Direct answer
This is called oversubscription. If redemption requests exceed the fund's limit, the fund scales back everyone's request proportionally (pro-rata), and remaining shares stay invested until the next window.
This is known as oversubscription. If total redemption requests exceed the fund's limit for that period (e.g., investors ask for 10% of assets back, but the fund limit is 5%), the fund will scale back everyone's request proportionally (pro-rata). You will receive a portion of your requested cash, and your remaining shares will stay invested until the next window.
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