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<SEC-DOCUMENT>0001104659-08-046355.txt : 20080718
<SEC-HEADER>0001104659-08-046355.hdr.sgml : 20080718
<ACCEPTANCE-DATETIME>20080718104426
ACCESSION NUMBER:		0001104659-08-046355
CONFORMED SUBMISSION TYPE:	POS AMI
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20080718
DATE AS OF CHANGE:		20080718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			H&Q LIFE SCIENCES INVESTORS
		CENTRAL INDEX KEY:			0000884121
		IRS NUMBER:				043147016
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		POS AMI
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06565
		FILM NUMBER:		08958553

	BUSINESS ADDRESS:	
		STREET 1:		2 LIBERTY SQUARE
		STREET 2:		9TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6175740500

	MAIL ADDRESS:	
		STREET 1:		2 LIBERTY SQUARE
		STREET 2:		9TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AMI
<SEQUENCE>1
<FILENAME>a08-19451_2posami.htm
<DESCRIPTION>POS AMI
<TEXT>

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<div><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(As filed with the Securities and Exchange Commission on July&nbsp;18, 2008)</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investment Company Act File No.&nbsp;811-06565&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p><p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 3.0pt;padding:1.0pt 0in 1.0pt 0in;"><p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></div>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">U.S. SECURITIES AND EXCHANGE COMMISSION</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C.</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;N-2</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" sty
le="font-size:12.0pt;font-weight:bold;">Registration Statement Under the Investment Company Act of 1940</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendment No.&nbsp;10</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">H&amp;Q LIFE SCIENCES INVESTORS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant as Specified in Charter)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2 Liberty Square, 9th Floor, Boston,
MA 02109</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of Principal Executive Offices)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(617) 772-8500</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s Telephone Number, including Area Code)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Daniel R. Omstead, Ph.D.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2 Liberty Square, 9th Floor, Boston,
MA 02109</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and Address of Agent for Service)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Copies of Communications to:</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Joseph R. Fleming,&nbsp;Esq.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dechert LLP</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">200 Clarendon St.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">27<sup>th</sup> Floor</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Boston, MA&nbsp;02116-5021</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This amendment is being filed solely to file Exhibit&nbsp;No.&nbsp;(b)(ii)&nbsp;to this Registration Statement relating to the By-Laws.</font></p><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border-bottom:solid windowtext 3.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 1.0pt 0in;"><p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<div><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART&nbsp;C</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OTHER INFORMATION</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s Amended and Restated By-Laws, as adopted July&nbsp;17, 2008 by the Registrant&#146;s Board of Trustees, are filed herewith as Exhibit&nbsp;(b)(ii).</font></p><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p 
style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this Amendment No.&nbsp;10 to its Registration Statement under the Investment Company Act of 1940 to be signed on its behalf by the undersigned thereunto, duly authorized, in the Commonwealth of Massachusetts, on the 18th day of July, 2008.</font></p><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&amp;Q LIFE SCIENCES INVESTORS</font></p></td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By: /s/ Daniel R. Omstead</font></p></td>
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  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel R. Omstead</font></p></td>
 </tr>
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  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p></td>
 </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT INDEX</font></b></p><p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.28%;"><p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p></td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.08%;"><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
  <td width="87%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:87.66%;"><p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p></td>
 </tr>
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  <td width="9%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:9.28%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.08%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="87%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:87.66%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
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  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.28%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)(ii)</font></p></td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.08%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.66%;"><p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amended and Restated By-Laws, as adopted July&nbsp;17, 2008.</font></p></td>
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</table>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p><p style="margin:0in 0in .0001pt;"><font size="2" face="Courier" style="font-size:10.0pt;">

<hr size="3" width="100%" noshade color="#010101" align="left">

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<TYPE>EX-99.(B)(II)
<SEQUENCE>2
<FILENAME>a08-19451_2ex99dbii.htm
<DESCRIPTION>EX-99.2B
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;99.(b)(ii)</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">BY-LAWS</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">OF</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&amp;Q LIFE SCIENCES INVESTORS</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revised through July&nbsp;17, 2008</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE </font></u>I</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitions</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms &#147;Commission,&#148;
&#147;Custodian,&#148; &#147;Declaration,&#148; &#147;Distributor,&#148; &#147;Investment Adviser,&#148; &#147;Majority
Shareholder Vote,&#148; &#147;l940 Act,&#148; &#147;Shareholder,&#148; &#147;Shares,&#148; &#147;Transfer Agent,&#148; &#147;Trust,&#148;
&#147;Trust Property&#148; and &#147;Trustees&#148; have the respective meanings given them in the
Declaration of Trust of H&amp;Q Life Sciences Investors dated February&nbsp;20,
1992 as amended from time to time.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offices</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1</font></u>.
<u>Principal Office</u>. Until changed by the Trustees, the principal office of
the Trust in The Commonwealth of Massachusetts shall be in the City of Boston,
County of Suffolk.</p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2</font></u>.
<u>Other Offices</u>. The Trust may have offices in such other places within or
without the Commonwealth as the Trustees may from time to time determine.</p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholders</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1</font></u>.
<u>Meetings</u>. An annual meeting of the Shareholders shall be held at such
place within or without the Commonwealth of Massachusetts on such day and at
such time as the Trustees shall designate. The initial annual meeting of
Shareholders shall take place within 15 months of such time as a registration
statement under the Securities Act of 1933 covering the first public offering
of securities of the Trust shall have become effective. Special meetings of the
Shareholders may be called at any time by a majority of the Trustees. Special
meetings of Shareholders shall be called by the Trustees upon</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">receipt by the Secretary at the
Trust&#146;s principal office of (1)&nbsp;a written request of Shareholders holding
in the aggregate Shares representing not less than a majority of all votes
entitled to be cast at such meeting, specifying a proper purpose or purposes
for which such meeting is to be called as determined pursuant to the
Declaration and these By-Laws and providing all information required pursuant
to Section&nbsp;2(b)&nbsp;of this Article&nbsp;III and (2)&nbsp;payment of the
reasonably estimated cost of preparing and mailing notice of such meeting,
which the President or Secretary shall determine and specify to such
Shareholders.&#160; Any such meeting shall be
held within or without the Commonwealth of Massachusetts on such day and at
such time as the Trustees shall designate. The holders of a majority of
outstanding Shares present in person or by proxy shall constitute a quorum at
any meeting of the Shareholders. Except as otherwise specifically provided in
the Declaration or these By-Laws or as required by provisions of the 1940 Act,
all matters shall be decided by a vote of the majority of all votes validly
cast at a meeting at which a quorum is present.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2</font></u>.
<u>Notice of Meetings</u>.</p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;<u>Notice of Meetings</u>.&#160;
Notice of all meetings of the Shareholders, stating the time, place and
purposes of the meeting, shall be given by the Trustees by mail to each
Shareholder at his address as recorded on the register of the Trust, mailed not
less than ten (10)&nbsp;days and not more than sixty (60) days before the
meeting. For any matter to be properly before any annual or special meeting, the
matter must be (1)&nbsp;specified in the notice of the meeting given by or at
the direction of the Trustees, (2)&nbsp;otherwise brought before the meeting by
or at the direction of the Trustees, or (3)&nbsp;a proper matter for action by
the Shareholders as determined pursuant to the Declaration and these By-Laws
and brought before the meeting&#160; by a
Shareholder in the manner specified in Section&nbsp;2(b)&nbsp;of this Article&nbsp;III.&#160; Any adjourned meeting may be held as
adjourned without further notice. No notice need be given to any Shareholder
who shall have failed to inform the Trust of his current address or if a
written waiver of notice, executed before or after the meeting by the
Shareholder or his attorney thereunto authorized, is filed with the records of
the meeting.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;<u>Requirements for Matters to Be Considered</u>.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;In addition to any other requirements under applicable law and
the Declaration and these By-Laws, any proposal to elect any person nominated
by Shareholders for election as Trustee at an annual meeting or a special
meeting called by the Trustees for the purpose of electing a Trustee or
Trustees and any other proposals by Shareholders to be presented at an annual
meeting or a special meeting may only be brought before the meeting if timely
written notice (the &#147;Shareholder Notice&#148;) is</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided to
the Secretary. For an annual meeting, unless a greater or lesser period is
required under applicable law, to be timely, the Shareholder Notice must be
received at the principal office of the Trust not less than ninety (90) days
nor more than one hundred twenty (120) days prior to the first anniversary date
(&#147;Anniversary Date&#148;) of the date of the Trust&#146;s annual meeting in the preceding
year; provided, however, if and only if the annual meeting is not scheduled to
be held within a period that commences thirty (30) days before the Anniversary
Date and ends thirty (30) days after such Anniversary Date (an annual meeting
date outside such period being referred to herein as an &#147;Other Annual Meeting
Date&#148;), such Shareholder Notice must be given in the manner provided herein by
the later of the close of business on (1)&nbsp;the date ninety (90) days prior
to such Other Annual Meeting Date or (2)&nbsp;the tenth (10th) business day
following the date such Other Annual Meeting Date is first publicly announced
or disclosed.&#160; For a special meeting
called by the Trustees, unless a greater or lesser period is required under
applicable law, to be timely, the Shareholder Notice must be received at the
principal office of the Trust not later than the close of business on the tenth
(10<sup>th</sup>) business day following the date of such special meeting is
publicly announced.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any Shareholder submitting a nomination of a person for election as a
Trustee at an annual meeting or special meeting called by the Trustees for
election of Trustees shall deliver as part of the Shareholder Notice: (1)&nbsp;a
statement in writing setting forth (A)&nbsp;the name, age, date of birth,
business address, residence address and nationality of such nominee; (B)&nbsp;the
class or series and number of all Shares of the Trust owned of record or
beneficially by such nominee, as reported to such Shareholder by such nominee; (C)&nbsp;all
other information regarding such nominee that would be required to be disclosed
in solicitations of proxies for elections of directors, or is otherwise
required, pursuant to Section&nbsp;14 of the Exchange Act (or any successor
provision thereto) and the rules&nbsp;and regulations promulgated thereunder;
and (D)&nbsp;whether such Shareholder believes the nominee is or will be an &#147;interested
person&#148; of the Trust (as defined in the 1940 Act) and, if not an &#147;interested
person,&#148; information regarding such nominee that will be sufficient for the
Trustees to make such determination; and (2)&nbsp;the written, signed and
notarized statement of such nominee giving consent to be named as a nominee in
any proxy statement relating to such election and confirming such nominee&#146;s
intention to serve as a Trustee, if elected.&#160;
In addition to the information expressly required to be in the
Shareholder Notice, the Trustees may require any proposed nominee to furnish
such other information as they may reasonably require or deem necessary to
determine the eligibility of such nominee to serve as a Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Without limiting the foregoing, any Shareholder who gives a Shareholder
Notice of any matter proposed to be brought before a meeting (including a
nomination of a person for election as Trustee) shall deliver, as part of such
Shareholder Notice: (1)&nbsp;a</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">reasonably
particular description of the matter proposed and the exact text of the
proposal; (2)&nbsp;a brief written statement of the reasons why the proposal is
in the best interests of Shareholders; (3)&nbsp;such Shareholder&#146;s name and
address as they appear on the Trust&#146;s books and the Shareholder&#146;s telephone
number; (4)&nbsp;all other information regarding such Shareholder that would be
required to be disclosed in solicitations of proxies with respect to such
matter, or is otherwise required, pursuant to Section&nbsp;14 of the Exchange
Act (or any successor provision thereto) and the rules&nbsp;and regulations
thereunder; (5)&nbsp;the class or series and number of all Shares of the Trust
owned beneficially and of record by such Shareholder; (6)&nbsp;an explicit
description of each Derivative Instrument, as defined in Section&nbsp;2(b)(v),
into which the Shareholder or any affiliate has entered or is a party or
beneficiary, each transaction or arrangement into which the Shareholder or any
affiliate has entered or is a party or beneficiary with the effect or intent of
mitigating or otherwise managing benefit, loss or risk of Share price changes
or increasing or decreasing the Shareholder&#146;s or such affiliate&#146;s voting power
in Shares and, if applicable, the number of Shares of the Trust to which such
Derivative Instrument, transaction or arrangement relates; (7)&nbsp;if the
Shareholder is an investment entity, an explicit description of the Shareholder&#146;s
investment strategy or objective and a copy of the Shareholder&#146;s most recent
related disclosure document(s)&nbsp;provided to investors; (8)&nbsp;any
material interest of such Shareholder in the matter proposed (other than as a
Shareholder); (9)&nbsp;a representation that the Shareholder intends to appear
in person or by proxy at the meeting to act on the matter proposed; (10)&nbsp;if
the proposal involves a nominee for election as Trustee, a description of all
arrangements or understandings between the Shareholder and such nominee and any
other person or persons (including their names) pursuant to which the
nomination is to be made by the Shareholder; and (11) in the case of a
Shareholder (a &#147;Beneficial Owner&#148;) that holds Shares entitled to vote at the
meeting through a nominee or &#147;street name&#148; holder of record, evidence
establishing such Beneficial Owner&#146;s indirect ownership of, and entitlement to
vote, Shares at the meeting.&#160; In addition
to the information expressly required to be in the Shareholder Notice, the
Shareholder shall also provide such other information as the Trustees may
reasonably request in order to&#160; assess
whether the matter is a proper matter for Shareholders&#146; consideration and
determine a position with respect to such proposal.&#160; As used in this Section&nbsp;2(b), Shares &#147;beneficially
owned&#148; shall mean all Shares which such person is deemed to beneficially own
pursuant to Rules&nbsp;13d-3 and 13d-5 under the Exchange Act (or any successor
provisions thereto).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;For purposes of this Section&nbsp;2(b), a matter shall be
deemed to have been &#147;publicly announced&#148; if such matter is disclosed in a press
release reported by the Dow Jones News Service, Associated Press or comparable
national news service, in a document publicly filed by the Trust with the U.S.
Securities and Exchange Commission or in a Web site accessible to the public
maintained by the Trust or by its Investment</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adviser.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;In no event shall an adjournment or postponement (or a
public announcement thereof) of a meeting of Shareholders commence a new time
period (or extend any time period) for the giving of notice as provided in this
Section&nbsp;2(b).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;The person presiding at any annual or special meeting, in
addition to making any other determinations that may be appropriate to the
conduct of the meeting, shall have the power and duty to determine whether
notice of nominees and other matters proposed to be brought before a meeting
has been duly given in the manner provided in this Section&nbsp;2(b)&nbsp;and,
if not so given, shall direct and declare at the meeting that such nominees and
other matters shall not be considered.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&nbsp;&#147;Derivative Instrument&#148; shall mean any option, warrant,
convertible security, stock appreciation right, or similar right with an
exercise or conversion privilege or a settlement payment or mechanism at a
price related to Shares of the Trust or with a value derived in whole or in
part from the value of Shares of the Trust, whether or not such instrument or right
shall be subject to settlement in Shares of the Trust or otherwise.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&nbsp;The requirements set forth in this Section&nbsp;2(b)&nbsp;relating
to Shareholder nominations of candidates for election as Trustees and other
Shareholder proposals do not apply to Shareholder proposals submitted in
accordance with the requirements of Rule&nbsp;14a-8 under the Securities
Exchange Act of 1934 (&#147;Exchange Act&#148;) (or any successor provision thereto).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3</font></u>.
<u>Record Date for Meetings or Distributions</u>. For the purpose of determining
the Shareholders who are entitled to notice of and to vote at any meeting, or
to participate in any distribution, or for the purpose of any other action, the
Trustees may from time to time close the transfer books for such period, not
exceeding thirty (30) days, as the Trustees may determine; or without closing
the transfer books the Trustees may fix a date not more than sixty (60) days
prior to the date of any meeting of Shareholders or distribution or other
action as a record date for the determination of the persons to be treated as
Shareholders of record for such purposes.</p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4</font></u>.
<u>Proxies</u>. At any meeting of Shareholders, any holder of Shares entitled
to vote thereat may vote by proxy, provided that no proxy shall be voted at any
meeting unless it shall have been placed on file with the Secretary, or with
such other officer or agent of the Trust as the Secretary may direct, for
verification prior to the time at which such vote shall be taken. Pursuant to a
resolution of a majority of the Trustees, proxies may be</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">solicited in
the name of one or more Trustees or one or more of the officers of the Trust.
Only Shareholders of record shall be entitled to vote. Each full Share shall be
entitled to one vote and fractional Shares shall be entitled to a vote of such
fraction. When any Share is held jointly by several persons, any one of them
may vote at any meeting in person or by proxy in respect to such Share, but if
more than one of them shall be present at such meeting in person or by proxy,
and such joint owners or their proxies so present disagree as to any vote to be
cast, such vote shall not be received in respect of such Share.&#160; A proxy purporting to be executed by or on
behalf of a Shareholder shall be deemed valid unless challenged at or prior to
its exercise, and the burden of proving invalidity shall rest on the
challenger. If the holder of any such Share is a minor or a person of unsound
mind, and subject to guardianship or to the legal control of any other person
as regards the charge or management of such Share, he may vote by his guardian
or such other person appointed or having such control, and such vote may be
given in person or by proxy.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5</font></u>.
<u>Inspection of Records</u>. The records of the Trust shall be open to
inspection by Shareholders to the same extent as is permitted shareholders of a
Massachusetts business corporation.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6</font></u>.
<u>Action without Meeting</u>.&#160; Any
action which may be taken by Shareholders may be taken without a meeting if a
majority of Shareholders entitled to vote on the matter (or such larger
proportion thereof as shall be required by law, the Declaration or these
By-laws for approval of such matter) consent to the action in writing and the
written consents are filed with the records of the meetings of Shareholders. Such
consent shall be treated for all purposes as a vote taken at a meeting of
Shareholders.</p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IV</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustees</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1</font></u>.
<u>Meetings of the Trustees</u>. The Trustees may in their discretion provide
for regular or stated meetings of the Trustees. Notice of regular or stated
meetings need not be given. Meetings of the Trustees other than regular or
stated meetings shall be held whenever called by the President, or by any of
the Trustees, at the time being in office. Notice of the time and place of each
meeting other than regular or stated meetings shall be given by the Secretary
or an Assistant Secretary or by the officer or Trustee calling the meeting and
shall be mailed to each Trustee at least two days before the meeting, or shall
be telegraphed, cabled or sent by facsimile to each Trustee at his business
address, or personally delivered to him at least one day before the meeting.
Such notice may, however, be waived by any Trustee. Notice of a meeting need
not be given to any</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee if a
written waiver of notice, executed by him before or after the meeting, is filed
with the records of the meeting, or to any Trustee who attends the meeting
without protesting prior thereto or at its commencement the lack of notice to
him. A notice or waiver of notice need not specify the purpose of any meeting.
The Trustees may meet by means of a telephone conference circuit or similar
communications equipment by means of which all persons participating in the
meeting can hear each other, which telephone conference meeting shall be deemed
to have been held at a place designated by the Trustees at the meeting.
Participation in a telephone conference meeting shall constitute presence in
person at such meeting. Any action required or permitted to be taken at any
meeting of the Trustees may be taken by the Trustees without a meeting if all
the Trustees consent to the action in writing and the written consents are
filed with the records of the Trustees&#146; meetings. Such consents shall be
treated as a vote for all purposes.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2</font></u>.
<u>Quorum and Manner of Acting</u>. A majority of the Trustees shall be present
in person at any regular or special meeting of the Trustees in order to
constitute a quorum for the transaction of business at such meeting and (except
as otherwise required by law, the Declaration or these By-laws) the act of a
majority of the Trustees present at any such meeting, at which a quorum is
present, shall be the act of the Trustees. In the absence of a quorum, a
majority of the Trustees present may adjourn the meeting from time to time
until a quorum shall be present. Notice of an adjourned meeting need not be
given.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3</font></u>.
<u>Chairman of the Board</u>. The Trustees may elect or appoint from their own
number a Chairman of the Board. The Chairman of the Board, if one be appointed
or elected, shall preside at all meetings of the Board of Trustees and shall be
ex officio a member of all committees of the Board of Trustees. He or she shall
have such other powers and perform such other duties as may be assigned to him
or her from time to time by the Board of Trustees.</p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE V</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Committees and Advisory Board</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1</font></u>.
<u>Executive and Other Committees</u>. The Trustees by vote of a majority of
all the Trustees may elect from their own number an Executive Committee to
consist of not less than three (3)&nbsp;Trustees [to hold office at the
pleasure of the Trustees,] which shall have the power to conduct the current
and ordinary business of the Trust while the Trustees are not in session,
including the purchase and sale of securities and such other powers of the
Trustees as the Trustees may, from time to time, delegate to them except those
powers which by law, the Declaration or these By-laws they are prohibited from</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">delegating.
The Trustees may also elect from their own number other Committees from time to
time (including an Audit Committee), the number composing such Committees, the
powers conferred upon the same (subject to the same limitations as with respect
to the Executive Committee) and the term of membership on such Committees to be
determined by the Trustees.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2</font></u>.
<u>Meeting, Quorum and Manner of Acting</u>. The Trustees may (1)&nbsp;provide
for stated meetings of any Committees, (2)&nbsp;specify the manner of calling
and notice required for special meetings of any Committee, (3)&nbsp;specify the
number of members of a Committee required to constitute a quorum and the number
of members of a Committee required to exercise specified powers delegated to
such Committee, (4)&nbsp;authorize the making of decisions to exercise
specified powers by written assent of the requisite number of members of a
Committee without a meeting, and (5)&nbsp;authorize the members of a Committee
to meet by means of a telephone conference circuit.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Executive
Committee shall keep regular minutes of its meetings and records of decisions
taken without a meeting and cause them to be recorded in a book designated for
that purpose and kept in the office of the Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3</font></u>.
<u>Advisory Board</u>. The Trustees may appoint an Advisory Board to consist in
the first instance of not less than three (3) members. Members of such Advisory
Board shall not be Trustees or officers and need not be Shareholders. Members
of this Board shall hold office for such period as the Trustees may by
resolution provide. Any member of such Board may resign therefrom by a written
instrument signed by him which shall take effect upon delivery to the Trustees.
The Advisory Board shall have no legal powers and shall not perform the
functions of Trustees in any manner, said Board being intended merely to act in
an advisory capacity. Such Advisory Board shall meet at such times and upon
such notice as the Trustees may by resolution provide.</p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VI</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officers</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1</font></u>.
<u>General Provisions</u>. The officers of the Trust shall be a President, a
Treasurer, a Secretary and a Chief Compliance Officer, all of whom shall be
elected by the Trustees. The Trustees may elect or appoint such other officers
or agents as the business of the Trust may require, including one or more Vice
Presidents, one or more Assistant Secretaries, and one or more Assistant
Treasurers. The Trustees may delegate to any officer or committee the power to
appoint any subordinate officers or agents.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2</font></u>.
<u>Term of Office and Qualifications</u>. Except as otherwise provided by law,
the Declaration or these By-laws all officers of the Trust shall hold office at
the pleasure of the Trustees. The Secretary and Treasurer may be the same
person. A Vice President and the Treasurer or a Vice President and the
Secretary may be the same person, but the offices of Vice President, Secretary
and Treasurer shall not be held by the same person. The President shall hold no
other office; provided, however, that the President may hold any other office
until such time as a Registration Statement under the Securities Act of 1933,
as amended, covering the first public offering of securities of the Trust,
shall have become effective. Except as above provided, any two offices may be
held by the same person. Any officer may be but none need be a Trustee or
Shareholder.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3</font></u>.
<u>Removal</u>. The Trustees, at any regular or special meeting of the
Trustees, may remove any officer with or without cause by a vote of a majority
of the Trustees. Any officer or agent appointed by any officer or committee may
be removed with or without cause by such appointing officer or committee.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4</font></u>.
<u>Powers and Duties of the President</u>. The President may call meetings of
the Trustees and of any Committee thereof when he deems it necessary and shall
preside at all meetings of the Shareholders. The President shall be the
principal executive officer of the Trust, and subject to the control of the
Trustees and any Committees of the Trustees, within their respective spheres,
as provided by the Trustees, he shall at all times exercise a general
supervision and direction over the affairs of the Trust. He shall have the
power to employ attorneys and counsel for the Trust and to employ such
subordinate officers, agents, clerks and employees as he may find necessary to
transact the business of the Trust. He shall also have the power to grant,
issue, execute or sign such powers of attorney, proxies or other documents as
may be deemed advisable or necessary in furtherance of the interests of the
Trust. The President shall have such other powers and duties as, from time to
time, may be conferred upon or assigned to him by the Trustees.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5</font></u>.
<u>Powers and Duties of Vice Presidents</u>. In the absence or disability of
the President, the Vice President or, if there be more than one Vice President,
any Vice President designated by the Trustees shall perform all the duties and
may exercise any of the powers of the President, subject to the control of the
Trustees. Each Vice President shall perform such other duties as may be
assigned to him from time to time by the Trustees or the President.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6</font></u>.
<u>Powers and Duties of the Treasurer</u>. The Treasurer shall be the principal
financial and accounting officer of the Trust. He shall deliver all funds of
the Trust which may come into his hands to such Custodian as the Trustees may
employ pursuant to Article&nbsp;X of these By-laws. He shall render a statement
of condition of the finances of the</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust to the
Trustees as often as they shall require the same and he shall in general
perform all the duties incident to the office of Treasurer and such other
duties as from time to time may be assigned to him by the Trustees. The
Treasurer shall give a bond for the faithful discharge of his duties, if
required so to do by the Trustees, in such sum and with such surety or sureties
as the Trustees shall require.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7</font></u>.
<u>Powers and Duties of the Secretary</u>. The Secretary shall keep the minutes
of all meetings of the Trustees and of all meetings of the Shareholders in
proper books provided for that purpose; he shall have custody of the seal of
the Trust; he shall have charge of the Share transfer books, lists and records
unless the same are in the charge of the Transfer Agent. He shall attend to the
giving and serving of all notices by the Trust in accordance with the
provisions of these By-laws and as required by law, and subject to these
By-laws, he shall in general perform all duties incident to the office of
Secretary and such other duties as from time to time may be assigned to him by
the Trustees.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8</font></u>.
<u>Powers and Duties of Assistant Treasurer</u>. In the absence or disability
of the Treasurer, any Assistant Treasurer designated by the Trustees shall
perform all the duties, and may exercise any of the powers, of the Treasurer.
The Assistant Treasurers shall perform such other duties as from time to time
may be assigned to them by the Trustees. Each Assistant Treasurer shall give a
bond for the faithful discharge of his duties, if required so to do by the
Trustees, in such sum and with such surety or sureties as the Trustees shall
require.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9</font></u>.
<u>Powers and Duties of Assistant Secretaries</u>. In the absence or disability
of the Secretary, any Assistant Secretary designated by the Trustees shall
perform all of the duties, and may exercise any of the powers, of the
Secretary. The Assistant Secretaries shall perform such other duties as from
time to time may be assigned to them by the Trustees.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;10</font></u>.
<u>Compensation of Officers and Trustees and Members of the Advisory Board</u>.
Subject to any applicable provisions of the Declaration, the compensation of
the officers and Trustees and members of the Advisory Board shall be fixed from
time to time by the Trustees or, in the case of officers, by any Committee or
officer upon whom such power may be conferred by the Trustees. No officer shall
be prevented from receiving such compensation as such officer by reason of the
fact that he is also a Trustee. Notwithstanding the foregoing, the compensation
of the Chief Compliance Officer shall be fixed from time to time solely by the
Trustees.</p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;11.</font></u>
<u>Powers and Duties of the Chief Compliance Officer</u>. The Chief Compliance
Officer shall be responsible for developing a compliance program that is
reasonably</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">designed to
prevent violations of applicable securities law and all other relevant laws.
The Chief Compliance Officer shall be responsible for the management,
administration and enforcement of such compliance program. The Chief Compliance
Officer shall have the duties and powers assigned to such officer pursuant to Rule&nbsp;38a-1
under the Investment Company Act of 1940, as amended, or pursuant to any other rule&nbsp;or
regulation adopted by the Securities and Exchange Commission that assigns
duties or powers to the Chief Compliance Officer.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VII</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fiscal Year</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The fiscal
year of the Trust shall begin on the first day of October&nbsp;in each year and
shall end on the last day of September, in each year, provided, however, that
the Trustees may from time to time change the fiscal year.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE VIII</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seal</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustees
shall adopt a seal which shall be in such form and shall have such inscription
thereon as the Trustees may from time to time prescribe.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IX</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waivers of Notice</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Whenever any
notice whatsoever is required to be given by law, the Declaration or these
By-laws, a waiver thereof in writing, signed by the person or persons entitled
to said notice, whether before or after the time stated therein, shall be
deemed equivalent thereto. A notice shall be deemed to have been telegraphed or
cabled for the purpose of these By-laws when it has been delivered to a
representative of any telegraph or cable company with instruction that it be
telegraphed or cabled.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE X</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Custodian</font></u></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1</font></u>.
<u>Appointment and Duties</u>. The Trustees shall at all times employ a bank or
trust company having a capital, surplus and undivided profits of at least five
million</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">dollars
($5,000,000) as Custodian with authority as its agent, but subject to such
restrictions, limitations and other requirements, if any, as may be contained
in the Declaration, these By-laws and the 1940 Act:</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;to hold the securities owned by the Trust and deliver the same
upon written order;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;to receive and receipt for any monies due to the Trust and
deposit the same in its own banking department or elsewhere as the Trustees may
direct;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;to disburse such funds upon orders or vouchers;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp;if authorized by the Trustees, to keep the books and accounts
of the Trust and furnish clerical and accounting services; and</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&nbsp;if authorized to do so by the Trustees, to compute the net
income of the Trust;</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">all upon such
basis of compensation as may be agreed upon between the Trustees and the
Custodian. If so directed by a Majority Shareholder Vote, the Custodian shall
deliver and pay over all property of the Trust held by it as specified in such
vote.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustees
may also authorize the Custodian to employ one or more sub-Custodians from time
to time to perform such of the acts and services of the Custodian and upon such
terms and conditions, as may be agreed upon between the Custodian and such
sub-Custodian and approved by the Trustees, provided that in every case such
sub-Custodian shall be a bank or trust company organized under the laws of the
United States or one of the states thereof and having capital, surplus and
undivided profits of at least five million dollars ($5,000,000).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2</font></u>.
<u>Central Certificate System</u>. Subject to such rules, regulations and
orders as the Commission may adopt, the Trustees may direct the Custodian to
deposit all or any part of the securities owned by the Trust in a system for
the central handling of securities established by a national securities
exchange or a national securities association registered with the Commission
under the Securities Exchange Act of 1934, or such other person as may be
permitted by the Commission, or otherwise in accordance with the 1940 Act,
pursuant to which system all securities of any particular class or series of
any issuer deposited within the system are treated as fungible and may be
transferred or pledged by bookkeeping entry without physical delivery of such
securities, provided that all such deposits shall be subject to withdrawal only
upon the order of the Trust or its Custodian.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3</font></u>.
<u>Acceptance of Receipts in Lieu of Certificates</u>. Subject to such rules,
regulations and orders as the Commission may adopt, the Trustees may direct the
Custodian to accept written receipts or other written evidence indicating
purchases of securities held in book-entry form in the Federal Reserve System
in accordance with regulations promulgated by the Board of Governors of the
Federal Reserve System and the local Federal Reserve Banks in lieu of receipt
of certificates representing such securities.</p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XI</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sale of Shares of the Trust</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustees
may from time to time issue and sell or cause to be issued and sold Shares for
cash or other property, which shall in every case be paid or delivered to the
Custodian as agent of the Trust before the delivery of any certificate for such
shares. The Shares, including additional Shares which may have been purchased
by the Trust (herein sometimes referred to as &#147;treasury shares&#148;), may not be
sold at less than the net asset value thereof determined by or on behalf of the
Trustees as of a time within forty-eight (48) hours, excluding Sundays and
holidays, next preceding the time of such determination, except (1)&nbsp;in
connection with an offering to the holders of Shares; (2)&nbsp;with the consent
of a majority of the holders of Shares; (3)&nbsp;upon conversion of a
convertible security in accordance with its terms; (4)&nbsp;upon the exercise
of any warrant issued in accordance with the provisions of Section&nbsp;18(d)&nbsp;of
the 1940 Act; or (5)&nbsp;under such other circumstances as the Commission may
permit by rules&nbsp;and regulations or orders for the protection of investors.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Shares need
be offered to existing Shareholders before being offered to others. No Shares
shall be sold by the Trust (although Shares previously contracted to be sold
may be issued upon payment therefor) during any period when the determination
of net asset value is suspended by declaration of the Trustees. In connection
with the acquisition by merger or otherwise of all or substantially all the
assets of an investment company (whether a regulated or private investment
company or a personal holding company), the Trustees may issue or cause to be
issued Shares and accept in payment therefor such assets at not more than
market value in lieu of cash, notwithstanding that the federal income tax basis
to the Trust of any assets so acquired may be less than the market value,
provided that such assets are of the character in which the Trustees are
permitted to invest the funds of the Trust.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XII</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends and Distributions</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1</font></u>.
<u>Distributions to Shareholders</u>. The Trustees shall from time to time
distribute ratably among the Shareholders such proportion of the net profits,
surplus (including paid-in surplus), capital, or assets held by the Trustees as
they may deem proper. Such distributions may be made in cash or property
(including without limitation any type of obligations of the Trust or any
assets thereof), and the Trustees may distribute ratably among the Shareholders
additional Shares issuable hereunder in such manner, at such times, and on such
terms as the Trustees may deem proper. Such distributions may be among the
Shareholders of record at the time of declaring a distribution or among the
Shareholders of record at such other date or time or dates or times as the
Trustees shall determine. The Trustees may always retain from the net profits
such amount as they may deem necessary to pay the debts or expenses of the Trust
or to meet obligations of the Trust, or as they may be deemed desirable to use
in the conduct of its affairs or to retain for future requirements or
extensions of the business. The decision of the Trustees as to what, in
accordance with generally accepted accounting principles, is net profits,
surplus, capital or assets shall be final, and except as specifically provided
herein the decision of the Trustees as to what expenses and charges of the
Trust shall be charged against assets and what against income shall be final,
all subject to any applicable provisions of the 1940 Act and rules, regulations
and orders of the Commission promulgated thereunder.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inasmuch as
the computation of net income and gains for federal income tax purposes may
vary from the computation thereof on the books, the above provisions shall be
interpreted to give to the Trustees the power in their discretion to distribute
for any fiscal year as ordinary dividends and as capital gains distributions,
respectively, additional amounts sufficient to enable the Trust to avoid or
reduce liability for taxes.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2</font></u>.
<u>Dividend Reinvestment Plans</u>. The Trustees may adopt and offer to
Shareholders such dividend reinvestment plans, cash dividend payout plans or
related plans as the Trustees shall deem appropriate.</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3</font></u>.
<u>Stock Dividends</u>. Anything in these By-laws to the contrary
notwithstanding, the Trustees may at any time declare and distribute pro rata
among the Shareholders a &#147;stock dividend&#148; out of either authorized but unissued
Shares or treasury shares of the Trust or both.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XIII</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendments</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These By-laws,
or any of them, may be altered, amended or repealed, or new By-laws may be
adopted (a)&nbsp;by Majority Shareholder Vote, or (b)&nbsp;by the Trustees,
provided, however, that no By-law may be amended, adopted or repealed by the
Trustees if such amendment, adoption or repeal requires, pursuant to law, the
Declaration or these By-laws, a vote of the Shareholders.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE XIV</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Miscellaneous</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust
shall not impose any restrictions upon the transfer of the Shares of the Trust
except as provided in the Declaration, but this requirement shall not prevent
the charging of customary transfer agent fees.</font></p>

<p style="margin:0in 0in .0001pt 31.5pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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