivered by Company Trust pursuant to a Redemption Order. Exhibit (e)(2) ANNEX II -- PART C TO AUTHORIZED PARTICIPANT AGREEMENT FOR REALTY FUNDS , INC. REALTY _____________ SM TRUST _____________ FUNDS FLOW PROCESS -------------------------------------------------------------------------------- This Annex II-Part C supplements the FundTrust's Prospectus with respect to the procedures to be used by the Distributor and Transfer Agent in processing an order for the creation or redemption of Shares of any Fund of the CompanyTrust. A. The AP is required to have (i) signed an Authorized Participant Agreement for Fund _____________ Trust and (ii) assigned a personal identification number to each Authorized Person that the AP has authorized to act for such AP. This will allow an AP through its Authorized Person(s) to place a creation or redemption order with respect to Shares of any Fund of the CompanyTrust. B. The AP and Distributor shall implement the "_____________ Funds Flow Process" as agreed to by the parties from time to time. C. Note that trades placed through the NSCC/DTC NSCC may only occur on any day that NSCC/DTC NSCC is open for business ("NSCC/DTC NSCC Business Day") . _____________ FUNDS FLOW PROCESSPROCESS -------------------------------------------------------------------------------- ORIGINATOR ACTIVITY -------------------------------------------------------------------------------- 1. The AP calls on BNYDistributor's ETF Administrator recorded 1. The BNY - ETF Administrator greets caller. -800 number to place a Share Creation and/or Redemption order. These trades are to be placed by 4:00 PM EST on any Listing Exchange NSCC Business Day. 1. ----------------------------------------------------------------------------------------------------------------- The _____________ Telephone Representative greets caller. 2. AP identifies his/her name, the Institution he/she 2 BNY - ETF Administrator will confirm the AP's PIN #. represents, and PIN #. The BNY - ETF Administrator records the AP confirms his/her PIN # and when the The AP states _____________ Telephone Representative asks for a confirmation. 3. When asked by the Fund name(s) and relevant ticker order_____________ Telephone Representative, and provides the AP with an order confirmation symbol(s)will confirm that the trades to be placed will not raise the AP's holding to 80% or more of any Fund. 2. number. Telephone Representative selects the AP will identify from drop down box to pull up the account registration and list any securities of Authorized Participants and their Authorized Persons. The _____________ Telephone Representative verifies that will not the caller is authorized to place trades on behalf of that institution. The order confirmation constitutes a binding order_____________ Telephone Representative then asks the AP for his/her PIN #. The _____________ Telephone Representative types the number, be delivered or received in kind. which may only be reversed by the ETF Administrator, the Distributor or the Fund. AP will make alternate arrangements with the ETF Administrator to deliver or receive the value for those AP will make alternate arrangements securities that cannot be delivered. AP and ETF Administrator will exchange delivery or receive instructions for any security being delivered outside of the CNS system. ----------------------------------------------------------------------------------------------------------------- Exhibit (e)(2) ----------------------------------------------------------------------------------------------------------------- It is anticipated that all creation and redemption with the ETF Administrator to deliver or receive the units will settle outside of the CNS process. Detailed value for those securities that cannot be delivered. AP delivery instructions will be supplied by BNY for each and ETF Administrator will exchange delivery or receive portfolio. Separate delivery instructions may be instructions for any security being delivered outside warranted when delivering fixed income securities. of alpha numeric into the CNS system. ----------------------------------------------------------------------------------------------------------------- 3.AP will Fax a copy of the order form to the BNY ETF database. 3. The BNY - ETF Administrator _____________ Telephone Representative will receive a copy of Administrator within 15 minutes from the time the call the completed order form from read to the AP Faxed within is made. within 15 minutes from the time the order is placed. The AP will provide, as a part of the order form, a All orders received from the AP's are time stamped by statement confirming that the AP will not be placing the BNY - ETF Administrator at the time the order is trades that would raise the AP's total holdings to 80% placed or more of any Fund The Distributor will verify that the appropriate The signed Order Form will be sent as the physical disclaimers have been made by Fund. When the AP and validate confirms this is the receipt case, then the _____________ Telephone Representative will click "ok". The database will then open to a trading input screen for the _____________ Telephone Representative to start entering trades online. 4. AP tells _____________ Telephone Representative that the order is confirmed. disclaimer by calculating the AP's position, including the subscriptions requested, he wants to the total fund shares The above procedures will be repeated until all orders outstanding have been placed by the APplace a Creation or Redemption Order for Creation Units in a stated Fund or Funds. The Distributor will sign AP states the Order Form Fund name(s) and the signed Order Form will be sent as the physical receipt for the AP that the order is confirmedrelevant ticker symbol(s).

STANDING REDEMPTION INSTRUCTIONS. Annex V IV hereto contains the AP's Standing Redemption Instructions, which includes information identifying the account(s) into which Deposit Securities of each Fund and any other redemption proceeds should be delivered by Company Trust pursuant to a Redemption Order. Exhibit (e)(2) ANNEX II -- PART C TO AUTHORIZED PARTICIPANT AGREEMENT FOR REALTY FUNDS , INC. REALTY FUNDS FLOW PROCESS -------------------------------------------------------------------------------- This Annex II-Part C supplements the Fund's ’s Prospectus with respect to the procedures to be used by the Distributor and Transfer Agent in processing an order for the creation or redemption of Shares of any Fund of the CompanyTrust. A. The AP is required to have (i) signed an Authorized Participant Agreement for Fund and (ii) assigned a personal identification number to each Authorized Person that the AP has authorized to act for such AP. This will allow an AP through its Authorized Person(s) to place a creation or redemption order with respect to Shares of any Fund of the CompanyTrust. B. The AP and Distributor shall implement the "Funds Flow Process" as agreed to by the parties from time to time. C. Note that trades placed through the NSCC/DTC may only occur on any day that NSCC/DTC is open for business ("NSCC/DTC Business Day") . FUNDS FLOW PROCESSbusiness. 1. The AP calls on BNY's ETF Administrator the Distributor’s recorded 1. The BNY - ETF Administrator greets caller. number to place a Share Creation and/or Redemption order. These trades are to be placed by 4:00 3:00 PM EST on any Listing Exchange Business Day. 1. ----------------------------------------------------------------------------------------------------------------- The Distributor greets caller. 2. AP identifies his/her name, the Institution he/she 2 BNY - ETF Administrator will confirm the AP's PIN #. represents, and PIN #. The BNY - ETF Administrator records the PIN # and the The AP states the Fund name(s) and relevant ticker symbol(s). 2 The Distributor will confirm the AP’s PIN #. The Distributor records the PIN # and the order, and provides the AP with an order confirmation symbol(s). number. AP will identify and list any securities that will not The order confirmation constitutes a binding order, be delivered or received in kind. which may only be reversed by the ETF Administrator, the Distributor or the Fund. 3. AP will make alternate arrangements with the ETF Administrator to deliver or receive the value for those AP will make alternate arrangements securities that cannot be delivered. AP and ETF Administrator will exchange delivery or receive instructions for any security being delivered outside of the CNS system. ----------------------------------------------------------------------------------------------------------------- Exhibit (e)(2) ----------------------------------------------------------------------------------------------------------------- It is anticipated that all creation and redemption with the ETF Administrator to deliver or receive the units will settle outside of the CNS process. Detailed value for those securities that cannot be delivered. AP delivery instructions will be supplied by BNY for each and ETF Administrator will exchange delivery or receive portfolio. Separate delivery instructions may be instructions for any security being delivered outside warranted when delivering fixed income securities. of the CNS system. ----------------------------------------------------------------------------------------------------------------- 3.AP will Fax a copy of the order form to the BNY ETF 3. The BNY - ETF Administrator will receive a copy of Administrator Distributor within 15 minutes from the time the call the completed order form from the AP Faxed within is made. within 15 minutes from the time the order is placed. The AP will provide, as a part of the order form, a All orders received from the AP's are time stamped by statement confirming that the AP will not be placing the BNY - ETF Administrator at the time the order is trades that would raise the AP's ’s total holdings to 80% placed or more of any Fund The Distributor will verify that so as to cause such Fund to have a basis in the appropriate Deposited Securities deposited with such Fund different from the market value of such Deposited Securities on the date of such deposit. The signed Order Form will be sent as the physical receipt for the AP that the order is confirmed. The above procedures will be repeated until all orders have been placed by the AP. 3. The Distributor will receive a copy of the completed order form from the AP Faxed within within 15 minutes from the time the order is placed. All orders received from the APs are time stamped by Distributor at the time the order is placed The Distributor will verify that the appropriate disclaimers have been made by the AP and validate the receipt for the AP that the order is confirmed. disclaimer by calculating the AP's ’s position, including the subscriptions requested, to the total fund shares The above procedures will be repeated until all orders outstanding have been placed by the AP. The Distributor will sign the Order Form and the signed Order Form will be sent as the physical receipt for the AP that the order is confirmed. 4. The AP receives the fax The AP will assume responsibility for an incorrect trade 4. The AP will assume responsibility for an incorrect trade and contact the Distributor if necessary. If trades are corrected, the Distributor will delete the first trade and reenter the corrected trade. A second affirmation will be faxed to the AP with all trades placed that day. The corrected trade will be coded on the affirmation so that the AP can see the correction. No corrections will be permitted after 3p.m. 5. EXCEPTION - International Settlements AP’s must deliver units for redemption orders no later than Trade Date Plus 1 in order to meet the affirmed order requirements placed the previous day.