<SEC-DOCUMENT>0001752724-24-152603.txt : 20240705
<SEC-HEADER>0001752724-24-152603.hdr.sgml : 20240705
<ACCEPTANCE-DATETIME>20240705105710
ACCESSION NUMBER:		0001752724-24-152603
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240430
FILED AS OF DATE:		20240705
DATE AS OF CHANGE:		20240705
EFFECTIVENESS DATE:		20240705

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALLSPRING INCOME OPPORTUNITIES FUND
		CENTRAL INDEX KEY:			0001210123
		ORGANIZATION NAME:           	
		IRS NUMBER:				043726983
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21269
		FILM NUMBER:		241101912

	BUSINESS ADDRESS:	
		STREET 1:		1415 VANTAGE PARK DRIVE
		STREET 2:		3RD FLOOR
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28203
		BUSINESS PHONE:		857-776-4824

	MAIL ADDRESS:	
		STREET 1:		101 SEAPORT BLVD
		STREET 2:		FLOOR 11
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WELLS FARGO INCOME OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	20151216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WELLS FARGO ADVANTAGE INCOME OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	20100719

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EVERGREEN INCOME ADVANTAGE FUND
		DATE OF NAME CHANGE:	20021213
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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          <brokerDealer>
            <brokerDealerName>AssuredPartners Investment Advisors, LLC</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000309550</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-FL" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>CapFinancial Securities, LLC</brokerDealerName>
            <brokerDealerFileNo>8-65870</brokerDealerFileNo>
            <brokerDealerCrdNo>000126291</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NC" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Allspring Global Investments (UK) Limited</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
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            <brokerDealerLei>213800F1BB4S4H554W68</brokerDealerLei>
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            <brokerDealerCommission>0.00000000</brokerDealerCommission>
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          <brokerDealer>
            <brokerDealerName>Allspring Global Investments Luxembourg S.A.</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>549300FKC2W4RW4DGP06</brokerDealerLei>
            <brokerDealerCountry>LU</brokerDealerCountry>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
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          <brokerDealer>
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            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NC" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Allspring Global Investments (Hong Kong) Limited</brokerDealerName>
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            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerCountry>HK</brokerDealerCountry>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>BNY Mellon Capital Markets, LLC</brokerName>
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            <brokerLei>VJW2DOOHGDT6PR0ZRO63</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>206.36000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs &amp; Co. LLC</brokerName>
            <brokerFileNo>8-129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>128.69000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>335.05000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
            <principalFileNo>8-129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>93057130.83000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNY Mellon Capital Markets, LLC</principalName>
            <principalFileNo>8-35255</principalFileNo>
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            <principalLei>VJW2DOOHGDT6PR0ZRO63</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>26283556.25000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>90310908.44000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BofA Securities, Inc.</principalName>
            <principalFileNo>8-69787</principalFileNo>
            <principalCrdNo>000283942</principalCrdNo>
            <principalLei>549300HN4UKV1E2R3U73</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>42809298.96000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-8177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>56203659.01000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>65897642.88000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>UBS Securities LLC</principalName>
            <principalFileNo>8-22651</principalFileNo>
            <principalCrdNo>000007654</principalCrdNo>
            <principalLei>T6FIZBDPKLYJKFCRVK44</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>17567493.75000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Barclays Capital Inc.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>41092395.53000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Jefferies LLC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>58PU97L1C0WSRCWADL48</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>49285429.04000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Wells Fargo Securities, LLC</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>400834946.89000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>1016542681.15000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>424252816.00846153</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>Allspring Income Opportunities Fund</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="EAD"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <repurchaseSecurities isRepurchaseSecurity="Y">
        <repurchaseSecurityType>Common stock</repurchaseSecurityType>
      </repurchaseSecurities>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.87000000</managementFee>
      <netOperatingExpenses>3.74000000</netOperatingExpenses>
      <marketPricePerShare>6.45000000</marketPricePerShare>
      <netAssetValuePerShare>7.20000000</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isInstDefiningRights>true</isInstDefiningRights>
    </attachmentsTab>
    <signature registrantSignedName="ALLSPRING INCOME OPPORTUNITIES FUND" signedDate="2024-07-01" signature="Jeremy DePalma" title="Treasurer"/>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>NCEN_811-21269_19874738_0424.htm
<TEXT>

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<HEAD>
   <TITLE>incomeopportunitesncen.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:113.35pt;margin-right:112.5pt;margin-top:4.65pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Report of Independent Registered Public Accounting
Firm</font></b></p>

<p style="margin:0in;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:282.9pt;margin-top:7.9pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">To the
Shareholders and Board of Trustees Allspring Income Opportunities Fund:</font></p>

<p style="margin:0in;margin-top:.25pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:4.5pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">In planning and
performing our audit of the financial statements of Allspring Income Opportunities
Fund (the Fund), as of and for the year ended April 30, 2024, in accordance
with the standards of the Public Company Accounting Oversight Board (United
States) (PCAOB), we considered the Fund's internal control over financial
reporting, including controls over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-CEN, but
not for the purpose of expressing an opinion on the effectiveness of the Fund's
internal control over financial reporting. Accordingly, we express no such
opinion.</font></p>

<p style="margin:0in;margin-top:.05pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:6.1pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Management of the
Fund is responsible for establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of controls. A company's internal control over financial
reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles. A company's internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">dispositions</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">assets</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">company;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">(2)</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">provide</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">reasonable</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">assurance</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">that</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">transactions</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">are</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">recorded as
necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles in the United States of America, and
that receipts and expenditures of the company are being made only in accordance
with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company's assets that could have a
material effect on the financial</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.8pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">statements.</font></p>

<p style="margin:0in;margin-top:.15pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:5.9pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Because of its
inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because
of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.</font></p>

<p style="margin:0in;margin-top:.35pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:6.8pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">A deficiency in
internal control over financial reporting exists when the design or operation
of a control does not allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting, such that there is
a reasonable possibility that a material misstatement of the company&#8217;s annual
or interim financial statements will not be prevented or detected on a timely
basis.</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:5.15pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Our consideration
of the Fund's internal control over financial reporting was for the limited
purpose described in the first paragraph and would not necessarily disclose all
deficiencies in internal control that might be material weaknesses under
standards established by the PCAOB. However, we noted no deficiencies in the
Fund's internal control over financial reporting and its operation, including
controls over safeguarding securities that we consider to be a material
weakness as defined above as of April 30, 2024.</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:13.5pt;">&nbsp;</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-left:5.85pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-top:.05pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:13.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:6.2pt;margin-top:4.65pt;text-align:justify;text-justify:inter-ideograph;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">This</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">report</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">is</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">intended</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">solely</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">for</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">information</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">and</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">use</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.05pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">management</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">and</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.05pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Board</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Trustees</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.05pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Allspring Income</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Opportunities</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Fund</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">and</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Securities</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">and</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Exchange</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Commission</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">and</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">is</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.05pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">not</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">intended</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">to</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">be</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">and</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">should
not be used by anyone other than these specified</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">parties.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:6.2pt;margin-top:4.65pt;text-align:justify;text-justify:inter-ideograph;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:6.2pt;margin-top:4.65pt;text-align:justify;text-justify:inter-ideograph;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;">&#160;&#160; </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">/s/KPMG LLP</font></p>

<p style="margin:0in;margin-top:.5pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:393.7pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Boston,
Massachusetts June 26, 2024</font></p>

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<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

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<DOCUMENT>
<TYPE>INST DEFINING RIGHTS
<SEQUENCE>3
<FILENAME>NCEN_811-21269_48969173_0424.htm
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<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">THIRD AMENDED AND
RESTATED BY-LAWS</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"><br>
<br>
<br>
</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">OF<br>
</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"><br>
<br>
</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ALLSPRING INCOME OPPORTUNITIES FUND</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"><br>
a Delaware Statutory Trust</font></b></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">THIRD amended and restated BY-LAWS<br>
<br>
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-transform:none;">of</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;"><br>
<br>
ALLSPRING INCOME OPPORTUNITIES FUND<br>
<br>
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-transform:none;">a Delaware Statutory Trust</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;font-weight:normal;">INTRODUCTION</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Agreement and Declaration of Trust</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. These Amended
and Restated By-Laws shall be subject to the Agreement and Declaration of
Trust, as from time to time in effect (the &#8220;Declaration of Trust&#8221;), of Allspring
Income Opportunities Fund, a Delaware statutory trust (the &#8220;Trust&#8221;). In the
event of any inconsistency between the terms hereof and the terms of the
Declaration of Trust, the terms of the Declaration of Trust shall control.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><a name="_Toc25759673"></a><a name="_Toc25759823"></a><a name="_Toc25759914"></a><a name="_Toc26932650"></a><a name="_Toc26939621"></a><a name="_Toc26943077"></a><a name="_Toc26944365"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">ARTICLE
I&#160; </font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">OFFICES</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759674"></a><a name="_Toc25759824"></a><a name="_Toc25759915"></a><a name="_Toc26932651"></a><a name="_Toc26939622"></a><a name="_Toc26943078"></a><a name="_Toc26944366"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Principal Office</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.
The Trustees shall fix and, from time to time, may change the location of the
principal executive office of the Trust at any place within or outside the
State of Delaware.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759675"></a><a name="_Toc25759825"></a><a name="_Toc25759916"></a><a name="_Toc26932652"></a><a name="_Toc26939623"></a><a name="_Toc26943079"></a><a name="_Toc26944367"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 2.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Delaware Office</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.
The Trustees shall establish a registered office in the State of Delaware and shall
appoint as the Trust&#8217;s registered agent for service of process in the State of
Delaware an individual who is a resident of the State of Delaware or a Delaware
corporation or a corporation authorized to transact business in the State of
Delaware; in each case the business office of such registered agent for service
of process shall be identical with the registered Delaware office of the Trust.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759676"></a><a name="_Toc25759826"></a><a name="_Toc25759917"></a><a name="_Toc26932653"></a><a name="_Toc26939624"></a><a name="_Toc26943080"></a><a name="_Toc26944368"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 3.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Other Offices</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.
The Trustees may at any time establish branch or subordinate offices at any
place or places within or outside the State of Delaware where the Trust intends
to do business.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><a name="_Toc26932654"></a><a name="_Toc26939625"></a><a name="_Toc26943081"></a><a name="_Toc26944369"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">ARTICLE
II&#160; <a name="_Toc25759677"></a><a name="_Toc25759827"></a><a name="_Toc25759918"></a></font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">MEETINGS OF SHAREHOLDERS</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759678"></a><a name="_Toc25759828"></a><a name="_Toc25759919"></a><a name="_Toc26932655"></a><a name="_Toc26939626"></a><a name="_Toc26943082"></a><a name="_Toc26944370"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Annual Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160;
</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)&#160; Except as provided in the next sentence, regular meetings of the
Shareholders for the election of Trustees and the transaction of such other
business as may properly come before the meeting shall be held, so long as
Shares are listed for trading on the NYSE American, on at least an annual
basis, on such date and at such place within or without the State of Delaware
as shall be designated by the Trustees. In the event that such a meeting is not
held in any annual period if so required, whether by omission be by </font></h3>
<a name="_bclFooter2"></a><DIV>

 <p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">oversight or otherwise, a subsequent special meeting may
be called by the Trustees and held in lieu of such meeting with the same effect
as if held within such annual period. </font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160; For any matter to be properly before any annual meeting, the matter
must be (i) specified in the notice of meeting given by or at the direction of
a majority of the Trustees, (ii) otherwise brought before the meeting by or at
the direction of a majority of the Trustees (or any duly authorized committee
thereof), or (iii) brought before the meeting in the manner specified in
Section 14 of this Article II by a Shareholder of record entitled to vote at
the meeting and at the time the notice provided for in Section 14 of this
Article II is delivered to the Secretary. </font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759679"></a><a name="_Toc25759829"></a><a name="_Toc25759920"></a><a name="_Toc26932656"></a><a name="_Toc26939627"></a><a name="_Toc26943083"></a><a name="_Toc26944371"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 2.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Special Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)&#160; Special meetings of the Shareholders may be called at any time by the
Chair or the Trustees or any officer designated for such purpose by the
Trustees. Except as provided in Section 3 of this Article II, any special
meeting shall be held at such date and time as may be designated by the Chair
or the Trustees or such officer designated for such purpose by the Trustees,
whoever has called the meeting. Subject to Section 3 of this Article II, a
special meeting of Shareholders shall also be called by the Secretary of the
Trust upon the written request of the Shareholders entitled to cast not less
than a majority of all the votes entitled to be cast at such meeting.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160; For any matter to be properly before any special meeting, the matter
must be (i) specified in the notice of meeting given by or at the direction of
a majority of the Trustees or pursuant to Section 3 of this Article II upon the
written request of Shareholders, or (ii) otherwise brought before the meeting
by or at the direction of a majority of the Trustees (or any duly authorized
committee thereof).</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 3.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Shareholder Request for Special
Meetings.</font></u></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)&#160; Any Shareholder of record seeking to have Shareholders request a special
meeting shall, by sending written notice to the Secretary (the &#8220;Record Date
Request Notice&#8221;) by registered mail, return receipt requested, request the
Trustees to fix a record date to determine the Shareholders entitled to request
a special meeting (the &#8220;Requested Record Date&#8221;). The Record Date Request Notice
shall set forth the purpose of the special meeting and the matter(s) proposed
to be acted on at it (which must be a proposal(s) upon which the requesting
Shareholder(s) is entitled to vote), shall be signed by each such Shareholder
of record as of the date of signature (or their duly authorized agent), shall
bear the date of signature of each such Shareholder (or their duly authorized
agent) and shall set forth all information relating to each such Shareholder
that must be disclosed in solicitations of proxies for election of trustees in
an election contest (even if an election contest is not involved), or is
otherwise required, in each case pursuant to Regulation 14A under the
Securities Exchange Act of 1934, as amended (the &#8220;1934 Act&#8221;), and Rule 14a-11
thereunder. Upon receiving the Record Date Request Notice, the Trustees may fix
a Requested Record Date. The Requested Record Date shall not precede and shall
not be more than ten (10) days after the close of business on the date on which
the resolution fixing the Requested Record Date is adopted by the Trustees. If
the Trustees, within thirty </font></h3>
<a name="_bclFooter3"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_4"></a><a name="_bclPageBorder4"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(30) days after the date on
which a valid Record Date Request Notice is received, fail to adopt a
resolution fixing the Requested Record Date and make a public announcement of
such Requested Record Date, the Requested Record Date shall be the close of
business on the 30<sup>th</sup> day after the first date on which the Record
Date Request Notice is received by the Secretary or, if such 30<sup>th</sup>
day is not a Business Day (as defined below), on the first preceding Business
Day.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160; In order for any Shareholder to request a special meeting, one or more
written requests for a special meeting (the &#8220;Special Meeting Request&#8221;) signed
by one or more Shareholders of record (or their duly authorized agent(s)) as of
the Requested Record Date entitled to cast not less than a majority of all of
the votes entitled to be cast at such meeting (the &#8220;Special Meeting Percentage&#8221;)
shall be delivered to the Secretary. In addition, the Special Meeting Request
shall: (i) set forth the purpose of the special meeting and the matter(s)
proposed to be acted on at it (which must be a proposal(s) upon which the
Shareholder(s) of record requesting the special meeting are entitled to vote
and which shall be limited to the matters set forth in the Record Date Request
Notice received by the Secretary); (ii) bear the date of signature of each such
Shareholder (or their duly authorized agent) signing the Special Meeting
Request; (iii) set forth the name and address, as they appear in the Trust&#8217;s
books, of each Shareholder signing such request (or on whose behalf the Special
Meeting Request is signed), the number of Shares of the Trust which are owned
of record and beneficially by each such Shareholder and all other information
relating to each such Shareholder that must be disclosed in solicitations of
proxies for election of trustees in an election contest (even if an election
contest is not involved), or is otherwise required, in each case pursuant to
Regulation 14A under the 1934 Act and Rule 14a-11 thereunder; (iv) be sent to
the Secretary by registered mail, return receipt requested; (v) include or be
accompanied by all additional information required by Section 14 of this
Article II; and (vi) be received by the Secretary within sixty (60) days after
the Requested Record Date. Any requesting Shareholder may revoke his, her or
its Special Meeting Request at any time by written revocation delivered to the
Secretary.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)&#160; The Secretary shall inform the requesting Shareholders of the
reasonably estimated cost of preparing and mailing the notice of meeting
(including the Trust&#8217;s proxy materials) and instructions for how to submit
payment of such reasonably estimated cost. The Secretary shall not be required
to call a special meeting upon Shareholder request, and such meeting shall not
be held unless, in addition to the documents required by paragraphs (a) and (b)
of this Section 3, the Secretary receives payment of such reasonably estimated
cost prior to the mailing of any notice of the meeting.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(d)&#160; In the case of any special meeting called by the Secretary upon the
request of Shareholders (a &#8220;Shareholder Requested Meeting&#8221;):</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)&#160; The Trustees shall fix a record date for
purposes of determining the Shareholders entitled to vote or act at the
Shareholder Requested Meeting (the &#8220;Requested Meeting Record Date&#8221;). The
Requested Meeting Record Date shall not precede and shall not be more than
thirty (30) days after the </font></h4>
<a name="_bclFooter4"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">close of business after the
date that a valid Special Meeting Request is deemed delivered to the Secretary
(the &#8220;Delivery Date&#8221;). If the Trustees fail to fix a Requested Meeting Record
Date that is a date within thirty (30) days after the Delivery Date, then the
close of business on the 30<sup>th</sup> day after the Delivery Date shall be
the Meeting Record Date or, if such 30<sup>th</sup> day is not a Business Day,
on the first preceding Business Day. </font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)&#160; The Shareholder Requested Meeting shall be
held at such place, date and time as may be designated by the Trustees; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">,
however, that the date of any Shareholder Requested Meeting shall be not more
than ninety (90) days after the Requested Meeting Record Date; and </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">provided
further</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;"> that if the Trustees fail to designate, within thirty (30) days
after the Delivery Date, a date and time for a Shareholder Requested Meeting,
then such meeting shall be held at 2:00 p.m. Eastern Time on the 90th day after
the Delivery Date or, if such 90th day is not a Business Day, on the first
preceding Business Day. In fixing a date for any Shareholder Requested Meeting,
the Trustees may consider such factors as they deem relevant within the good
faith exercise of business judgment, including, without limitation, the nature
of the matters to be considered, the facts and circumstances surrounding any
Special Meeting Request and any plan of the Trustees to call an annual meeting
or a special meeting. In the event that the Trustees fail to designate a place
for a Shareholder Requested Meeting within thirty (30) days after the Delivery
Date, then such meeting shall be held at the principal executive office of the
Trust.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)&#160; No business shall be conducted at a
Shareholder Requested Meeting except (A) such matters as set forth in the
Record Date Request Notice and Special Meeting Request, which must be a
proposal(s) upon which the Shareholder(s) of record requesting the special
meeting are entitled to vote, and (B) such other matters as determined by the
Trustees, in each case as set forth in the Trust&#8217;s notice of meeting. </font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iv)&#160; Notwithstanding anything to the contrary in
these By-Laws, if prior to or within thirty (30) days after the Delivery Date,
the Trust has called an annual meeting of shareholders or special meeting of
shareholders to be held on a date not more than one-hundred and twenty (120)
days after the Delivery Date, the Trustees may, in their discretion, cause the
Trust not to hold the Shareholder Requested Meeting and cause such matters as
set forth in the Special Meeting Request (which must be a proposal(s) upon
which the Shareholder(s) of record requesting the special meeting are entitled
to vote) to be brought before such annual meeting of shareholders or special
meeting of shareholders. &#160;&#160;</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(e)&#160; If at any time as a result of written revocations of one or more
Special Meeting Requests, Shareholders of record (or their duly authorized
agents) as of the Request Record Date entitled to cast less than the Special
Meeting Percentage shall have delivered and not revoked Special Meeting
Requests, the Secretary may refrain from </font></h3>
<a name="_bclFooter5"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">4</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_6"></a><a name="_bclPageBorder6"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">mailing the
notice of the special meeting or, if the notice of the special meeting has been
mailed, the Secretary may revoke the notice of the special meeting at any time
before ten (10) days prior to the special meeting if the Secretary has first
sent to all other requesting Shareholders written notice of such revocation of
such Special Meeting Request(s) and of intention to revoke the notice of the special
meeting. Any Special Meeting Request received after a revocation by the
Secretary of a notice of a meeting shall be considered a request for a new
special meeting.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(f)&#160; The Chair or the Trustees or any officer designated for such purpose
by the Trustees may appoint regionally or nationally recognized independent
inspectors of elections to act as the agent of the Trust for the purpose of
promptly performing a ministerial review of the validity of any purported
Special Meeting Request received by the Secretary. For the purpose of
permitting the independent inspectors to perform such review, no such purported
Special Meeting Request shall be deemed to have been delivered to the Secretary
until the earlier of (i) five (5) Business Days after receipt by the Secretary
of such purported Special Meeting Request and (ii) such date as the independent
inspectors certify to the Trust that the valid Special Meeting Requests
received by the Secretary satisfy the Special Meeting Percentage. Nothing
contained in this paragraph (f) shall in any way be construed to suggest or
imply that the Trust or any Shareholder shall not be entitled to contest the
validity of any Special Meeting Request, whether during or after such five (5)
Business Day period, or to take any other action (including, without
limitation, the commencement, prosecution or defense of any litigation with
respect thereto, and the seeking of injunctive relief in such litigation).</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc26932658"></a><a name="_Toc26939629"></a><a name="_Toc26943085"></a><a name="_Toc26944373"></a><a name="_Toc25759680"></a><a name="_Toc25759830"></a><a name="_Toc25759921"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 4.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notice of
Meetings of Shareholders</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. All notices of meetings of Shareholders shall be
sent or otherwise given to Shareholders in accordance with Section 6 of this
Article II not less than ten (10) nor more than ninety (90) days before the
date of the meeting. The notice shall specify (i) the place, date and time of
the meeting, and (ii) the general nature of the business to be transacted. Notice
of any Shareholder Requested Meeting, however, shall be provided in a manner
and time consistent with Section 3(d) of this Article II.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759681"></a><a name="_Toc25759831"></a><a name="_Toc25759922"></a><a name="_Toc26932659"></a><a name="_Toc26939630"></a><a name="_Toc26943086"></a><a name="_Toc26944374"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 5.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Manner of Giving
Notice; Affidavit of Notice</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; </font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)&#160; Notice of any meeting of Shareholders shall be: </font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)&#160; given either by hand delivery, first-class
mail, telegraphic or other written communication, charges prepaid, and
addressed to the Shareholder at the address of that Shareholder appearing on
the books of the Trust or its transfer agent or given by the Shareholder to the
Trust for the purpose of notice. If no such address appears on the Trust&#8217;s
books or is not given to the Trust, notice shall be deemed to have been given
if sent to that Shareholder by first-class mail or telegraphic or other written
communication to the Trust&#8217;s principal executive office, or if published at
least once in a newspaper of general circulation in the county where that
office is located. Notice shall be deemed to have been given at the time when
delivered personally or deposited in the mail or sent by telegram or </font></h4>
<a name="_bclFooter6"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_7"></a><a name="_bclPageBorder7"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">other means of written communication or, where notice is
given by publication, on the date of publication; or</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)&#160; given by electronic transmission in
accordance with Section 6 of Article X of these By-Laws. </font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160; An affidavit of the mailing or other means of giving any notice of any
meeting of Shareholders shall be filed and maintained in the minute book of the
Trust.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 6.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Shareholder Meetings by Means of
Remote Communications. </font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding anything to the contrary in these
By-Laws, the Chair or the Trustees or any officer designated for such purpose
by the Trustees may determine at any time, including, without limitation, after
the calling of any meeting of Shareholders, that any meeting of Shareholders be
held solely by means of remote communication or both at a physical location and
by means of remote communication. Notwithstanding anything to the contrary in
these By-Laws, if it is determined after notice of the meeting has been
delivered to Shareholders that participation by Shareholders in the meeting
shall or may be conducted by means of remote communication, announcement of
such change may be made at any time by press release or any other means as may
be permitted or required by applicable law. Shareholders and proxy holders
entitled to be present and to vote at the meeting that are not physically
present at such a meeting but participate by means of remote communication
shall be considered present in person for all purposes under these By-Laws and
may vote at such a meeting. Subject to any guidelines and procedures that the
Trustees or the officers of the Trust may adopt, any meeting at which
Shareholders or proxy holders are permitted to participate by means of remote
communication shall be conducted in accordance with the following, except to
the extent otherwise permitted by the U.S. federal securities laws and the
rules thereunder applicable to the Trust, including any exemptive, interpretive
or other relief (including no-action relief) or guidance issued by the
Securities and Exchange Commission (&#8220;Commission&#8221;) or the Staff of the
Commission.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)&#160; The Trust shall implement, at the direction of the Chair or the
Trustees or any officer designated for such purpose by the Trustees, reasonable
measures to verify that each Person considered present and authorized to vote
at the meeting by means of remote communication is a Shareholder or proxy
holder.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160; The Trust shall implement, at the direction of the Chair or the
Trustees or any officer designated for such purpose by the Trustees, reasonable
measures to provide the Shareholders and proxy holders a reasonable opportunity
to participate in the meeting and to vote on matters submitted to the
Shareholders, including an opportunity to read or hear the proceedings of the
meeting substantially concurrently with the proceedings.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)&#160; In the event any Shareholder or proxy holder votes or takes other
action at the meeting by means of remote communication, a record of the vote or
other action shall be maintained by the Trust. </font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 7.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Adjourned or Postponed Meeting;
Notice. </font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Any meeting of Shareholders, whether or not a quorum is present,
may be adjourned to reconvene at another time or place or by means of remote
communications from time to time with respect to one or more or all matters </font></h2>
<a name="_bclFooter7"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">6</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_8"></a><a name="_bclPageBorder8"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">to be considered at the meeting by the chair of the
meeting in his or her discretion. Any meeting of Shareholders may be postponed
prior to the meeting by the Chair, the Trustees or the officers of the Trust,
and announcement of such postponement may be made by press release or other
means of public communication as permitted or required by applicable law. </font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">When any meeting of Shareholders is adjourned to reconvene
at another time or place or by means of remote communications, notice need not
be given of the time and place thereof and the means of remote communications,
if any, by which Shareholders and proxy holders may be deemed to be present in
person and vote at such adjourned meeting are announced at the meeting at which
the adjournment is taken, unless a new record date of the adjourned meeting is
fixed. If after an adjournment or postponement a new record date is fixed for
the adjourned or postponed meeting, notice of the adjourned or postponed
meeting in accordance with the requirements of Sections 4 and 5 of this Article
II shall be given to each Shareholder of record entitled to vote at the
adjourned or postponed meeting. At any adjourned or postponed meeting, any
business may be transacted which might have been transacted at the original
meeting. Any adjourned meeting may be held as adjourned one or more times. </font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759683"></a><a name="_Toc25759833"></a><a name="_Toc25759924"></a><a name="_Toc26932661"></a><a name="_Toc26939632"></a><a name="_Toc26943088"></a><a name="_Toc26944376"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 8.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Voting</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The
Shareholders entitled to vote at any meeting of Shareholders shall be
determined in accordance with the provisions of the Declaration of Trust. The
Shareholders&#8217; vote may be by voice vote, electronic means or by ballot,
provided, however, that any election for Trustees must be by ballot if demanded
by any Shareholder before the voting has begun.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759684"></a><a name="_Toc25759834"></a><a name="_Toc25759925"></a><a name="_Toc26932662"></a><a name="_Toc26939633"></a><a name="_Toc26943089"></a><a name="_Toc26944377"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 9.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Waiver of Notice;
Consent of Absent Shareholders</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The transaction of business and any actions
taken at a meeting of Shareholders, however called and noticed and wherever
held, shall be as valid as though taken at a meeting duly held after regular
call and notice provided a quorum is present either in person or by proxy at
the meeting of Shareholders if, either before or after the meeting, each
Shareholder entitled to vote who was not present in person or by proxy at the
meeting of the Shareholders signs a written waiver of notice or a consent to a
holding of the meeting or an approval of the minutes. The waiver of notice or
consent need not specify either the business to be transacted or the purpose of
any meeting of Shareholders. Attendance by a Shareholder at a meeting of
Shareholders shall constitute a waiver of notice of that meeting, except if the
Shareholder objects at the beginning of the meeting to the transaction of any
business because the meeting is not lawfully called or convened and except that
attendance at a meeting of Shareholders is not a waiver of any right to object
to the consideration of matters not included in the notice of the meeting of
Shareholders if that objection is expressly made at the beginning of the
meeting.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759685"></a><a name="_Toc25759835"></a><a name="_Toc25759926"></a><a name="_Toc26932663"></a><a name="_Toc26939634"></a><a name="_Toc26943090"></a><a name="_Toc26944378"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 10.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Shareholder
Action by Written Consent Without a Meeting</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Except as provided in the
Declaration of Trust, any action that may be taken at any meeting of
Shareholders may be taken without a meeting and without prior notice if a
consent in writing setting forth the action to be taken is signed by the
holders of outstanding Shares having not less than the minimum number of votes
that would be necessary to authorize or take that action at a meeting, at which
all Shares entitled to vote on that action were present and voted, provided,
however, that the Shareholders receive any necessary information statement or
other necessary documentation in conformity with the requirements of the 1934
Act or the rules or regulations thereunder. All such consents shall be filed
with the Secretary of the Trust and shall be maintained in the Trust&#8217;s records.
Any Shareholder giving a written consent or the Shareholder&#8217;s </font></h2>
<a name="_bclFooter8"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">7</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_9"></a><a name="_bclPageBorder9"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">proxy holders or a transferee of the Shares or a personal
representative of the Shareholder or their respective proxy holders may revoke
the Shareholder&#8217;s written consent by a writing received by the Secretary of the
Trust before written consents of the number of Shares required to authorize the
proposed action have been filed with the Secretary.</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">If the consents of all Shareholders entitled to vote have
not been solicited in writing and if the unanimous written consent of all such
Shareholders shall not have been received, the Secretary shall give prompt
notice of the action approved by the Shareholders without a meeting. This
notice shall be given in the manner specified in Sections 4 and 5 of this
Article II.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759686"></a><a name="_Toc25759836"></a><a name="_Toc25759927"></a><a name="_Toc26932664"></a><a name="_Toc26939635"></a><a name="_Toc26943091"></a><a name="_Toc26944379"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 11.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Record Date for
Shareholder Notice; Voting and Giving Consents</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)&#160; Except as provided in Section 3 of this Article II, for purposes of
determining the Shareholders entitled to vote or act at any meeting or
adjournment or postponement thereof, the Trustees may fix in advance a record
date which shall not be more than ninety (90) days nor less than ten (10) days
before the date of any such meeting. Without fixing a record date for a
meeting, the Trustees may for voting and notice purposes close the register or
transfer books for all or any part of the period between the earliest date on
which a record date for such meeting could be set in accordance herewith and
the date of such meeting.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160; If the Trustees do not so fix a record date or close the register or
transfer books, the record date for determining Shareholders entitled to notice
of or to vote at a meeting of Shareholders shall be the close of business on
the Business Day next preceding the day on which notice is given or if notice
is waived, at the close of business on the Business Day next preceding the day
on which the meeting is held.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)&#160; The record date for determining Shareholders entitled to give consent
to action in writing without a meeting, (i) when no prior action of the
Trustees has been taken, shall be the day on which the first written consent is
given, or (ii) when prior action of the Trustees has been taken, shall be (A)
such date as determined for that purpose by the Trustees, which record date
shall not precede the date upon which the resolution fixing it is adopted by the
Trustees and shall not be more than twenty (20) days after the date of such
resolution, or (B) if no record date is fixed by the Trustees, the record date
shall be the close of business on the day on which the Trustees adopt the
resolution relating to that action. Only Shareholders of record on the record
date as herein determined shall have any right to vote or to act at any meeting
or give consent to any action relating to such record date, notwithstanding any
transfer of Shares on the books of the Trust after such record date.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759687"></a><a name="_Toc25759837"></a><a name="_Toc25759928"></a><a name="_Toc26932665"></a><a name="_Toc26939636"></a><a name="_Toc26943092"></a><a name="_Toc26944380"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 12.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Proxies</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Subject
to the provisions of the Declaration of Trust, every Person entitled to vote
for Trustees or on any other matter shall have the right to do so either in
person or by proxy, provided that either (i) an instrument authorizing such a
proxy to act is executed by the Shareholder and dated not more than eleven (11)
months before the meeting, unless the instrument specifically provides for a
longer period or (ii) an electronic, telephonic, computerized or other alternative
to the execution of a written instrument authorizing the proxy to act, obtained
pursuant to procedures reasonably designed to verify that such instructions
have </font></h2>
<a name="_bclFooter9"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">8</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_10"></a><a name="_bclPageBorder10"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">been authorized by such Shareholder, is
received not more than eleven (11) months before the meeting. A proxy shall be
deemed executed by a Shareholder if the Shareholder&#8217;s name is placed on the
proxy (whether by manual signature, typewriting, telegraphic transmission or by
electronic, telephonic, computerized or other alternative to the execution of a
written instrument or otherwise) by the Shareholder or the Shareholder&#8217;s
attorney-in-fact. A valid proxy which does not state that it is irrevocable
shall continue in full force and effect unless (i) revoked by the Person
executing it before the vote pursuant to that proxy is taken, (a) by a writing
delivered to the Trust stating that the proxy is revoked, (b) by a subsequent
proxy executed by such Person, (c) by the Person executing that proxy attending
the meeting and voting in person, or (d) pursuant to telephonically or
electronically transmitted revocation instructions obtained pursuant to
procedures reasonably designed to verify that such instructions have been
authorized by such Person; or (ii) written notice of the death or incapacity of
the Person executing that proxy is received by the Trust before the vote
pursuant to that proxy is counted. A proxy with respect to Shares held in the
name of two or more Persons shall be valid if executed by any one of them
unless at or prior to exercise of the proxy the Trust receives a specific
written notice to the contrary from any one of the two or more Persons. 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.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759688"></a><a name="_Toc25759838"></a><a name="_Toc25759929"></a><a name="_Toc26932666"></a><a name="_Toc26939637"></a><a name="_Toc26943093"></a><a name="_Toc26944381"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 13.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Inspectors of
Election</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; </font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)&#160; Before any meeting of Shareholders, the Trustees may appoint any
person other than a nominee for office to act as inspector of election at the
meeting or its adjournments or postponements. If no inspector of election is so
appointed, the chair of the meeting may appoint an inspector of election at the
meeting. There shall be one (1) inspector of election. If the person appointed
as inspector of election fails to appear or fails or refuses to act, the chair
of the meeting may appoint another person to fill the vacancy.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160; The inspector of election shall:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)&#160; determine the number of Shares outstanding and
the voting power of each, the Shares represented at the meeting, the existence
of a quorum and the authenticity, validity and effect of proxies;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)&#160; receive votes, ballots or consents;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)&#160; hear and determine all challenges and
questions in any way arising in connection with the right to vote;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iv)&#160; count and tabulate all votes or consents;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(v)&#160; determine when the polls shall close;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(vi)&#160; determine the result; and</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(vii)&#160; do any other acts that may be proper to
conduct the election or vote with fairness to all Shareholders.</font></h4>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;">&nbsp;</h2>
<a name="_bclFooter10"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">9</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_11"></a><a name="_bclPageBorder11"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 14.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Requirements
for Matters to be Considered; Advance Notice of Shareholder Nominees for
Trustees and Other Shareholder Proposals. </font></u></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)&#160; As used in this Section 14, the term &#8220;annual meeting&#8221; refers to any
annual meeting of Shareholders as well as any special meeting held in lieu of
an annual meeting as described in the last sentence of Section 1(a) of this
Article II, and the term &#8220;special meeting&#8221; refers to all meetings of
Shareholders other than an annual meeting or a special meeting held in lieu of
an annual meeting. </font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160; The matters to be considered and brought before any annual or special meeting
of Shareholders shall be limited to only such matters, including the nomination
and election of Trustees, as shall be brought properly before such meeting (i)
pursuant to the Trust&#8217;s notice of meeting, (ii) otherwise brought before the
meeting by or at the direction of a majority of the Trustees (or any duly
authorized committee thereof) or (iii) by any Shareholder of the Trust who was
a Shareholder of record both at the time of giving of notice provided for in
this Section 14(a) and at the time of the annual meeting, who is entitled to
vote on the matter at the meeting and who complied with the notice procedures
set forth in this Section 14. Only persons who are nominated by the Trustees or
in accordance with the procedures set forth in this Section 14 shall be
eligible for election as Trustees. No proposal to fix the number of Trustees
shall be brought before an annual or special meeting of Shareholders or
otherwise transacted unless pursuant to the Trust&#8217;s notice of meeting or
otherwise brought before the meeting by or at the direction of a majority of
the Trustees (or any duly authorized committee thereof), except as may be
otherwise provided by applicable law with respect to the right of holders of
preferred shares of beneficial interest, if any, of the Trust to nominate and
elect a specified number of Trustees in certain circumstances.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)&#160; In addition to any other requirements under applicable law and the
Declaration of Trust and these By-Laws, persons nominated by Shareholders for
election as Trustees and any other proposals by Shareholders may be properly
brought before an annual meeting only pursuant to timely notice (the
&#8220;Shareholder Notice&#8221;) in writing to the Secretary. To be timely, a Shareholder Notice
must be delivered to the Secretary at the principal executive office of the
Trust by not later than the close of business on the 90th day prior to the
first anniversary of the date of mailing of the notice for the preceding year&#8217;s
annual meeting nor earlier than the close of business on the 120th day prior to
the first anniversary of the date of mailing of the notice for the preceding
year&#8217;s annual meeting; provided, however, that in the event that the date of
the mailing of the notice for the annual meeting is advanced or delayed by more
than thirty (30) days from the anniversary date of the mailing of the notice
for the preceding year&#8217;s annual meeting, notice by the Shareholder to be timely
must be so delivered not earlier than the close of business on the 120th day
prior to the date of mailing of the notice for such annual meeting and not
later than the close of business on the later of the 90th day prior to the date
of mailing of the notice for such annual meeting or the 10th day following the
day on which public announcement of the date of mailing of the notice for such
meeting is first made by the Trust. </font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;">&nbsp;</h3>
<a name="_bclFooter11"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">10</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_12"></a><a name="_bclPageBorder12"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding anything in the second sentence of
this paragraph to the contrary, in the event that the number of Trustees to be
elected to the Board of Trustees is increased and there is no public
announcement by the Trust of such action or specifying the size of the
increased Board of Trustees at least one hundred (100) days prior to the first
anniversary of the date of mailing of the notice for the preceding year&#8217;s
annual meeting, a Shareholder&#8217;s notice required by this Section 14 shall also
be considered timely, but only with respect to nominees for any new positions
created by such increase, if the notice is delivered to the Secretary at the
principal executive office of the Trust not later than the close of business on
the 10th day immediately following the day on which such public announcement is
first made by the Trust.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(d)&#160; In the event the Trust calls a special meeting for the purpose of
electing one or more Trustees, any Shareholder may nominate a person or persons
(as the case may be) for election to such position(s) as specified in the
Trust&#8217;s notice of meeting if and only if the Shareholder provides a notice
containing the information required in the Shareholder Notice to the Secretary
required with respect to annual meetings by this Section 14, and such notice is
delivered to or mailed and received at the principal executive office of the
Trust not earlier than the close of business on the 120th day prior to such
special meeting and not later than the close of business on the later of the
90th day prior to such special meeting or the 10th day following the day on
which public announcement is first made of the date of the special meeting and
of the nominees proposed by the Trustees to be elected at such meeting. </font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(e)&#160; Any Shareholder desiring to nominate any person or persons (as the
case may be) for election as a Trustee or Trustees of the Trust (a &#8220;Proposed
Nominee&#8221;) shall deliver, as part of such Shareholder Notice:</font></h3>

<p style="margin:0in;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a statement in writing setting forth: </font></p>

<p style="margin:0in;margin-left:1.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(A) &#160;&#160;&#160;&#160;&#160; the
name, age, date of birth, business address, residence address and nationality
of the Proposed Nominee; </font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(B) &#160;&#160;&#160;&#160;&#160; the
number of all Shares of the Trust owned of record or beneficially by each such Proposed
Nominee and any Shareholder Associate of such Proposed Nominee, as reported to
such Shareholder by such Proposed Nominee(s); </font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(C) &#160;&#160;&#160;&#160;&#160; any
other information regarding each such Proposed Nominee required by paragraphs
(a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22
of Rule 14a-101 (Schedule 14A) under the 1934 Act, adopted by the Commission
(or the corresponding provisions of any regulation or rule subsequently adopted
by the Commission or any successor agency applicable to the Trust); </font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<h3 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(D) &#160;&#160;&#160;&#160;&#160; any other information regarding the Proposed
Nominee that would be required to be disclosed in a proxy statement or other
filings required to be made in connection with solicitation of proxies for
election of Trustees&#160; pursuant </font></h3>
<a name="_bclFooter12"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">11</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_13"></a><a name="_bclPageBorder13"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">to Section 14 of the
1934 Act and the rules and regulations promulgated thereunder; </font></h3>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(E) &#160;&#160;&#160;&#160;&#160; whether
such Shareholder believes such Proposed Nominee is or will be an &#8220;interested
person&#8221; of the Trust (as defined in the 1940 Act) and, if not an &#8220;interested
person,&#8221; information regarding the Proposed Nominee that will be sufficient for
the Trust to make such determination; </font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(F) &#160;&#160;&#160;&#160;&#160; a
description of any agreement, arrangement or understanding, whether written or
oral (including any derivative or short positions, profit interests, options,
warrants, stock appreciation or similar rights, hedging transactions, and
borrowed or loaned shares), that has been entered into as of the date of the
Shareholder Notice by or on behalf of such Proposed Nominee and each Proposed
Nominee Associate of such Proposed Nominee, the effect or intent of which is to
mitigate loss to, manage risk or benefit of share price changes for, or
increase or decrease the voting power of, such Proposed Nominee and each
Proposed Nominee Associate of such Proposed Nominee, with respect to Shares of
the Trust;</font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(G) &#160;&#160;&#160;&#160;&#160; a
description of all agreements, arrangements or understandings (whether written
or oral) between such Proposed Nominee and each Proposed Nominee Associate of
such Proposed Nominee related to such nomination and any material interest of
such Proposed Nominee and each Proposed Nominee Associate of such Proposed
Nominee in such nomination, including any anticipated benefit therefrom to such
Proposed Nominee and each Proposed Nominee Associate of such Proposed Nominee; </font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(H) &#160;&#160;&#160;&#160;&#160; a
description of all agreements, arrangements or understandings (whether written
or oral) between such Proposed Nominee or each Proposed Nominee Associate of
such Proposed Nominee and the nominating Shareholder or any Shareholder
Associate of such nominating Shareholder related to such nomination, including
with respect to the voting of any matters to come before the Trustees or any
anticipated benefit therefrom to such Proposed Nominee and each Proposed
Nominee Associate of such Proposed Nominee; </font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(I) &#160;&#160;&#160;&#160;&#160;&#160; a
description of all commercial and professional relationships and transactions
between or among such Proposed Nominee and each Proposed Nominee Associate of
such Proposed Nominee, and any other Person or Persons known to such Proposed
Nominee or any Proposed Nominee Associate of such Proposed Nominee to have a
material interest in such nomination; </font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(J) &#160;&#160;&#160;&#160;&#160;&#160; a
representation as to whether such Proposed Nominee satisfies the qualifications
of persons nominated or seated as Trustees as set forth in Article V of these
By-Laws, together with information regarding such Proposed Nominee that will be
sufficient, in the discretion of the Trustees, to examine such representation;
and </font></p>


<a name="_bclFooter13"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">12</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_14"></a><a name="_bclPageBorder14"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(K) &#160;&#160;&#160;&#160;&#160; a representation as to whether such Proposed
Nominee meets all applicable legal requirements relevant to service as a
Trustee, including, but not limited to, the rules adopted by the principal
listing exchange (if any) upon which Shares are listed, Rule 10A-3 under the
1934 Act (or any successor provision thereto), Article 2-01 of Regulation S-X
under the 1934 Act with respect to the Trust&#8217;s independent registered public
accounting firm (or any successor provision thereto) and any other criteria
established by the 1940 Act related to service as a trustee of a management
investment company or the permitted composition of the board of trustees of a
management investment company, together with information regarding such
Proposed Nominee that will be sufficient, in the discretion of the Trustees, to
examine such representation; </font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
written and signed consent of the Proposed Nominee to be named as a nominee and
to serve as a Trustee if elected; and </font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; the
written and signed certification of each Proposed Nominee that (A) all
information regarding such Proposed Nominee included in and/or accompanying the
Shareholder Notice is true, complete and accurate, (B) such Proposed Nominee is
not, and will not become a party to, any agreement, arrangement or
understanding (whether written or oral) with any Person other than the Trust in
connection with service or action as a Trustee of the Trust that has not been
disclosed to the Trust, (C) the Proposed Nominee satisfies the qualifications
of persons nominated or seated as Trustees as set forth in Article V of these
By-Laws at the time of their nomination, and (D) such Proposed Nominee will
continue to satisfy the qualifications of persons nominated or seated as
Trustees as set forth in Article V of these By-Laws at the time of their
election, if elected. </font></p>

<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Without limiting the
foregoing, any Shareholder who gives a Shareholder Notice of any matter
proposed to be brought before a Shareholder meeting (whether or not involving
nominees for Trustees) shall deliver, as part of such Shareholder Notice: (i)
the description of and text of the proposal to be presented, which proposal must
be a matter upon which the requesting Shareholder is entitled to vote; (ii) a
brief written statement of the reasons why such Shareholder favors the
proposal; (iii) such Shareholder&#8217;s name and address as they appear on the
Trust&#8217;s books; (iv) any other information relating to the Shareholder that
would be required to be disclosed in a proxy statement or other filings
required to be made in connection with the solicitation of proxies with respect
to the matter(s) proposed pursuant to Section 14 of the 1934 Act and the rules
and regulations promulgated thereunder; (v) the number of all Shares of the
Trust owned beneficially and of record by such Shareholder; (vi) any material
interest of such Shareholder in the matter proposed (other than as a Shareholder);
(vii) a representation that the Shareholder intends to appear in person or by
proxy at the Shareholder meeting to act on the matter(s) proposed; (viii) if
the proposal involves nominee(s) for Trustees, a description of all
arrangements or understandings between the Shareholder and each Proposed
Nominee and any other person or persons (including their names) pursuant to
which the nomination(s) are to be made by the Shareholder; and (ix) in the case
of a Beneficial Owner, evidence establishing such Beneficial Owner&#8217;s indirect
ownership of, and entitlement to vote, Shares at the meeting of </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Shareholders. As used in this Section 14, Shares
&#8220;beneficially owned&#8221; shall mean all Shares which such person is deemed to
beneficially own pursuant to Rules 13d-3 and 13d-5 under the 1934 Act.</font></p>
<a name="_bclFooter14"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">13</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_15"></a><a name="_bclPageBorder15"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
addition, without limiting the requirements of Sections 14(e) and (f) of this
Article II:</font></p>

<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 Proposed Nominee to serve as a Trustee, and such other information shall
be received by the Secretary at the principal executive office of the Trust not
later than seven (7) calendar days after the first request by or on behalf of
the Trustees for such other information was sent to such Shareholder, group of
Shareholders or Proposed Nominee. Any request for any such other information
that is not answered in a reasonably complete, accurate, diligent and good
faith manner, or that is not timely received by the Trust in accordance with
this Section 14(g)(i), will render the nomination ineffective for failure to
satisfy the requirements of these By-Laws. If the same request for such other
information is sent to multiple Persons, then the earliest such date and time
on which such request for information was sent shall apply for the purpose of
determining compliance with this Section 14(g)(i). </font></p>

<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;  Each Proposed
Nominee shall, as required by the Trustees, complete and duly execute a
questionnaire (which questionnaire shall be provided by the Trust and designed
to obtain information relating to the Proposed Nominee that would be required
to be disclosed in connection with the solicitation of proxies for the election
of the Proposed Nominee as a Trustee in an election contest (even if an
election contest is not involved), or would otherwise be required in connection
with such solicitation, in each case pursuant to Regulation 14A (or any
successor provision) under the 1934 Act, would be required pursuant to the
rules of any national securities exchange on which any Shares of the Trust are
listed or over-the-counter market on which any Shares of the Trust are traded,
would be necessary to establish that the Proposed Nominee satisfies the
qualifications of persons nominated or seated as Trustees set forth in Article
V of these By-Laws or would be necessary to comply with legal and regulatory
requirements applicable to the Trust) (the &#8220;Questionnaire&#8221;). A Questionnaire
that is not completed in a reasonably complete, diligent, accurate and good
faith manner, or that is not duly executed and received by the Secretary of the
Trust at the principal executive office of the Trust not later than seven (7)
calendar days after the Trustees or its designee first sends the Questionnaire
to such Proposed Nominee, will render the nomination ineffective for failure to
satisfy the requirements of these By-Laws. </font></p>

<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; Each
Proposed Nominee shall, as required by the Trustees, sit for an interview with
one or more Trustees or their representatives, which interview may, in the
discretion of the Trustees be conducted by means of remote communication. Refusal
by a Proposed Nominee to participate in such interview will render the
nomination ineffective for failure to satisfy the requirements of these
By-Laws.</font></p>

<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


<a name="_bclFooter15"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">14</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_16"></a><a name="_bclPageBorder16"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; Each Proposed Nominee shall, as required by
the Trustees, consent to and cooperate with a background screening conducted by
a background screening company with experience in conducting background
screenings of public company directors selected by the Trustees. Refusal by a
Proposed Nominee to cooperate with such a background screening will render the
nomination ineffective for failure to satisfy the requirements of these
By-Laws. </font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If information
submitted pursuant to this Section 14 by a Shareholder providing notice of any
nomination or other business proposed to be brought before a meeting of
Shareholders or a Proposed Nominee shall be incomplete or inaccurate, the
Shareholder Notice shall be ineffective for failure to satisfy the requirements
of these By-Laws.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If information
submitted pursuant to this Section 14 by a Shareholder providing notice of any
nomination or other business proposed to be brought before a meeting of Shareholders
or a Proposed Nominee shall become incomplete or inaccurate in any way, such
Shareholders or a Proposed Nominee shall notify the Trust in writing of any
inaccuracy or change and update and supplement such information to cause it to
be complete and accurate within seven (7) calendar days of becoming aware of
such inaccuracy. If a Shareholder or Proposed Nominee fails to provide such
written notification and update within such period, the information that was or
becomes inaccurate shall be deemed not to have been provided in accordance with
this Section 14 and, accordingly, will render the Shareholder Notice
ineffective for failure to satisfy the requirements of these By-Laws.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(j) &#160;&#160;&#160;&#160;&#160;&#160; Upon written request by the Secretary of the
Trust or the Trustees, a Shareholder providing notice of any nomination or
other business proposed to be brought before a meeting of Shareholders or a Proposed
Nominee shall provide, within seven (7) calendar days of the sending of such
request, a written certification of the accuracy of all information submitted
by the Shareholder or Proposed Nominee pursuant to this Section 14 (as updated
or supplemented pursuant to paragraph (i)) as of the date of such written
request. Failure to provide such written certificate in a timely manner will
render the Shareholder Notice ineffective for failure to satisfy the
requirements of these By-Laws.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Within seven (7)
calendar days after the record date for determining the Shareholders entitled
to receive notice of the annual meeting of Shareholders, a Shareholder
providing notice of any nomination or other business proposed to be brought
before a meeting of Shareholders or a Proposed Nominee shall provide a written
certification of the accuracy of all information submitted by the Shareholder
or Proposed Nominee pursuant to this Section 14 (as updated or supplemented
pursuant to paragraph (i)) as of the record date. Failure to provide such
written certificate in a timely manner will render the Shareholder Notice
ineffective for failure to satisfy the requirements of these By-Laws.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of this
Section 14, a &#8220;public announcement&#8221; shall mean disclosure (i) in a press
release either transmitted to the principal securities exchange on which the
Trust&#8217;s Shares are traded or reported by a recognized news service or (ii) in a
document publicly filed by the Trust with the Commission.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


<a name="_bclFooter16"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">15</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_17"></a><a name="_bclPageBorder17"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160; 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 14.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding the
provisions of this Section 14, a Shareholder shall also comply with all
applicable requirements of state law and the 1934 Act and the rules and regulations
thereunder with respect to the matters set forth in this Section 14. Nothing in
this Section 14 shall be deemed to affect any right of a Shareholder to request
inclusion of a proposal in, nor the right of the Trust to omit a proposal from,
the Trust&#8217;s proxy statement pursuant to Rule 14a-8 (or any successor provision)
under the 1934 Act. Nothing in this Section 14 shall be construed as creating
any implication or presumption as to the requirements of the U.S. federal
securities law.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Determinations by the
Trustees or the chair of a meeting of Shareholders with respect to the
compliance of any Proposed Nominee or business and/or any information submitted
to the Trust by a Shareholder or Proposed Nominee pursuant to this Section 14
shall be final and binding unless determined by a court of competent
jurisdiction to have been made in bad faith.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 15.&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Conduct
of Meeting</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Board of Trustees may adopt by resolution
such rules and regulations for the conduct of any meeting of the Shareholders
as it shall deem appropriate. Except to the extent inconsistent with such rules
and regulations as adopted by the Board of Trustees, the chair of any meeting
of Shareholders shall have the right and authority to prescribe such rules,
regulations and procedures and to do all such acts as, in the judgment of such
chair, are appropriate for the proper conduct of the meeting. Such rules,
regulations or procedures, whether adopted by the Board of Trustees or
prescribed by the chair of the meeting, may include, without limitation, the
following: (i) the establishment of an agenda or order of business for the
meeting; (ii) the determination of when the polls shall open and close for any
given matter to be voted on at the meeting; (iii) rules and procedures for
maintaining order at the meeting and the safety of those present; (iv)
limitations on attendance at and participation in the meeting to Shareholders,
their duly authorized and constituted proxies or such other Persons as the
chair of the meeting shall determine; (v) restrictions on entry to the meeting
after the time fixed for the commencement thereof; (vi) limitations on the time
allotted to questions or comments by Shareholders; and (vii)&nbsp;the extent to
which, if any, other participants are permitted to speak.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The chair of any meeting
of Shareholders, in addition to making any other determinations that may be
appropriate to the conduct of the meeting, shall have the power and duty to (i)
determine whether a nomination or proposal of other matters to be brought
before a meeting and notice thereof have been duly made and given in the manner
provided in this Section 15 of this Article II and elsewhere in these By-laws
and the Declaration of Trust and (ii)&nbsp;if not so made or given, to direct
and declare at the meeting that such nomination and/or such other matters shall
be disregarded and shall not be considered; provided, however, that a
nomination or proposal of other matters to be brought before a meeting shall
not be presumed to be valid in the absence of such a declaration. Any
determination by the chair of any meeting of Shareholders shall be binding on
all parties absent manifest error.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><a name="_Toc26932668"></a><a name="_Toc26939639"></a><a name="_Toc26943095"></a><a name="_Toc26944383"></a></h1>
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<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">16</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
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<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">ARTICLE III&#160; </font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">VOTING AND QUORUM</font></h1>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Election of Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Declaration of Trust provides that a majority
of the Shares voted shall decide any questions and a plurality of the Shares
voted shall elect a Trustee, except when a larger vote is required by any
provision of the Declaration of Trust or the By-Laws. Accordingly, (i) with
respect to an election of Trustees other than a Contested Election, the
affirmative vote of a plurality of all votes cast with respect to such matter
at a meeting of Shareholders shall be required to elect a Trustee, and (ii)
with respect to a Contested Election, the affirmative vote of a majority of the
Shares outstanding and entitled to vote with respect to such matter at a
meeting of Shareholders shall be required to elect a Trustee, in each case at
any meeting at which a quorum is present.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;Contested Election&#8221; shall mean any election of
Trustees in which the number of persons nominated for election as Trustees by
Shares entitled to vote for such Trustees in accordance with Article IV,
Section 3 of the Declaration of Trust and Section 2 of this Article III exceeds
the number of Trustees to be elected by Shares entitled to vote for such
Trustees, with the determination that any election of Trustees is a Contested
Election to be made by the Secretary or other officer of the Trust prior to the
time the Trust mails its definitive proxy statement in connection with such
election of Trustees. If, prior to the time the Trust mails its definitive
proxy statement in connection with such election of Trustees, one or more
persons nominated for election as a Trustee by Shares entitled to vote for such
Trustee are withdrawn such that the number of persons nominated for election as
Trustees by Shares entitled to vote for such Trustees no longer exceeds the
number of Trustees to be elected by Shares entitled to vote for such Trustees,
such election shall not be considered a Contested Election. The determination
of whether an election is a Contested Election shall be made on a
proposal-by-proposal basis and it is expressly acknowledged that, in the event
different classes or series of Shares are entitled to vote for different
Trustees, a Contested Election may occur for some Trustee seats but not others
at the same meeting of Shareholders.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Voting Powers</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.
The Declaration of Trust provides that the Shareholders shall have power to
vote only: (i) for the election or removal of Trustees as provided in Article
IV, Section 3 of the Declaration of Trust, and (ii) with respect to such
additional matters relating to the Trust, including the calling of a meeting of
Shareholders, as may be required by applicable law, the Declaration of Trust,
these By-Laws or any registration statement of the Trust with the Commission
(or any successor agency) or as the Trustees may consider necessary or desirable.
For the avoidance of doubt, the Shareholders shall not have power to vote on an
advisory (or &#8220;precatory&#8221;) proposal unless the Trustees determine that such vote
is necessary or desirable, even if the implementation of the course of action
recommended by the advisory proposal would require a vote of Shareholders
pursuant to the Declaration of Trust, these By-Laws or applicable law.&#160;&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


<a name="_bclFooter18"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">17</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">ARTICLE IV&nbsp;</font></h1>

<p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">TRUSTEES</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759690"></a><a name="_Toc25759840"></a><a name="_Toc25759931"></a><a name="_Toc26932669"></a><a name="_Toc26939640"></a><a name="_Toc26943096"></a><a name="_Toc26944384"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Powers</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Subject
to the applicable provisions of the 1940 Act, the Declaration of Trust and
these By-Laws relating to action required to be approved by the Shareholders,
the business and affairs of the Trust shall be managed and all powers shall be
exercised by or under the direction of the Trustees.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759691"></a><a name="_Toc25759841"></a><a name="_Toc25759932"></a><a name="_Toc26932670"></a><a name="_Toc26939641"></a><a name="_Toc26943097"></a><a name="_Toc26944385"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 2.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Number of
Trustees</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The exact number of Trustees within the limits specified in the
Declaration of Trust shall be fixed from time to time by a resolution of the
Trustees. If the number of Trustees is changed, any increase or decrease
shall be apportioned among the classes of Trustees so as to maintain a number
of Trustees in each class as nearly equal as possible. No reduction in the
number of Trustees shall have the effect of removing any Trustee from office
prior to the expiration of his or her term unless the Trustee is specifically
removed pursuant to Section 19 of this Article III at the time of the decrease.
</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759692"></a><a name="_Toc25759842"></a><a name="_Toc25759933"></a><a name="_Toc26932671"></a><a name="_Toc26939642"></a><a name="_Toc26943098"></a><a name="_Toc26944386"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 3.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Vacancies</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Vacancies
in the authorized number of Trustees may be filled as provided in the
Declaration of Trust. Any Trustee appointed to fill a vacancy as provided
in the Declaration of Trust shall hold office for a term which coincides with
the remaining term of the class of Trustee to which such office was previously
assigned, if such vacancy arose other than by an increase in the number of
Trustees, and until his or her successor shall be elected and shall qualify. In
the event such vacancy arose due to an increase in the number of Trustees, any
Trustee so appointed to fill such vacancy shall hold office for a term which
coincides with that of the class of Trustee to which such office has been
apportioned as heretofore provided, and until his or her successor shall be
elected and shall qualify.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759693"></a><a name="_Toc25759843"></a><a name="_Toc25759934"></a><a name="_Toc26932672"></a><a name="_Toc26939643"></a><a name="_Toc26943099"></a><a name="_Toc26944387"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 4.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Chair</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The
Trustees shall have the power to appoint a Chair from among the members of the
Board of Trustees. Such appointment shall be by majority vote of the Trustees. Such
Chair shall serve until his or her successor is appointed or until his or her
earlier death, resignation or removal. The Chair shall preside at and determine
all procedural matters at meetings of the Trustees and shall, subject to the control
of the Trustees, perform such other powers and duties as may be from time to
time assigned to him or her by the Trustees or prescribed by the Declaration of
Trust or these By Laws, consistent with his or her position. The Chair need not
be a Shareholder.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759694"></a><a name="_Toc25759844"></a><a name="_Toc25759935"></a><a name="_Toc26932673"></a><a name="_Toc26939644"></a><a name="_Toc26943100"></a><a name="_Toc26944388"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 5.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Place of Meetings
and Meetings by Means of Remote Communications</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; <a name="_Toc25759695"></a><a name="_Toc25759845"></a><a name="_Toc25759936"></a><a name="_Toc26932674"></a><a name="_Toc26939645"></a><a name="_Toc26943101"></a><a name="_Toc26944389"></a></font></h2>

<p style="margin:0in;margin-bottom:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; All
meetings of the Trustees may be held at any place that has been selected from
time to time by the Trustees. In the absence of such a selection, regular
meetings shall be held at the principal executive office of the Trust.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject
to any applicable requirements of the 1940 Act, any meeting, regular or
special, may be held by any means of remote communication through which the
Trustees may </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">simultaneously hear each other or both at
a physical location and by means of such remote communication.</font></p>
<a name="_bclFooter19"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">18</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 6.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Regular Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Regular
meetings of the Trustees shall be held at such times as shall from time to time
be fixed by the Trustees, notice thereof being given to each Trustee by the Secretary
or an Assistant Secretary or by the officer or the Trustees calling the
meeting. Notice of the time and place of regular meetings shall be delivered
personally or by telephone to each Trustee or sent by first-class mail, by
telegram or telecopy (or similar electronic means) or, by overnight courier,
charges prepaid, addressed to each Trustee at that Trustee&#8217;s address as it is
shown on the records of the Trust. If the notice is mailed, it shall be
deposited in the United States mail at least seven (7) calendar days before the
time of the holding of the meeting. If the notice is delivered personally or by
telephone or by telegram, telecopy (or similar electronic means), or overnight
courier, it shall be given at least forty eight (48) hours before the time of
the holding of the meeting. Any oral notice given personally or by telephone
must be communicated only to the Trustee. The notice need not specify the
purpose of the meeting or the place of the meeting, if the meeting is to be
held at the principal executive office of the Trust. </font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759696"></a><a name="_Toc25759846"></a><a name="_Toc25759937"></a><a name="_Toc26932675"></a><a name="_Toc26939646"></a><a name="_Toc26943102"></a><a name="_Toc26944390"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 7.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Special Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.
Special meetings of the Trustees for any purpose or purposes may be called at
any time by the Chair, the President or the Secretary or any two (2) Trustees,
notice thereof being given to each Trustee by the Secretary or an Assistant
Secretary or by the officer or the Trustees calling the meeting. Notice of the
time and place of special meetings of the Trustees shall be delivered
personally or by telephone to each Trustee or sent by first-class mail, by telegram
or telecopy (or similar electronic means), or by overnight courier, charges
prepaid, addressed to each Trustee at that Trustee&#8217;s address as it is shown on
the records of the Trust. If the notice is mailed, it shall be deposited in the
United States mail at least seven (7) calendar days before the time of the
holding of the meeting. If the notice is delivered personally or by telephone
or by telegram, telecopy (or similar electronic means), or overnight courier,
it shall be given at least forty eight (48) hours before the time of the
holding of the meeting. Any oral notice given personally or by telephone must
be communicated only to the Trustee. The notice need not specify the purpose of
the meeting or, if the meeting is to be held at the principal executive office
of the Trust, the place of the meeting. </font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759697"></a><a name="_Toc25759847"></a><a name="_Toc25759938"></a><a name="_Toc26932676"></a><a name="_Toc26939647"></a><a name="_Toc26943103"></a><a name="_Toc26944391"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 8.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Quorum</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. A
majority of the Trustees shall constitute a quorum for the transaction of
business, except to adjourn as provided in Section 11 of this Article IV. Every
act or decision done or made by a majority of the Trustees present at a meeting
duly held at which a quorum is present shall be regarded as the act of the
Trustees, subject to the provisions of the Declaration of Trust. A meeting at
which a quorum is initially present may continue to transact business
notwithstanding the withdrawal of Trustees if any action taken is approved by
at least a majority of the required quorum for that meeting.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 9.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Emergencies</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Notwithstanding any
other provision in the Declaration of Trust or these By-Laws, this Section 9
shall apply during the existence of any catastrophe, or other similar emergency
condition, as a result of which a quorum of the Trustees under Section 8 of
this Article IV cannot readily be obtained (an &#8220;Emergency&#8221;). During any
Emergency, unless otherwise provided by the Trustees, (i) a meeting of the
Trustees or a committee of the Trustees may be called by any Trustee or officer
by any means feasible under the circumstances; (ii) </font></h2>
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<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">19</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_21"></a><a name="_bclPageBorder21"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">notice
of any meeting of the Trustees during such an Emergency may be given upon less
than the time period otherwise required by these By-Laws to as many Trustees
and by such means as may be feasible at the time; and (iii) the number of
Trustees necessary to constitute a quorum shall be twenty-five percent (25%) of
the Trustees.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759698"></a><a name="_Toc25759848"></a><a name="_Toc25759939"></a><a name="_Toc26932677"></a><a name="_Toc26939648"></a><a name="_Toc26943104"></a><a name="_Toc26944392"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 10.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Waiver of Notice</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.
Notice of any meeting need not be given to any Trustee who either before or
after the meeting signs a written waiver of notice, a consent to holding the
meeting, or an approval of the minutes. The waiver of notice or consent need
not specify the purpose of the meeting. All such waivers, consents, and
approvals shall be filed with the records of the Trust or made a part of the
minutes of the meeting. Notice of a meeting shall also be deemed given to any Trustee
who attends the meeting without protesting, prior to or at its commencement,
the lack of notice to that Trustee.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759699"></a><a name="_Toc25759849"></a><a name="_Toc25759940"></a><a name="_Toc26932678"></a><a name="_Toc26939649"></a><a name="_Toc26943105"></a><a name="_Toc26944393"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 11.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Adjournment</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.
A majority of the Trustees present, whether or not constituting a quorum, may
adjourn any meeting to another time and place.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759700"></a><a name="_Toc25759850"></a><a name="_Toc25759941"></a><a name="_Toc26932679"></a><a name="_Toc26939650"></a><a name="_Toc26943106"></a><a name="_Toc26944394"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 12.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notice of
Adjournment</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Notice of the time and place of holding an adjourned meeting
need not be given.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759701"></a><a name="_Toc25759851"></a><a name="_Toc25759942"></a><a name="_Toc26932680"></a><a name="_Toc26939651"></a><a name="_Toc26943107"></a><a name="_Toc26944395"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 13.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Action Without a
Meeting</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Unless the 1940 Act, including any exemptive, interpretive, or
other relief (including no-action relief) or guidance issued by the Commission
or the Staff of the Commission, requires that a particular action be taken only
at a meeting at which the Trustees are present in person, any action to be
taken by the Trustees at a meeting may be taken without such meeting by the written
consent of a majority of the Trustees then in office. Any such written consent
may be executed and given by telecopy or similar electronic means. Such written
consents shall be filed with the minutes of the proceedings of the Trustees. If
any action is so taken by the Trustees by the written consent of less than all
of the Trustees, prompt notice of the taking of such action shall be furnished
to each Trustee who did not execute such written consent, provided that the
effectiveness of such action shall not be impaired by any delay or failure to
furnish such notice.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759702"></a><a name="_Toc25759852"></a><a name="_Toc25759943"></a><a name="_Toc26932681"></a><a name="_Toc26939652"></a><a name="_Toc26943108"></a><a name="_Toc26944396"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 14.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Fees and
Compensation of Trustees</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Trustees and members of committees may receive
such compensation, if any, for their services and such reimbursement of
expenses as may be fixed or determined by resolution of the Trustees. This
Section shall not be construed to preclude any Trustee from serving the Trust
in any other capacity as an officer, agent, employee, or otherwise and
receiving compensation for those services.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759703"></a><a name="_Toc25759853"></a><a name="_Toc25759944"></a><a name="_Toc26932682"></a><a name="_Toc26939653"></a><a name="_Toc26943109"></a><a name="_Toc26944397"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 15.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Delegation of
Power to Other Trustees</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Any Trustee may, by power of attorney, delegate
his or her power for a period not exceeding one (1) month at any one time to
any other Trustee. Except where applicable law may require a Trustee to be
present in person, a Trustee represented by another Trustee, pursuant to such
power of attorney, shall be deemed to be present for purpose of establishing a
quorum and satisfying the required majority vote.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 16.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Board Conduct Policies</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The
Trustees may from time to time require all Trustees (and any nominee or Proposed
Nominee) to agree in writing as to matters of corporate governance, business
ethics and confidentiality (&#8220;Board Conduct Policies&#8221;) while such person serves
as a Trustee, such agreement to be on the terms and in a form determined
satisfactory by </font></h2>
<a name="_bclFooter21"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">20</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_22"></a><a name="_bclPageBorder22"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">the Trustees, as amended and
supplemented from time to time in the discretion of the Trustees. Such Board
Conduct Policies may provide that the Trustees may determine that willful
violations by a Trustee of such Board Conduct Policies shall constitute willful
misconduct by such Trustee.</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 17.&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Ratification</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. The Trustees may
ratify any act, omission, failure to act or determination made not to act (an
&#8220;Act&#8221;) by the Trust or its officers to the extent that the Trustees could have
originally authorized the Act and, if so ratified, such Act shall have the same
force and effect as if originally duly authorized, and such ratification shall
be binding upon the Trust and its Shareholders. Any Act questioned in any
proceeding on the ground of lack of authority, defective or irregular
execution, adverse interest of a Trustee, officer or Shareholder,
non-disclosure, miscomputation, the application of improper principles or
practices of accounting or otherwise, may be ratified, before or after
judgment, by the Trustees, and such ratification shall constitute a bar to any
claim or execution of any judgment in respect of such questioned Act.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 18.&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Interpretation of Governing Instruments</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.
The interpretations of the Declaration of Trust and these By-Laws by the
Trustees and any actions taken pursuant thereto shall be conclusive and binding
on all Shareholders.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 19.&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Removal</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. Pursuant to the
Declaration of Trust, any Trustee may be removed with cause at any time by a
written instrument signed by at least three-quarters of the then Trustees,
specifying the effective date of removal. </font><font color=black face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">&#8220;Cause&#8221;
for these purposes shall require willful misconduct, dishonesty or fraud on the
part of the Trustee in the conduct of his or her office or such Trustee being
convicted of a felony.</font></p>

<p style="margin:0in;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section
20.&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">No Increased Liability of Trustees</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">For purposes of (a)
any standard of care applicable to a Trustee in the discharge of his or her
duties as a Trustee and (b) indemnification of a Trustee pursuant to Article
VII of the Declaration of Trust, the conduct of the Trustee shall be evaluated
solely by reference to a hypothetical reasonable person, without regard to any
special expertise, knowledge or other qualifications of the Trustee. In
particular, and without limiting the generality of the foregoing, neither the
determination that a Trustee is an &#8220;audit committee financial expert,&#8221; nor the
knowledge, experience or other qualifications underlying such a determination
nor the appointment, designation or identification of a Trustee as Chair, as a
member or chair of a committee, as an expert in any area, as lead independent
trustee or as having particular experience, attributes or skills in any area
shall result in that Trustee being held to a standard of care that is higher than
the standard that would be applicable in the absence of such a determination or
such knowledge, experience or qualification, nor shall such a determination or
such knowledge, experience or other qualification impose any duties,
obligations or liabilities that are greater than would obtain in the absence of
such a determination or such knowledge, experience or qualification.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">ARTICLE V&nbsp;</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">TRUSTEE QUALIFICATIONS</font></h1>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


<a name="_bclFooter22"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">21</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Qualifications
of Persons Nominated or Seated as Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. Only individuals satisfying the
following qualification requirements applicable to all Trustees may be
nominated, elected, appointed, qualified or seated (&#8220;nominated or seated&#8221;) to
serve as a Trustee unless a majority of the Trustees then in office shall have
determined by resolution that failure to satisfy a particular qualification
requirement will not present undue conflicts or impede the ability of the
individual to discharge the duties of a Trustee or the free flow of information
among Trustees or between the Trust&#8217;s investment adviser and the Trustees:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall be at least
twenty-one (21) years of age and not older than the mandatory retirement age
for Trustees, as determined, modified and/or waived from time to time by the
Trustees or a committee of the Trustees , in each case at the time the
individual is nominated or seated, and not under legal disability.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall not have been
charged with a criminal offense involving moral turpitude, dishonesty or breach
of trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall not have been
convicted or have plead guilty or </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">nolo contendere</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> with respect to a
felony under the laws of the United States or any state thereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall not be, and shall
not at any time have been, subject to any censure, order, consent decree
(including consent decrees in which the individual has neither admitted nor
denied the findings) or adverse final action of any federal, state or foreign
governmental or regulatory authority (including self-regulatory organizations),
barring or suspending such individual from participation in or association with
any investment-related business or restricting such individual&#8217;s activities with
respect to any investment-related business.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall not have engaged in
any conduct which has resulted in the Commission censuring, placing limitations
on the activities, functions, or operations of, suspending, or revoking the
registration of any investment adviser under Section 203(e) or (f) of the
Investment Advisers Act of 1940.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(f)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall not be, and shall
not at any time have been, ineligible to serve or act in the capacity of
employee, officer, director, member of an advisory board, investment adviser,
or depositor of any registered investment company pursuant to Section 9(a) of
the 1940 Act in the absence of an exemptive order under Section 9(c) of the
1940 Act.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(g)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall not have been
charged, convicted, have pled guilty or </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">nolo contendere</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, been subject to
any censure, order, consent decree (including consent decrees in which the
individual has neither admitted nor denied the findings) or final action or
finding of any federal, state or foreign governmental or regulatory authority
(including self-regulatory organizations) with respect to any conduct that
pursuant to Section 9(b) of the 1940 Act could constitute a basis for the
Commission to by order prohibit, conditionally or unconditionally, such
individual from serving or acting as an employee, officer, director, member of
an advisory board, investment adviser or depositor of, or principal </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">underwriter for a registered investment company,
regardless of whether or not any such prohibition has been ordered.</font></p>
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<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">22</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(h)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall not fail to comply
with any other criteria established by or pursuant to the 1940 Act related to
service as a trustee of a management investment company.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall not cause (in the
case of a nomination, if seated) the Trust to fail to comply with any criteria
established by or pursuant to the 1940 Act governing the permitted composition
of the board of trustees of a registered investment company.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(j)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall not serve as a
trustee or director (or person performing similar functions) of more than three
(3) companies having securities registered under the 1934 Act or treated as
public reporting companies under any comparable regulatory regime (the Trust
and all other investment companies having the same investment adviser or
investment advisers in a control relationship with each other shall all be
counted as a single company for this purpose).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(k)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall not, during the
year of the election or nomination of such individual and during the
immediately preceding calendar year, be, have been, or have been nominated or
seated as, officer, general partner, manager, managing member, member of an
advisory board, trustee or director (or person performing similar functions) of
any investment company registered under the 1940 Act (other than the Trust and
other investment companies having the same investment adviser as the Trust or
an investment adviser in a control relationship with the investment adviser of
the Trust).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(l)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall not, during the
year of the election or nomination of such individual and during the
immediately preceding calendar year, be, have been, or have been nominated or
seated as, an employee, officer, partner, member, trustee, director or 5% or
greater shareholder in any investment adviser or sub-adviser of any registered
investment company (other than the investment adviser of the Trust or any
investment adviser in a control relationship with the investment adviser of the
Trust), or entity controlling or controlled by such an investment adviser or
sub-adviser, or principal underwriter of any registered investment company (other
than the principal underwriter of the Trust or any principal underwriter in a
control relationship with the investment adviser or principal underwriter of
the Trust) or entity controlling or controlled by such a principal underwriter.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(m)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Only individuals satisfying the following additional qualification
requirements applicable to Non-Management Trustees may be nominated or seated
to serve as Non-Management Trustees:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Non-Management Trustee shall not
be an &#8220;interested person&#8221; (as defined in the 1940 Act) of the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Non-Management Trustee shall not
be an &#8220;affiliated person&#8221; (as defined in the 1940 Act) of the Trust or an
affiliated person of such a person.</font></p>


<a name="_bclFooter24"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">23</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_25"></a><a name="_bclPageBorder25"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Non-Management Trustee shall not
directly or indirectly own beneficially, or be a member of a group of
Shareholders party to an agreement, arrangement or practice for sharing
information or decisions concerning Shareholder actions or the acquisition,
disposition or voting of Shares, who together directly or indirectly own
beneficially five percent (5%) or more of the outstanding Shares of the Trust
(each such Person and each member of such a group, a &#8220;5% Holder&#8221;), may not
control or act in concert with a 5% Holder, and may not be an immediate family
member of a 5% Holder or of a Person who controls or acts in concert with a 5%
Holder.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iv)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Non-Management Trustee shall not,
and any immediate family member of such nominee shall not, during the year of
the election or nomination of such individual and during the immediately
preceding calendar year, be or have been an employee, officer, general partner,
manager, managing member, trustee or director (or person performing similar
functions) of a 5% Holder or any Person in a control relationship with or who
acts in concert with a 5% Holder.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(v)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Non-Management Trustee shall not,
and any immediate family member of such nominee shall not, during the year of
the election or nomination of such individual and during the immediately
preceding calendar year, accept or have accepted directly or indirectly any consulting,
advisory, or other compensatory fee from a 5% Holder or from any Person in a
control relationship with or who acts in concert with a 5% Holder.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(vi)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Non-Management Trustee shall not,
and any immediate family member of such individual shall not, control or act in
concert with any 12(d) Holder or any Person in a control relationship with a
12(d) Holder or who acts in concert with a 12(d) Holder.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(vii)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Non-Management Trustee shall not,
and any immediate family member of such individual shall not, during the year
of the election or nomination of such individual and during the immediately
preceding calendar year, be or have been an employee, officer, general partner,
manager, managing member, trustee or director (or person performing similar
functions) of a 12(d) Holder or any Person in a control relationship with a
12(d) Holder or who acts in concert with a 12(d) Holder.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(viii)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Non-Management Trustee shall not,
and any immediate family member of such individual shall not, during the year
of the election or nomination of such individual and during the immediately
preceding calendar year, accept or have accepted any consulting, advisory, or
other compensatory fee from a 12(d) Holder or a Person in a control
relationship with a 12(d) Holder or who acts in concert with a 12(d) Holder.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">ARTICLE VI </font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;">&nbsp;</h1>
<a name="_bclFooter25"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">24</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_26"></a><a name="_bclPageBorder26"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">COMMITTEES</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759705"></a><a name="_Toc25759855"></a><a name="_Toc25759946"></a><a name="_Toc26932684"></a><a name="_Toc26939655"></a><a name="_Toc26943111"></a><a name="_Toc26944399"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Committees of
Trustees</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; </font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)&#160; The Trustees may by resolution designate one or more committees, each
consisting of two (2) or more Trustees, to serve at the pleasure of the
Trustees. The Trustees may designate one or more Trustees as alternate members
of any committee who may replace any absent member at any meeting of the
committee. Any committee, to the extent provided for by resolution of the
Trustees, shall have the authority of the Trustees, except with respect to:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)&#160; the approval of any action which under
applicable law requires approval by a majority of the Trustees or certain
Trustees;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)&#160; the filling of vacancies of Trustees;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)&#160; the fixing of compensation of the Trustees
for services generally or as a member of any committee;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iv)&#160; the amendment or termination of the
Declaration of Trust or the amendment of the By-Laws or the adoption of new
By-Laws;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(v)&#160; the amendment or repeal of any resolution of
the Trustees which by its express terms is not so amendable or repealable;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(vi)&#160; a distribution to the Shareholders of the
Trust, except at a rate or in a periodic amount or within a designated range
determined by the Trustees; or</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(vii)&#160; the appointment of any other committees of
the Trustees or the members of such new committees.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160; Notwithstanding anything to the contrary in these By-Laws, the
Trustees may by resolution provide that the composition, governance or
authority of any committee may be altered only by action of sixty-six and
two-thirds percent (66 2/3%) of the Trustees or such greater percentage as the
Trustees may determine.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759706"></a><a name="_Toc25759856"></a><a name="_Toc25759947"></a><a name="_Toc26932685"></a><a name="_Toc26939656"></a><a name="_Toc26943112"></a><a name="_Toc26944400"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 2.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Meetings and
Action of Committees</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Meetings and action of committees shall be governed
by, held and taken in accordance with the provisions of Article IV of these
By-Laws, with such changes in the context thereof as are necessary to
substitute the committee and its members for the Trustees generally, except
that the time of regular meetings of committees may be determined either by
resolution of the Trustees or by resolution of the committee. Special meetings
of committees may also be called by resolution of the committee. Alternate
members shall be given notice of meetings of committees and shall have the
right to attend all meetings of committees. The Trustees may adopt rules for
the governance of any committee not inconsistent with the provisions of these
By-Laws.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><a name="_Toc26932686"></a><a name="_Toc26939657"></a><a name="_Toc26943113"></a><a name="_Toc26944401"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">ARTICLE
VII <a name="_Toc25759707"></a><a name="_Toc25759857"></a><a name="_Toc25759948"></a></font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;">&nbsp;</h1>
<a name="_bclFooter26"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">25</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_27"></a><a name="_bclPageBorder27"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">OFFICERS</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759708"></a><a name="_Toc25759858"></a><a name="_Toc25759949"></a><a name="_Toc26932687"></a><a name="_Toc26939658"></a><a name="_Toc26943114"></a><a name="_Toc26944402"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Officers</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The
officers of the Trust shall be a President, a Secretary, a Treasurer, and a
Chief Compliance Officer. The Trust may also have, at the discretion of the
Trustees, one or more Vice Presidents, one or more Assistant Secretaries, one
or more Assistant Treasurers, and such other officers as may be appointed in
accordance with the provisions of Section 3 of this Article VII. Any number of
offices may be held by the same person. Any officer may be, but need not be, a
Trustee or Shareholder.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759709"></a><a name="_Toc25759859"></a><a name="_Toc25759950"></a><a name="_Toc26932688"></a><a name="_Toc26939659"></a><a name="_Toc26943115"></a><a name="_Toc26944403"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 2.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Election of
Officers</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; </font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)&#160; The officers of the Trust, except such officers as may be appointed in
accordance with the provisions of Section 3 or Section 5 of this Article VII,
shall be chosen by the Trustees, and each shall serve at the pleasure of the
Trustees.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160; If required by the 1940 Act, the Chief Compliance Officer shall be
elected or appointed by a majority of the Trustees, as well as a majority of
the Trustees who are not &#8220;interested persons&#8221; of the Trust (as defined in the
1940 Act) or in any other manner prescribed by Rule 38a-1 (or any successor
rule) under the 1940 Act, as such rule may be amended from time to time (&#8220;Rule
38a-1&#8221;). </font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759710"></a><a name="_Toc25759860"></a><a name="_Toc25759951"></a><a name="_Toc26932689"></a><a name="_Toc26939660"></a><a name="_Toc26943116"></a><a name="_Toc26944404"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 3.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Subordinate
Officers</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The Trustees may appoint and may empower the President to appoint
such other officers as he or she may deem appropriate, each of whom shall hold
office for such period, have such authority and perform such duties as are
provided in these By-Laws or as the Trustees may from time to time determine.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759711"></a><a name="_Toc25759861"></a><a name="_Toc25759952"></a><a name="_Toc26932690"></a><a name="_Toc26939661"></a><a name="_Toc26943117"></a><a name="_Toc26944405"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 4.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Removal and
Resignation of Officers</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; </font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)&#160; Any officer may be removed, either with or without cause, by the
Trustees at any regular or special meeting of the Trustees or by such officer
upon whom such power of removal may be conferred by the Trustees.&#160; </font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160; Any officer may resign at any time by giving written notice to the
Trust. Any resignation shall take effect at the date of the receipt of that
notice or at any later time specified in that notice; and unless otherwise
specified in that notice, the acceptance of the resignation shall not be
necessary to make it effective. Any resignation is without prejudice to the
rights, if any, of the Trust under any contract to which the officer is a
party.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)&#160; Except to the extent expressly provided in a written agreement with
the Trust, no officer resigning and no officer removed shall have any right to
any compensation for any period following his or her resignation or removal, or
any right to damages on account of such removal. </font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759712"></a><a name="_Toc25759862"></a><a name="_Toc25759953"></a><a name="_Toc26932691"></a><a name="_Toc26939662"></a><a name="_Toc26943118"></a><a name="_Toc26944406"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 5.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Vacancies in
Offices</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. A vacancy in any office because of death, resignation, removal,
disqualification or other cause shall be filled in the manner prescribed in
these By-Laws for regular appointment to that office. The President may make
temporary appointments to a vacant office pending action by the Trustees.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759713"></a><a name="_Toc25759863"></a><a name="_Toc25759954"></a><a name="_Toc26932692"></a><a name="_Toc26939663"></a><a name="_Toc26943119"></a><a name="_Toc26944407"></a></h2>
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<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">26</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section
6.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">President</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The President shall be the chief executive officer of the
Trust and shall, subject to the control of the Trustees, have general supervision,
direction and control of the business and the officers of the Trust. He or she
or his or her designee shall preside at all meetings of the Shareholders. He or
she shall have the general powers and duties of a president of a corporation
and shall have such other powers and duties as may be prescribed by the
Trustees, the Declaration of Trust or these By Laws. In the absence or
disability of the President, the Trustees shall delegate authority to another
officer of the Trust to perform all of the duties of the President, and when so
acting shall have all the powers of and be subject to all of the restrictions
upon the President.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759714"></a><a name="_Toc25759864"></a><a name="_Toc25759955"></a><a name="_Toc26932693"></a><a name="_Toc26939664"></a><a name="_Toc26943120"></a><a name="_Toc26944408"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 7.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Vice Presidents</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.
The Executive Vice President or Vice Presidents, whichever the case may be,
shall have such other powers and shall perform such other duties as from time
to time may be prescribed for them respectively by the Trustees or the
President or by these By Laws.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759715"></a><a name="_Toc25759865"></a><a name="_Toc25759956"></a><a name="_Toc26932694"></a><a name="_Toc26939665"></a><a name="_Toc26943121"></a><a name="_Toc26944409"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 8.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Secretary</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The
Secretary shall keep or cause to be kept at the principal executive office of
the Trust, or such other place as the Trustees may direct, a book of minutes of
all meetings and actions of Trustees, committees of Trustees and Shareholders
with the time and place of holding, whether regular or special, and if special,
how authorized, the notice given, the names of those present at meetings of the
Trustees or committee meetings, the number of Shares present or represented at
meetings of Shareholders and the proceedings of the meetings.</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Secretary shall keep or cause to be kept at the
principal executive office of the Trust or at the office of the Trust&#8217;s
transfer agent or registrar, a share register or a duplicate share register
showing the names of all Shareholders and their addresses, the number of Shares
held by each, the number and date of certificates issued for the same and the
number and date of cancellation of every certificate surrendered for
cancellation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Secretary shall give or cause to be given notice of all
meetings of the Shareholders and of the Trustees (or committees thereof) required
to be given by these By-Laws or by applicable law and shall have such other
powers and perform such other duties as may be prescribed by the Trustees or by
these By-Laws.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759716"></a><a name="_Toc25759866"></a><a name="_Toc25759957"></a><a name="_Toc26932695"></a><a name="_Toc26939666"></a><a name="_Toc26943122"></a><a name="_Toc26944410"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 9.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Treasurer</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The
Treasurer shall be the chief financial officer and chief accounting officer of
the Trust and shall keep and maintain or cause to be kept and maintained
adequate and correct books and records of accounts of the properties and
business transactions of the Trust, including accounts of the assets,
liabilities, receipts, disbursements, gains, losses, capital and retained
earnings of the Shares. The books of account shall at all reasonable times be
open to inspection by any Trustee.</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Treasurer shall deposit all monies and other valuables
in the name and to the credit of the Trust with such depositaries as may be
designated by the Board of Trustees. He or she shall disburse the funds of the
Trust as may be ordered by the Trustees, shall render to the President and
Trustees, whenever they request it, an account of all of his or her
transactions as chief financial officer and of the financial condition of the
Trust and shall have other powers and perform such other duties as may be
prescribed by the Trustees or these By-Laws. Notwithstanding anything to the
contrary herein contained, the Trustees may authorize, or direct </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Treasurer to authorize, any adviser, administrator,
manager or transfer agent to maintain bank accounts and deposit and disburse
funds of the Trust. </font></p>
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<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">27</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 10.&#160; Chief Compliance Officer. The Chief
Compliance Officer shall perform the duties and have the responsibilities of
the chief compliance officer of the Trust, including if required by the 1940
Act any such duties and responsibilities imposed by Rule 38a-1, and shall have
such other duties and powers as may be conferred from time to time by the
Trustees.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 11.&#160; Delegation. Unless otherwise provided
in the Declaration of Trust or these By-Laws and except as provided by
applicable law, the Trustees shall have the power to delegate from time to time
to one or more officers, employees or agents of the Trust the doing of such
things, including any matters set forth in the Declaration of Trust or these
By-Laws, and the execution of such instruments in the name of the Trust.</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">ARTICLE VIII&nbsp;</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">INSPECTION OF RECORDS AND REPORTS</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759718"></a><a name="_Toc25759868"></a><a name="_Toc25759959"></a><a name="_Toc26932697"></a><a name="_Toc26939668"></a><a name="_Toc26943124"></a><a name="_Toc26944412"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Inspection by
Shareholders</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.&#160; <a name="_Toc25759719"></a><a name="_Toc25759869"></a><a name="_Toc25759960"></a><a name="_Toc26932698"></a><a name="_Toc26939669"></a><a name="_Toc26943125"></a><a name="_Toc26944413"></a></font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon at least five (5) Business Days advance
written notice to the Trust, a Shareholder is entitled to inspect and copy,
during regular business hours at the office where they are maintained, copies
of any of the following records of the Trust:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Declaration of
Trust and all amendments thereto currently in effect;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; these By-Laws and all
amendments thereto currently in effect;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; resolutions adopted by
the Trustees and/or written instruments, if any, creating preferred shares and
fixing their relative rights, preferences and limitations, if any preferred
shares pursuant to such resolutions or written instruments are outstanding;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; the minutes of all
Shareholders&#8217; meetings, if any, and records of all actions taken by
Shareholders without a meeting, for the past three (3) years; and</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160; a list of the names and business addresses of the
current Trustees and officers.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon at least five (5) Business Days advance
written notice to the Trust, a Shareholder is entitled to inspect and copy,
during regular business hours at the office where they are maintained, copies
of any of the following records of the Trust, only to the extent that the
written notice describes with reasonable particularity the purpose of the demand
and the records the Shareholder desires to inspect, the demand is made in good
faith and for a proper purpose, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the records requested
are directly connected with such purpose, and the Trustees or any officer
designated for such purpose by the Trustees shall not have determined in good
faith that disclosure of the records sought would adversely affect the Trust in
the conduct of its business or constitute material non-public information at
the time when the Shareholder&#8217;s notice of demand to inspect and copy is
received by the Trust:</font></p>
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<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">28</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; excerpts from minutes
reflecting action taken at any meeting of the Trustees, records of any action
of a committee of the Trustees while acting in place of the Trustees on behalf
of the Trust, minutes of any meeting of the Shareholders, and records of action
taken by the Shareholders or Trustees without a meeting, to the extent not
subject to inspection under Section 1(a) of this Article VIII;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the financial
statements of the Trust and the supporting schedules reasonably necessary to
verify any line item on those financial statements; and</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; a list of the names and addresses of all
Shareholders of record, in alphabetical order, showing the number of Shares
held by each Shareholder of record. A Shareholder shall not have any right to
inspect and copy any information the Trust may have regarding beneficial owners
of Shares.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Scope
of Inspection</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust may satisfy the right of a Shareholder
to copy records under Section 1 of this Article VIII by furnishing to the
Shareholder copies by photocopy or other means chosen by the Trust, including
copies furnished through an electronic transmission or by directing the
Shareholder to a publicly accessible website, if available, where copies of any
such records are available electronically.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust may impose a reasonable charge,
covering the costs of labor, material, transmission and delivery, for copies of
any documents provided to the Shareholder, which charge shall not exceed the
estimated cost of production, reproduction, transmission or delivery of the
records.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust may impose reasonable restrictions on
the use or distribution of records by the demanding Shareholder, including by
requiring the Shareholder to enter into a confidentiality agreement on terms
acceptable to the Trustees in its sole discretion.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160; Any determinations made by the Trustees related
to a Shareholder&#8217;s request to inspect the Trust&#8217;s books and records pursuant to
this Article VIII, including, but not limited to, (i) whether such demand is
made in good faith and for a proper purpose, (ii) whether the records requested
are directly connected with such purpose, (iii) whether disclosure of the
records sought would adversely affect the Trust in the conduct of its business
or (iv) whether the records sought constitute material non-public information,
shall be conclusive and any Shareholder challenging such determination shall
have the burden of proving that the Trustees acted in bad faith in making any
such determination.</font></p>


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<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">29</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; No Shareholder shall
have any right to inspect any records, accounts, books or documents of the
Trust except as provided for by this Article VIII or otherwise authorized by
the Trustees.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 3.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Inspection by Trustees</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Every
Trustee shall have the absolute right at any reasonable time to inspect all
books, records, and documents of every kind and the physical properties of the
Trust. This inspection by a Trustee may be made in person or by an agent or
attorney and the right of inspection includes the right to copy and make
extracts of documents.</font></h2>

<p align=center style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE IX</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">EXCLUSIVE
FORUM; CLAIMS</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Exclusive
Forum for Certain Litigation</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. In accordance with Section 3804(e) of the
Delaware Statutory Trust Act, unless the Trust consents in writing to the selection
of an alternative forum, the Court of Chancery of the State of Delaware shall
be the sole and exclusive forum for (a) any derivative action or proceeding
brought on behalf of the Trust; (b) any action asserting a claim of breach of a
fiduciary duty owed by any Trustee, officer, or employee of the Trust to the
Trust or the Shareholders; (c) any action asserting a claim against the Trust
or any Trustee, officer, or employee of the Trust arising pursuant to any
provision of the Delaware Statutory Trust Act, the Declaration of Trust or
these By-Laws; or (d) any action asserting a claim against the Trust or any
Trustee, officer, or employee of the Trust governed by the internal affairs
doctrine of the State of Delaware; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provided</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">however</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, that, in
the event that the Court of Chancery of the State of Delaware lacks
jurisdiction over any such action or proceeding, the sole and exclusive forum
for such action or proceeding shall be another state or federal court located
within the State of Delaware. Failure to enforce the foregoing provisions would
cause the Trust irreparable harm and the Trust shall be entitled to equitable
relief, including injunctive relief and specific performance, to enforce the
foregoing provisions. This Article IX does not apply to any claim under the
U.S. federal securities laws.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Claims</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; No Shareholder shall have the right to bring or
maintain any court action, proceeding, or claim on behalf of the Trust without
first making demand on the Trustees requesting the Trustees to bring or
maintain such action, proceeding, or claim. Such demand shall not be excused
under any circumstances, including claims of alleged interest on the part of
the Trustees, unless the plaintiff makes a specific showing that irreparable nonmonetary
injury to the Trust would otherwise result; provided that such demand will be
excused if beneficial owners owning at least 75% of the outstanding Shares of
the Trust and who would be eligible, under Delaware law, to bring such an
action, proceeding or claim themselves, join in the bringing of such action,
proceeding or claim on the basis that an effort to cause the Trustees to bring
such action, claim or proceeding is not likely to succeed. Such demand shall be
mailed to the Secretary of the Trust at the Trust&#8217;s principal office and shall
set forth with particularity the nature of the proposed court action,
proceeding, or claim and the essential facts relied upon by the Shareholder to
support the allegations made in the demand. The Trustees shall consider such
demand within 45 days of its receipt by the Trust. In their sole discretion,
the Trustees may submit the matter to a vote of Shareholders of the Trust. Any
decision by the Trustees to bring, maintain or settle (or not to bring,
maintain or settle) such court action, proceeding, or claim, or </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to submit the matter to a vote of Shareholders, shall be
binding upon the Shareholders. Any decision by the Trustees to bring or
maintain a court action, proceeding or suit on behalf of the Trust shall be subject
to the right of the Shareholders under Article V of the Declaration of Trust to
vote on whether or not such court action, proceeding or suit should or should
not be brought or maintained.</font></p>
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<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">30</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; No
class of Shareholders shall have the right to bring or maintain a direct action
or claim for monetary damages against the Trust or the Trustees predicated upon
an express or implied right of action under the Declaration of Trust or the
1940 Act (excepting rights of action permitted under Section 36(b) of the 1940
Act), nor shall any single Shareholder, who is similarly situated to one or
more other Shareholders with respect to the alleged injury, have the right to
bring such an action, unless the class of Shareholders or Shareholder has
obtained authorization from the Trustees to bring the action. The requirement
of authorization shall not be excused under any circumstances, including claims
of alleged interest on the part of the Trustees; provided that such demand will
be excused if beneficial owners owning at least 75% of the outstanding Shares
of the Trust and who would be eligible, under Delaware law, to bring such an
action, proceeding or claim themselves, join in the bringing of such action,
proceeding or claim on the basis that an effort to cause the Trustees to bring
such action, claim or proceeding is not likely to succeed. A request for
authorization shall be mailed to the Secretary of the Trust at the Trust&#8217;s
principal office and shall set forth with particularity the nature of the
proposed court action, proceeding or claim and the essential facts relied upon
by the class of Shareholders or Shareholder to support the allegations made in
the request. The Trustees shall consider such request within 45 days of its
receipt by the Trust. In their sole discretion, the Trustees may submit the
matter to a vote of Shareholders of the Trust. Any decision by the Trustees to
settle or to authorize (or not to settle or to authorize) such court action,
proceeding or claim, or to submit the matter to a vote of Shareholders, shall
be binding upon the class of Shareholders or Shareholder seeking authorization.
Any decision by the Trustees to authorize a court action, proceeding or suit by
a class of Shareholders shall be subject to the right of the Shareholders under
Article V of the Declaration of Trust to vote on whether or not such court
action, proceeding or suit should or should not be brought or maintained.</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE X</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">GENERAL MATTERS</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759721"></a><a name="_Toc25759871"></a><a name="_Toc25759962"></a><a name="_Toc26932700"></a><a name="_Toc26939671"></a><a name="_Toc26943127"></a><a name="_Toc26944415"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Checks, Drafts,
Evidences of Indebtedness</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. All checks, drafts, or other orders for payment
of money, notes or other evidences of indebtedness issued in the name of or
payable to the Trust shall be signed or endorsed in such manner and by such
person or persons as shall be designated from time to time in accordance with
the resolution of the Board of Trustees.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759722"></a><a name="_Toc25759872"></a><a name="_Toc25759963"></a><a name="_Toc26932701"></a><a name="_Toc26939672"></a><a name="_Toc26943128"></a><a name="_Toc26944416"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 2.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Contracts and
Instruments: How Executed</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The Trustees, except as otherwise provided in
these By-Laws, may authorize any officer or officers, agent or agents, to enter
into any contract or execute any instrument in the name of and on behalf of the
Trust and this authority may be general or confined to specific instances; and
unless so authorized or ratified by the Trustees or within the agency power of
an officer, no officer, agent, or employee shall have any power or authority to
bind the Trust by any contract or engagement or to pledge its credit or to
render it liable for any purpose or for any amount.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759723"></a><a name="_Toc25759873"></a><a name="_Toc25759964"></a><a name="_Toc26932702"></a><a name="_Toc26939673"></a><a name="_Toc26943129"></a><a name="_Toc26944417"></a></h2>
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<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">31</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section
3.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Fiscal Year</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The fiscal year of the Trust shall be fixed and refixed
or changed from time to time by the Trustees.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759724"></a><a name="_Toc25759874"></a><a name="_Toc25759965"></a><a name="_Toc26932703"></a><a name="_Toc26939674"></a><a name="_Toc26943130"></a><a name="_Toc26944418"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 4.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Seal</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The
seal of the Trust shall consist of a flat-faced dye with the name of the Trust
cut or engraved thereon. However, unless otherwise required by the Trustees,
the seal shall not be necessary to be placed on, and its absence shall not
impair the validity of, any document, instrument or other paper executed and
delivered by or on behalf of the Trust.</font></h2>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Headings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. The Article, Section and
other headings used in these By-Laws are for convenience of reference only, do
not constitute a part of these By-Laws and shall not be deemed to control,
limit, characterize, or affect in any way the meaning, construction or effect
of the provisions of these By-Laws.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notice by Electronic Transmission</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.
</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Without limiting the manner by which notice
otherwise may be given effectively to Shareholders pursuant to the Delaware
Act, the Declaration of Trust or these By-Laws, any notice to Shareholders
given by the Trust under any provision of the Delaware Act, the Declaration of
Trust or these By-Laws shall be effective if given by a form of electronic
transmission consented to by the Shareholder to whom the notice is given. Any
such consent shall be revocable by the Shareholder by written notice to the Trust.
Any such consent shall be deemed revoked if:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i) &#160;&#160;&#160;&#160;&#160;&#160; the Trust is unable to
deliver by electronic transmission two consecutive notices given by the Trust
in accordance with such consent; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;  such inability
becomes known to the Secretary or an assistant secretary of the Trust or other
person responsible for the giving of notice on behalf of the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">However, the inadvertent failure to
treat such inability as a revocation shall not invalidate any meeting or other
action.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any notice given by a form of electronic
transmission shall be deemed given:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i) &#160;&#160;&#160;&#160;&#160;&#160; if by facsimile
telecommunication, when directed to a number at which the Shareholder has
consented to receive notice;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii) &#160;&#160;&#160;&#160;&#160; if by electronic mail,
when directed to an electronic mail address at which the Shareholder has
consented to receive notice;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii) &#160;&#160;&#160;&#160; if by a posting on an
electronic network together with separate notice to the Shareholder of such
specific posting, upon the later of (A) such posting and (B) the giving of such
separate notice; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iv) &#160;&#160;&#160;&#160; if by any other form of
electronic transmission, when directed to the Shareholder.</font></p>


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<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">32</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; An affidavit of the
Secretary or an assistant secretary or of an agent of the Trust that the notice
has been given by a form of electronic transmission shall, in the absence of
fraud, be prima facie evidence of the facts stated therein.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 7</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Definitions</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. Capitalized
terms used herein and not herein defined are used as defined in the Declaration
of Trust. As used in these By-Laws, the following terms shall have the meanings
ascribed to them:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">12(d) Holder</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean any investment fund (as defined
herein), but excluding any investment fund managed by the Trust&#8217;s investment
adviser or an investment adviser in a control relationship with the Trust&#8217;s
investment adviser, and any company or companies controlled by such investment
fund in the aggregate owning beneficially or of record (A) more than three
percent (3%) of the outstanding voting Shares of the Trust, (B) securities
issued by the Trust having an aggregate value in excess of five percent (5%) of
the total assets of such investment fund and any company or companies
controlled by such investment fund, (C) securities issued by the Trust and by
all other investment funds having an aggregate value in excess of ten percent
(10%) of the total assets of the investment fund making such investment and any
company or companies controlled by the investment fund making such investment,
or (D) together with other investment funds having the same investment adviser,
investment manager, general partner or managing member (or investment advisers,
investment managers, general partners or managing members in a control
relationship) and companies controlled by such investment funds, more than ten
percent (10%) of the total outstanding Shares of the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">beneficial owner</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; of a security shall mean any Person who,
directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise (A) has or shares: (1) voting power which includes
the power to vote, or to direct the voting of, such security; and/or, (2)
investment power which includes the power to dispose, or to direct the
disposition, of such security or (B) owns, controls or holds with power to vote
such security. A Person shall be deemed to be the beneficial owner of security
if that Person has the right to acquire beneficial ownership of such security
at any time, whether or not within sixty days of the date of such
determination. &#8220;Beneficially own,&#8221; &#8220;own beneficially&#8221; and related terms shall
have correlative meaning.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Business Day</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean any day other than a Saturday, a Sunday
or a day on which banking institutions in the State of New York are authorized
or obligated by law or executive order to close.&#160; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">control</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean the power to exercise a controlling
influence over a Person, which in the case of a company means the power to
exercise a controlling influence over the management or policies of such
company, unless such power is solely the result of an official position with
such company.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">control relationship</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; with respect to any Person shall mean control
over such Person, being controlled by such Person or being under common control
with such Person.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(f)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">immediate family member</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean shall mean any parent,
child, spouse, spouse of a parent, spouse of a child, brother or sister
(including step and adoptive relationships).</font></p>


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<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">33</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(g)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">investment fund</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean any collective investment vehicle,
including the Trust, primarily engaged in the business of investing in
&#8220;investment securities&#8221; (as defined in the 1940 Act).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(h)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Non-Management Trustee</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean a Trustee who is not an
&#8220;interested person&#8221; (as defined in the 1940 Act) of the Trust&#8217;s investment
adviser (including any investment sub-adviser).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Proposed Nominee Associate</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; of any Proposed Nominee shall mean
(i) any person acting in concert with such Proposed Nominee, (ii) any
beneficial owner of Shares of the Trust owned of record or beneficially by such
Proposed Nominee (other than a Shareholder that is a depositary) and (iii) any
person that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, such Proposed Nominee
or such Proposed Nominee Associate.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(j)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Shareholder Associate</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; of any Shareholder shall mean (i) any
person acting in concert with such Shareholder, (ii) any beneficial owner of
Shares of the Trust owned of record or beneficially by such Shareholder (other
than a Shareholder that is a depositary) and (iii) any person that directly, or
indirectly through one or more intermediaries, controls, or is controlled by,
or is under common control with, such Shareholder or such Shareholder
Associate.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><a name="_Toc26932704"></a><a name="_Toc26939675"></a><a name="_Toc26943131"></a><a name="_Toc26944419"></a><a name="_Toc25759725"></a><a name="_Toc25759875"></a><a name="_Toc25759966"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">ARTICLE
XI&nbsp;</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">AMENDMENTS</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759726"></a><a name="_Toc25759876"></a><a name="_Toc25759967"></a><a name="_Toc26932705"></a><a name="_Toc26939676"></a><a name="_Toc26943132"></a><a name="_Toc26944420"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 1.&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Amendment</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Except
as otherwise provided by applicable law or by the Declaration of Trust, these
By-Laws may be restated, amended, supplemented or repealed by a majority vote
of the Trustees. These By-Laws may not be amended or repealed and new
By-Laws may not be adopted by the Shareholders. </font></h2>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amended: April 19, 2024</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>




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<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">34</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font></p>

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